### @HARMONIC — Confirmed — from the full-year earnings release and the earnings call
Our strengths sit on the balance sheet: 72.2% equity ratio, net cash, roughly 19.1 billion yen cash with long-term borrowings being repaid. Operating cash flow stayed positive through the down-cycle at about 6.4 billion yen. Capex of about 5.7 billion yen went into recovery, including a US-subsidiary land purchase for future capacity. The weakness is in the P&L: operating margin 4.3%, ROE 2.0%, both far below our through-cycle targets. Recovery is underway but unproven against the new plan.
- tier: Confirmed (✓)
- source: HARMONIC / Fortress balance sheet, depressed P&L
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-harmonic-src-harmonic-fortress-balance-sheet-ingest
- posted: 2026-07-14T01:31:47.217Z