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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%
Market cap
$7.8B
P/E
10.7×
Fwd P/E
10.4×
Dividend yield
1.68%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 16.23
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — 2 — — 8 1 — 3 — —
Insider Ownership 1.63%

Capital & Financial Ratios $m

Market Cap 7,750.00
Revenue 6,764.40
Net Income 755.60
Free Cash Flow 1,253.10
Net Debt 577.90
Current Ratio 0.37
Debt/Equity 0.23
P/E ratio 10.69
Fwd P/E 10.40
P/S ratio 1.17
P/B ratio 2.16
Past 5Y EPS Growth 14.03%
This Y EPS Growth 6.91%
Next Y EPS Growth (4.11%) (below 0%: weak)
Next Y revenue growth 2.03%
Next 5Y EPS Growth 1.70%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 15.94%
10-year low 10-year high
P/S against its own 10 years 92.92%
10-year low 10-year high
P/B against its own 10 years 97.09%
10-year low 10-year high

Dividends

Payout Ratio 0.18
Annual Dividend Rate 3.80
Annual Dividend Yield 1.68%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.85
0.95
0.95
0.95
2025 3.65
0.90
0.90
0.90
0.95
2024 3.45
0.85
0.85
0.85
0.90
2023 3.28
0.81
0.81
0.81
0.85
2022 3.06
0.75
0.75
0.75
0.81
2021 2.85
0.70
0.70
0.70
0.75
2020 2.65
0.65
0.65
0.65
0.70
2019 1.80
4.75
0.60
0.60
0.60
2.50
2018 2.22
0.54
0.54
0.54
0.60
2017 2.04
0.50
0.50
0.50
0.54
2016 1.88
0.46
0.46
0.46
0.50
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 316 436 1,123 266
Receivables 3,762 3,795 3,872 4,029
Inventory — — — —
Other — — — —
4,078 4,231 4,995 4,295
2023 2024 2025 Q'26
Payables 10,475 10,782 11,241 11,526
ST’ Debt — 62 375 50
Other — — — —
10,475 10,844 11,616 11,577

Compound Annual Growth %

10y 5y 3y
Sales 2.74% 6.45% 6.44%
Cash Flow 10.23% 10.73% 17.71%
Earnings 7.17% 13.06% 78.75%
Book Value 2.30% 2.21% 15.24%

Revenue $m

Mar Jun Sep Dec Year
’26 1,701 1,726 — — —
’25 1,603 1,654 1,665 1,672 6,594
’24 1,551 1,537 1,565 1,584 6,237
’23 1,444 1,504 1,517 1,529 5,994
’22 1,331 1,293 1,366 1,479 5,469
’21 1,282 1,292 1,275 1,379 5,228
’20 1,056 1,224 1,250 1,295 4,825
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 119 212 — — —
’25 39 207 554 378 1,178
’24 59 140 395 214 806
’23 18 26 225 93 362
’22 200 9 315 199 722
’21 142 167 286 228 824
’20 37 189 321 161 708
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 115 209 — — —
’25 37 205 551 377 1,170
’24 56 137 392 211 796
’23 15 23 222 91 350
’22 195 4 311 195 705
’21 140 166 284 226 816
’20 33 185 317 158 693
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 5.20 5.38 — — —
’25 3.50 4.30 4.90 5.47 18.16
’24 3.18 1.12 2.80 4.59 11.70
’23 (0.34) (1.94) 0.24 2.98 0.98
’22 2.90 0.63 0.01 (0.33) 3.21
’21 2.51 3.52 0.94 4.53 11.49
’20 (1.04) 3.01 3.13 4.43 9.42
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 74.06 79.23 104.49 107.39 75.11 111.09 123.36 103.83 119.66 145.17

Analyst estimates 2026–2028

Powerpack
High 91.98 109.61 131.44 140.00 144.71 143.20 155.55 148.78 166.13 188.18
People
People Employees 4,900 4,600 4,200 4,300 4,300 4,400 4,600 4,800 4,900 4,900
Revenue/emp, $m 0.83 0.93 1.07 1.14 1.12 1.19 1.19 1.25 1.27 1.35
Income, $m
Income, $m Revenue 4,054 4,268 4,494 4,891 4,825 5,228 5,469 5,994 6,237 6,594
Gross margin, % 37.20 39.56 39.38 41.41 41.03 40.05 33.74 31.02 39.76 43.45
EBT 66 293 283 522 445 521 144 41 538 844
EBT margin, % 1.63 6.86 6.29 10.68 9.22 9.97 2.63 0.69 8.62 12.80
Net income 155 186 391 425 359 423 116 35 426 663
Depreciation 41 44 34 33 24 20 18 14 8 2
Per share, $
Per share, $ Revenue 94.72 100.42 106.00 122.27 127.98 145.62 153.61 167.89 173.74 184.20
Earnings 3.59 4.33 9.09 10.46 9.42 11.49 3.21 0.99 11.87 18.16
Cash flow 17.37 16.58 13.00 15.07 18.77 22.94 20.29 10.13 22.46 32.91
Capex (0.37) (0.44) (0.31) (0.33) (0.40) (0.22) (0.50) (0.33) (0.28) (0.22)
Free cash flow 17.00 16.14 12.69 14.74 18.37 22.72 19.79 9.80 22.18 32.69
Book value 66.76 70.53 69.69 72.91 84.94 87.60 65.55 69.06 79.16 99.76
Shares, m 43 43 42 40 38 36 36 36 36 36
Valuation, ×
Valuation, × P/E 25.41 24.59 12.85 13.04 12.27 11.40 42.34 126.74 13.14 10.06
P/S 0.96 1.06 1.10 1.12 0.91 0.90 0.88 0.73 0.89 0.99
P/B 1.37 1.51 1.68 1.87 1.38 1.50 2.07 1.78 1.95 1.83
EV/Sales 1.09 1.18 1.05 1.21 1.05 1.01 0.97 0.81 0.95 1.01
EV/FCF 6.06 7.32 8.75 10.01 7.32 6.44 7.55 13.88 7.41 5.67
Cash, $m
Cash, $m Operating cash flow 743 705 551 603 708 824 722 362 806 1,178
Capex (16) (19) (13) (13) (15) (8) (18) (12) (10) (8)
Free cash flow 728 686 538 590 693 816 705 350 796 1,170
Balance, $m
Balance, $m Working capital (5,430) (4,223) (3,773) (4,834) (5,221) (5,630) (6,166) (6,397) (6,613) (6,621)
Total debt 786 787 778 653 781 782 782 783 784 1,218
Net debt 504 489 (243) 438 660 551 477 467 349 96
Shareholders’ equity 2,858 2,998 2,955 2,916 3,202 3,145 2,334 2,466 2,842 3,572
Returns, %
Returns, % ROA 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
ROE 5.44 6.36 13.14 14.48 11.73 13.32 4.23 1.47 16.05 20.66
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

The Hanover Insurance Group, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AFG American Financial Group, Inc. $12.0B 12.7× 11.3× +5.51% (above 0%: growing) +44.44% (above 0%: growing) −68.13% (below 0%: shrinking) 23.15% 16.75% Compare
ORI Old Republic International Corporation $9.2B 8.2× 11.7× +13.37% (above 0%: growing) +61.45% (above 0%: growing) +49.25% (above 0%: growing) 17.62% 17.62% Compare
THG The Hanover Insurance Group, Inc. $7.8B 10.7× 10.4× +4.34% (above 0%: growing) +27.21% (above 0%: growing) +2.20% (above 0%: growing) 44.24% 14.75%
KNSL Kinsale Capital Group, Inc. $7.7B 14.1× 15.2× +16.75% (above 0%: growing) +33.51% (above 0%: growing) −5.14% (below 0%: shrinking) 40.91% 40.68% Compare
MCY Mercury General Corporation $5.7B 6.1× 8.7× +13.80% (above 0%: growing) +58.14% (above 0%: growing) −45.52% (below 0%: shrinking) 27.24% 19.93% Compare
RLI RLI Corp. $5.2B 12.1× 19.5× +15.15% (above 0%: growing) +35.82% (above 0%: growing) −17.87% (below 0%: shrinking) 43.61% 36.86% Compare
HGTY Hagerty, Inc. $5.2B 93.1× — (loss-making) −6.46% (below 0%: shrinking) n/m +238.74% (above 0%: growing) 100.00% 18.38% Compare
SIGI Selective Insurance Group, Inc. $5.1B 10.7× 11.4× +4.54% (above 0%: growing) +55.15% (above 0%: growing) +34.56% (above 0%: growing) 41.15% 12.69% Compare
WTM White Mountains Insurance Group, Ltd. $5.0B 4.8× 5.1× +22.55% (above 0%: growing) +68.75% (above 0%: growing) −131.27% (below 0%: shrinking) 54.44% 32.51% Compare
Median of peers $5.5B 11.4× 11.4× +13.59% +55.15% −11.50% 41.03% 19.16%

All 45 Insurance Property & Casualty stocks →

The Hanover Insurance Group, Inc. (THG) key facts

  • Strength: The Hanover Insurance Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, up 5.72% from fiscal 2024.
  • Strength: Net income was $662.5 million, or $18.16 per share (basic), a net margin of 10.1%.
  • The Hanover Insurance Group, Inc. (THG) is an Insurance Property & Casualty company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 14, 2026, THG traded at $226.17, a market capitalization of $7.8 billion.
  • At that price the stock trades at 10.7× trailing-twelve-month earnings and 1.2× sales; its P/E is higher than 16% of its own readings over the past ten years.
  • The Hanover Insurance Group, Inc. pays an annual dividend of $3.80 per share, a yield of 1.68%, with a payout ratio of 18.1%.
  • Return on equity was 20.7% and debt-to-equity 0.23.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

The Hanover Insurance Group, Inc. (THG) Latest News

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stockrow.com/THG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com