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Side-by-side financial comparison of HCI Group, Inc. (HCI) and Perion Network Ltd. (PERI). Click either name above to swap in a different company.
Perion Network Ltd. is the larger business by last-quarter revenue ($368.7M vs $246.2M, roughly 1.5× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 2.1%, a 37.6% gap on every dollar of revenue. HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $-2.9M). Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
HCI vs PERI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $368.7M |
| Net Profit | $97.7M | $7.7M |
| Gross Margin | — | — |
| Operating Margin | 58.5% | 2.0% |
| Net Margin | 39.7% | 2.1% |
| Revenue YoY | 52.1% | — |
| Net Profit YoY | 3679.2% | — |
| EPS (diluted) | $7.29 | — |
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 | — | ||
| Q3 25 | $216.3M | $368.7M | ||
| Q2 25 | $221.9M | $266.5M | ||
| Q1 25 | $216.4M | $157.8M | ||
| Q4 24 | $161.9M | — | ||
| Q3 24 | $175.3M | $508.9M | ||
| Q2 24 | $206.2M | $323.6M | ||
| Q1 24 | $206.6M | $145.2M |
| Q4 25 | $97.7M | — | ||
| Q3 25 | $65.5M | $7.7M | ||
| Q2 25 | $66.2M | $5.6M | ||
| Q1 25 | $69.7M | $11.8M | ||
| Q4 24 | $2.6M | — | ||
| Q3 24 | $5.7M | $78.0M | ||
| Q2 24 | $54.1M | $45.2M | ||
| Q1 24 | $47.6M | $23.8M |
| Q4 25 | 58.5% | — | ||
| Q3 25 | 41.9% | 2.0% | ||
| Q2 25 | 42.5% | -1.7% | ||
| Q1 25 | 46.4% | 5.4% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 8.0% | 15.1% | ||
| Q2 24 | 36.9% | 13.7% | ||
| Q1 24 | 37.5% | 16.9% |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 30.3% | 2.1% | ||
| Q2 25 | 29.8% | 2.1% | ||
| Q1 25 | 32.2% | 7.5% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 3.2% | 15.3% | ||
| Q2 24 | 26.2% | 14.0% | ||
| Q1 24 | 23.0% | 16.4% |
| Q4 25 | $7.29 | — | ||
| Q3 25 | $4.90 | — | ||
| Q2 25 | $5.18 | — | ||
| Q1 25 | $5.35 | — | ||
| Q4 24 | $0.32 | — | ||
| Q3 24 | $0.52 | — | ||
| Q2 24 | $4.24 | — | ||
| Q1 24 | $3.81 | — |
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 | $156.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $722.9M |
| Total Assets | $2.5B | $915.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | — | ||
| Q3 25 | $987.9M | $156.2M | ||
| Q2 25 | $947.2M | $156.2M | ||
| Q1 25 | $754.5M | $156.2M | ||
| Q4 24 | $532.5M | — | ||
| Q3 24 | $518.8M | $187.6M | ||
| Q2 24 | $445.8M | $187.6M | ||
| Q1 24 | $655.4M | $187.6M |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $821.8M | $722.9M | ||
| Q2 25 | $758.6M | $722.9M | ||
| Q1 25 | $522.7M | $722.9M | ||
| Q4 24 | $453.3M | — | ||
| Q3 24 | $455.3M | $718.1M | ||
| Q2 24 | $447.3M | $718.1M | ||
| Q1 24 | $395.7M | $718.1M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.3B | $915.5M | ||
| Q2 25 | $2.4B | $915.5M | ||
| Q1 25 | $2.3B | $915.5M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.0B | $1.1B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $1.8B | $1.1B |
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 | $2.6M |
| Free Cash FlowOCF − Capex | $440.8M | $-2.9M |
| FCF MarginFCF / Revenue | 179.0% | -0.8% |
| Capex IntensityCapex / Revenue | 1.5% | 1.5% |
| Cash ConversionOCF / Net Profit | 4.55× | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | — | ||
| Q3 25 | $26.7M | $2.6M | ||
| Q2 25 | $145.0M | — | ||
| Q1 25 | $162.0M | — | ||
| Q4 24 | $331.8M | — | ||
| Q3 24 | $104.1M | $105.2M | ||
| Q2 24 | $-29.0M | — | ||
| Q1 24 | $182.0M | $17.8M |
| Q4 25 | $440.8M | — | ||
| Q3 25 | $25.9M | $-2.9M | ||
| Q2 25 | $144.5M | — | ||
| Q1 25 | $160.3M | — | ||
| Q4 24 | $327.8M | — | ||
| Q3 24 | $103.2M | $104.7M | ||
| Q2 24 | $-30.1M | — | ||
| Q1 24 | $181.0M | $17.6M |
| Q4 25 | 179.0% | — | ||
| Q3 25 | 12.0% | -0.8% | ||
| Q2 25 | 65.1% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 202.5% | — | ||
| Q3 24 | 58.9% | 20.6% | ||
| Q2 24 | -14.6% | — | ||
| Q1 24 | 87.6% | 12.2% |
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.4% | 1.5% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.5% | 0.1% |
| Q4 25 | 4.55× | — | ||
| Q3 25 | 0.41× | 0.34× | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | — | ||
| Q3 24 | 18.33× | 1.35× | ||
| Q2 24 | -0.54× | — | ||
| Q1 24 | 3.82× | 0.75× |
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% |
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
