Offshore wind and wave energy offer high energy density and availability. While offshore wind has matured significantly, wave energy remains costly and under development. Integrating both technologies into a hybrid system can enhance power generation, stabilize output, and reduce costs. This study explores the benefits of combining an offshore floating wind turbine with the two-body heaving point absorber wave energy converter, Reference Model 3 (RM3). Six configurations are analyzed: RM3 integrated with the National Renewable Energy Laboratory 5 MW and the International Energy Agency 15 MW wind turbines, each tested on both spar and semi-submersible platforms. The analysis examines dynamic response, mooring loads, and power production under varying environmental conditions, considering the influence of the wave energy converter float motion and an optional reaction plate. Results indicate that the reaction plate improves damping for the spar platform, enhancing wave energy absorption and power output. A comparative analysis indicates that integrating the wave energy converter reduces its levelized cost of energy by 15-83%, while leaving the wind turbine levelized cost of energy unaffected. Hybridization significantly reduces power fluctuations by 50%, reduces the levelized cost of energy with the 5 MW wind turbine, and slightly increases it with the 15 MW wind turbine. The results highlight a mutualistic relationship between the wave energy converter and the offshore wind turbine, where the former benefits substantially while the latter experiences slight improvements or negligible effects. Additional findings quantify hydrodynamic interactions, mooring performance, and economic feasibility. This research provides insights into optimizing hybrid offshore renewable systems, demonstrating their potential to lower costs and support sustainable energy solutions.

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