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Side-by-side financial comparison of HCI Group, Inc. (HCI) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $143.3M, roughly 1.7× Piedmont Realty Trust, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs -31.4%, a 71.1% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 0.4%). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (9.2% CAGR vs 0.0%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
HCI vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $143.3M |
| Net Profit | $97.7M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | 58.5% | — |
| Net Margin | 39.7% | -31.4% |
| Revenue YoY | 52.1% | 0.4% |
| Net Profit YoY | 3679.2% | -27.9% |
| EPS (diluted) | $7.29 | $-0.10 |
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 | — | $143.3M | ||
| Q4 25 | $246.2M | $142.9M | ||
| Q3 25 | $216.3M | $139.2M | ||
| Q2 25 | $221.9M | $140.3M | ||
| Q1 25 | $216.4M | $142.7M | ||
| Q4 24 | $161.9M | $143.2M | ||
| Q3 24 | $175.3M | $139.3M | ||
| Q2 24 | $206.2M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $97.7M | $-43.2M | ||
| Q3 25 | $65.5M | $-13.5M | ||
| Q2 25 | $66.2M | $-16.8M | ||
| Q1 25 | $69.7M | $-10.1M | ||
| Q4 24 | $2.6M | $-30.0M | ||
| Q3 24 | $5.7M | $-11.5M | ||
| Q2 24 | $54.1M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | 58.5% | — | ||
| Q3 25 | 41.9% | — | ||
| Q2 25 | 42.5% | — | ||
| Q1 25 | 46.4% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 8.0% | — | ||
| Q2 24 | 36.9% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | 39.7% | -30.3% | ||
| Q3 25 | 30.3% | -9.7% | ||
| Q2 25 | 29.8% | -12.0% | ||
| Q1 25 | 32.2% | -7.1% | ||
| Q4 24 | 1.6% | -20.9% | ||
| Q3 24 | 3.2% | -8.3% | ||
| Q2 24 | 26.2% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $7.29 | $-0.34 | ||
| Q3 25 | $4.90 | $-0.11 | ||
| Q2 25 | $5.18 | $-0.14 | ||
| Q1 25 | $5.35 | $-0.08 | ||
| Q4 24 | $0.32 | $-0.25 | ||
| Q3 24 | $0.52 | $-0.09 | ||
| Q2 24 | $4.24 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $1.5B |
| Total Assets | $2.5B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $1.2B | $731.0K | ||
| Q3 25 | $987.9M | $3.0M | ||
| Q2 25 | $947.2M | $3.3M | ||
| Q1 25 | $754.5M | $2.9M | ||
| Q4 24 | $532.5M | $109.6M | ||
| Q3 24 | $518.8M | $133.6M | ||
| Q2 24 | $445.8M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $821.8M | $1.5B | ||
| Q2 25 | $758.6M | $1.5B | ||
| Q1 25 | $522.7M | $1.6B | ||
| Q4 24 | $453.3M | $1.6B | ||
| Q3 24 | $455.3M | $1.6B | ||
| Q2 24 | $447.3M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.5B | $4.0B | ||
| Q3 25 | $2.3B | $4.0B | ||
| Q2 25 | $2.4B | $4.0B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.2B | $4.1B | ||
| Q3 24 | $2.0B | $4.1B | ||
| Q2 24 | $1.9B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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 | — |
| Free Cash FlowOCF − Capex | $440.8M | — |
| FCF MarginFCF / Revenue | 179.0% | — |
| Capex IntensityCapex / Revenue | 1.5% | 110.3% |
| Cash ConversionOCF / Net Profit | 4.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $444.4M | $140.6M | ||
| Q3 25 | $26.7M | $35.8M | ||
| Q2 25 | $145.0M | $50.1M | ||
| Q1 25 | $162.0M | $3.7M | ||
| Q4 24 | $331.8M | $198.1M | ||
| Q3 24 | $104.1M | $42.9M | ||
| Q2 24 | $-29.0M | $66.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | 110.3% | ||
| 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 26 | — | — | ||
| Q4 25 | 4.55× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | — | ||
| 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% |
PDM
Segment breakdown not available.
