vs
Side-by-side financial comparison of HCI Group, Inc. (HCI) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $246.2M, roughly 1.6× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 2.0%, a 37.6% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 12.8%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $31.6M). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $403.4M |
| Net Profit | $97.7M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 58.5% | 5.5% |
| Net Margin | 39.7% | 2.0% |
| Revenue YoY | 52.1% | 12.8% |
| Net Profit YoY | 3679.2% | 641.9% |
| EPS (diluted) | $7.29 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $216.3M | $39.5M | ||
| Q2 25 | $221.9M | $204.0M | ||
| Q1 25 | $216.4M | $424.2M | ||
| Q4 24 | $161.9M | $357.8M | ||
| Q3 24 | $175.3M | $53.3M | ||
| Q2 24 | $206.2M | $227.3M | ||
| Q1 24 | $206.6M | $430.0M |
| Q4 25 | $97.7M | $8.2M | ||
| Q3 25 | $65.5M | $-8.8M | ||
| Q2 25 | $66.2M | $-1.8M | ||
| Q1 25 | $69.7M | $-14.2M | ||
| Q4 24 | $2.6M | $1.1M | ||
| Q3 24 | $5.7M | $-7.5M | ||
| Q2 24 | $54.1M | $25.5M | ||
| Q1 24 | $47.6M | $37.9M |
| Q4 25 | 58.5% | 5.5% | ||
| Q3 25 | 41.9% | -69.5% | ||
| Q2 25 | 42.5% | -11.1% | ||
| Q1 25 | 46.4% | 7.6% | ||
| Q4 24 | 3.6% | 3.7% | ||
| Q3 24 | 8.0% | -15.5% | ||
| Q2 24 | 36.9% | 23.0% | ||
| Q1 24 | 37.5% | 18.5% |
| Q4 25 | 39.7% | 2.0% | ||
| Q3 25 | 30.3% | -22.3% | ||
| Q2 25 | 29.8% | -0.9% | ||
| Q1 25 | 32.2% | -3.4% | ||
| Q4 24 | 1.6% | 0.3% | ||
| Q3 24 | 3.2% | -14.1% | ||
| Q2 24 | 26.2% | 11.2% | ||
| Q1 24 | 23.0% | 8.8% |
| Q4 25 | $7.29 | $0.34 | ||
| Q3 25 | $4.90 | $-0.37 | ||
| Q2 25 | $5.18 | $-0.08 | ||
| Q1 25 | $5.35 | $-0.59 | ||
| Q4 24 | $0.32 | $0.05 | ||
| Q3 24 | $0.52 | $-0.31 | ||
| Q2 24 | $4.24 | $1.07 | ||
| Q1 24 | $3.81 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $-282.1M |
| Total Assets | $2.5B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $81.3M | ||
| Q3 25 | $987.9M | $48.6M | ||
| Q2 25 | $947.2M | $144.6M | ||
| Q1 25 | $754.5M | $96.5M | ||
| Q4 24 | $532.5M | $107.8M | ||
| Q3 24 | $518.8M | $52.3M | ||
| Q2 24 | $445.8M | $89.1M | ||
| Q1 24 | $655.4M | $40.0M |
| Q4 25 | $1.0B | $-282.1M | ||
| Q3 25 | $821.8M | $-294.2M | ||
| Q2 25 | $758.6M | $-281.4M | ||
| Q1 25 | $522.7M | $-283.4M | ||
| Q4 24 | $453.3M | $-273.1M | ||
| Q3 24 | $455.3M | $-277.5M | ||
| Q2 24 | $447.3M | $-266.3M | ||
| Q1 24 | $395.7M | $-294.0M |
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.3B | $1.5B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.8B | $1.4B |
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 | $32.4M |
| Free Cash FlowOCF − Capex | $440.8M | $31.6M |
| FCF MarginFCF / Revenue | 179.0% | 7.8% |
| Capex IntensityCapex / Revenue | 1.5% | 0.2% |
| Cash ConversionOCF / Net Profit | 4.55× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $32.4M | ||
| Q3 25 | $26.7M | $-85.0M | ||
| Q2 25 | $145.0M | $49.7M | ||
| Q1 25 | $162.0M | $6.3M | ||
| Q4 24 | $331.8M | $61.8M | ||
| Q3 24 | $104.1M | $-26.2M | ||
| Q2 24 | $-29.0M | $108.4M | ||
| Q1 24 | $182.0M | $4.0M |
| Q4 25 | $440.8M | $31.6M | ||
| Q3 25 | $25.9M | $-85.3M | ||
| Q2 25 | $144.5M | $49.4M | ||
| Q1 25 | $160.3M | $3.9M | ||
| Q4 24 | $327.8M | $61.2M | ||
| Q3 24 | $103.2M | $-26.5M | ||
| Q2 24 | $-30.1M | $108.0M | ||
| Q1 24 | $181.0M | $3.9M |
| Q4 25 | 179.0% | 7.8% | ||
| Q3 25 | 12.0% | -216.3% | ||
| Q2 25 | 65.1% | 24.2% | ||
| Q1 25 | 74.1% | 0.9% | ||
| Q4 24 | 202.5% | 17.1% | ||
| Q3 24 | 58.9% | -49.7% | ||
| Q2 24 | -14.6% | 47.5% | ||
| Q1 24 | 87.6% | 0.9% |
| Q4 25 | 1.5% | 0.2% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 0.2% | 0.2% | ||
| Q1 25 | 0.8% | 0.6% | ||
| Q4 24 | 2.5% | 0.1% | ||
| Q3 24 | 0.5% | 0.7% | ||
| Q2 24 | 0.5% | 0.2% | ||
| Q1 24 | 0.5% | 0.0% |
| Q4 25 | 4.55× | 3.94× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | 55.61× | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | 4.25× | ||
| Q1 24 | 3.82× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
