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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and Frontier Group Holdings, Inc. (ULCC). 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 $997.0M, roughly 1.7× Frontier Group Holdings, Inc.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 5.3%, a 5.7% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs -0.5%). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% 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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
THG vs ULCC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $997.0M |
| Net Profit | $186.8M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | 11.1% | 4.9% |
| Net Margin | 11.0% | 5.3% |
| Revenue YoY | 6.1% | -0.5% |
| Net Profit YoY | 45.7% | -1.9% |
| 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 | $1.7B | $997.0M | ||
| Q3 25 | $1.7B | $886.0M | ||
| Q2 25 | $1.7B | $929.0M | ||
| Q1 25 | $1.6B | $912.0M | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $935.0M | ||
| Q2 24 | $1.5B | $973.0M |
| Q1 26 | $186.8M | — | ||
| Q4 25 | $198.5M | $53.0M | ||
| Q3 25 | $178.7M | $-77.0M | ||
| Q2 25 | $157.1M | $-70.0M | ||
| Q1 25 | $128.2M | $-43.0M | ||
| Q4 24 | $167.9M | $54.0M | ||
| Q3 24 | $102.1M | $26.0M | ||
| Q2 24 | $40.5M | $31.0M |
| Q1 26 | 11.1% | — | ||
| Q4 25 | 17.3% | 4.9% | ||
| Q3 25 | 14.9% | -8.7% | ||
| Q2 25 | 12.7% | -8.1% | ||
| Q1 25 | 11.6% | -5.0% | ||
| Q4 24 | 16.1% | 4.5% | ||
| Q3 24 | 9.6% | 2.0% | ||
| Q2 24 | 6.2% | 2.6% |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.9% | 5.3% | ||
| Q3 25 | 10.7% | -8.7% | ||
| Q2 25 | 9.5% | -7.5% | ||
| Q1 25 | 8.0% | -4.7% | ||
| Q4 24 | 10.6% | 5.4% | ||
| Q3 24 | 6.5% | 2.8% | ||
| Q2 24 | 2.6% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | $0.24 | ||
| Q3 25 | $4.90 | $-0.34 | ||
| Q2 25 | $4.30 | $-0.31 | ||
| Q1 25 | $3.50 | $-0.19 | ||
| Q4 24 | $4.60 | $0.24 | ||
| Q3 24 | $2.80 | $0.11 | ||
| Q2 24 | $1.12 | $0.14 |
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 | $671.0M |
| Total DebtLower is stronger | $843.8M | $620.0M |
| Stockholders' EquityBook value | $3.0B | $491.0M |
| Total Assets | $16.5B | $7.2B |
| Debt / EquityLower = less leverage | 0.28× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $243.5M | — | ||
| Q4 25 | $1.1B | $671.0M | ||
| Q3 25 | $915.7M | $566.0M | ||
| Q2 25 | $244.1M | $563.0M | ||
| Q1 25 | $315.1M | $686.0M | ||
| Q4 24 | $435.5M | $740.0M | ||
| Q3 24 | $427.1M | $576.0M | ||
| Q2 24 | $337.6M | $658.0M |
| Q1 26 | $843.8M | — | ||
| Q4 25 | $843.3M | $620.0M | ||
| Q3 25 | $843.0M | $673.0M | ||
| Q2 25 | $347.8M | $565.0M | ||
| Q1 25 | $722.5M | $512.0M | ||
| Q4 24 | $722.3M | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.6B | $491.0M | ||
| Q3 25 | $3.4B | $434.0M | ||
| Q2 25 | $3.2B | $506.0M | ||
| Q1 25 | $3.0B | $570.0M | ||
| Q4 24 | $2.8B | $604.0M | ||
| Q3 24 | $2.9B | $549.0M | ||
| Q2 24 | $2.6B | $520.0M |
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.9B | $7.2B | ||
| Q3 25 | $16.8B | $6.7B | ||
| Q2 25 | $15.7B | $6.5B | ||
| Q1 25 | $15.5B | $6.5B | ||
| Q4 24 | $15.3B | $6.2B | ||
| Q3 24 | $15.4B | $5.8B | ||
| Q2 24 | $14.9B | $5.7B |
| Q1 26 | 0.28× | — | ||
| Q4 25 | 0.24× | 1.26× | ||
| Q3 25 | 0.25× | 1.55× | ||
| Q2 25 | 0.11× | 1.12× | ||
| Q1 25 | 0.24× | 0.90× | ||
| Q4 24 | 0.25× | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× |
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 | — | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $-91.0M | ||
| Q3 25 | $554.4M | $-215.0M | ||
| Q2 25 | $206.6M | $-133.0M | ||
| Q1 25 | $38.9M | $-86.0M | ||
| Q4 24 | $213.5M | $87.0M | ||
| Q3 24 | $394.7M | $-156.0M | ||
| Q2 24 | $139.5M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $-113.0M | ||
| Q3 25 | $551.4M | $-217.0M | ||
| Q2 25 | $204.9M | $-166.0M | ||
| Q1 25 | $37.1M | $-104.0M | ||
| Q4 24 | $210.5M | $73.0M | ||
| Q3 24 | $392.3M | $-170.0M | ||
| Q2 24 | $137.3M | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | -11.3% | ||
| Q3 25 | 33.1% | -24.5% | ||
| Q2 25 | 12.4% | -17.9% | ||
| Q1 25 | 2.3% | -11.4% | ||
| Q4 24 | 13.3% | 7.3% | ||
| Q3 24 | 25.1% | -18.2% | ||
| Q2 24 | 8.9% | -2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.2% | ||
| Q3 25 | 0.2% | 0.2% | ||
| Q2 25 | 0.1% | 3.6% | ||
| Q1 25 | 0.1% | 2.0% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.2% | 1.5% | ||
| Q2 24 | 0.1% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | -1.72× | ||
| Q3 25 | 3.10× | — | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.27× | 1.61× | ||
| Q3 24 | 3.87× | -6.00× | ||
| Q2 24 | 3.44× | 0.29× |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
