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Side-by-side financial comparison of TopBuild Corp (BLD) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
HANOVER INSURANCE GROUP, INC. is the larger business by last-quarter revenue ($1.7B vs $1.4B, roughly 1.2× TopBuild Corp). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 7.2%, a 3.7% gap on every dollar of revenue. On growth, TopBuild Corp posted the faster year-over-year revenue change (17.2% vs 6.1%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs 2.9%).
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
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.
BLD vs THG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.7B |
| Net Profit | $104.8M | $186.8M |
| Gross Margin | 27.7% | — |
| Operating Margin | 12.1% | 11.1% |
| Net Margin | 7.2% | 11.0% |
| Revenue YoY | 17.2% | 6.1% |
| Net Profit YoY | -15.1% | 45.7% |
| EPS (diluted) | $3.73 | — |
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.
| Q1 26 | $1.4B | $1.7B | ||
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B |
| Q1 26 | $104.8M | $186.8M | ||
| Q4 25 | $104.5M | $198.5M | ||
| Q3 25 | $142.2M | $178.7M | ||
| Q2 25 | $151.6M | $157.1M | ||
| Q1 25 | $123.4M | $128.2M | ||
| Q4 24 | $150.5M | $167.9M | ||
| Q3 24 | $169.0M | $102.1M | ||
| Q2 24 | $150.7M | $40.5M |
| Q1 26 | 27.7% | — | ||
| Q4 25 | 27.2% | — | ||
| Q3 25 | 30.1% | — | ||
| Q2 25 | 30.4% | — | ||
| Q1 25 | 28.5% | — | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 30.7% | — | ||
| Q2 24 | 31.0% | — |
| Q1 26 | 12.1% | 11.1% | ||
| Q4 25 | 12.1% | 17.3% | ||
| Q3 25 | 15.4% | 14.9% | ||
| Q2 25 | 16.9% | 12.7% | ||
| Q1 25 | 14.4% | 11.6% | ||
| Q4 24 | 16.6% | 16.1% | ||
| Q3 24 | 17.8% | 9.6% | ||
| Q2 24 | 15.4% | 6.2% |
| Q1 26 | 7.2% | 11.0% | ||
| Q4 25 | 7.0% | 11.9% | ||
| Q3 25 | 10.2% | 10.7% | ||
| Q2 25 | 11.7% | 9.5% | ||
| Q1 25 | 10.0% | 8.0% | ||
| Q4 24 | 11.5% | 10.6% | ||
| Q3 24 | 12.3% | 6.5% | ||
| Q2 24 | 11.0% | 2.6% |
| Q1 26 | $3.73 | — | ||
| Q4 25 | $3.69 | $5.46 | ||
| Q3 25 | $5.04 | $4.90 | ||
| Q2 25 | $5.32 | $4.30 | ||
| Q1 25 | $4.23 | $3.50 | ||
| Q4 24 | $5.07 | $4.60 | ||
| Q3 24 | $5.65 | $2.80 | ||
| Q2 24 | $4.78 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $268.8M | $243.5M |
| Total DebtLower is stronger | $2.8B | $843.8M |
| Stockholders' EquityBook value | $2.4B | $3.0B |
| Total Assets | $6.7B | $16.5B |
| Debt / EquityLower = less leverage | 1.18× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $268.8M | $243.5M | ||
| Q4 25 | $184.7M | $1.1B | ||
| Q3 25 | $1.1B | $915.7M | ||
| Q2 25 | $842.5M | $244.1M | ||
| Q1 25 | $308.8M | $315.1M | ||
| Q4 24 | $400.3M | $435.5M | ||
| Q3 24 | $257.3M | $427.1M | ||
| Q2 24 | $463.2M | $337.6M |
| Q1 26 | $2.8B | $843.8M | ||
| Q4 25 | $2.8B | $843.3M | ||
| Q3 25 | $2.9B | $843.0M | ||
| Q2 25 | $1.9B | $347.8M | ||
| Q1 25 | $1.4B | $722.5M | ||
| Q4 24 | $1.4B | $722.3M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | $2.4B | $3.0B | ||
| Q4 25 | $2.3B | $3.6B | ||
| Q3 25 | $2.2B | $3.4B | ||
| Q2 25 | $2.1B | $3.2B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.2B | $2.8B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.4B | $2.6B |
| Q1 26 | $6.7B | $16.5B | ||
| Q4 25 | $6.6B | $16.9B | ||
| Q3 25 | $6.4B | $16.8B | ||
| Q2 25 | $5.1B | $15.7B | ||
| Q1 25 | $4.6B | $15.5B | ||
| Q4 24 | $4.7B | $15.3B | ||
| Q3 24 | $4.7B | $15.4B | ||
| Q2 24 | $4.9B | $14.9B |
| Q1 26 | 1.18× | 0.28× | ||
| Q4 25 | 1.23× | 0.24× | ||
| Q3 25 | 1.29× | 0.25× | ||
| Q2 25 | 0.88× | 0.11× | ||
| Q1 25 | 0.65× | 0.24× | ||
| Q4 24 | 0.62× | 0.25× | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — |
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 | $160.7M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $160.7M | — | ||
| Q4 25 | $176.7M | $378.2M | ||
| Q3 25 | $233.3M | $554.4M | ||
| Q2 25 | $193.7M | $206.6M | ||
| Q1 25 | $152.6M | $38.9M | ||
| Q4 24 | $266.2M | $213.5M | ||
| Q3 24 | $240.7M | $394.7M | ||
| Q2 24 | $90.4M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | $159.4M | $377.0M | ||
| Q3 25 | $216.2M | $551.4M | ||
| Q2 25 | $182.2M | $204.9M | ||
| Q1 25 | $139.2M | $37.1M | ||
| Q4 24 | $253.7M | $210.5M | ||
| Q3 24 | $219.8M | $392.3M | ||
| Q2 24 | $74.3M | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 22.6% | ||
| Q3 25 | 15.5% | 33.1% | ||
| Q2 25 | 14.0% | 12.4% | ||
| Q1 25 | 11.3% | 2.3% | ||
| Q4 24 | 19.3% | 13.3% | ||
| Q3 24 | 16.0% | 25.1% | ||
| Q2 24 | 5.4% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.2% | 0.2% | ||
| Q2 25 | 0.9% | 0.1% | ||
| Q1 25 | 1.1% | 0.1% | ||
| Q4 24 | 1.0% | 0.2% | ||
| Q3 24 | 1.5% | 0.2% | ||
| Q2 24 | 1.2% | 0.1% |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.69× | 1.91× | ||
| Q3 25 | 1.64× | 3.10× | ||
| Q2 25 | 1.28× | 1.32× | ||
| Q1 25 | 1.24× | 0.30× | ||
| Q4 24 | 1.77× | 1.27× | ||
| Q3 24 | 1.42× | 3.87× | ||
| Q2 24 | 0.60× | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Installation Services | $651.1M | 45% |
| Specialty Distribution | $562.9M | 39% |
| Other | $231.8M | 16% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
