At a glance
HCI Group Inc is worth $2.43B, about 9 times its fiscal 2025 earnings. Revenue grew 20.1% to $900.9M in fiscal 2025, with 33.2% kept as profit; over 5 years it has grown 23.7% a year. It pays a 0.82% dividend yield, and returned $154.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −2.3% over the past year with dividends reinvested and +10.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.3% in the 2020 crash (S&P 500: 33.7%) and 59.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 13 months after the lows.
The business in plain English
HCI Group provides homeowners insurance. Florida is its main market, and it also writes policies in other northeast and southeast states. Two subsidiaries, Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company, issue the policies, and the company works with independent agents. HCI earns money when premiums, plus income from investing that cash, exceed claims and costs. Much of its growth came from taking over policies from Citizens Property Insurance Corporation, Florida's state-supported insurer, and from other insurers.
HCI reports five segments: Insurance Operations, Exzeo, Reciprocal Exchange Operations, Real Estate, and Corporate and Other. Exzeo builds the software HCI uses to find profitable policies, handle claims and run operations. Exzeo went public in November 2025 (NYSE: XZO) to serve other insurers; HCI owned about 82.5% as of December 31, 2025. HCI also manages two reciprocal exchanges, insurers owned by their policyholders, for a fee: CORE for condo buildings and Tailrow for fire and homeowners coverage. A real estate arm develops and operates commercial properties.
All of HCI's revenue comes from the US, mostly Florida. Revenue was $900.9 million in fiscal 2025, which ended December 31, 2025. The business is seasonal: hurricane season runs June 1 to November 30, and reinsurance (coverage insurers purchase for their own large losses) generally renews each June 1.
Price history
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HCI -2.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $246.7M, up 11.1% from a year earlier, and net income was $73.8M (+11.5%).
- For fiscal 2025, revenue was $900.9M (+20.1% year over year; +23.7% a year from FY2020 to FY2025) with a 33.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.7% good |
|---|---|
| Free cash flow margin | 48.9% good |
| Return on equity (FY2025) | 28.7% good |
| Return on assets (FY2025) | 11.8% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $310.4M | $27.6M | $70.9M |
| FY2021 | $407.9M | $1.9M | $93.2M |
| FY2022 | $499.6M | $-58.5M | $-6.4M |
| FY2023 | $550.7M | $79.0M | $224.2M |
| FY2024 | $750.1M | $110.0M | $327.8M |
| FY2025 | $900.9M | $299.0M | $440.8M |
Valuation snapshot
| Market value | $2.43B |
|---|---|
| P/E ratio | 8.6 |
| Dividend yield | 0.82% |
Rank among 1514 US companies
Market value at each year end
HCI Group’s market value went from $402.2M at the end of 2016 to $2.43B on Oct 28, 2026, about 6.0 times as much; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.43B | -2.2% |
| 2025 | $2.48B | +102.3% |
| 2024 | $1.23B | +63.6% |
| 2023 | $750.6M | +116.5% |
| 2022 | $346.7M | -59.5% |
| 2021 | $856.3M | +105.1% |
| 2020 | $417.5M | +14.0% |
| 2019 | $366.0M | -21.5% |
| 2018 | $466.2M | +59.4% |
| 2017 | $292.5M | -27.3% |
| 2016 | $402.2M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HCI price data to Oct 28, 2026 | +2.6% | -2.3% | +52.9% | +10.2% | +25.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.6% |
| 2025 | +66.3% |
| 2024 | +35.5% |
| 2023 | +126.8% |
| 2022 | -51.2% |
| 2021 | +62.8% |
| 2020 | +18.5% |
| 2019 | -6.8% |
| 2018 | +76.0% |
| 2017 | -21.5% |
| 2016 | +17.6% |
| 2015 | -17.1% |
| 2014 | -16.9% |
| 2013 | +165.4% |
| 2012 | +173.8% |
| 2011 | +6.2% |
| 2010 | +7.2% |
| 2009 | +45.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24% over that stretch · deepest drop along the way 28.3%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 55.7% over that stretch · deepest drop along the way 59.7%, back to its old high 13.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (18 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13% | Jun 30, 2026 |
| Hood River Capital Management LLC | 4.8% | Mar 31, 2026 |
| Khrom Capital Management LLC | 4.32% | Dec 31, 2025 |
ETFs with the most weight in HCI
| SIXS ETC 6 Meridian Small Cap Equity ETF | 2.42% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.62% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.54% |
| FSGS First Trust SMID Growth Strength ETF | 1.32% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.59% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.48% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.45% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.37% |
What could go wrong
- Heavy dependence on Florida. Most of HCI's insurance business is in Florida, so a major hurricane, tropical storm or change in Florida law could hurt results more than at insurers spread across many states.
- Reinsurance could become costly or scarce. HCI purchases reinsurance, insurance for insurers, to limit catastrophe losses. If prices jump at June 1 renewals, costs rise; if coverage shrinks or a reinsurer doesn't pay, HCI bears more loss.
- Growth relied on taking over policies. A large share of HCI's past revenue came from policies assumed from Citizens, Florida's state-supported insurer, and from other insurers. Such deals may not be available on acceptable terms in the future.
- Conflicts with majority-owned Exzeo. Exzeo, HCI's technology arm, gained outside shareholders in its November 2025 stock listing. Conflicts between the two could be resolved against HCI's interests, and the expected benefits of the listing may not arrive.
- Claims could exceed loss reserves. Loss reserves are HCI's estimate of claims still to be paid. Lawsuits against insurers, rising jury awards and courts widening what policies cover could push costs above those estimates and cut profits and capital.
- Regulators control rates, capital and dividends. States must approve HCI's rate increases and set minimum capital levels. They also limit dividends the insurance subsidiaries can send up to HCI Group, which relies on that cash to pay its debts.
Recent events
- Quarterly results released
- Major agreement signed
- Shareholder vote results
- Major agreement signed
- Quarterly results released
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
HCI paid $1.60 per share in regular dividends in each year from fiscal 2020 through fiscal 2025, with no increases. It held that payment even in fiscal 2022, when it lost $6.24 per share. Dividends used about 6.5% of fiscal 2025 earnings and 4.4% of free cash flow (cash left after running the business). The dividend yield (yearly dividend as a percentage of the stock price) was 0.82% as of October 28, 2026, so the stock provides little income. Buybacks totaled $75.9 million over fiscal 2021–2025, mostly in fiscal 2022, yet the share count rose 21.3% from November 2021 to August 2026.
The shares swing sharply. In the 2020 COVID crash they fell 28.3% and regained their prior high about two months after the low. In the 2022 bear market they fell 59.7% and took about 13 months from the low to recover. A single stock like HCI carries more risk than a diversified fund.
Questions investors ask
How does HCI Group make money?
HCI Group makes money mainly from homeowners insurance written chiefly in Florida and in other northeast and southeast states. It profits when premiums and investment income on that cash exceed claims and costs. Other sources include Exzeo, its majority-owned insurance software company; fees for managing two reciprocal exchanges (insurers owned by their policyholders), CORE and Tailrow; and commercial real estate. In fiscal 2025, revenue was $900.9 million and net income was $299.0 million.
Does HCI Group raise its dividend every year?
No. HCI paid $1.60 per share in regular dividends in each year from fiscal 2020 through fiscal 2025, with no increase. The payment is small next to profits: dividends paid came to about 6.5% of fiscal 2025 net income of $299.0 million. The dividend yield was 0.82% as of October 28, 2026. Regulators also limit the dividends HCI's insurance subsidiaries can pay to the parent company.
Is HCI Group exposed to Florida hurricanes?
Yes, heavily. Florida is HCI's primary market and the source of most of its revenue, so hurricanes and tropical storms from June 1 through November 30 are a key seasonal risk. To limit losses, HCI purchases reinsurance (insurance for insurers) from large insurance companies, with contracts generally renewing each June 1, and uses its own Bermuda reinsurance subsidiary to keep some risk and cut costs. Reinsurance can become costlier or harder to get, and changing climate conditions could hurt results.
Does HCI Group still own Exzeo?
Yes, a majority stake. Exzeo, formerly TypTap Insurance Group, builds software and data tools for property and casualty insurers, and HCI uses them to find profitable policies, handle claims and run operations. Exzeo went public in November 2025 and trades on the NYSE as XZO. As of December 31, 2025, HCI owned about 82.5% of its shares, so HCI still includes Exzeo's results in its own financial statements. HCI's annual report warns that conflicts between the two could be resolved against HCI's interests.
How has HCI Group stock performed over the long run?
Very well over 10 years, with deep drops along the way. As of October 28, 2026, the share price had returned an average of 25.3% a year over 10 years (857% in total) and 10.2% a year over five years, but was down 2.3% over one year. Swings are large: the stock lost 51.2% in calendar 2022, then gained 126.8% in 2023. Its worst peak-to-trough fall over about 18 years of price history was 78.8%. Past returns do not predict future results.