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Side-by-side financial comparison of HCI Group, Inc. (HCI) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $246.2M, roughly 1.4× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 3.4%, a 36.3% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 1.6%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $11.6M). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% CAGR vs 4.4%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
HCI vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $335.6M |
| Net Profit | $97.7M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | 58.5% | 4.4% |
| Net Margin | 39.7% | 3.4% |
| Revenue YoY | 52.1% | 1.6% |
| Net Profit YoY | 3679.2% | 14.0% |
| EPS (diluted) | $7.29 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $216.3M | $336.1M | ||
| Q2 25 | $221.9M | $328.7M | ||
| Q1 25 | $216.4M | $335.8M | ||
| Q4 24 | $161.9M | $330.2M | ||
| Q3 24 | $175.3M | $322.7M | ||
| Q2 24 | $206.2M | $309.1M | ||
| Q1 24 | $206.6M | $308.1M |
| Q4 25 | $97.7M | $11.3M | ||
| Q3 25 | $65.5M | $11.8M | ||
| Q2 25 | $66.2M | $11.6M | ||
| Q1 25 | $69.7M | $13.1M | ||
| Q4 24 | $2.6M | $9.9M | ||
| Q3 24 | $5.7M | $9.0M | ||
| Q2 24 | $54.1M | $9.2M | ||
| Q1 24 | $47.6M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | 58.5% | 4.4% | ||
| Q3 25 | 41.9% | 4.6% | ||
| Q2 25 | 42.5% | 4.7% | ||
| Q1 25 | 46.4% | 5.2% | ||
| Q4 24 | 3.6% | 4.0% | ||
| Q3 24 | 8.0% | 3.7% | ||
| Q2 24 | 36.9% | 4.2% | ||
| Q1 24 | 37.5% | 3.7% |
| Q4 25 | 39.7% | 3.4% | ||
| Q3 25 | 30.3% | 3.5% | ||
| Q2 25 | 29.8% | 3.5% | ||
| Q1 25 | 32.2% | 3.9% | ||
| Q4 24 | 1.6% | 3.0% | ||
| Q3 24 | 3.2% | 2.8% | ||
| Q2 24 | 26.2% | 3.0% | ||
| Q1 24 | 23.0% | 2.6% |
| Q4 25 | $7.29 | $0.49 | ||
| Q3 25 | $4.90 | $0.51 | ||
| Q2 25 | $5.18 | $0.50 | ||
| Q1 25 | $5.35 | $0.56 | ||
| Q4 24 | $0.32 | $0.43 | ||
| Q3 24 | $0.52 | $0.38 | ||
| Q2 24 | $4.24 | $0.40 | ||
| Q1 24 | $3.81 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $220.0M |
| Total Assets | $2.5B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $23.2M | ||
| Q3 25 | $987.9M | $17.1M | ||
| Q2 25 | $947.2M | $13.2M | ||
| Q1 25 | $754.5M | $21.2M | ||
| Q4 24 | $532.5M | $6.3M | ||
| Q3 24 | $518.8M | $8.9M | ||
| Q2 24 | $445.8M | $13.9M | ||
| Q1 24 | $655.4M | $11.0M |
| Q4 25 | $1.0B | $220.0M | ||
| Q3 25 | $821.8M | $212.4M | ||
| Q2 25 | $758.6M | $202.5M | ||
| Q1 25 | $522.7M | $193.0M | ||
| Q4 24 | $453.3M | $181.9M | ||
| Q3 24 | $455.3M | $174.3M | ||
| Q2 24 | $447.3M | $167.8M | ||
| Q1 24 | $395.7M | $160.0M |
| Q4 25 | $2.5B | $668.6M | ||
| Q3 25 | $2.3B | $670.5M | ||
| Q2 25 | $2.4B | $659.0M | ||
| Q1 25 | $2.3B | $664.6M | ||
| Q4 24 | $2.2B | $648.9M | ||
| Q3 24 | $2.0B | $655.5M | ||
| Q2 24 | $1.9B | $654.4M | ||
| Q1 24 | $1.8B | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $440.8M | $11.6M |
| FCF MarginFCF / Revenue | 179.0% | 3.4% |
| Capex IntensityCapex / Revenue | 1.5% | 2.9% |
| Cash ConversionOCF / Net Profit | 4.55× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $21.1M | ||
| Q3 25 | $26.7M | $15.6M | ||
| Q2 25 | $145.0M | $2.9M | ||
| Q1 25 | $162.0M | $34.1M | ||
| Q4 24 | $331.8M | $2.7M | ||
| Q3 24 | $104.1M | $24.5M | ||
| Q2 24 | $-29.0M | $12.4M | ||
| Q1 24 | $182.0M | $20.2M |
| Q4 25 | $440.8M | $11.6M | ||
| Q3 25 | $25.9M | $7.5M | ||
| Q2 25 | $144.5M | $-4.2M | ||
| Q1 25 | $160.3M | $27.6M | ||
| Q4 24 | $327.8M | $-6.9M | ||
| Q3 24 | $103.2M | $18.0M | ||
| Q2 24 | $-30.1M | $3.6M | ||
| Q1 24 | $181.0M | $9.8M |
| Q4 25 | 179.0% | 3.4% | ||
| Q3 25 | 12.0% | 2.2% | ||
| Q2 25 | 65.1% | -1.3% | ||
| Q1 25 | 74.1% | 8.2% | ||
| Q4 24 | 202.5% | -2.1% | ||
| Q3 24 | 58.9% | 5.6% | ||
| Q2 24 | -14.6% | 1.2% | ||
| Q1 24 | 87.6% | 3.2% |
| Q4 25 | 1.5% | 2.9% | ||
| Q3 25 | 0.4% | 2.4% | ||
| Q2 25 | 0.2% | 2.2% | ||
| Q1 25 | 0.8% | 1.9% | ||
| Q4 24 | 2.5% | 2.9% | ||
| Q3 24 | 0.5% | 2.0% | ||
| Q2 24 | 0.5% | 2.9% | ||
| Q1 24 | 0.5% | 3.4% |
| Q4 25 | 4.55× | 1.86× | ||
| Q3 25 | 0.41× | 1.32× | ||
| Q2 25 | 2.19× | 0.25× | ||
| Q1 25 | 2.32× | 2.60× | ||
| Q4 24 | 128.41× | 0.27× | ||
| Q3 24 | 18.33× | 2.72× | ||
| Q2 24 | -0.54× | 1.35× | ||
| Q1 24 | 3.82× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
