$Harmonic (HLIT.US)$Revenue declined slightly in 2019 and 20...
$Harmonic(HLIT.US$Revenue declined slightly in 2019 and 2020 over the past 5 years. The remaining 3 years grew rapidly, with an average growth rate of 12% for 5 years. Operating profit was affected by fluctuations in gross margin and lost for 2 years in 2018 and 2020. Profit for the remaining 3 years increased 1.6 times to 49 million in 2022. Net profit only reversed losses in 2021 and reached $28 million in 2022.
The balance ratio has not changed much over the past five years, from 55.3% to 54.3%. Accounts receivable have not changed much recently, but inventories have increased very rapidly from 35 million to 71 million in 2021 and from 71 million to 121 million in 2022. The increase has greatly exceeded current net profit, but the ratio is quite normal. The increase in short-term loans to 120 million in 2022 should be to cope with the shortage of capital after inventory growth.
Long-term debt has dropped a lot in the past five years, leaving only $11 million in 2022, indicating that management believes that the shortage of capital should be a short-term phenomenon.
Over the past five years, net operating volume has greatly exceeded net investment, and shareholder surpluses have been high.
The current price-earnings ratio is 53. I don't know if the high growth is sustainable. I will look at two more quarterly reports before making a judgment.
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