Thursday 15 October 2026
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The Hanover Insurance Group, Inc.
THG Financial Insurance Property & Casualty
The Hanover Insurance Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, up 5.72% from fiscal 2024. In the quarter to June 2026, revenue grew 4.34%, EPS grew 27.2%, free cash flow grew 2.20% and total debt rose 7.57%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.
226.17
3.73
+1.68%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
25.41 | 24.59 | 12.85 | 13.04 | 12.27 | 11.40 | 42.34 | 126.74 | 13.14 | 10.06 |
Piotroski F-Score |
5 | 7 | 7 | 8 | 4 | 8 | 6 | 6 | 7 | 7 |
P/S ratio |
0.96 | 1.06 | 1.10 | 1.12 | 0.91 | 0.90 | 0.88 | 0.73 | 0.89 | 0.99 |
P/FCF ratio |
5.37 | 6.61 | 9.20 | 9.27 | 6.36 | 5.77 | 6.87 | 12.55 | 6.97 | 5.59 |
P/Operating CF |
21.29 | 26.31 | 58.32 | 30.54 | 27.38 | 20.61 | 24.37 | 47.35 | 26.01 | 17.30 |
P/B ratio |
1.37 | 1.51 | 1.68 | 1.87 | 1.38 | 1.50 | 2.07 | 1.78 | 1.95 | 1.83 |
Price to Tangible BV |
1.46 | 1.61 | 1.78 | 2.00 | 1.46 | 1.59 | 2.25 | 1.92 | 2.09 | 1.93 |
EV/Sales |
1.09 | 1.18 | 1.05 | 1.21 | 1.05 | 1.01 | 0.97 | 0.81 | 0.95 | 1.01 |
EV/EBITDA |
17.90 | 13.15 | 12.07 | 9.96 | 9.89 | 9.13 | 27.05 | 54.32 | 10.17 | 7.47 |
EV/Operating CF |
5.93 | 7.13 | 8.54 | 9.79 | 7.16 | 6.38 | 7.36 | 13.43 | 7.32 | 5.64 |
EV/FCF |
6.06 | 7.32 | 8.75 | 10.01 | 7.32 | 6.44 | 7.55 | 13.88 | 7.41 | 5.67 |
Quick Ratio |
0.44 | 0.42 | 0.50 | 0.41 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.43 |
Current Ratio |
0.44 | 0.42 | 0.50 | 0.41 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.43 |
Net Debt/EBITDA |
2.05 | 1.28 | (0.62) | 0.74 | 1.29 | 0.96 | 2.43 | 5.22 | 0.60 | 0.11 |
Debt/Assets |
5.53% | 5.09% | 6.27% | 5.23% | 5.81% | 5.48% | 5.59% | 5.36% | 5.13% | 7.19% |
Debt/Equity |
0.28 | 0.26 | 0.26 | 0.22 | 0.24 | 0.25 | 0.34 | 0.32 | 0.28 | 0.34 |
Asset Turnover |
0.29 | 0.29 | 0.32 | 0.39 | 0.37 | 0.38 | 0.39 | 0.42 | 0.42 | 0.41 |
Operating CF/Net income |
4.79 | 3.78 | 1.41 | 1.42 | 1.97 | 1.95 | 6.23 | 10.25 | 1.89 | 1.78 |
Capex/Depreciation |
(0.39) | (0.42) | (0.38) | (0.40) | (0.62) | (0.39) | (0.97) | (0.84) | (1.23) | (3.67) |
Interest Coverage |
4.00 | 7.48 | 7.89 | 14.92 | 13.16 | 16.33 | 5.22 | 2.21 | 16.77 | 20.53 |
| 5.44% | 6.36% | 13.14% | 14.48% | 11.73% | 13.32% | 4.23% | 1.47% | 16.05% | 20.66% | |
| 1.11% | 1.25% | 2.81% | 3.42% | 2.77% | 3.05% | 0.82% | 0.25% | 2.85% | 4.11% | |
ROIC |
2.87% | 5.25% | 7.16% | 9.73% | 7.30% | 8.82% | 3.20% | 0.88% | 10.54% | 14.38% |
Return on Tangible Assets |
(2.86%) | (4.41%) | (10.36%) | (8.79%) | (6.87%) | (7.51%) | (1.88%) | (0.55%) | (6.44%) | (10.01%) |
Average Days of Receivables |
364.64 | 232.72 | 229.45 | 229.45 | 243.11 | 235.76 | 238.00 | 229.08 | 222.09 | 214.34 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
19.82% | 19.70% | 19.84% | 18.95% | 19.71% | 18.80% | 19.99% | 19.62% | 19.59% | 19.49% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Share Based Compensation of Revenue |
0.30% | 0.29% | 0.30% | 0.36% | 0.42% | 0.44% | 0.53% | 0.52% | 0.50% | 0.54% |
Graham Net Nets |
(1.80) | (2.08) | (1.13) | (1.15) | (1.57) | (1.59) | (1.61) | (1.84) | (1.48) | (1.28) |
Graham Number |
73.44 | 82.99 | 119.38 | 131.11 | 134.96 | 150.56 | 68.81 | 38.82 | 144.79 | 201.95 |
Earnings Yield |
3.94% | 4.07% | 7.78% | 7.67% | 8.15% | 8.77% | 2.36% | 0.79% | 7.61% | 9.94% |
Free Cash Flow Yield |
18.64% | 15.13% | 10.87% | 10.79% | 15.72% | 17.34% | 14.56% | 7.97% | 14.34% | 17.89% |
Revenue per Share |
94.72 | 100.42 | 106.00 | 122.27 | 127.98 | 145.62 | 153.61 | 167.89 | 173.74 | 184.20 |
Operating CF per Share |
17.37 | 16.58 | 13.00 | 15.07 | 18.77 | 22.94 | 20.29 | 10.13 | 22.46 | 32.91 |
Capex per Share |
(0.37) | (0.44) | (0.31) | (0.33) | (0.40) | (0.22) | (0.50) | (0.33) | (0.28) | (0.22) |
Free Cash Flow per Share |
17.00 | 16.14 | 12.69 | 14.74 | 18.37 | 22.72 | 19.79 | 9.80 | 22.18 | 32.69 |
Cash per Share |
6.60 | 7.01 | 24.07 | 5.39 | 3.20 | 6.43 | 8.57 | 8.85 | 12.13 | 31.36 |
Shareholders Equity per Share |
66.76 | 70.53 | 69.69 | 72.91 | 84.94 | 87.60 | 65.55 | 69.06 | 79.16 | 99.76 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
66.76 | 70.53 | 69.69 | 72.91 | 84.94 | 87.60 | 65.55 | 69.06 | 79.16 | 99.76 |
Free Cash Flow |
727.70 | 686.00 | 538.20 | 589.60 | 692.70 | 815.70 | 704.50 | 349.80 | 796.20 | 1,170.40 |
Working Capital |
(5,429.80) | (4,222.60) | (3,773.20) | (4,834.40) | (5,220.90) | (5,629.90) | (6,166.20) | (6,397.10) | (6,613.20) | (6,620.70) |
Capital Expenditures |
(15.70) | (18.60) | (13.10) | (13.30) | (14.90) | (8.00) | (17.80) | (11.90) | (10.20) | (7.70) |
Net Current Asset Value |
(7,030.40) | (9,452.80) | (5,599.00) | (6,284.20) | (6,907.30) | (7,501.70) | (7,790.50) | (8,069.20) | (8,201.90) | (8,379.30) |
EV/EBIT |
21.43 | 14.86 | 13.23 | 10.55 | 10.38 | 9.46 | 29.85 | 64.58 | 10.32 | 7.48 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
25.30 | 15.48 | 15.94 | 10.47 | 9.77 | 9.03 | 33.60 | 106.79 | 10.32 | 7.75 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
18.53% | 16.80% | 11.32% | 15.58% | 16.88% | 19.62% | 20.59% | 9.81% | 19.60% | 19.80% |
Accounts Receivable Turnover |
1.00 | 1.26 | 1.62 | 1.66 | 1.53 | 1.59 | 1.58 | 1.64 | 1.65 | 1.72 |
Accounts Payable Turnover |
0.27 | 0.30 | 0.37 | 0.36 | 0.34 | 0.35 | 0.38 | 0.40 | 0.35 | 0.34 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
1,399.54 | 1,024.66 | 1,020.70 | 1,034.88 | 1,097.50 | 1,075.78 | 1,011.08 | 924.72 | 1,047.40 | 1,100.18 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
4,038.30 | 3,385.55 | 2,773.25 | 2,949.85 | 3,144.00 | 3,295.20 | 3,471.35 | 3,663.80 | 3,778.50 | 3,833.85 |
Average Payables |
9,541.35 | 8,502.00 | 7,430.45 | 7,871.85 | 8,339.80 | 8,896.35 | 9,637.35 | 10,256.00 | 10,628.55 | 11,011.50 |
Average Assets |
14,000.80 | 14,845.00 | 13,934.65 | 12,445.10 | 12,967.10 | 13,849.00 | 14,124.70 | 14,303.85 | 14,943.55 | 16,110.20 |
Average Common Equity |
2,850.95 | 2,927.60 | 2,976.20 | 2,935.45 | 3,059.20 | 3,173.55 | 2,739.30 | 2,399.65 | 2,653.70 | 3,206.65 |
Columns are period end dates