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Side-by-side financial comparison of HCI Group, Inc. (HCI) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $246.2M, roughly 1.6× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs -1.9%, a 41.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 52.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Innovate Corp. is an American public financial services company founded in 1994.
HCI vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $382.7M |
| Net Profit | $97.7M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 58.5% | 3.7% |
| Net Margin | 39.7% | -1.9% |
| Revenue YoY | 52.1% | 61.7% |
| Net Profit YoY | 3679.2% | 55.4% |
| EPS (diluted) | $7.29 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $216.3M | $347.1M | ||
| Q2 25 | $221.9M | $242.0M | ||
| Q1 25 | $216.4M | $274.2M | ||
| Q4 24 | $161.9M | $236.6M | ||
| Q3 24 | $175.3M | $242.2M | ||
| Q2 24 | $206.2M | $313.1M | ||
| Q1 24 | $206.6M | $315.2M |
| Q4 25 | $97.7M | $-7.4M | ||
| Q3 25 | $65.5M | $-8.9M | ||
| Q2 25 | $66.2M | $-19.8M | ||
| Q1 25 | $69.7M | $-24.5M | ||
| Q4 24 | $2.6M | $-16.6M | ||
| Q3 24 | $5.7M | $-15.0M | ||
| Q2 24 | $54.1M | $14.4M | ||
| Q1 24 | $47.6M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 58.5% | 3.7% | ||
| Q3 25 | 41.9% | 1.8% | ||
| Q2 25 | 42.5% | 2.0% | ||
| Q1 25 | 46.4% | 1.2% | ||
| Q4 24 | 3.6% | 1.1% | ||
| Q3 24 | 8.0% | 2.4% | ||
| Q2 24 | 36.9% | 9.2% | ||
| Q1 24 | 37.5% | 0.9% |
| Q4 25 | 39.7% | -1.9% | ||
| Q3 25 | 30.3% | -2.6% | ||
| Q2 25 | 29.8% | -8.2% | ||
| Q1 25 | 32.2% | -8.9% | ||
| Q4 24 | 1.6% | -7.0% | ||
| Q3 24 | 3.2% | -6.2% | ||
| Q2 24 | 26.2% | 4.6% | ||
| Q1 24 | 23.0% | -5.5% |
| Q4 25 | $7.29 | $-0.57 | ||
| Q3 25 | $4.90 | $-0.71 | ||
| Q2 25 | $5.18 | $-1.67 | ||
| Q1 25 | $5.35 | $-1.89 | ||
| Q4 24 | $0.32 | $-0.72 | ||
| Q3 24 | $0.52 | $-1.18 | ||
| Q2 24 | $4.24 | $1.03 | ||
| Q1 24 | $3.81 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $1.0B | $-240.1M |
| Total Assets | $2.5B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $112.1M | ||
| Q3 25 | $987.9M | $35.5M | ||
| Q2 25 | $947.2M | $33.4M | ||
| Q1 25 | $754.5M | $33.3M | ||
| Q4 24 | $532.5M | $48.8M | ||
| Q3 24 | $518.8M | $51.0M | ||
| Q2 24 | $445.8M | $80.2M | ||
| Q1 24 | $655.4M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.0B | $-240.1M | ||
| Q3 25 | $821.8M | $-233.3M | ||
| Q2 25 | $758.6M | $-224.8M | ||
| Q1 25 | $522.7M | $-204.2M | ||
| Q4 24 | $453.3M | $-180.4M | ||
| Q3 24 | $455.3M | $-163.1M | ||
| Q2 24 | $447.3M | $-149.0M | ||
| Q1 24 | $395.7M | $-184.4M |
| Q4 25 | $2.5B | $950.1M | ||
| Q3 25 | $2.3B | $913.2M | ||
| Q2 25 | $2.4B | $890.9M | ||
| Q1 25 | $2.3B | $868.0M | ||
| Q4 24 | $2.2B | $891.1M | ||
| Q3 24 | $2.0B | $897.2M | ||
| Q2 24 | $1.9B | $898.9M | ||
| Q1 24 | $1.8B | $943.5M |
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 | $101.1M |
| Free Cash FlowOCF − Capex | $440.8M | — |
| FCF MarginFCF / Revenue | 179.0% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 4.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $101.1M | ||
| Q3 25 | $26.7M | $19.2M | ||
| Q2 25 | $145.0M | $40.4M | ||
| Q1 25 | $162.0M | $-14.1M | ||
| Q4 24 | $331.8M | $41.4M | ||
| Q3 24 | $104.1M | $-28.4M | ||
| Q2 24 | $-29.0M | $21.5M | ||
| Q1 24 | $182.0M | $-25.4M |
| Q4 25 | $440.8M | — | ||
| Q3 25 | $25.9M | $19.0M | ||
| Q2 25 | $144.5M | — | ||
| Q1 25 | $160.3M | $-18.8M | ||
| Q4 24 | $327.8M | $34.2M | ||
| Q3 24 | $103.2M | $-31.5M | ||
| Q2 24 | $-30.1M | $18.4M | ||
| Q1 24 | $181.0M | $-31.0M |
| Q4 25 | 179.0% | — | ||
| Q3 25 | 12.0% | 5.5% | ||
| Q2 25 | 65.1% | — | ||
| Q1 25 | 74.1% | -6.9% | ||
| Q4 24 | 202.5% | 14.5% | ||
| Q3 24 | 58.9% | -13.0% | ||
| Q2 24 | -14.6% | 5.9% | ||
| Q1 24 | 87.6% | -9.8% |
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.4% | 0.1% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.8% | 1.7% | ||
| Q4 24 | 2.5% | 3.0% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.5% | 1.0% | ||
| Q1 24 | 0.5% | 1.8% |
| 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× | 1.49× | ||
| Q1 24 | 3.82× | — |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
