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Side-by-side financial comparison of HCI Group, Inc. (HCI) and H2O AMERICA (HTO). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $199.4M, roughly 1.2× H2O AMERICA). HCI Group, Inc. runs the higher net margin — 39.7% vs 8.1%, a 31.5% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
HCI vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $199.4M |
| Net Profit | $97.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 58.5% | 16.6% |
| Net Margin | 39.7% | 8.1% |
| Revenue YoY | 52.1% | 1.5% |
| Net Profit YoY | 3679.2% | -29.2% |
| EPS (diluted) | $7.29 | $0.45 |
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 | $246.2M | $199.4M | ||
| Q3 25 | $216.3M | $243.5M | ||
| Q2 25 | $221.9M | $197.8M | ||
| Q1 25 | $216.4M | $164.9M | ||
| Q4 24 | $161.9M | $196.5M | ||
| Q3 24 | $175.3M | $216.7M | ||
| Q2 24 | $206.2M | $173.1M | ||
| Q1 24 | $206.6M | $150.0M |
| Q4 25 | $97.7M | $16.2M | ||
| Q3 25 | $65.5M | $45.1M | ||
| Q2 25 | $66.2M | $24.7M | ||
| Q1 25 | $69.7M | $16.6M | ||
| Q4 24 | $2.6M | $22.9M | ||
| Q3 24 | $5.7M | $38.7M | ||
| Q2 24 | $54.1M | $20.7M | ||
| Q1 24 | $47.6M | $11.7M |
| Q4 25 | 58.5% | 16.6% | ||
| Q3 25 | 41.9% | 26.5% | ||
| Q2 25 | 42.5% | 22.2% | ||
| Q1 25 | 46.4% | 21.8% | ||
| Q4 24 | 3.6% | 22.2% | ||
| Q3 24 | 8.0% | 26.9% | ||
| Q2 24 | 36.9% | 23.4% | ||
| Q1 24 | 37.5% | 18.6% |
| Q4 25 | 39.7% | 8.1% | ||
| Q3 25 | 30.3% | 18.5% | ||
| Q2 25 | 29.8% | 12.5% | ||
| Q1 25 | 32.2% | 10.0% | ||
| Q4 24 | 1.6% | 11.7% | ||
| Q3 24 | 3.2% | 17.8% | ||
| Q2 24 | 26.2% | 12.0% | ||
| Q1 24 | 23.0% | 7.8% |
| Q4 25 | $7.29 | $0.45 | ||
| Q3 25 | $4.90 | $1.27 | ||
| Q2 25 | $5.18 | $0.71 | ||
| Q1 25 | $5.35 | $0.49 | ||
| Q4 24 | $0.32 | $0.70 | ||
| Q3 24 | $0.52 | $1.17 | ||
| Q2 24 | $4.24 | $0.64 | ||
| Q1 24 | $3.81 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.2B | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $1.0B | $1.5B |
| Total Assets | $2.5B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $20.7M | ||
| Q3 25 | $987.9M | $11.3M | ||
| Q2 25 | $947.2M | $19.8M | ||
| Q1 25 | $754.5M | $23.7M | ||
| Q4 24 | $532.5M | $11.1M | ||
| Q3 24 | $518.8M | $4.0M | ||
| Q2 24 | $445.8M | $22.8M | ||
| Q1 24 | $655.4M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $821.8M | $1.5B | ||
| Q2 25 | $758.6M | $1.5B | ||
| Q1 25 | $522.7M | $1.4B | ||
| Q4 24 | $453.3M | $1.4B | ||
| Q3 24 | $455.3M | $1.3B | ||
| Q2 24 | $447.3M | $1.3B | ||
| Q1 24 | $395.7M | $1.2B |
| Q4 25 | $2.5B | $5.1B | ||
| Q3 25 | $2.3B | $5.0B | ||
| Q2 25 | $2.4B | $4.8B | ||
| Q1 25 | $2.3B | $4.7B | ||
| Q4 24 | $2.2B | $4.7B | ||
| Q3 24 | $2.0B | $4.6B | ||
| Q2 24 | $1.9B | $4.4B | ||
| Q1 24 | $1.8B | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $444.4M | $63.5M |
| Free Cash FlowOCF − Capex | $440.8M | — |
| FCF MarginFCF / Revenue | 179.0% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 4.55× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $63.5M | ||
| Q3 25 | $26.7M | $77.3M | ||
| Q2 25 | $145.0M | $60.8M | ||
| Q1 25 | $162.0M | $43.2M | ||
| Q4 24 | $331.8M | $41.5M | ||
| Q3 24 | $104.1M | $53.5M | ||
| Q2 24 | $-29.0M | $49.3M | ||
| Q1 24 | $182.0M | $51.2M |
| 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× | 3.92× | ||
| Q3 25 | 0.41× | 1.71× | ||
| Q2 25 | 2.19× | 2.47× | ||
| Q1 25 | 2.32× | 2.61× | ||
| Q4 24 | 128.41× | 1.81× | ||
| Q3 24 | 18.33× | 1.39× | ||
| Q2 24 | -0.54× | 2.38× | ||
| Q1 24 | 3.82× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
