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Side-by-side financial comparison of Air Products (APD) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $1.7B, roughly 1.9× HANOVER INSURANCE GROUP, INC.). Air Products runs the higher net margin — 21.9% vs 11.9%, a 10.0% gap on every dollar of revenue. On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 5.5%). HANOVER INSURANCE GROUP, INC. produced more free cash flow last quarter ($377.0M vs $-350.5M). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (3.8% CAGR vs 2.9%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
The Hanover Insurance Group, Inc. is an insurance company based in Worcester, Massachusetts. It was the original name of a property-liability insurance firm established in 1852, and it remained a publicly traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.
APD vs THG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $1.7B |
| Net Profit | $678.2M | $198.5M |
| Gross Margin | 32.1% | — |
| Operating Margin | 23.7% | 17.3% |
| Net Margin | 21.9% | 11.9% |
| Revenue YoY | 5.8% | 5.5% |
| Net Profit YoY | 9.8% | 18.2% |
| EPS (diluted) | $3.04 | $5.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.1B | $1.7B | ||
| Q3 25 | $3.2B | $1.7B | ||
| Q2 25 | $3.0B | $1.7B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $2.9B | $1.6B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $3.0B | $1.5B | ||
| Q1 24 | $2.9B | $1.6B |
| Q4 25 | $678.2M | $198.5M | ||
| Q3 25 | $4.9M | $178.7M | ||
| Q2 25 | $713.8M | $157.1M | ||
| Q1 25 | $-1.7B | $128.2M | ||
| Q4 24 | $617.4M | $167.9M | ||
| Q3 24 | $1.9B | $102.1M | ||
| Q2 24 | $696.6M | $40.5M | ||
| Q1 24 | $572.4M | $115.5M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
| Q4 25 | 23.7% | 17.3% | ||
| Q3 25 | 0.5% | 14.9% | ||
| Q2 25 | 26.2% | 12.7% | ||
| Q1 25 | -79.8% | 11.6% | ||
| Q4 24 | 22.0% | 16.1% | ||
| Q3 24 | 76.1% | 9.6% | ||
| Q2 24 | 24.7% | 6.2% | ||
| Q1 24 | 21.7% | 9.7% |
| Q4 25 | 21.9% | 11.9% | ||
| Q3 25 | 0.2% | 10.7% | ||
| Q2 25 | 23.6% | 9.5% | ||
| Q1 25 | -59.3% | 8.0% | ||
| Q4 24 | 21.1% | 10.6% | ||
| Q3 24 | 61.2% | 6.5% | ||
| Q2 24 | 23.3% | 2.6% | ||
| Q1 24 | 19.5% | 7.4% |
| Q4 25 | $3.04 | $5.46 | ||
| Q3 25 | $0.03 | $4.90 | ||
| Q2 25 | $3.20 | $4.30 | ||
| Q1 25 | $-7.77 | $3.50 | ||
| Q4 24 | $2.77 | $4.60 | ||
| Q3 24 | $8.75 | $2.80 | ||
| Q2 24 | $3.13 | $1.12 | ||
| Q1 24 | $2.57 | $3.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $1.1B |
| Total DebtLower is stronger | — | $843.3M |
| Stockholders' EquityBook value | $15.4B | $3.6B |
| Total Assets | $41.2B | $16.9B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.9B | $915.7M | ||
| Q2 25 | $2.3B | $244.1M | ||
| Q1 25 | $1.6B | $315.1M | ||
| Q4 24 | $2.0B | $435.5M | ||
| Q3 24 | $3.0B | $427.1M | ||
| Q2 24 | $2.4B | $337.6M | ||
| Q1 24 | $2.6B | $264.6M |
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $15.4B | $3.6B | ||
| Q3 25 | $15.0B | $3.4B | ||
| Q2 25 | $15.5B | $3.2B | ||
| Q1 25 | $14.7B | $3.0B | ||
| Q4 24 | $16.7B | $2.8B | ||
| Q3 24 | $17.0B | $2.9B | ||
| Q2 24 | $15.1B | $2.6B | ||
| Q1 24 | $14.9B | $2.5B |
| Q4 25 | $41.2B | $16.9B | ||
| Q3 25 | $41.1B | $16.8B | ||
| Q2 25 | $41.7B | $15.7B | ||
| Q1 25 | $38.9B | $15.5B | ||
| Q4 24 | $40.0B | $15.3B | ||
| Q3 24 | $39.6B | $15.4B | ||
| Q2 24 | $37.0B | $14.9B | ||
| Q1 24 | $35.9B | $14.6B |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $900.7M | $378.2M |
| Free Cash FlowOCF − Capex | $-350.5M | $377.0M |
| FCF MarginFCF / Revenue | -11.3% | 22.6% |
| Capex IntensityCapex / Revenue | 40.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.33× | 1.91× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $378.2M | ||
| Q3 25 | — | $554.4M | ||
| Q2 25 | $855.8M | $206.6M | ||
| Q1 25 | $328.1M | $38.9M | ||
| Q4 24 | $811.7M | $213.5M | ||
| Q3 24 | — | $394.7M | ||
| Q2 24 | $1.3B | $139.5M | ||
| Q1 24 | $801.7M | $58.7M |
| Q4 25 | $-350.5M | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | $-640.0M | $204.9M | ||
| Q1 25 | $-1.6B | $37.1M | ||
| Q4 24 | $-1.3B | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | $-345.2M | $137.3M | ||
| Q1 24 | $-867.7M | $56.1M |
| Q4 25 | -11.3% | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | -21.2% | 12.4% | ||
| Q1 25 | -53.6% | 2.3% | ||
| Q4 24 | -44.5% | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | -11.6% | 8.9% | ||
| Q1 24 | -29.6% | 3.6% |
| Q4 25 | 40.3% | 0.1% | ||
| Q3 25 | 47.9% | 0.2% | ||
| Q2 25 | 49.5% | 0.1% | ||
| Q1 25 | 64.9% | 0.1% | ||
| Q4 24 | 72.2% | 0.2% | ||
| Q3 24 | 65.1% | 0.2% | ||
| Q2 24 | 53.8% | 0.1% | ||
| Q1 24 | 57.0% | 0.2% |
| Q4 25 | 1.33× | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | 1.20× | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 1.31× | 1.27× | ||
| Q3 24 | — | 3.87× | ||
| Q2 24 | 1.81× | 3.44× | ||
| Q1 24 | 1.40× | 0.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
