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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.7B, roughly 1.2× HANOVER INSURANCE GROUP, INC.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 3.4%, a 7.6% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs 0.2%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.7B |
| Net Profit | $71.0M | $186.8M |
| Gross Margin | 14.1% | — |
| Operating Margin | 7.4% | 11.1% |
| Net Margin | 3.4% | 11.0% |
| Revenue YoY | 0.2% | 6.1% |
| Net Profit YoY | -48.6% | 45.7% |
| EPS (diluted) | $0.24 | — |
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 | — | $1.7B | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $2.2B | $1.7B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.1B | $1.6B | ||
| Q3 24 | $2.2B | $1.6B | ||
| Q2 24 | $2.2B | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $71.0M | $198.5M | ||
| Q3 25 | $142.0M | $178.7M | ||
| Q2 25 | $104.0M | $157.1M | ||
| Q1 25 | $127.0M | $128.2M | ||
| Q4 24 | $138.0M | $167.9M | ||
| Q3 24 | $165.0M | $102.1M | ||
| Q2 24 | $190.0M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | 14.1% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 18.7% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 22.3% | — | ||
| Q2 24 | 21.2% | — |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 7.4% | 17.3% | ||
| Q3 25 | 10.7% | 14.9% | ||
| Q2 25 | 8.8% | 12.7% | ||
| Q1 25 | 10.5% | 11.6% | ||
| Q4 24 | 11.4% | 16.1% | ||
| Q3 24 | 12.6% | 9.6% | ||
| Q2 24 | 14.5% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 3.4% | 11.9% | ||
| Q3 25 | 6.5% | 10.7% | ||
| Q2 25 | 4.7% | 9.5% | ||
| Q1 25 | 6.0% | 8.0% | ||
| Q4 24 | 6.6% | 10.6% | ||
| Q3 24 | 7.5% | 6.5% | ||
| Q2 24 | 8.5% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $5.46 | ||
| Q3 25 | $0.48 | $4.90 | ||
| Q2 25 | $0.34 | $4.30 | ||
| Q1 25 | $0.42 | $3.50 | ||
| Q4 24 | $0.46 | $4.60 | ||
| Q3 24 | $0.55 | $2.80 | ||
| Q2 24 | $0.62 | $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 | $261.0M | $243.5M |
| Total DebtLower is stronger | $5.0B | $843.8M |
| Stockholders' EquityBook value | $3.3B | $3.0B |
| Total Assets | $11.8B | $16.5B |
| Debt / EquityLower = less leverage | 1.51× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | $261.0M | $1.1B | ||
| Q3 25 | $120.0M | $915.7M | ||
| Q2 25 | $120.0M | $244.1M | ||
| Q1 25 | $129.0M | $315.1M | ||
| Q4 24 | $157.0M | $435.5M | ||
| Q3 24 | $126.0M | $427.1M | ||
| Q2 24 | $125.0M | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | $5.0B | $843.3M | ||
| Q3 25 | $5.5B | $843.0M | ||
| Q2 25 | $5.4B | $347.8M | ||
| Q1 25 | $5.7B | $722.5M | ||
| Q4 24 | $5.1B | $722.3M | ||
| Q3 24 | $5.4B | — | ||
| Q2 24 | $4.9B | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.3B | $3.6B | ||
| Q3 25 | $3.3B | $3.4B | ||
| Q2 25 | $3.2B | $3.2B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.0B | $2.9B | ||
| Q2 24 | $2.8B | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $11.8B | $16.9B | ||
| Q3 25 | $11.9B | $16.8B | ||
| Q2 25 | $11.8B | $15.7B | ||
| Q1 25 | $11.5B | $15.5B | ||
| Q4 24 | $11.1B | $15.3B | ||
| Q3 24 | $11.2B | $15.4B | ||
| Q2 24 | $10.8B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | 1.51× | 0.24× | ||
| Q3 25 | 1.67× | 0.25× | ||
| Q2 25 | 1.68× | 0.11× | ||
| Q1 25 | 1.80× | 0.24× | ||
| Q4 24 | 1.71× | 0.25× | ||
| Q3 24 | 1.79× | — | ||
| Q2 24 | 1.75× | — |
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 | $521.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 7.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $521.0M | $378.2M | ||
| Q3 25 | $227.0M | $554.4M | ||
| Q2 25 | $267.0M | $206.6M | ||
| Q1 25 | $-174.0M | $38.9M | ||
| Q4 24 | $489.0M | $213.5M | ||
| Q3 24 | $187.0M | $394.7M | ||
| Q2 24 | $161.0M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.34× | 1.91× | ||
| Q3 25 | 1.60× | 3.10× | ||
| Q2 25 | 2.57× | 1.32× | ||
| Q1 25 | -1.37× | 0.30× | ||
| Q4 24 | 3.54× | 1.27× | ||
| Q3 24 | 1.13× | 3.87× | ||
| Q2 24 | 0.85× | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
