We present a novel analysis of thermal instabilities and oscillations in multifinger heterojunction bipolar transistors (HBTs), based on a harmonic-balance computer-aided-design (CAD)-oriented approach to the dynamic stability assessment. The stability analysis is carried out in time-periodic dynamic conditions by calculating the Floquet multipliers of the limit cycle representing the HBT working point. Such a computation is performed directly in the frequency domain, on the basis of the Jacobian of the harmonic-balance problem yielding the limit cycle. The corresponding stability assessment is rigorous, and the efficient calculation method makes it readily implementable in CAD tools, thus allowing for circuit and device optimization. Results on three-and four-finger layouts are presented, including closed-form oscillation criteria for two-finger devices.