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Side-by-side financial comparison of EPAM Systems (EPAM) 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× EPAM Systems). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.9% vs 7.8%, a 4.1% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 5.5%). HANOVER INSURANCE GROUP, INC. produced more free cash flow last quarter ($377.0M vs $268.1M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 3.8%).
EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.
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.
EPAM vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.7B |
| Net Profit | $109.4M | $198.5M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 17.3% |
| Net Margin | 7.8% | 11.9% |
| Revenue YoY | 12.8% | 5.5% |
| Net Profit YoY | 5.9% | 18.2% |
| EPS (diluted) | $1.97 | $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 | $1.4B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $1.2B | $1.6B |
| Q4 25 | $109.4M | $198.5M | ||
| Q3 25 | $106.8M | $178.7M | ||
| Q2 25 | $88.0M | $157.1M | ||
| Q1 25 | $73.5M | $128.2M | ||
| Q4 24 | $103.3M | $167.9M | ||
| Q3 24 | $136.3M | $102.1M | ||
| Q2 24 | $98.6M | $40.5M | ||
| Q1 24 | $116.2M | $115.5M |
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 10.6% | 17.3% | ||
| Q3 25 | 10.4% | 14.9% | ||
| Q2 25 | 9.3% | 12.7% | ||
| Q1 25 | 7.6% | 11.6% | ||
| Q4 24 | 10.9% | 16.1% | ||
| Q3 24 | 15.2% | 9.6% | ||
| Q2 24 | 10.5% | 6.2% | ||
| Q1 24 | 9.5% | 9.7% |
| Q4 25 | 7.8% | 11.9% | ||
| Q3 25 | 7.7% | 10.7% | ||
| Q2 25 | 6.5% | 9.5% | ||
| Q1 25 | 5.6% | 8.0% | ||
| Q4 24 | 8.3% | 10.6% | ||
| Q3 24 | 11.7% | 6.5% | ||
| Q2 24 | 8.6% | 2.6% | ||
| Q1 24 | 10.0% | 7.4% |
| Q4 25 | $1.97 | $5.46 | ||
| Q3 25 | $1.91 | $4.90 | ||
| Q2 25 | $1.56 | $4.30 | ||
| Q1 25 | $1.28 | $3.50 | ||
| Q4 24 | $1.80 | $4.60 | ||
| Q3 24 | $2.37 | $2.80 | ||
| Q2 24 | $1.70 | $1.12 | ||
| Q1 24 | $1.97 | $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 | $1.3B | $1.1B |
| Total DebtLower is stronger | — | $843.3M |
| Stockholders' EquityBook value | $3.7B | $3.6B |
| Total Assets | $4.9B | $16.9B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.2B | $915.7M | ||
| Q2 25 | $1.0B | $244.1M | ||
| Q1 25 | $1.2B | $315.1M | ||
| Q4 24 | $1.3B | $435.5M | ||
| Q3 24 | $2.1B | $427.1M | ||
| Q2 24 | $1.8B | $337.6M | ||
| Q1 24 | $2.0B | $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 | $3.7B | $3.6B | ||
| Q3 25 | $3.7B | $3.4B | ||
| Q2 25 | $3.7B | $3.2B | ||
| Q1 25 | $3.6B | $3.0B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $3.6B | $2.9B | ||
| Q2 24 | $3.4B | $2.6B | ||
| Q1 24 | $3.5B | $2.5B |
| Q4 25 | $4.9B | $16.9B | ||
| Q3 25 | $4.8B | $16.8B | ||
| Q2 25 | $4.7B | $15.7B | ||
| Q1 25 | $4.7B | $15.5B | ||
| Q4 24 | $4.8B | $15.3B | ||
| Q3 24 | $4.5B | $15.4B | ||
| Q2 24 | $4.2B | $14.9B | ||
| Q1 24 | $4.4B | $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 | $282.9M | $378.2M |
| Free Cash FlowOCF − Capex | $268.1M | $377.0M |
| FCF MarginFCF / Revenue | 19.0% | 22.6% |
| Capex IntensityCapex / Revenue | 1.1% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.59× | 1.91× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $378.2M | ||
| Q3 25 | $294.7M | $554.4M | ||
| Q2 25 | $53.2M | $206.6M | ||
| Q1 25 | $24.2M | $38.9M | ||
| Q4 24 | $130.3M | $213.5M | ||
| Q3 24 | $242.0M | $394.7M | ||
| Q2 24 | $57.0M | $139.5M | ||
| Q1 24 | $129.9M | $58.7M |
| Q4 25 | $268.1M | $377.0M | ||
| Q3 25 | $286.4M | $551.4M | ||
| Q2 25 | $43.4M | $204.9M | ||
| Q1 25 | $14.8M | $37.1M | ||
| Q4 24 | $114.5M | $210.5M | ||
| Q3 24 | $237.0M | $392.3M | ||
| Q2 24 | $52.3M | $137.3M | ||
| Q1 24 | $123.2M | $56.1M |
| Q4 25 | 19.0% | 22.6% | ||
| Q3 25 | 20.5% | 33.1% | ||
| Q2 25 | 3.2% | 12.4% | ||
| Q1 25 | 1.1% | 2.3% | ||
| Q4 24 | 9.2% | 13.3% | ||
| Q3 24 | 20.3% | 25.1% | ||
| Q2 24 | 4.6% | 8.9% | ||
| Q1 24 | 10.6% | 3.6% |
| Q4 25 | 1.1% | 0.1% | ||
| Q3 25 | 0.6% | 0.2% | ||
| Q2 25 | 0.7% | 0.1% | ||
| Q1 25 | 0.7% | 0.1% | ||
| Q4 24 | 1.3% | 0.2% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 0.4% | 0.1% | ||
| Q1 24 | 0.6% | 0.2% |
| Q4 25 | 2.59× | 1.91× | ||
| Q3 25 | 2.76× | 3.10× | ||
| Q2 25 | 0.60× | 1.32× | ||
| Q1 25 | 0.33× | 0.30× | ||
| Q4 24 | 1.26× | 1.27× | ||
| Q3 24 | 1.77× | 3.87× | ||
| Q2 24 | 0.58× | 3.44× | ||
| Q1 24 | 1.12× | 0.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
