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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) 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 $132.7M, roughly 1.9× Emerald Holding, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs -22.8%, a 62.4% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 24.3%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $11.7M). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
EEX vs HCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $246.2M |
| Net Profit | $-30.2M | $97.7M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | 58.5% |
| Net Margin | -22.8% | 39.7% |
| Revenue YoY | 24.3% | 52.1% |
| Net Profit YoY | -692.2% | 3679.2% |
| EPS (diluted) | $-0.15 | $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 | $132.7M | $246.2M | ||
| Q3 25 | $77.5M | $216.3M | ||
| Q2 25 | $105.5M | $221.9M | ||
| Q1 25 | $147.7M | $216.4M | ||
| Q4 24 | $106.8M | $161.9M | ||
| Q3 24 | $72.6M | $175.3M | ||
| Q2 24 | $86.0M | $206.2M | ||
| Q1 24 | $133.4M | $206.6M |
| Q4 25 | $-30.2M | $97.7M | ||
| Q3 25 | $-14.4M | $65.5M | ||
| Q2 25 | $-1.4M | $66.2M | ||
| Q1 25 | $15.3M | $69.7M | ||
| Q4 24 | $5.1M | $2.6M | ||
| Q3 24 | $-11.1M | $5.7M | ||
| Q2 24 | $-2.8M | $54.1M | ||
| Q1 24 | $11.0M | $47.6M |
| Q4 25 | -11.8% | 58.5% | ||
| Q3 25 | -10.1% | 41.9% | ||
| Q2 25 | 9.7% | 42.5% | ||
| Q1 25 | 24.2% | 46.4% | ||
| Q4 24 | 19.5% | 3.6% | ||
| Q3 24 | -6.5% | 8.0% | ||
| Q2 24 | 7.4% | 36.9% | ||
| Q1 24 | 18.2% | 37.5% |
| Q4 25 | -22.8% | 39.7% | ||
| Q3 25 | -18.6% | 30.3% | ||
| Q2 25 | -1.3% | 29.8% | ||
| Q1 25 | 10.4% | 32.2% | ||
| Q4 24 | 4.8% | 1.6% | ||
| Q3 24 | -15.3% | 3.2% | ||
| Q2 24 | -3.3% | 26.2% | ||
| Q1 24 | 8.2% | 23.0% |
| Q4 25 | $-0.15 | $7.29 | ||
| Q3 25 | $-0.07 | $4.90 | ||
| Q2 25 | $-0.01 | $5.18 | ||
| Q1 25 | $0.08 | $5.35 | ||
| Q4 24 | $0.01 | $0.32 | ||
| Q3 24 | $-0.05 | $0.52 | ||
| Q2 24 | $-0.03 | $4.24 | ||
| Q1 24 | $0.00 | $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 | $100.9M | $1.2B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $1.0B |
| Total Assets | $1.2B | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $1.2B | ||
| Q3 25 | $95.4M | $987.9M | ||
| Q2 25 | $156.4M | $947.2M | ||
| Q1 25 | $276.8M | $754.5M | ||
| Q4 24 | $194.8M | $532.5M | ||
| Q3 24 | $188.9M | $518.8M | ||
| Q2 24 | $193.2M | $445.8M | ||
| Q1 24 | $186.8M | $655.4M |
| Q4 25 | $338.8M | $1.0B | ||
| Q3 25 | $369.5M | $821.8M | ||
| Q2 25 | $389.4M | $758.6M | ||
| Q1 25 | $392.1M | $522.7M | ||
| Q4 24 | $385.9M | $453.3M | ||
| Q3 24 | $391.1M | $455.3M | ||
| Q2 24 | $407.6M | $447.3M | ||
| Q1 24 | $-90.7M | $395.7M |
| Q4 25 | $1.2B | $2.5B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.0B | $2.2B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.1B | $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 | $12.3M | $444.4M |
| Free Cash FlowOCF − Capex | $11.7M | $440.8M |
| FCF MarginFCF / Revenue | 8.8% | 179.0% |
| Capex IntensityCapex / Revenue | 0.5% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $444.4M | ||
| Q3 25 | $1.8M | $26.7M | ||
| Q2 25 | $15.9M | $145.0M | ||
| Q1 25 | $12.6M | $162.0M | ||
| Q4 24 | $20.6M | $331.8M | ||
| Q3 24 | $9.1M | $104.1M | ||
| Q2 24 | $9.8M | $-29.0M | ||
| Q1 24 | $7.3M | $182.0M |
| Q4 25 | $11.7M | $440.8M | ||
| Q3 25 | $1.5M | $25.9M | ||
| Q2 25 | $15.8M | $144.5M | ||
| Q1 25 | $12.4M | $160.3M | ||
| Q4 24 | $19.9M | $327.8M | ||
| Q3 24 | $9.0M | $103.2M | ||
| Q2 24 | $9.6M | $-30.1M | ||
| Q1 24 | $7.0M | $181.0M |
| Q4 25 | 8.8% | 179.0% | ||
| Q3 25 | 1.9% | 12.0% | ||
| Q2 25 | 15.0% | 65.1% | ||
| Q1 25 | 8.4% | 74.1% | ||
| Q4 24 | 18.6% | 202.5% | ||
| Q3 24 | 12.4% | 58.9% | ||
| Q2 24 | 11.2% | -14.6% | ||
| Q1 24 | 5.2% | 87.6% |
| Q4 25 | 0.5% | 1.5% | ||
| Q3 25 | 0.4% | 0.4% | ||
| Q2 25 | 0.1% | 0.2% | ||
| Q1 25 | 0.1% | 0.8% | ||
| Q4 24 | 0.7% | 2.5% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | 0.2% | 0.5% | ||
| Q1 24 | 0.2% | 0.5% |
| Q4 25 | — | 4.55× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | 0.82× | 2.32× | ||
| Q4 24 | 4.04× | 128.41× | ||
| Q3 24 | — | 18.33× | ||
| Q2 24 | — | -0.54× | ||
| Q1 24 | 0.66× | 3.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
