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Harmonic vs Ubiquiti: revenue, profit, margins and growth compared

Harmonic brought in $360.5M of revenue in fiscal 2025, Ubiquiti $3.3B in fiscal 2026. Revenue changed by -26.2% at Harmonic and +27.2% at Ubiquiti on the year before, so Ubiquiti grew faster. Harmonic kept -12.0% of its revenue as net profit, Ubiquiti 29.3%. Free cash flow was $96.9M at Harmonic and $908.9M at Ubiquiti.

Side by side, latest fiscal year

HLITUI
Fiscal year endedFY2025 (December 31, 2025)FY2026 (June 30, 2026)
Revenue$360.5M$3.3B
Revenue growth-26.2%+27.2%
Net income-$43.3M$960.3M
Net margin-12.0%29.3%
Free cash flow$96.9M$908.9M
Free cash flow margin26.9%27.8%
Earnings per share (diluted)-$0.38$15.85
Cash$124.1M$522.6M
Debt$112.1Mn/a
Price to earningsn/a35.4
Market value$1.2B$33.9B
Dividend yieldn/a0.57%
Rank by revenue in sector#341 of 530 · Technology#114 of 530 · Technology

Over the years

Revenue
HLIT FY2018: $403.6MHLIT FY2019: $402.9MHLIT FY2020: $378.8MHLIT FY2021: $507.1MHLIT FY2022: $625MHLIT FY2023: $388.5MHLIT FY2024: $488.2MHLIT FY2025: $360.5MUI FY2019: $1.2BUI FY2020: $1.3BUI FY2021: $1.9BUI FY2022: $1.7BUI FY2023: $1.9BUI FY2024: $1.9BUI FY2025: $2.6BUI FY2026: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25FY26
HLIT $360.5MUI $3.3B
Net income
HLIT FY2018: -$21MHLIT FY2019: -$5.9MHLIT FY2020: -$29.3MHLIT FY2021: $13.3MHLIT FY2022: $28.2MHLIT FY2023: $84MHLIT FY2024: $39.2MHLIT FY2025: -$43.3MUI FY2019: $322.7MUI FY2020: $380.3MUI FY2021: $616.6MUI FY2022: $378.7MUI FY2023: $407.6MUI FY2024: $350MUI FY2025: $711.9MUI FY2026: $960.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
HLIT -$43.3MUI $960.3M
Net margin
HLIT FY2018: -5.2%HLIT FY2019: -1.5%HLIT FY2020: -7.7%HLIT FY2021: 2.6%HLIT FY2022: 4.5%HLIT FY2023: 21.6%HLIT FY2024: 8.0%HLIT FY2025: -12.0%UI FY2019: 27.8%UI FY2020: 29.6%UI FY2021: 32.5%UI FY2022: 22.4%UI FY2023: 21.0%UI FY2024: 18.1%UI FY2025: 27.7%UI FY2026: 29.3%FY18FY19FY20FY21FY22FY23FY24FY25FY26
HLIT -12.0%UI 29.3%
Revenue growth
HLIT FY2019: -0.2%HLIT FY2020: -6.0%HLIT FY2021: +33.9%HLIT FY2022: +23.2%HLIT FY2023: -37.8%HLIT FY2024: +25.7%HLIT FY2025: -26.2%UI FY2020: +10.6%UI FY2021: +47.8%UI FY2022: -10.9%UI FY2023: +14.7%UI FY2024: -0.6%UI FY2025: +33.4%UI FY2026: +27.2%FY19FY20FY21FY22FY23FY24FY25FY26
HLIT -26.2%UI +27.2%
Free cash flow
HLIT FY2018: $5.2MHLIT FY2019: $21MHLIT FY2020: $7MHLIT FY2021: $28MHLIT FY2022: -$3.8MHLIT FY2023: -$1.4MHLIT FY2024: $52.7MHLIT FY2025: $96.9MUI FY2019: $207.6MUI FY2020: $429.7MUI FY2021: $593.7MUI FY2022: $356.8MUI FY2023: -$166.4MUI FY2024: $529.5MUI FY2025: $627.4MUI FY2026: $908.9MFY18FY19FY20FY21FY22FY23FY24FY25FY26
HLIT $96.9MUI $908.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Harmonic and Ubiquiti

Which is bigger by revenue, Harmonic or Ubiquiti?

Ubiquiti is bigger by revenue: $3.3B in fiscal 2026, against $360.5M for Harmonic in fiscal 2025.

Which keeps more of its revenue as profit, Harmonic or Ubiquiti?

Harmonic had a net margin of -12.0% in fiscal 2025; Ubiquiti had 29.3% in fiscal 2026.

Which grew revenue faster, Harmonic or Ubiquiti?

In their latest fiscal years revenue changed by -26.2% at Harmonic and +27.2% at Ubiquiti.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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