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Side-by-side financial comparison of HCI Group, Inc. (HCI) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $186.9M, roughly 1.3× Limbach Holdings, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 6.6%, a 33.1% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 30.1%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
HCI vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $186.9M |
| Net Profit | $97.7M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | 58.5% | 9.4% |
| Net Margin | 39.7% | 6.6% |
| Revenue YoY | 52.1% | 30.1% |
| Net Profit YoY | 3679.2% | 25.0% |
| EPS (diluted) | $7.29 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $216.3M | $184.6M | ||
| Q2 25 | $221.9M | $142.2M | ||
| Q1 25 | $216.4M | $133.1M | ||
| Q4 24 | $161.9M | $143.7M | ||
| Q3 24 | $175.3M | $133.9M | ||
| Q2 24 | $206.2M | $122.2M | ||
| Q1 24 | $206.6M | $119.0M |
| Q4 25 | $97.7M | $12.3M | ||
| Q3 25 | $65.5M | $8.8M | ||
| Q2 25 | $66.2M | $7.8M | ||
| Q1 25 | $69.7M | $10.2M | ||
| Q4 24 | $2.6M | $9.8M | ||
| Q3 24 | $5.7M | $7.5M | ||
| Q2 24 | $54.1M | $6.0M | ||
| Q1 24 | $47.6M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | 58.5% | 9.4% | ||
| Q3 25 | 41.9% | 7.2% | ||
| Q2 25 | 42.5% | 7.5% | ||
| Q1 25 | 46.4% | 5.9% | ||
| Q4 24 | 3.6% | 9.1% | ||
| Q3 24 | 8.0% | 8.1% | ||
| Q2 24 | 36.9% | 6.7% | ||
| Q1 24 | 37.5% | 5.5% |
| Q4 25 | 39.7% | 6.6% | ||
| Q3 25 | 30.3% | 4.8% | ||
| Q2 25 | 29.8% | 5.5% | ||
| Q1 25 | 32.2% | 7.7% | ||
| Q4 24 | 1.6% | 6.9% | ||
| Q3 24 | 3.2% | 5.6% | ||
| Q2 24 | 26.2% | 4.9% | ||
| Q1 24 | 23.0% | 6.4% |
| Q4 25 | $7.29 | $1.01 | ||
| Q3 25 | $4.90 | $0.73 | ||
| Q2 25 | $5.18 | $0.64 | ||
| Q1 25 | $5.35 | $0.85 | ||
| Q4 24 | $0.32 | $0.81 | ||
| Q3 24 | $0.52 | $0.62 | ||
| Q2 24 | $4.24 | $0.50 | ||
| Q1 24 | $3.81 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $1.0B | $195.7M |
| Total Assets | $2.5B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $11.3M | ||
| Q3 25 | $987.9M | $9.8M | ||
| Q2 25 | $947.2M | $38.9M | ||
| Q1 25 | $754.5M | $38.1M | ||
| Q4 24 | $532.5M | $44.9M | ||
| Q3 24 | $518.8M | $51.2M | ||
| Q2 24 | $445.8M | $59.5M | ||
| Q1 24 | $655.4M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $1.0B | $195.7M | ||
| Q3 25 | $821.8M | $181.6M | ||
| Q2 25 | $758.6M | $170.5M | ||
| Q1 25 | $522.7M | $161.1M | ||
| Q4 24 | $453.3M | $153.5M | ||
| Q3 24 | $455.3M | $142.2M | ||
| Q2 24 | $447.3M | $133.0M | ||
| Q1 24 | $395.7M | $125.5M |
| Q4 25 | $2.5B | $381.1M | ||
| Q3 25 | $2.3B | $409.1M | ||
| Q2 25 | $2.4B | $343.0M | ||
| Q1 25 | $2.3B | $336.4M | ||
| Q4 24 | $2.2B | $352.1M | ||
| Q3 24 | $2.0B | $324.4M | ||
| Q2 24 | $1.9B | $303.9M | ||
| Q1 24 | $1.8B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $440.8M | $27.9M |
| FCF MarginFCF / Revenue | 179.0% | 14.9% |
| Capex IntensityCapex / Revenue | 1.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 4.55× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $28.1M | ||
| Q3 25 | $26.7M | $13.3M | ||
| Q2 25 | $145.0M | $2.0M | ||
| Q1 25 | $162.0M | $2.2M | ||
| Q4 24 | $331.8M | $19.3M | ||
| Q3 24 | $104.1M | $4.9M | ||
| Q2 24 | $-29.0M | $16.5M | ||
| Q1 24 | $182.0M | $-3.9M |
| Q4 25 | $440.8M | $27.9M | ||
| Q3 25 | $25.9M | $12.8M | ||
| Q2 25 | $144.5M | $1.2M | ||
| Q1 25 | $160.3M | $11.0K | ||
| Q4 24 | $327.8M | $18.0M | ||
| Q3 24 | $103.2M | $4.6M | ||
| Q2 24 | $-30.1M | $13.2M | ||
| Q1 24 | $181.0M | $-6.5M |
| Q4 25 | 179.0% | 14.9% | ||
| Q3 25 | 12.0% | 7.0% | ||
| Q2 25 | 65.1% | 0.8% | ||
| Q1 25 | 74.1% | 0.0% | ||
| Q4 24 | 202.5% | 12.5% | ||
| Q3 24 | 58.9% | 3.4% | ||
| Q2 24 | -14.6% | 10.8% | ||
| Q1 24 | 87.6% | -5.5% |
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 0.4% | 0.3% | ||
| Q2 25 | 0.2% | 0.6% | ||
| Q1 25 | 0.8% | 1.7% | ||
| Q4 24 | 2.5% | 0.9% | ||
| Q3 24 | 0.5% | 0.3% | ||
| Q2 24 | 0.5% | 2.7% | ||
| Q1 24 | 0.5% | 2.1% |
| Q4 25 | 4.55× | 2.29× | ||
| Q3 25 | 0.41× | 1.52× | ||
| Q2 25 | 2.19× | 0.26× | ||
| Q1 25 | 2.32× | 0.22× | ||
| Q4 24 | 128.41× | 1.96× | ||
| Q3 24 | 18.33× | 0.66× | ||
| Q2 24 | -0.54× | 2.77× | ||
| Q1 24 | 3.82× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
