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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.3× BLACKLINE, INC.). HCI Group, Inc. runs the higher net margin — 39.7% vs 2.7%, a 37.0% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 8.1%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $26.1M). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
BL vs HCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $246.2M |
| Net Profit | $4.9M | $97.7M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | 58.5% |
| Net Margin | 2.7% | 39.7% |
| Revenue YoY | 8.1% | 52.1% |
| Net Profit YoY | -91.3% | 3679.2% |
| EPS (diluted) | $0.07 | $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 | $183.2M | $246.2M | ||
| Q3 25 | $178.3M | $216.3M | ||
| Q2 25 | $172.0M | $221.9M | ||
| Q1 25 | $166.9M | $216.4M | ||
| Q4 24 | $169.5M | $161.9M | ||
| Q3 24 | $165.9M | $175.3M | ||
| Q2 24 | $160.5M | $206.2M | ||
| Q1 24 | $157.5M | $206.6M |
| Q4 25 | $4.9M | $97.7M | ||
| Q3 25 | $5.3M | $65.5M | ||
| Q2 25 | $8.3M | $66.2M | ||
| Q1 25 | $6.1M | $69.7M | ||
| Q4 24 | $56.4M | $2.6M | ||
| Q3 24 | $17.2M | $5.7M | ||
| Q2 24 | $76.7M | $54.1M | ||
| Q1 24 | $10.8M | $47.6M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | 58.5% | ||
| Q3 25 | 4.3% | 41.9% | ||
| Q2 25 | 4.4% | 42.5% | ||
| Q1 25 | 2.1% | 46.4% | ||
| Q4 24 | 3.7% | 3.6% | ||
| Q3 24 | 5.0% | 8.0% | ||
| Q2 24 | 1.4% | 36.9% | ||
| Q1 24 | 1.1% | 37.5% |
| Q4 25 | 2.7% | 39.7% | ||
| Q3 25 | 3.0% | 30.3% | ||
| Q2 25 | 4.8% | 29.8% | ||
| Q1 25 | 3.6% | 32.2% | ||
| Q4 24 | 33.3% | 1.6% | ||
| Q3 24 | 10.4% | 3.2% | ||
| Q2 24 | 47.8% | 26.2% | ||
| Q1 24 | 6.9% | 23.0% |
| Q4 25 | $0.07 | $7.29 | ||
| Q3 25 | $0.09 | $4.90 | ||
| Q2 25 | $0.13 | $5.18 | ||
| Q1 25 | $0.10 | $5.35 | ||
| Q4 24 | $0.79 | $0.32 | ||
| Q3 24 | $0.27 | $0.52 | ||
| Q2 24 | $0.22 | $4.24 | ||
| Q1 24 | $0.17 | $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 | $390.0M | $1.2B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $1.0B |
| Total Assets | $1.8B | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $1.2B | ||
| Q3 25 | $419.9M | $987.9M | ||
| Q2 25 | $459.1M | $947.2M | ||
| Q1 25 | $479.5M | $754.5M | ||
| Q4 24 | $885.9M | $532.5M | ||
| Q3 24 | $725.3M | $518.8M | ||
| Q2 24 | $616.6M | $445.8M | ||
| Q1 24 | $331.4M | $655.4M |
| Q4 25 | $332.3M | $1.0B | ||
| Q3 25 | $328.3M | $821.8M | ||
| Q2 25 | $414.0M | $758.6M | ||
| Q1 25 | $417.9M | $522.7M | ||
| Q4 24 | $446.7M | $453.3M | ||
| Q3 24 | $367.9M | $455.3M | ||
| Q2 24 | $325.8M | $447.3M | ||
| Q1 24 | $279.8M | $395.7M |
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.8B | $2.3B | ||
| Q4 24 | $1.8B | $2.2B | ||
| Q3 24 | $1.7B | $2.0B | ||
| Q2 24 | $1.9B | $1.9B | ||
| Q1 24 | $2.1B | $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 | $26.7M | $444.4M |
| Free Cash FlowOCF − Capex | $26.1M | $440.8M |
| FCF MarginFCF / Revenue | 14.2% | 179.0% |
| Capex IntensityCapex / Revenue | 0.3% | 1.5% |
| Cash ConversionOCF / Net Profit | 5.46× | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $444.4M | ||
| Q3 25 | $63.8M | $26.7M | ||
| Q2 25 | $32.3M | $145.0M | ||
| Q1 25 | $46.7M | $162.0M | ||
| Q4 24 | $43.8M | $331.8M | ||
| Q3 24 | $55.9M | $104.1M | ||
| Q2 24 | $40.7M | $-29.0M | ||
| Q1 24 | $50.4M | $182.0M |
| Q4 25 | $26.1M | $440.8M | ||
| Q3 25 | $63.3M | $25.9M | ||
| Q2 25 | $31.4M | $144.5M | ||
| Q1 25 | $40.8M | $160.3M | ||
| Q4 24 | $43.0M | $327.8M | ||
| Q3 24 | $55.5M | $103.2M | ||
| Q2 24 | $40.0M | $-30.1M | ||
| Q1 24 | $50.1M | $181.0M |
| Q4 25 | 14.2% | 179.0% | ||
| Q3 25 | 35.5% | 12.0% | ||
| Q2 25 | 18.2% | 65.1% | ||
| Q1 25 | 24.4% | 74.1% | ||
| Q4 24 | 25.4% | 202.5% | ||
| Q3 24 | 33.5% | 58.9% | ||
| Q2 24 | 24.9% | -14.6% | ||
| Q1 24 | 31.8% | 87.6% |
| Q4 25 | 0.3% | 1.5% | ||
| Q3 25 | 0.3% | 0.4% | ||
| Q2 25 | 0.6% | 0.2% | ||
| Q1 25 | 3.6% | 0.8% | ||
| Q4 24 | 0.4% | 2.5% | ||
| Q3 24 | 0.2% | 0.5% | ||
| Q2 24 | 0.4% | 0.5% | ||
| Q1 24 | 0.2% | 0.5% |
| Q4 25 | 5.46× | 4.55× | ||
| Q3 25 | 12.07× | 0.41× | ||
| Q2 25 | 3.90× | 2.19× | ||
| Q1 25 | 7.72× | 2.32× | ||
| Q4 24 | 0.78× | 128.41× | ||
| Q3 24 | 3.24× | 18.33× | ||
| Q2 24 | 0.53× | -0.54× | ||
| Q1 24 | 4.66× | 3.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
