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Side-by-side financial comparison of BLACKBERRY Ltd (BB) 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 $141.8M, roughly 1.7× BLACKBERRY Ltd). HCI Group, Inc. runs the higher net margin — 39.7% vs 9.7%, a 30.0% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs -0.8%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $17.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 9.2%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
BB vs HCI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $246.2M |
| Net Profit | $13.7M | $97.7M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | 58.5% |
| Net Margin | 9.7% | 39.7% |
| Revenue YoY | -0.8% | 52.1% |
| Net Profit YoY | 224.5% | 3679.2% |
| EPS (diluted) | $0.02 | $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 | $141.8M | $246.2M | ||
| Q3 25 | $129.6M | $216.3M | ||
| Q2 25 | $121.7M | $221.9M | ||
| Q1 25 | $141.7M | $216.4M | ||
| Q4 24 | $143.6M | $161.9M | ||
| Q3 24 | $126.2M | $175.3M | ||
| Q2 24 | $123.4M | $206.2M | ||
| Q1 24 | $102.1M | $206.6M |
| Q4 25 | $13.7M | $97.7M | ||
| Q3 25 | $13.3M | $65.5M | ||
| Q2 25 | $1.9M | $66.2M | ||
| Q1 25 | $-7.4M | $69.7M | ||
| Q4 24 | $-10.5M | $2.6M | ||
| Q3 24 | $-19.7M | $5.7M | ||
| Q2 24 | $-41.4M | $54.1M | ||
| Q1 24 | $-56.2M | $47.6M |
| Q4 25 | 77.5% | — | ||
| Q3 25 | 74.5% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 70.2% | — | ||
| Q2 24 | 72.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | 8.4% | 58.5% | ||
| Q3 25 | 8.9% | 41.9% | ||
| Q2 25 | 1.6% | 42.5% | ||
| Q1 25 | -5.6% | 46.4% | ||
| Q4 24 | 13.6% | 3.6% | ||
| Q3 24 | 1.7% | 8.0% | ||
| Q2 24 | -10.5% | 36.9% | ||
| Q1 24 | 50.0% | 37.5% |
| Q4 25 | 9.7% | 39.7% | ||
| Q3 25 | 10.3% | 30.3% | ||
| Q2 25 | 1.6% | 29.8% | ||
| Q1 25 | -5.2% | 32.2% | ||
| Q4 24 | -7.3% | 1.6% | ||
| Q3 24 | -15.6% | 3.2% | ||
| Q2 24 | -33.5% | 26.2% | ||
| Q1 24 | -55.0% | 23.0% |
| Q4 25 | $0.02 | $7.29 | ||
| Q3 25 | $0.02 | $4.90 | ||
| Q2 25 | $0.00 | $5.18 | ||
| Q1 25 | $-0.01 | $5.35 | ||
| Q4 24 | $-0.02 | $0.32 | ||
| Q3 24 | $-0.03 | $0.52 | ||
| Q2 24 | $-0.07 | $4.24 | ||
| Q1 24 | $-0.08 | $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 | $304.2M | $1.2B |
| Total DebtLower is stronger | $196.2M | — |
| Stockholders' EquityBook value | $741.1M | $1.0B |
| Total Assets | $1.2B | $2.5B |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $1.2B | ||
| Q3 25 | $290.5M | $987.9M | ||
| Q2 25 | $306.6M | $947.2M | ||
| Q1 25 | $337.8M | $754.5M | ||
| Q4 24 | $220.0M | $532.5M | ||
| Q3 24 | $211.0M | $518.8M | ||
| Q2 24 | $229.0M | $445.8M | ||
| Q1 24 | $237.1M | $655.4M |
| Q4 25 | $196.2M | — | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
| Q4 25 | $741.1M | $1.0B | ||
| Q3 25 | $725.1M | $821.8M | ||
| Q2 25 | $725.1M | $758.6M | ||
| Q1 25 | $719.9M | $522.7M | ||
| Q4 24 | $725.2M | $453.3M | ||
| Q3 24 | $732.1M | $455.3M | ||
| Q2 24 | $742.6M | $447.3M | ||
| Q1 24 | $775.1M | $395.7M |
| Q4 25 | $1.2B | $2.5B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.3B | $2.0B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $1.4B | $1.8B |
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $18.3M | $444.4M |
| Free Cash FlowOCF − Capex | $17.4M | $440.8M |
| FCF MarginFCF / Revenue | 12.3% | 179.0% |
| Capex IntensityCapex / Revenue | 0.6% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $444.4M | ||
| Q3 25 | $3.9M | $26.7M | ||
| Q2 25 | $-18.0M | $145.0M | ||
| Q1 25 | $41.6M | $162.0M | ||
| Q4 24 | $6.0M | $331.8M | ||
| Q3 24 | $-16.0M | $104.1M | ||
| Q2 24 | $-15.1M | $-29.0M | ||
| Q1 24 | $-15.5M | $182.0M |
| Q4 25 | $17.4M | $440.8M | ||
| Q3 25 | $3.1M | $25.9M | ||
| Q2 25 | $-18.9M | $144.5M | ||
| Q1 25 | $41.2M | $160.3M | ||
| Q4 24 | $5.2M | $327.8M | ||
| Q3 24 | $-16.5M | $103.2M | ||
| Q2 24 | $-16.5M | $-30.1M | ||
| Q1 24 | $-17.6M | $181.0M |
| Q4 25 | 12.3% | 179.0% | ||
| Q3 25 | 2.4% | 12.0% | ||
| Q2 25 | -15.5% | 65.1% | ||
| Q1 25 | 29.1% | 74.1% | ||
| Q4 24 | 3.6% | 202.5% | ||
| Q3 24 | -13.1% | 58.9% | ||
| Q2 24 | -13.4% | -14.6% | ||
| Q1 24 | -17.2% | 87.6% |
| Q4 25 | 0.6% | 1.5% | ||
| Q3 25 | 0.6% | 0.4% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.3% | 0.8% | ||
| Q4 24 | 0.6% | 2.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 1.1% | 0.5% | ||
| Q1 24 | 2.1% | 0.5% |
| Q4 25 | 1.34× | 4.55× | ||
| Q3 25 | 0.29× | 0.41× | ||
| Q2 25 | -9.47× | 2.19× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | — | 128.41× | ||
| Q3 24 | — | 18.33× | ||
| Q2 24 | — | -0.54× | ||
| Q1 24 | — | 3.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
