Operating cash flow remains resilient, though the extreme variance in the cash-to-net-income ratio, which reached 28.90 in 2024Q4, suggests that statutory earnings may not always serve as a reliable proxy for immediate liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 283.19M | 446.74M | 331.82M | 230.66M | -12K | 96.5M | 77.31M | 54.05M | 28.59M | 16.43M | 87.97M | 45.27M | 88.73M | 55.47M | 106.27M | 56.03M | 16.13M | -13.47M | 66.64M | 19.86M |
| Operating CF Growth % | 514.47% | 34.63% | 43.86% | 1922250% | -100.01% | 24.82% | 43.04% | 89.01% | 74.08% | -81.33% | 94.33% | -48.98% | 59.95% | -47.8% | 89.65% | 247.36% | 219.72% | -120.22% | 235.49% | - |
| Operating CF / Revenue % | 30.53% | 49.59% | 44.27% | 41.94% | -0% | 23.97% | 28.04% | 22.39% | 12.36% | 6.72% | 34.07% | 15.83% | 33.34% | 23.01% | 65.24% | 60.33% | 23.51% | -19.71% | 134.54% | 259.32% |
| Net Income | 302.73M | 320.39M | 109.95M | 76.41M | -54.6M | 7.24M | 27.58M | 26.58M | 17.73M | -6.89M | 29.02M | 65.86M | 62.66M | 65.56M | 30.16M | 9.96M | 5.42M | 10.91M | 12.65M | 1.02M |
| Depreciation & Amortization | 9.2M | 11.22M | 4.3M | 8.18M | 8.01M | 5.55M | 8.75M | 8.94M | 11M | 9.59M | 5.41M | 5.25M | 4.96M | 2.1M | 1.59M | 576K | 178K | 74K | 37K | 0 |
| Stock-Based Compensation | 8M | 10.97M | 10.19M | 9.35M | 15.11M | 13.75M | 8.13M | 6.46M | 4.63M | 4.52M | 4.2M | 5.21M | 8.11M | 5.37M | 844K | 27K | 87K | 483K | 466K | 428K |
| Deferred Taxes | -621K | -1.92M | 2.41M | 649K | -9.88M | 1.14M | 8.12M | 1.87M | 141K | -4.91M | 155K | -1.1M | -4.74M | 557K | -2.37M | -1.98M | 1.69M | 1.32M | -2.91M | -653K |
| Other Non-Cash Items | 30.02M | -1.07M | 9.12M | -2.88M | -7.78M | -7.43M | -35.31M | -3.93M | 2.75M | -1.94M | -5.85M | 9.26M | -3.79M | 351K | 8K | -1.03M | -2.03M | 17K | 466K | 0 |
| Working Capital Changes | -82.98M | 107.14M | 195.85M | 138.95M | 49.13M | 76.24M | 60.04M | 14.13M | -7.64M | 16.05M | 55.04M | -39.21M | 21.53M | -18.47M | 76.03M | 48.48M | 10.79M | -26.27M | 56.39M | 19.07M |
| Cash from Investing | 174.84M | 240.12M | -260.11M | 4.27M | -434.54M | 36.85M | 143.22M | 50.46M | -17.68M | -80.16M | -49.03M | -80.36M | -18.65M | -90.04M | -1.21M | -16.95M | -213K | -21.03M | -11.24M | -17.09M |
| Capital Expenditures | 1.73M | 0 | -4.05M | -478K | -10.14M | -3.32M | -6.44M | -2.89M | -2.6M | -2.98M | -865K | -840K | -453K | -3.43M | -1.2M | -3.14M | -7.53M | -314K | -268K | -36K |
| Acquisitions | 95K | 0 | -1.23M | 0 | -1.97M | -3.76M | -4.24M | -1.17M | -7.18M | -4.23M | -16.41M | -25.07M | -7.14M | 0 | -8.16M | -5.31M | 0 | 4.73M | 0 | 0 |
| Purchase of Investments | 24.33M | 0 | -836.64M | 0 | -637.77M | -122.41M | -103.37M | -108.48M | -366.96M | -165.2M | -107.96M | -131.38M | -127.62M | -94.78M | -5.71M | -38M | -37.3M | -30.07M | -10.53M | -17.05M |
| Sale/Maturity of Investments | -96.26M | -2.9M | 594.27M | 4.71M | 195.31M | 162.42M | 214.2M | 172.36M | 365.68M | 91.94M | 68.27M | 88.75M | 119.78M | 8.17M | 13.85M | 27.9M | 45.15M | 9.35M | 0 | 0 |
| Other Investing | 244.95M | 243.02M | -12.46M | 42K | 20.04M | 3.91M | 43.07M | -9.36M | -6.62M | 297K | 7.94M | -11.82M | -3.21M | 1K | 12.43M | 1.61M | -526K | -4.73M | -450K | 0 |
| Cash from Financing | -2.69M | -8.94M | -75.17M | 67.12M | 41.07M | 64.3M | -16.7M | -114.72M | -27.29M | 39.03M | -26.16M | -11.53M | -48.73M | 97.75M | 24.8M | 6.42M | -4.52M | -3.1M | 9.93M | 12.96M |
| Dividends Paid | 4.31M | -19.29M | -16.6M | -13.72M | -15.23M | -14.06M | -12.69M | -13.01M | -11.32M | -13.91M | -12.44M | -12.43M | -12.36M | -10.9M | -8.56M | -3.83M | -1.88M | -113K | -3K | 0 |
| Share Repurchases | 639K | -1.52M | -1.04M | -784K | -88.31M | -1.31M | -6.71M | -20.05M | -21.17M | -45.87M | -20.49M | -2.4M | -39.03M | -30.89M | 0 | -1.89M | -3.6M | -3.11M | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 84.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.08M | 0 | 0 | 0 | 9.8M | 12.96M |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -17.96M | 5.18M | -100.55M | -7.5M | -11.88M | 89.4M | 204K | -90K | 323K | -3.83M | -526K | 3.31M | 2.66M | -3.71M | 13.28M | 829K | 301K | 9K | 139K | 0 |
| Net Change in Cash | 259.6M | 677.69M | -3.58M | 302M | -393.58M | 197.6M | 203.82M | -10.24M | -16.54M | -24.65M | 12.79M | -46.68M | 21.32M | 63.18M | 129.86M | 45.51M | 11.4M | -37.61M | 65.33M | 15.73M |
| Exchange Rate Effect | -196.29M | -229K | -112K | -42K | -98K | -54K | 2K | -22K | -164K | 61K | 3K | -61K | -29K | 0 | 5K | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.21B | 536.18M | 539.76M | 237.76M | 631.34M | 433.74M | 229.92M | 240.16M | 256.69M | 280.53M | 267.74M | 314.42M | 293.4M | 230.21M | 100.36M | 54.85M | 43.45M | 81.06M | 15.73M | 1K |
| Cash at End | 1.02B | 1.21B | 536.18M | 539.76M | 237.76M | 631.34M | 433.74M | 229.92M | 240.16M | 255.88M | 280.53M | 267.74M | 314.72M | 293.4M | 230.21M | 100.36M | 54.85M | 43.45M | 81.06M | 15.73M |
| Free Cash Flow | 281.81M | 444.45M | 327.76M | 224.16M | -10.15M | 93.19M | 70.87M | 51.16M | 26M | 13.45M | 87.11M | 44.43M | 88.28M | 52.04M | 105.07M | 52.89M | 8.6M | -13.79M | 66.37M | 19.83M |
| FCF Growth % | -8.84% | 35.6% | 46.22% | 2307.78% | -110.9% | 31.48% | 38.53% | 96.78% | 93.32% | -84.56% | 96.06% | -49.67% | 69.63% | -50.47% | 98.66% | 515.2% | 162.35% | -120.77% | 234.75% | - |
| FCF Margin % | 30.38% | 49.33% | 43.73% | 40.75% | -2.06% | 23.15% | 25.7% | 21.19% | 11.24% | 5.5% | 33.74% | 15.54% | 33.17% | 21.59% | 64.51% | 56.95% | 12.53% | -20.16% | 134% | 258.85% |
| FCF per Share | 21.87 | 34.5 | 25.84 | 20.3 | -1.15 | 10.86 | 7.31 | 5 | 3.29 | 1.57 | 8.01 | 3.91 | 7.55 | 4.68 | 10.71 | 7.1 | 1.29 | -1.92 | 10.93 | 3.83 |
Florida geographic concentration risk
As reported in quarterly financial statements, HCI consistently generated positive operating cash flow in eight of the last ten quarters, with a peak of $182.2 million in 2024Q1, demonstrating the company's ability to effectively manage the timing gap between premium inflows and subsequent claims settlement obligations.
The volatility in operating cash flow, particularly the negative $26.9 million observed in 2024Q2, appears to be a function of seasonal claims cycles rather than a structural failure in premium collection. This suggests that the company's underwriting model is capable of maintaining liquidity even during periods of elevated loss activity, provided that the reinsurance program remains effective.
Based on the provided cash flow data, HCI maintains an active investment strategy, frequently rotating capital as evidenced by the $280.4 million in net sales during 2025Q4, which serves as a critical liquidity buffer to offset potential underwriting volatility and support the company's broader capital allocation objectives.
The frequent oscillation between purchasing and selling investment securities indicates a dynamic approach to managing the float, likely aimed at optimizing yield while ensuring sufficient cash is available for claims. Investors should monitor whether this high turnover in the portfolio reflects a tactical response to interest rate shifts or a necessity to fund operational cash requirements.
According to the historical data, the ratio of operating cash flow to net income has shown extreme variance, reaching as high as 28.90 in 2024Q4, which suggests that net income is a poor proxy for the actual cash-generating capacity of the underlying insurance operations.
This significant divergence implies that non-cash accruals and reserve adjustments play a substantial role in reported earnings, potentially masking the underlying cash reality of the business. Analysts should prioritize the cash flow statement over net income to gauge the true sustainability of the company's underwriting performance.
As indicated by the financial filings, HCI has maintained a disciplined approach to capital returns, with dividend payments remaining relatively stable and buyback activity appearing opportunistic rather than systematic, reflecting a management preference for retaining cash to bolster the company's fortress-like balance sheet position.
The modest scale of capital returns relative to the company's $1.21 billion cash position suggests that management is prioritizing liquidity and potential strategic acquisitions over aggressive shareholder distributions. This conservative stance appears prudent given the inherent volatility of the Florida property insurance market and the potential for future regulatory or catastrophic shocks.
Quick answers to the most common questions about buying HCI stock.
HCI Group, Inc. (HCI) generated $446.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
HCI Group, Inc. (HCI) generated $444.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
HCI Group, Inc. (HCI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, HCI Group, Inc. (HCI) returned $19.3M to shareholders via cash dividends and spent $1.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.