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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and Under Armour, Inc. (UAA). 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 $1.3B, roughly 1.3× Under Armour, Inc.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs -32.4%, a 43.4% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs -5.2%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs -0.2%).
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.
Under Armour, Inc. is an American sportswear company that manufactures footwear and apparel headquartered in Baltimore, Maryland, United States.
THG vs UAA — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $1.3B |
| Net Profit | $186.8M | $-430.8M |
| Gross Margin | — | 44.4% |
| Operating Margin | 11.1% | -11.3% |
| Net Margin | 11.0% | -32.4% |
| Revenue YoY | 6.1% | -5.2% |
| Net Profit YoY | 45.7% | -35013.0% |
| EPS (diluted) | — | $-1.01 |
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 | $1.7B | $1.3B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.5B | $1.2B |
| Q1 26 | $186.8M | — | ||
| Q4 25 | $198.5M | $-430.8M | ||
| Q3 25 | $178.7M | $-18.8M | ||
| Q2 25 | $157.1M | $-2.6M | ||
| Q1 25 | $128.2M | $-67.5M | ||
| Q4 24 | $167.9M | $1.2M | ||
| Q3 24 | $102.1M | $170.4M | ||
| Q2 24 | $40.5M | $-305.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 44.4% | ||
| Q3 25 | — | 47.3% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 49.8% | ||
| Q2 24 | — | 47.5% |
| Q1 26 | 11.1% | — | ||
| Q4 25 | 17.3% | -11.3% | ||
| Q3 25 | 14.9% | 1.3% | ||
| Q2 25 | 12.7% | 0.3% | ||
| Q1 25 | 11.6% | -6.1% | ||
| Q4 24 | 16.1% | 1.0% | ||
| Q3 24 | 9.6% | 12.4% | ||
| Q2 24 | 6.2% | -25.3% |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.9% | -32.4% | ||
| Q3 25 | 10.7% | -1.4% | ||
| Q2 25 | 9.5% | -0.2% | ||
| Q1 25 | 8.0% | -5.7% | ||
| Q4 24 | 10.6% | 0.1% | ||
| Q3 24 | 6.5% | 12.2% | ||
| Q2 24 | 2.6% | -25.8% |
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | $-1.01 | ||
| Q3 25 | $4.90 | $-0.04 | ||
| Q2 25 | $4.30 | $-0.01 | ||
| Q1 25 | $3.50 | $-0.16 | ||
| Q4 24 | $4.60 | $0.00 | ||
| Q3 24 | $2.80 | $0.39 | ||
| Q2 24 | $1.12 | $-0.70 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $243.5M | $464.6M |
| Total DebtLower is stronger | $843.8M | $989.7M |
| Stockholders' EquityBook value | $3.0B | $1.4B |
| Total Assets | $16.5B | $4.6B |
| Debt / EquityLower = less leverage | 0.28× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $243.5M | — | ||
| Q4 25 | $1.1B | $464.6M | ||
| Q3 25 | $915.7M | $396.0M | ||
| Q2 25 | $244.1M | $911.0M | ||
| Q1 25 | $315.1M | $501.4M | ||
| Q4 24 | $435.5M | $726.9M | ||
| Q3 24 | $427.1M | $530.7M | ||
| Q2 24 | $337.6M | $884.6M |
| Q1 26 | $843.8M | — | ||
| Q4 25 | $843.3M | $989.7M | ||
| Q3 25 | $843.0M | $1.2B | ||
| Q2 25 | $347.8M | $989.2M | ||
| Q1 25 | $722.5M | $595.1M | ||
| Q4 24 | $722.3M | $595.2M | ||
| Q3 24 | — | $594.6M | ||
| Q2 24 | — | $595.4M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.6B | $1.4B | ||
| Q3 25 | $3.4B | $1.9B | ||
| Q2 25 | $3.2B | $1.9B | ||
| Q1 25 | $3.0B | $1.9B | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $2.6B | $1.8B |
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.9B | $4.6B | ||
| Q3 25 | $16.8B | $4.9B | ||
| Q2 25 | $15.7B | $4.9B | ||
| Q1 25 | $15.5B | $4.3B | ||
| Q4 24 | $15.3B | $4.6B | ||
| Q3 24 | $15.4B | $4.5B | ||
| Q2 24 | $14.9B | $4.9B |
| Q1 26 | 0.28× | — | ||
| Q4 25 | 0.24× | 0.69× | ||
| Q3 25 | 0.25× | 0.64× | ||
| Q2 25 | 0.11× | 0.53× | ||
| Q1 25 | 0.24× | 0.31× | ||
| Q4 24 | 0.25× | 0.30× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.33× |
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 | — | $278.1M |
| Free Cash FlowOCF − Capex | — | $261.9M |
| FCF MarginFCF / Revenue | — | 19.7% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-45.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $278.1M | ||
| Q3 25 | $554.4M | $-69.8M | ||
| Q2 25 | $206.6M | $48.9M | ||
| Q1 25 | $38.9M | $-202.2M | ||
| Q4 24 | $213.5M | $311.3M | ||
| Q3 24 | $394.7M | $-321.4M | ||
| Q2 24 | $139.5M | $153.0M |
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $261.9M | ||
| Q3 25 | $551.4M | $-90.3M | ||
| Q2 25 | $204.9M | $13.5M | ||
| Q1 25 | $37.1M | $-231.0M | ||
| Q4 24 | $210.5M | $262.9M | ||
| Q3 24 | $392.3M | $-367.2M | ||
| Q2 24 | $137.3M | $107.3M |
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | 19.7% | ||
| Q3 25 | 33.1% | -6.8% | ||
| Q2 25 | 12.4% | 1.2% | ||
| Q1 25 | 2.3% | -19.6% | ||
| Q4 24 | 13.3% | 18.8% | ||
| Q3 24 | 25.1% | -26.2% | ||
| Q2 24 | 8.9% | 9.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 1.2% | ||
| Q3 25 | 0.2% | 1.5% | ||
| Q2 25 | 0.1% | 3.1% | ||
| Q1 25 | 0.1% | 2.4% | ||
| Q4 24 | 0.2% | 3.5% | ||
| Q3 24 | 0.2% | 3.3% | ||
| Q2 24 | 0.1% | 3.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | — | ||
| Q3 25 | 3.10× | — | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.27× | 252.26× | ||
| Q3 24 | 3.87× | -1.89× | ||
| Q2 24 | 3.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
UAA
| Apparel | $934.0M | 70% |
| Footwear | $265.1M | 20% |
| Accessories | $107.7M | 8% |
| License | $27.2M | 2% |
