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Side-by-side financial comparison of PACS Group, Inc. (PACS) 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 1.3× PACS Group, Inc.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 4.4%, a 6.6% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 6.1%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% CAGR vs 5.2%).
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.
PACS vs THG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.7B |
| Net Profit | $59.7M | $186.8M |
| Gross Margin | — | — |
| Operating Margin | 7.0% | 11.1% |
| Net Margin | 4.4% | 11.0% |
| Revenue YoY | 18.4% | 6.1% |
| Net Profit YoY | 3022.5% | 45.7% |
| EPS (diluted) | $0.42 | — |
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 | $1.4B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.0B | $1.6B | ||
| Q2 24 | $981.4M | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $59.7M | $198.5M | ||
| Q3 25 | $52.4M | $178.7M | ||
| Q2 25 | $51.0M | $157.1M | ||
| Q1 25 | $28.5M | $128.2M | ||
| Q4 24 | $1.9M | $167.9M | ||
| Q3 24 | $15.6M | $102.1M | ||
| Q2 24 | $-10.9M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.1% | — | ||
| Q2 24 | 22.3% | — |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 7.0% | 17.3% | ||
| Q3 25 | 6.4% | 14.9% | ||
| Q2 25 | 6.2% | 12.7% | ||
| Q1 25 | 3.8% | 11.6% | ||
| Q4 24 | 1.7% | 16.1% | ||
| Q3 24 | 2.2% | 9.6% | ||
| Q2 24 | 0.1% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 4.4% | 11.9% | ||
| Q3 25 | 3.9% | 10.7% | ||
| Q2 25 | 3.9% | 9.5% | ||
| Q1 25 | 2.2% | 8.0% | ||
| Q4 24 | 0.2% | 10.6% | ||
| Q3 24 | 1.5% | 6.5% | ||
| Q2 24 | -1.1% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.42 | $5.46 | ||
| Q3 25 | $0.32 | $4.90 | ||
| Q2 25 | $0.31 | $4.30 | ||
| Q1 25 | $0.17 | $3.50 | ||
| Q4 24 | $-0.03 | $4.60 | ||
| Q3 24 | $0.10 | $2.80 | ||
| Q2 24 | $-0.07 | $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 | $197.0M | $243.5M |
| Total DebtLower is stronger | $353.2M | $843.8M |
| Stockholders' EquityBook value | $946.8M | $3.0B |
| Total Assets | $5.6B | $16.5B |
| Debt / EquityLower = less leverage | 0.37× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | $197.0M | $1.1B | ||
| Q3 25 | $355.7M | $915.7M | ||
| Q2 25 | $294.2M | $244.1M | ||
| Q1 25 | $287.5M | $315.1M | ||
| Q4 24 | $157.7M | $435.5M | ||
| Q3 24 | $49.5M | $427.1M | ||
| Q2 24 | $73.4M | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | $353.2M | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | $411.9M | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $946.8M | $3.6B | ||
| Q3 25 | $871.3M | $3.4B | ||
| Q2 25 | $806.8M | $3.2B | ||
| Q1 25 | $750.2M | $3.0B | ||
| Q4 24 | $709.6M | $2.8B | ||
| Q3 24 | $660.0M | $2.9B | ||
| Q2 24 | $572.1M | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $5.6B | $16.9B | ||
| Q3 25 | $5.6B | $16.8B | ||
| Q2 25 | $5.5B | $15.7B | ||
| Q1 25 | $5.5B | $15.5B | ||
| Q4 24 | $5.2B | $15.3B | ||
| Q3 24 | $4.5B | $15.4B | ||
| Q2 24 | $3.9B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | 0.37× | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 0.58× | 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 | $-3.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-3.4M | $378.2M | ||
| Q3 25 | $204.8M | $554.4M | ||
| Q2 25 | $52.6M | $206.6M | ||
| Q1 25 | $150.2M | $38.9M | ||
| Q4 24 | $64.6M | $213.5M | ||
| Q3 24 | $209.2M | $394.7M | ||
| Q2 24 | $34.8M | $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 | -0.06× | 1.91× | ||
| Q3 25 | 3.91× | 3.10× | ||
| Q2 25 | 1.03× | 1.32× | ||
| Q1 25 | 5.28× | 0.30× | ||
| Q4 24 | 33.78× | 1.27× | ||
| Q3 24 | 13.39× | 3.87× | ||
| Q2 24 | — | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PACS
Segment breakdown not available.
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
