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Side-by-side financial comparison of Sally Beauty Holdings, Inc. (SBH) 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 $943.2M, roughly 1.8× Sally Beauty Holdings, Inc.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 4.8%, a 6.1% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs 0.6%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs 1.9%).
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
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.
SBH vs THG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $943.2M | $1.7B |
| Net Profit | $45.6M | $186.8M |
| Gross Margin | 51.2% | — |
| Operating Margin | 8.1% | 11.1% |
| Net Margin | 4.8% | 11.0% |
| Revenue YoY | 0.6% | 6.1% |
| Net Profit YoY | -25.3% | 45.7% |
| EPS (diluted) | $0.45 | — |
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 | $943.2M | $1.7B | ||
| Q3 25 | $947.1M | $1.7B | ||
| Q2 25 | $933.3M | $1.7B | ||
| Q1 25 | $883.1M | $1.6B | ||
| Q4 24 | $937.9M | $1.6B | ||
| Q3 24 | $935.0M | $1.6B | ||
| Q2 24 | $942.3M | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | $45.6M | $198.5M | ||
| Q3 25 | $49.9M | $178.7M | ||
| Q2 25 | $45.7M | $157.1M | ||
| Q1 25 | $39.2M | $128.2M | ||
| Q4 24 | $61.0M | $167.9M | ||
| Q3 24 | $48.1M | $102.1M | ||
| Q2 24 | $37.7M | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | 51.2% | — | ||
| Q3 25 | 52.2% | — | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 52.0% | — | ||
| Q4 24 | 50.8% | — | ||
| Q3 24 | 51.2% | — | ||
| Q2 24 | 51.0% | — |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 8.1% | 17.3% | ||
| Q3 25 | 8.4% | 14.9% | ||
| Q2 25 | 8.4% | 12.7% | ||
| Q1 25 | 7.9% | 11.6% | ||
| Q4 24 | 10.7% | 16.1% | ||
| Q3 24 | 8.8% | 9.6% | ||
| Q2 24 | 7.6% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | 4.8% | 11.9% | ||
| Q3 25 | 5.3% | 10.7% | ||
| Q2 25 | 4.9% | 9.5% | ||
| Q1 25 | 4.4% | 8.0% | ||
| Q4 24 | 6.5% | 10.6% | ||
| Q3 24 | 5.1% | 6.5% | ||
| Q2 24 | 4.0% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.45 | $5.46 | ||
| Q3 25 | $0.49 | $4.90 | ||
| Q2 25 | $0.44 | $4.30 | ||
| Q1 25 | $0.38 | $3.50 | ||
| Q4 24 | $0.58 | $4.60 | ||
| Q3 24 | $0.45 | $2.80 | ||
| Q2 24 | $0.36 | $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 | $157.2M | $243.5M |
| Total DebtLower is stronger | $842.5M | $843.8M |
| Stockholders' EquityBook value | $823.6M | $3.0B |
| Total Assets | $2.9B | $16.5B |
| Debt / EquityLower = less leverage | 1.02× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | $157.2M | $1.1B | ||
| Q3 25 | $149.2M | $915.7M | ||
| Q2 25 | $112.8M | $244.1M | ||
| Q1 25 | $92.2M | $315.1M | ||
| Q4 24 | $105.5M | $435.5M | ||
| Q3 24 | $108.0M | $427.1M | ||
| Q2 24 | $97.4M | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | $842.5M | $843.3M | ||
| Q3 25 | $862.0M | $843.0M | ||
| Q2 25 | $882.4M | $347.8M | ||
| Q1 25 | $902.8M | $722.5M | ||
| Q4 24 | $938.1M | $722.3M | ||
| Q3 24 | $978.3M | — | ||
| Q2 24 | $978.9M | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $823.6M | $3.6B | ||
| Q3 25 | $794.2M | $3.4B | ||
| Q2 25 | $762.9M | $3.2B | ||
| Q1 25 | $699.8M | $3.0B | ||
| Q4 24 | $656.5M | $2.8B | ||
| Q3 24 | $628.5M | $2.9B | ||
| Q2 24 | $577.7M | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | $2.9B | $16.9B | ||
| Q3 25 | $2.9B | $16.8B | ||
| Q2 25 | $2.7B | $15.7B | ||
| Q1 25 | $2.7B | $15.5B | ||
| Q4 24 | $2.7B | $15.3B | ||
| Q3 24 | $2.8B | $15.4B | ||
| Q2 24 | $2.7B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | 1.02× | 0.24× | ||
| Q3 25 | 1.09× | 0.25× | ||
| Q2 25 | 1.16× | 0.11× | ||
| Q1 25 | 1.29× | 0.24× | ||
| Q4 24 | 1.43× | 0.25× | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.69× | — |
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 | $93.2M | — |
| Free Cash FlowOCF − Capex | $57.5M | — |
| FCF MarginFCF / Revenue | 6.1% | — |
| Capex IntensityCapex / Revenue | 3.8% | — |
| Cash ConversionOCF / Net Profit | 2.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $216.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $93.2M | $378.2M | ||
| Q3 25 | $120.9M | $554.4M | ||
| Q2 25 | $69.4M | $206.6M | ||
| Q1 25 | $51.1M | $38.9M | ||
| Q4 24 | $33.5M | $213.5M | ||
| Q3 24 | $110.7M | $394.7M | ||
| Q2 24 | $47.9M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | $57.5M | $377.0M | ||
| Q3 25 | $78.0M | $551.4M | ||
| Q2 25 | $49.1M | $204.9M | ||
| Q1 25 | $32.2M | $37.1M | ||
| Q4 24 | $13.4M | $210.5M | ||
| Q3 24 | $73.3M | $392.3M | ||
| Q2 24 | $28.7M | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | 6.1% | 22.6% | ||
| Q3 25 | 8.2% | 33.1% | ||
| Q2 25 | 5.3% | 12.4% | ||
| Q1 25 | 3.6% | 2.3% | ||
| Q4 24 | 1.4% | 13.3% | ||
| Q3 24 | 7.8% | 25.1% | ||
| Q2 24 | 3.1% | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 4.5% | 0.2% | ||
| Q2 25 | 2.2% | 0.1% | ||
| Q1 25 | 2.1% | 0.1% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 4.0% | 0.2% | ||
| Q2 24 | 2.0% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.05× | 1.91× | ||
| Q3 25 | 2.42× | 3.10× | ||
| Q2 25 | 1.52× | 1.32× | ||
| Q1 25 | 1.30× | 0.30× | ||
| Q4 24 | 0.55× | 1.27× | ||
| Q3 24 | 2.30× | 3.87× | ||
| Q2 24 | 1.27× | 3.44× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
