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Side-by-side financial comparison of Bandwidth Inc. (BAND) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $207.7M, roughly 1.2× Bandwidth Inc.). On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs -1.1%). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (10.2% CAGR vs 9.2%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
BAND vs HCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $207.7M | $246.2M |
| Net Profit | — | $97.7M |
| Gross Margin | 37.6% | — |
| Operating Margin | -1.9% | 58.5% |
| Net Margin | — | 39.7% |
| Revenue YoY | -1.1% | 52.1% |
| Net Profit YoY | — | 3679.2% |
| EPS (diluted) | $-0.10 | $7.29 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $207.7M | $246.2M | ||
| Q3 25 | $191.9M | $216.3M | ||
| Q2 25 | $180.0M | $221.9M | ||
| Q1 25 | $174.2M | $216.4M | ||
| Q4 24 | $210.0M | $161.9M | ||
| Q3 24 | $193.9M | $175.3M | ||
| Q2 24 | $173.6M | $206.2M | ||
| Q1 24 | $171.0M | $206.6M |
| Q4 25 | — | $97.7M | ||
| Q3 25 | $-1.2M | $65.5M | ||
| Q2 25 | $-4.9M | $66.2M | ||
| Q1 25 | $-3.7M | $69.7M | ||
| Q4 24 | — | $2.6M | ||
| Q3 24 | $413.0K | $5.7M | ||
| Q2 24 | $4.1M | $54.1M | ||
| Q1 24 | $-9.2M | $47.6M |
| Q4 25 | 37.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 38.3% | — |
| Q4 25 | -1.9% | 58.5% | ||
| Q3 25 | -1.0% | 41.9% | ||
| Q2 25 | -2.1% | 42.5% | ||
| Q1 25 | -2.7% | 46.4% | ||
| Q4 24 | -1.3% | 3.6% | ||
| Q3 24 | -0.5% | 8.0% | ||
| Q2 24 | -3.5% | 36.9% | ||
| Q1 24 | -6.1% | 37.5% |
| Q4 25 | — | 39.7% | ||
| Q3 25 | -0.6% | 30.3% | ||
| Q2 25 | -2.7% | 29.8% | ||
| Q1 25 | -2.1% | 32.2% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 0.2% | 3.2% | ||
| Q2 24 | 2.3% | 26.2% | ||
| Q1 24 | -5.4% | 23.0% |
| Q4 25 | $-0.10 | $7.29 | ||
| Q3 25 | $-0.04 | $4.90 | ||
| Q2 25 | $-0.16 | $5.18 | ||
| Q1 25 | $-0.13 | $5.35 | ||
| Q4 24 | $0.27 | $0.32 | ||
| Q3 24 | $0.01 | $0.52 | ||
| Q2 24 | $-0.17 | $4.24 | ||
| Q1 24 | $-0.35 | $3.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $111.3M | $1.2B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $400.0M | $1.0B |
| Total Assets | $1.1B | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $111.3M | $1.2B | ||
| Q3 25 | $80.4M | $987.9M | ||
| Q2 25 | $68.1M | $947.2M | ||
| Q1 25 | $41.7M | $754.5M | ||
| Q4 24 | $83.8M | $532.5M | ||
| Q3 24 | $79.9M | $518.8M | ||
| Q2 24 | $76.4M | $445.8M | ||
| Q1 24 | $147.2M | $655.4M |
| Q4 25 | $400.0M | $1.0B | ||
| Q3 25 | $392.7M | $821.8M | ||
| Q2 25 | $384.5M | $758.6M | ||
| Q1 25 | $345.4M | $522.7M | ||
| Q4 24 | $312.5M | $453.3M | ||
| Q3 24 | $336.6M | $455.3M | ||
| Q2 24 | $307.4M | $447.3M | ||
| Q1 24 | $298.2M | $395.7M |
| Q4 25 | $1.1B | $2.5B | ||
| Q3 25 | $1.0B | $2.3B | ||
| Q2 25 | $1.0B | $2.4B | ||
| Q1 25 | $964.4M | $2.3B | ||
| Q4 24 | $989.2M | $2.2B | ||
| Q3 24 | $1.0B | $2.0B | ||
| Q2 24 | $1.0B | $1.9B | ||
| Q1 24 | $1.1B | $1.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $38.6M | $444.4M |
| Free Cash FlowOCF − Capex | — | $440.8M |
| FCF MarginFCF / Revenue | — | 179.0% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | — | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $38.6M | $444.4M | ||
| Q3 25 | $22.2M | $26.7M | ||
| Q2 25 | $31.7M | $145.0M | ||
| Q1 25 | $-3.1M | $162.0M | ||
| Q4 24 | $36.5M | $331.8M | ||
| Q3 24 | $20.5M | $104.1M | ||
| Q2 24 | $24.4M | $-29.0M | ||
| Q1 24 | $2.5M | $182.0M |
| Q4 25 | — | $440.8M | ||
| Q3 25 | — | $25.9M | ||
| Q2 25 | — | $144.5M | ||
| Q1 25 | — | $160.3M | ||
| Q4 24 | — | $327.8M | ||
| Q3 24 | — | $103.2M | ||
| Q2 24 | — | $-30.1M | ||
| Q1 24 | — | $181.0M |
| Q4 25 | — | 179.0% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | 74.1% | ||
| Q4 24 | — | 202.5% | ||
| Q3 24 | — | 58.9% | ||
| Q2 24 | — | -14.6% | ||
| Q1 24 | — | 87.6% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 4.55× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | — | 128.41× | ||
| Q3 24 | 49.55× | 18.33× | ||
| Q2 24 | 6.03× | -0.54× | ||
| Q1 24 | — | 3.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
| Messaging Surcharges | $192.4M | 93% |
| Other | $15.2M | 7% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
