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HANOVER INSURANCE GROUP, INC. THG

NYSE · stock · Fire, Marine & Casualty Insurance · website · IPO 1995-10-11

HANOVER INSURANCE GROUP, INC. statistics & valuation

Market cap$7.4B
P / E11.2×
P / S1.1×
P / B2.1×
P / FCF6.4×
Dividend yield1.76%
Net margin10.0%
Return on equity18.5%
FCF margin17.7%
Net cash$279.4M
Net debt / EBITDA-0.3×
Enterprise value USD$7.2B
EV / EBITDA7.7×
Earnings yield EBIT/EV13%
Graham number -10%$199.95

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($199.95); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
3.80% 4.40% 8.70% 8.70% 7.40% 8.10% 2.10% 0.60% 6.80% 10.00% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
4.80% 7.70% 9.00% 9.30% 10.00% 8.30% 5.20% 1.80% 10.40% 14.10% 2016201720182019202020212022202320242025
Return on equity (%)
5.40% 6.20% 13.20% 14.60% 11.20% 13.50% 5.00% 1.40% 15.00% 18.50% 2016201720182019202020212022202320242025
Shares outstanding
43.2M 43.0M 43.0M 40.6M 38.1M 36.4M 36.1M 36.1M 36.4M 36.5M 2016201720182019202020212022202320242025
Net debt ($)
$639.1M $489.0M -$242.8M $437.7M $467.1M $286.8M -$279.4M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.10% 1.20% 3.20% 3.40% 2.70% 3.00% 0.80% 0.20% 2.80% 3.90% 2016201720182019202020212022202320242025
Free cash flow margin (%)
18.00% 16.10% 12.00% 12.10% 14.40% 15.60% 12.90% 5.80% 12.80% 17.70% 2016201720182019202020212022202320242025
Debt / equity (×)
0.28× 0.26× 0.26× 0.22× 0.32× 0.25× 0.24× 2016201720182019202020212022202320242025
EPS ($)
$3.59 $4.33 $9.09 $10.46 $9.42 $11.60 $3.21 $0.98 $11.70 $18.16 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

HANOVER INSURANCE GROUP, INC. trades at about 12.2× earnings — near its 10-year norm (10-year range 9.6×–134.7×, median 13.2×).

9.6× 134.7×

Shaded band = 10-year range (9.6×–134.7×); dot = today's 12.2×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin14.1%10.4%1.8%5.2%8.3%10.0%9.3%9.0%7.7%4.8%
Net margin10.0%6.8%0.6%2.1%8.1%7.4%8.7%8.7%4.4%3.8%
FCF margin17.7%12.8%5.8%12.9%15.6%14.4%12.1%12.0%16.1%18.0%
Return on assets3.9%2.8%0.2%0.8%3.0%2.7%3.4%3.2%1.2%1.1%
Return on equity18.5%15.0%1.4%5.0%13.5%11.2%14.6%13.2%6.2%5.4%
Debt / equity0.24×0.25×0.32×———0.22×0.26×0.26×0.28×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.