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Side-by-side financial comparison of NCR Atleos Corp (NATL) 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 $1.2B, roughly 1.5× NCR Atleos Corp). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 7.2%, a 3.8% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs 4.0%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs 4.9%).
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
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.
NATL vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.7B |
| Net Profit | $83.0M | $186.8M |
| Gross Margin | — | — |
| Operating Margin | 13.5% | 11.1% |
| Net Margin | 7.2% | 11.0% |
| Revenue YoY | 4.0% | 6.1% |
| Net Profit YoY | 102.4% | 45.7% |
| EPS (diluted) | $1.09 | — |
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 | $1.2B | $1.7B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $979.0M | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.1B | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $83.0M | $198.5M | ||
| Q3 25 | $26.0M | $178.7M | ||
| Q2 25 | $39.0M | $157.1M | ||
| Q1 25 | $14.0M | $128.2M | ||
| Q4 24 | $41.0M | $167.9M | ||
| Q3 24 | $21.0M | $102.1M | ||
| Q2 24 | $27.0M | $40.5M |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 13.5% | 17.3% | ||
| Q3 25 | 9.8% | 14.9% | ||
| Q2 25 | 10.8% | 12.7% | ||
| Q1 25 | 9.5% | 11.6% | ||
| Q4 24 | 13.4% | 16.1% | ||
| Q3 24 | 10.6% | 9.6% | ||
| Q2 24 | 9.8% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 7.2% | 11.9% | ||
| Q3 25 | 2.3% | 10.7% | ||
| Q2 25 | 3.5% | 9.5% | ||
| Q1 25 | 1.4% | 8.0% | ||
| Q4 24 | 3.7% | 10.6% | ||
| Q3 24 | 2.0% | 6.5% | ||
| Q2 24 | 2.5% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $1.09 | $5.46 | ||
| Q3 25 | $0.34 | $4.90 | ||
| Q2 25 | $0.52 | $4.30 | ||
| Q1 25 | $0.19 | $3.50 | ||
| Q4 24 | $0.56 | $4.60 | ||
| Q3 24 | $0.28 | $2.80 | ||
| Q2 24 | $0.37 | $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 | $456.0M | $243.5M |
| Total DebtLower is stronger | $2.7B | $843.8M |
| Stockholders' EquityBook value | $403.0M | $3.0B |
| Total Assets | $5.7B | $16.5B |
| Debt / EquityLower = less leverage | 6.63× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | $456.0M | $1.1B | ||
| Q3 25 | $412.0M | $915.7M | ||
| Q2 25 | $357.0M | $244.1M | ||
| Q1 25 | $352.0M | $315.1M | ||
| Q4 24 | $419.0M | $435.5M | ||
| Q3 24 | $395.0M | $427.1M | ||
| Q2 24 | $374.0M | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | $2.7B | $843.3M | ||
| Q3 25 | $2.8B | $843.0M | ||
| Q2 25 | $2.8B | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | $2.9B | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $403.0M | $3.6B | ||
| Q3 25 | $330.0M | $3.4B | ||
| Q2 25 | $350.0M | $3.2B | ||
| Q1 25 | $275.0M | $3.0B | ||
| Q4 24 | $219.0M | $2.8B | ||
| Q3 24 | $264.0M | $2.9B | ||
| Q2 24 | $250.0M | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $5.7B | $16.9B | ||
| Q3 25 | $5.7B | $16.8B | ||
| Q2 25 | $5.8B | $15.7B | ||
| Q1 25 | $5.7B | $15.5B | ||
| Q4 24 | $5.5B | $15.3B | ||
| Q3 24 | $5.7B | $15.4B | ||
| Q2 24 | $5.8B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | 6.63× | 0.24× | ||
| Q3 25 | 8.45× | 0.25× | ||
| Q2 25 | 8.05× | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 13.05× | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 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 | $231.0M | — |
| Free Cash FlowOCF − Capex | $194.0M | — |
| FCF MarginFCF / Revenue | 16.8% | — |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 2.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $231.0M | $378.2M | ||
| Q3 25 | $25.0M | $554.4M | ||
| Q2 25 | $-23.0M | $206.6M | ||
| Q1 25 | $123.0M | $38.9M | ||
| Q4 24 | $80.0M | $213.5M | ||
| Q3 24 | $107.0M | $394.7M | ||
| Q2 24 | $9.0M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | $194.0M | $377.0M | ||
| Q3 25 | $-5.0M | $551.4M | ||
| Q2 25 | $-44.0M | $204.9M | ||
| Q1 25 | $94.0M | $37.1M | ||
| Q4 24 | $62.0M | $210.5M | ||
| Q3 24 | $85.0M | $392.3M | ||
| Q2 24 | $-14.0M | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | 16.8% | 22.6% | ||
| Q3 25 | -0.4% | 33.1% | ||
| Q2 25 | -4.0% | 12.4% | ||
| Q1 25 | 9.6% | 2.3% | ||
| Q4 24 | 5.6% | 13.3% | ||
| Q3 24 | 7.9% | 25.1% | ||
| Q2 24 | -1.3% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 0.1% | ||
| Q3 25 | 2.7% | 0.2% | ||
| Q2 25 | 1.9% | 0.1% | ||
| Q1 25 | 3.0% | 0.1% | ||
| Q4 24 | 1.6% | 0.2% | ||
| Q3 24 | 2.1% | 0.2% | ||
| Q2 24 | 2.1% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.78× | 1.91× | ||
| Q3 25 | 0.96× | 3.10× | ||
| Q2 25 | -0.59× | 1.32× | ||
| Q1 25 | 8.79× | 0.30× | ||
| Q4 24 | 1.95× | 1.27× | ||
| Q3 24 | 5.10× | 3.87× | ||
| Q2 24 | 0.33× | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
