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