vs
Side-by-side financial comparison of HCI Group, Inc. (HCI) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $246.2M, roughly 1.7× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 35.7%, a 4.0% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
HCI vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $425.9M |
| Net Profit | $97.7M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 58.5% | 81.5% |
| Net Margin | 39.7% | 35.7% |
| Revenue YoY | 52.1% | 1.7% |
| Net Profit YoY | 3679.2% | — |
| EPS (diluted) | $7.29 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $246.2M | $637.9M | ||
| Q3 25 | $216.3M | $443.1M | ||
| Q2 25 | $221.9M | $527.4M | ||
| Q1 25 | $216.4M | $734.8M | ||
| Q4 24 | $161.9M | $513.8M | ||
| Q3 24 | $175.3M | $310.0M | ||
| Q2 24 | $206.2M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $97.7M | $181.6M | ||
| Q3 25 | $65.5M | $107.3M | ||
| Q2 25 | $66.2M | $149.8M | ||
| Q1 25 | $69.7M | $216.4M | ||
| Q4 24 | $2.6M | $45.0M | ||
| Q3 24 | $5.7M | $-167.6M | ||
| Q2 24 | $54.1M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 58.5% | 43.3% | ||
| Q3 25 | 41.9% | 40.6% | ||
| Q2 25 | 42.5% | 43.7% | ||
| Q1 25 | 46.4% | 43.2% | ||
| Q4 24 | 3.6% | 16.8% | ||
| Q3 24 | 8.0% | -63.4% | ||
| Q2 24 | 36.9% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 39.7% | 28.5% | ||
| Q3 25 | 30.3% | 24.2% | ||
| Q2 25 | 29.8% | 28.4% | ||
| Q1 25 | 32.2% | 29.4% | ||
| Q4 24 | 1.6% | 8.8% | ||
| Q3 24 | 3.2% | -54.1% | ||
| Q2 24 | 26.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $7.29 | $1.98 | ||
| Q3 25 | $4.90 | $1.18 | ||
| Q2 25 | $5.18 | $1.64 | ||
| Q1 25 | $5.35 | $2.37 | ||
| Q4 24 | $0.32 | $0.49 | ||
| Q3 24 | $0.52 | $-1.81 | ||
| Q2 24 | $4.24 | $-0.59 |
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 | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $1.0B | — |
| Total Assets | $2.5B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $271.4M | ||
| Q3 25 | $987.9M | $43.2M | ||
| Q2 25 | $947.2M | $39.3M | ||
| Q1 25 | $754.5M | $40.0M | ||
| Q4 24 | $532.5M | $48.7M | ||
| Q3 24 | $518.8M | $38.2M | ||
| Q2 24 | $445.8M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $3.6B | ||
| Q3 25 | $821.8M | $3.1B | ||
| Q2 25 | $758.6M | $3.0B | ||
| Q1 25 | $522.7M | $2.8B | ||
| Q4 24 | $453.3M | $-76.2M | ||
| Q3 24 | $455.3M | $-15.5M | ||
| Q2 24 | $447.3M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.5B | $9.2B | ||
| Q3 25 | $2.3B | $8.7B | ||
| Q2 25 | $2.4B | $8.4B | ||
| Q1 25 | $2.3B | $8.5B | ||
| Q4 24 | $2.2B | $8.3B | ||
| Q3 24 | $2.0B | $8.3B | ||
| Q2 24 | $1.9B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $440.8M | — |
| FCF MarginFCF / Revenue | 179.0% | — |
| Capex IntensityCapex / Revenue | 1.5% | 117.0% |
| Cash ConversionOCF / Net Profit | 4.55× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $444.4M | $274.9M | ||
| Q3 25 | $26.7M | $237.8M | ||
| Q2 25 | $145.0M | $388.4M | ||
| Q1 25 | $162.0M | $253.8M | ||
| Q4 24 | $331.8M | $220.1M | ||
| Q3 24 | $104.1M | $197.9M | ||
| Q2 24 | $-29.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $440.8M | $-2.7M | ||
| Q3 25 | $25.9M | $-47.8M | ||
| Q2 25 | $144.5M | $195.3M | ||
| Q1 25 | $160.3M | $59.9M | ||
| Q4 24 | $327.8M | $-20.3M | ||
| Q3 24 | $103.2M | $-49.1M | ||
| Q2 24 | $-30.1M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 179.0% | -0.4% | ||
| Q3 25 | 12.0% | -10.8% | ||
| Q2 25 | 65.1% | 37.0% | ||
| Q1 25 | 74.1% | 8.2% | ||
| Q4 24 | 202.5% | -4.0% | ||
| Q3 24 | 58.9% | -15.8% | ||
| Q2 24 | -14.6% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.5% | 43.5% | ||
| Q3 25 | 0.4% | 64.4% | ||
| Q2 25 | 0.2% | 36.6% | ||
| Q1 25 | 0.8% | 26.4% | ||
| Q4 24 | 2.5% | 46.8% | ||
| Q3 24 | 0.5% | 79.7% | ||
| Q2 24 | 0.5% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 4.55× | 1.51× | ||
| Q3 25 | 0.41× | 2.21× | ||
| Q2 25 | 2.19× | 2.59× | ||
| Q1 25 | 2.32× | 1.17× | ||
| Q4 24 | 128.41× | 4.89× | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
