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Side-by-side financial comparison of HCI Group, Inc. (HCI) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $246.2M, roughly 1.7× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 21.8%, a 17.8% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
HCI vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $424.8M |
| Net Profit | $97.7M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 58.5% | 38.6% |
| Net Margin | 39.7% | 21.8% |
| Revenue YoY | 52.1% | 12.5% |
| Net Profit YoY | 3679.2% | 22.2% |
| EPS (diluted) | $7.29 | $1.94 |
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 | $424.8M | ||
| Q3 25 | $216.3M | $154.1M | ||
| Q2 25 | $221.9M | $145.1M | ||
| Q1 25 | $216.4M | $206.0M | ||
| Q4 24 | $161.9M | $377.6M | ||
| Q3 24 | $175.3M | $134.1M | ||
| Q2 24 | $206.2M | $177.6M | ||
| Q1 24 | $206.6M | $191.6M |
| Q4 25 | $97.7M | $92.7M | ||
| Q3 25 | $65.5M | $-21.7M | ||
| Q2 25 | $66.2M | $-27.2M | ||
| Q1 25 | $69.7M | $8.0M | ||
| Q4 24 | $2.6M | $75.9M | ||
| Q3 24 | $5.7M | $-19.3M | ||
| Q2 24 | $54.1M | $66.9M | ||
| Q1 24 | $47.6M | $2.8M |
| Q4 25 | 58.5% | 38.6% | ||
| Q3 25 | 41.9% | -19.3% | ||
| Q2 25 | 42.5% | -17.7% | ||
| Q1 25 | 46.4% | 13.3% | ||
| Q4 24 | 3.6% | 36.8% | ||
| Q3 24 | 8.0% | -13.8% | ||
| Q2 24 | 36.9% | -5.0% | ||
| Q1 24 | 37.5% | 8.8% |
| Q4 25 | 39.7% | 21.8% | ||
| Q3 25 | 30.3% | -14.0% | ||
| Q2 25 | 29.8% | -18.7% | ||
| Q1 25 | 32.2% | 3.9% | ||
| Q4 24 | 1.6% | 20.1% | ||
| Q3 24 | 3.2% | -14.4% | ||
| Q2 24 | 26.2% | 37.7% | ||
| Q1 24 | 23.0% | 1.5% |
| Q4 25 | $7.29 | $1.94 | ||
| Q3 25 | $4.90 | $-0.46 | ||
| Q2 25 | $5.18 | $-0.56 | ||
| Q1 25 | $5.35 | $0.17 | ||
| Q4 24 | $0.32 | $1.56 | ||
| Q3 24 | $0.52 | $-0.40 | ||
| Q2 24 | $4.24 | $1.32 | ||
| Q1 24 | $3.81 | $0.06 |
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 | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | $1.0B | $36.0M |
| Total Assets | $2.5B | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $157.1M | ||
| Q3 25 | $987.9M | $29.9M | ||
| Q2 25 | $947.2M | $43.0M | ||
| Q1 25 | $754.5M | $89.0M | ||
| Q4 24 | $532.5M | $54.9M | ||
| Q3 24 | $518.8M | $37.3M | ||
| Q2 24 | $445.8M | $33.3M | ||
| Q1 24 | $655.4M | $28.0M |
| Q4 25 | — | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | — | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M | ||
| Q1 24 | — | $602.5M |
| Q4 25 | $1.0B | $36.0M | ||
| Q3 25 | $821.8M | $-65.8M | ||
| Q2 25 | $758.6M | $-13.3M | ||
| Q1 25 | $522.7M | $9.5M | ||
| Q4 24 | $453.3M | $10.3M | ||
| Q3 24 | $455.3M | $-48.7M | ||
| Q2 24 | $447.3M | $-23.2M | ||
| Q1 24 | $395.7M | $-94.6M |
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $2.3B | $1.7B | ||
| Q4 24 | $2.2B | $1.6B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.8B | $1.5B |
| Q4 25 | — | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| 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 | $164.4M |
| Free Cash FlowOCF − Capex | $440.8M | — |
| FCF MarginFCF / Revenue | 179.0% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 4.55× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $164.4M | ||
| Q3 25 | $26.7M | $19.8M | ||
| Q2 25 | $145.0M | $-27.0M | ||
| Q1 25 | $162.0M | $56.8M | ||
| Q4 24 | $331.8M | $112.9M | ||
| Q3 24 | $104.1M | $-27.4M | ||
| Q2 24 | $-29.0M | $212.0K | ||
| Q1 24 | $182.0M | $5.8M |
| 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× | 1.77× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | 7.07× | ||
| Q4 24 | 128.41× | 1.49× | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | 0.00× | ||
| Q1 24 | 3.82× | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
