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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $1.7B, roughly 1.7× HANOVER INSURANCE GROUP, INC.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.9% vs 8.1%, a 3.8% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs 5.5%). HANOVER INSURANCE GROUP, INC. produced more free cash flow last quarter ($377.0M vs $-81.6M). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% CAGR vs 3.8%).
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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
THG vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.9B |
| Net Profit | $198.5M | $230.9M |
| Gross Margin | — | 40.4% |
| Operating Margin | 17.3% | 10.8% |
| Net Margin | 11.9% | 8.1% |
| Revenue YoY | 5.5% | 12.9% |
| Net Profit YoY | 18.2% | -4.7% |
| EPS (diluted) | $5.46 | $5.14 |
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.
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.7B | $2.8B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | $2.5B | ||
| Q3 24 | $1.6B | $2.6B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $1.6B | $3.6B |
| Q4 25 | $198.5M | $230.9M | ||
| Q3 25 | $178.7M | $260.9M | ||
| Q2 25 | $157.1M | $305.1M | ||
| Q1 25 | $128.2M | — | ||
| Q4 24 | $167.9M | $242.2M | ||
| Q3 24 | $102.1M | $252.6M | ||
| Q2 24 | $40.5M | $313.1M | ||
| Q1 24 | $115.5M | $394.4M |
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% |
| Q4 25 | 17.3% | 10.8% | ||
| Q3 25 | 14.9% | 12.4% | ||
| Q2 25 | 12.7% | 14.1% | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 16.1% | 12.6% | ||
| Q3 24 | 9.6% | 12.9% | ||
| Q2 24 | 6.2% | 14.7% | ||
| Q1 24 | 9.7% | 14.5% |
| Q4 25 | 11.9% | 8.1% | ||
| Q3 25 | 10.7% | 9.4% | ||
| Q2 25 | 9.5% | 10.7% | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 10.6% | 9.6% | ||
| Q3 24 | 6.5% | 9.9% | ||
| Q2 24 | 2.6% | 11.5% | ||
| Q1 24 | 7.4% | 11.1% |
| Q4 25 | $5.46 | $5.14 | ||
| Q3 25 | $4.90 | $5.78 | ||
| Q2 25 | $4.30 | $6.70 | ||
| Q1 25 | $3.50 | — | ||
| Q4 24 | $4.60 | $5.14 | ||
| Q3 24 | $2.80 | $5.30 | ||
| Q2 24 | $1.12 | $6.47 | ||
| Q1 24 | $3.18 | $8.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $204.9M |
| Total DebtLower is stronger | $843.3M | — |
| Stockholders' EquityBook value | $3.6B | $2.6B |
| Total Assets | $16.9B | $7.0B |
| Debt / EquityLower = less leverage | 0.24× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $204.9M | ||
| Q3 25 | $915.7M | $242.7M | ||
| Q2 25 | $244.1M | $454.6M | ||
| Q1 25 | $315.1M | — | ||
| Q4 24 | $435.5M | $177.8M | ||
| Q3 24 | $427.1M | $414.0M | ||
| Q2 24 | $337.6M | $524.6M | ||
| Q1 24 | $264.6M | $766.6M |
| Q4 25 | $843.3M | — | ||
| Q3 25 | $843.0M | — | ||
| Q2 25 | $347.8M | — | ||
| Q1 25 | $722.5M | — | ||
| Q4 24 | $722.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.6B | $2.6B | ||
| Q3 25 | $3.4B | $2.6B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $2.6B | $2.3B | ||
| Q1 24 | $2.5B | $2.3B |
| Q4 25 | $16.9B | $7.0B | ||
| Q3 25 | $16.8B | $6.6B | ||
| Q2 25 | $15.7B | $6.0B | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $15.3B | $6.0B | ||
| Q3 24 | $15.4B | $5.7B | ||
| Q2 24 | $14.9B | $5.6B | ||
| Q1 24 | $14.6B | $5.7B |
| Q4 25 | 0.24× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.25× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $378.2M | $5.6M |
| Free Cash FlowOCF − Capex | $377.0M | $-81.6M |
| FCF MarginFCF / Revenue | 22.6% | -2.9% |
| Capex IntensityCapex / Revenue | 0.1% | 3.1% |
| Cash ConversionOCF / Net Profit | 1.91× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $378.2M | $5.6M | ||
| Q3 25 | $554.4M | $96.5M | ||
| Q2 25 | $206.6M | $220.0M | ||
| Q1 25 | $38.9M | — | ||
| Q4 24 | $213.5M | $-56.8M | ||
| Q3 24 | $394.7M | $199.5M | ||
| Q2 24 | $139.5M | $159.3M | ||
| Q1 24 | $58.7M | $1.1B |
| Q4 25 | $377.0M | $-81.6M | ||
| Q3 25 | $551.4M | $19.6M | ||
| Q2 25 | $204.9M | $141.0M | ||
| Q1 25 | $37.1M | — | ||
| Q4 24 | $210.5M | $-171.1M | ||
| Q3 24 | $392.3M | $104.3M | ||
| Q2 24 | $137.3M | $68.3M | ||
| Q1 24 | $56.1M | $994.0M |
| Q4 25 | 22.6% | -2.9% | ||
| Q3 25 | 33.1% | 0.7% | ||
| Q2 25 | 12.4% | 4.9% | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 13.3% | -6.8% | ||
| Q3 24 | 25.1% | 4.1% | ||
| Q2 24 | 8.9% | 2.5% | ||
| Q1 24 | 3.6% | 28.0% |
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 0.2% | 2.8% | ||
| Q2 25 | 0.1% | 2.8% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.2% | 4.5% | ||
| Q3 24 | 0.2% | 3.7% | ||
| Q2 24 | 0.1% | 3.3% | ||
| Q1 24 | 0.2% | 3.5% |
| Q4 25 | 1.91× | 0.02× | ||
| Q3 25 | 3.10× | 0.37× | ||
| Q2 25 | 1.32× | 0.72× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.27× | -0.23× | ||
| Q3 24 | 3.87× | 0.79× | ||
| Q2 24 | 3.44× | 0.51× | ||
| Q1 24 | 0.51× | 2.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
ULTA
Segment breakdown not available.
