THG

MKT CAP:$6B

The Hanover Insurance Group, Inc.

Market Cap

$6B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$181.87+$2.81 (+1.57%)

Apr 23, 2026

Company Details

The Hanover Insurance Group, Inc., through its subsidiaries, provides various property and casualty insurance products and services in the United States. The company operates through three segments: Commercial Lines, Personal Lines, and Oth...

CEO

John Conner Roche

IPO Date

Oct 11, 1995

Website

www.hanover.com

Key Metrics TTM

Revenue

$6.6B

+5.8% YoY

Net Income

$663M

EPS (Diluted)

$18.18

Free Cash Flow

$1.2B

Revenue / Share

$181.18

Gross Margin

28.7%

Operating Margin

12.8%

Net Margin

10.1%

FCF Margin

17.8%

P/S

1.0x

P/E

9.5x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 20, 2026

$6.6B+6.1%EPS $18.51

Q4 2025

Feb 20, 2026

$1.7B+5.9%EPS $5.47

Q3 2025

Oct 30, 2025

$1.7B+6.2%EPS $4.91

Q2 2025

Jul 31, 2025

$1.7B+7.5%EPS $4.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.4B	$357M	$205M
Q1 22	$1.3B	$280M	$130M
Q2 22	$1.3B	$178M	$28M
Q4 22	$1.5B	$144M	-$15M
Q1 23	$1.4B	$138M	-$18M
Q2 23	$1.5B	$72M	-$91M
Q3 23	$1.5B	$159M	-$900.0K
Q4 23	$1.5B	$315M	$150M
Q1 24	$1.5B	$308M	$145M
Q2 24	$1.5B	$224M	$51M
Q3 24	$1.6B	$300M	$130M
Q4 24	$1.6B	$406M	$212M
Q1 25	$1.6B	$327M	$160M
Q2 25	$1.7B	$375M	$199M
Q3 25	$1.7B	$406M	$227M
Q4 25	$1.7B	$782M	$258M

Valuation

Quarter	P/S	P/E
Q4 21	1.2x	15.0x
Q1 22	1.2x	14.5x
Q2 22	1.2x	19.3x
Q4 22	1.1x	22.4x
Q1 23	1.1x	60.2x
Q2 23	1.1x	—
Q3 23	1.1x	—
Q4 23	1.0x	177.5x
Q1 24	1.0x	38.5x
Q2 24	1.0x	23.0x
Q3 24	1.0x	17.1x
Q4 24	1.0x	14.7x
Q1 25	1.0x	14.3x
Q2 25	1.0x	11.3x
Q3 25	1.0x	9.9x
Q4 25	1.0x	9.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$228M	$226M
Q1 22	$200M	$195M
Q2 22	$9M	$4M
Q4 22	$199M	$195M
Q1 23	$18M	$15M
Q2 23	$26M	$23M
Q3 23	$225M	$222M
Q4 23	$93M	$91M
Q1 24	$59M	$56M
Q2 24	$140M	$137M
Q3 24	$395M	$392M
Q4 24	$214M	$211M
Q1 25	$39M	$37M
Q2 25	$207M	$205M
Q3 25	$554M	$551M
Q4 25	$378M	$377M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$5M
Q2 22	$5M
Q4 22	$4M
Q1 23	$4M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+6.0%	+7.3%
Q1 22	+3.8%	+2.8%
Q2 22	-1.1%	+10.2%
Q4 22	+16.0%	+21.2%
Q1 23	+5.0%	+24.9%
Q2 23	+13.1%	+32.8%
Q3 23	+17.3%	+20.0%
Q4 23	+3.4%	-7.7%
Q1 24	+6.8%	-4.4%
Q2 24	+2.1%	-7.0%
Q3 24	+2.9%	-5.7%
Q4 24	+3.2%	-0.9%
Q1 25	+3.5%	+2.8%
Q2 25	+7.5%	-2.1%
Q3 25	+6.2%	-0.0%
Q4 25	+5.9%	+3.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$6M	0.4%
Q1 22	$7M	0.5%
Q2 22	$7M	0.6%
Q4 22	$7M	0.5%
Q1 23	$7M	0.5%
Q2 23	$8M	0.5%
Q3 23	$9M	0.6%
Q4 23	$7M	0.5%
Q1 24	$7M	0.4%
Q2 24	$8M	0.5%
Q3 24	$9M	0.6%
Q4 24	$8M	0.5%
Q1 25	$7M	0.4%
Q2 25	$11M	0.7%
Q3 25	$10M	0.6%
Q4 25	$0	0.0%

Revenue Segments

Quarter	All Other Segments	Commercial Lines Segment	Personal Lines Segment	Core Commercial Lines Segment	Specialty Lines Segment	Other Segments	Other Operating Segment
Q4 21	$4M	$798M	$522M	—	—	—	—
Q1 22	$4M	—	$531M	$511M	$301M	—	—
Q4 22	—	—	$578M	$539M	$326M	$4M	—
Q1 23	—	—	$588M	$545M	$331M	$4M	—
Q2 23	—	—	$607M	$556M	$340M	$4M	—
Q3 23	—	—	$621M	$557M	$341M	$4M	—
Q4 23	—	—	$627M	$559M	$340M	$4M	—
Q1 24	—	—	$628M	$571M	$343M	$4M	—
Q2 24	—	—	$635M	$580M	$353M	$3M	—
Q3 24	—	—	$645M	$577M	$354M	—	$3M
Q4 24	—	—	$656M	$597M	$363M	—	$10M
Q1 25	—	—	$662M	$590M	$365M	—	—
Q2 25	—	—	$669M	$603M	$381M	—	$3M
Q3 25	—	—	$679M	$607M	$381M	—	$6M
Q4 25	—	—	$685M	$618M	$378M	—	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$272M	$7.4B	$7.7B
Q2 22	$146M	$7.2B	$7.4B
Q3 22	$165M	$7.2B	$7.4B
Q4 22	$305M	$7.5B	$7.8B
Q1 23	$182M	$7.7B	$7.9B
Q2 23	$168M	$7.6B	$7.8B
Q3 23	$295M	$1.8B	$2.1B
Q4 23	$316M	$8.0B	$8.3B
Q1 24	$265M	$3.0B	$3.2B
Q2 24	$338M	$3.1B	$3.5B
Q3 24	$427M	$3.4B	$3.8B
Q4 24	$436M	$1.6B	$2.0B
Q1 25	$315M	$3.8B	$4.2B
Q2 25	$244M	$4.0B	$4.2B
Q3 25	$916M	$4.1B	$5.0B
Q4 25	$1.1B	$1.9B	$3.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	36M	-0.6%	-2.7%
Q1 22	36M	0.0%	-2.2%
Q2 22	36M	0.0%	-1.1%
Q4 22	36M	-1.4%	-1.9%
Q1 23	36M	0.0%	-1.4%
Q2 23	36M	+0.3%	-1.1%
Q3 23	36M	+1.1%	0.0%
Q4 23	36M	+0.3%	+1.7%
Q1 24	36M	+0.3%	+2.0%
Q2 24	36M	0.0%	+1.7%
Q3 24	37M	+0.6%	+1.1%
Q4 24	37M	+0.3%	+1.1%
Q1 25	36M	-0.5%	+0.3%
Q2 25	36M	0.0%	+0.3%
Q3 25	36M	0.0%	-0.3%
Q4 25	36M	-0.3%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$312.4K	4K
Q1 22	$302.4K	4K
Q2 22	$293.8K	4K
Q4 22	$321.5K	5K
Q1 23	$313.8K	5K
Q2 23	$327.0K	5K
Q3 23	$329.7K	5K
Q4 23	$318.5K	5K
Q1 24	$321.2K	5K
Q2 24	$319.9K	5K
Q3 24	$325.3K	5K
Q4 24	$322.1K	5K
Q1 25	$325.7K	5K
Q2 25	$336.9K	5K
Q3 25	$338.4K	5K
Q4 25	$341.2K	5K

Revenue / Employee