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Side-by-side financial comparison of HCI Group, Inc. (HCI) and WORKIVA INC (WK). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $238.9M, roughly 1.0× WORKIVA INC). HCI Group, Inc. runs the higher net margin — 39.7% vs 4.9%, a 34.7% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 19.5%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $50.7M). Over the past eight quarters, WORKIVA INC's revenue compounded faster (16.0% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
HCI vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $238.9M |
| Net Profit | $97.7M | $11.8M |
| Gross Margin | — | 80.7% |
| Operating Margin | 58.5% | 22.6% |
| Net Margin | 39.7% | 4.9% |
| Revenue YoY | 52.1% | 19.5% |
| Net Profit YoY | 3679.2% | — |
| EPS (diluted) | $7.29 | $0.20 |
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 | — | $238.9M | ||
| Q4 25 | $246.2M | $238.9M | ||
| Q3 25 | $216.3M | $224.2M | ||
| Q2 25 | $221.9M | $215.2M | ||
| Q1 25 | $216.4M | $206.3M | ||
| Q4 24 | $161.9M | $199.9M | ||
| Q3 24 | $175.3M | $185.6M | ||
| Q2 24 | $206.2M | $177.5M |
| Q1 26 | — | $11.8M | ||
| Q4 25 | $97.7M | $11.8M | ||
| Q3 25 | $65.5M | $2.8M | ||
| Q2 25 | $66.2M | $-19.4M | ||
| Q1 25 | $69.7M | $-21.4M | ||
| Q4 24 | $2.6M | $-8.8M | ||
| Q3 24 | $5.7M | $-17.0M | ||
| Q2 24 | $54.1M | $-17.5M |
| Q1 26 | — | 80.7% | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | 22.6% | ||
| Q4 25 | 58.5% | 3.3% | ||
| Q3 25 | 41.9% | -1.5% | ||
| Q2 25 | 42.5% | -10.3% | ||
| Q1 25 | 46.4% | -12.0% | ||
| Q4 24 | 3.6% | -6.7% | ||
| Q3 24 | 8.0% | -11.7% | ||
| Q2 24 | 36.9% | -13.0% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 39.7% | 4.9% | ||
| Q3 25 | 30.3% | 1.2% | ||
| Q2 25 | 29.8% | -9.0% | ||
| Q1 25 | 32.2% | -10.4% | ||
| Q4 24 | 1.6% | -4.4% | ||
| Q3 24 | 3.2% | -9.2% | ||
| Q2 24 | 26.2% | -9.9% |
| Q1 26 | — | $0.20 | ||
| Q4 25 | $7.29 | $0.21 | ||
| Q3 25 | $4.90 | $0.05 | ||
| Q2 25 | $5.18 | $-0.35 | ||
| Q1 25 | $5.35 | $-0.38 | ||
| Q4 24 | $0.32 | $-0.15 | ||
| Q3 24 | $0.52 | $-0.31 | ||
| Q2 24 | $4.24 | $-0.32 |
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 | $338.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | — |
| Total Assets | $2.5B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $338.8M | ||
| Q4 25 | $1.2B | $338.8M | ||
| Q3 25 | $987.9M | $315.9M | ||
| Q2 25 | $947.2M | $284.3M | ||
| Q1 25 | $754.5M | $242.0M | ||
| Q4 24 | $532.5M | $301.8M | ||
| Q3 24 | $518.8M | $248.2M | ||
| Q2 24 | $445.8M | $267.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-5.4M | ||
| Q3 25 | $821.8M | $-36.9M | ||
| Q2 25 | $758.6M | $-66.5M | ||
| Q1 25 | $522.7M | $-75.7M | ||
| Q4 24 | $453.3M | $-41.7M | ||
| Q3 24 | $455.3M | $-50.8M | ||
| Q2 24 | $447.3M | $-77.7M |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.3B | $1.4B | ||
| Q2 25 | $2.4B | $1.3B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $1.9B | $1.2B |
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 | $51.0M |
| Free Cash FlowOCF − Capex | $440.8M | $50.7M |
| FCF MarginFCF / Revenue | 179.0% | 21.2% |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 4.55× | 4.31× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $196.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $51.0M | ||
| Q4 25 | $444.4M | $51.0M | ||
| Q3 25 | $26.7M | $46.2M | ||
| Q2 25 | $145.0M | $50.3M | ||
| Q1 25 | $162.0M | $-7.4M | ||
| Q4 24 | $331.8M | $44.0M | ||
| Q3 24 | $104.1M | $18.9M | ||
| Q2 24 | $-29.0M | $-14.0K |
| Q1 26 | — | $50.7M | ||
| Q4 25 | $440.8M | $50.7M | ||
| Q3 25 | $25.9M | $46.1M | ||
| Q2 25 | $144.5M | $49.3M | ||
| Q1 25 | $160.3M | $-8.1M | ||
| Q4 24 | $327.8M | $43.2M | ||
| Q3 24 | $103.2M | $18.7M | ||
| Q2 24 | $-30.1M | $-122.0K |
| Q1 26 | — | 21.2% | ||
| Q4 25 | 179.0% | 21.2% | ||
| Q3 25 | 12.0% | 20.5% | ||
| Q2 25 | 65.1% | 22.9% | ||
| Q1 25 | 74.1% | -3.9% | ||
| Q4 24 | 202.5% | 21.6% | ||
| Q3 24 | 58.9% | 10.1% | ||
| Q2 24 | -14.6% | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 0.4% | 0.0% | ||
| Q2 25 | 0.2% | 0.5% | ||
| Q1 25 | 0.8% | 0.4% | ||
| Q4 24 | 2.5% | 0.4% | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 0.5% | 0.1% |
| Q1 26 | — | 4.31× | ||
| Q4 25 | 4.55× | 4.31× | ||
| Q3 25 | 0.41× | 16.57× | ||
| 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% |
WK
| Subscription and support | $219.3M | 92% |
| Other | $19.6M | 8% |
