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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). 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 $1.2B, roughly 1.4× MARRIOTT VACATIONS WORLDWIDE Corp). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs -35.0%, a 46.0% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs -0.7%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% 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.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
THG vs VAC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $1.2B |
| Net Profit | $186.8M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | 11.1% | — |
| Net Margin | 11.0% | -35.0% |
| Revenue YoY | 6.1% | -0.7% |
| Net Profit YoY | 45.7% | -962.0% |
| EPS (diluted) | — | $-12.00 |
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 | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.1B |
| Q1 26 | $186.8M | — | ||
| Q4 25 | $198.5M | $-431.0M | ||
| Q3 25 | $178.7M | $-2.0M | ||
| Q2 25 | $157.1M | $69.0M | ||
| Q1 25 | $128.2M | $56.0M | ||
| Q4 24 | $167.9M | $50.0M | ||
| Q3 24 | $102.1M | $84.0M | ||
| Q2 24 | $40.5M | $37.0M |
| Q1 26 | 11.1% | — | ||
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.9% | — | ||
| Q2 25 | 12.7% | — | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 6.2% | — |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.9% | -35.0% | ||
| Q3 25 | 10.7% | -0.2% | ||
| Q2 25 | 9.5% | 6.0% | ||
| Q1 25 | 8.0% | 5.0% | ||
| Q4 24 | 10.6% | 4.0% | ||
| Q3 24 | 6.5% | 6.9% | ||
| Q2 24 | 2.6% | 3.5% |
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | $-12.00 | ||
| Q3 25 | $4.90 | $-0.07 | ||
| Q2 25 | $4.30 | $1.77 | ||
| Q1 25 | $3.50 | $1.46 | ||
| Q4 24 | $4.60 | $1.29 | ||
| Q3 24 | $2.80 | $2.12 | ||
| Q2 24 | $1.12 | $0.98 |
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 | $406.0M |
| Total DebtLower is stronger | $843.8M | — |
| Stockholders' EquityBook value | $3.0B | $2.0B |
| Total Assets | $16.5B | $9.8B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $243.5M | — | ||
| Q4 25 | $1.1B | $406.0M | ||
| Q3 25 | $915.7M | $474.0M | ||
| Q2 25 | $244.1M | $205.0M | ||
| Q1 25 | $315.1M | $196.0M | ||
| Q4 24 | $435.5M | $197.0M | ||
| Q3 24 | $427.1M | $197.0M | ||
| Q2 24 | $337.6M | $206.0M |
| Q1 26 | $843.8M | — | ||
| 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 26 | $3.0B | — | ||
| Q4 25 | $3.6B | $2.0B | ||
| Q3 25 | $3.4B | $2.5B | ||
| Q2 25 | $3.2B | $2.5B | ||
| Q1 25 | $3.0B | $2.4B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $2.6B | $2.4B |
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.9B | $9.8B | ||
| Q3 25 | $16.8B | $10.1B | ||
| Q2 25 | $15.7B | $9.9B | ||
| Q1 25 | $15.5B | $9.9B | ||
| Q4 24 | $15.3B | $9.8B | ||
| Q3 24 | $15.4B | $9.7B | ||
| Q2 24 | $14.9B | $9.6B |
| Q1 26 | 0.28× | — | ||
| Q4 25 | 0.24× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 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 | — | $6.0M |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $6.0M | ||
| Q3 25 | $554.4M | $62.0M | ||
| Q2 25 | $206.6M | $-48.0M | ||
| Q1 25 | $38.9M | $8.0M | ||
| Q4 24 | $213.5M | $100.0M | ||
| Q3 24 | $394.7M | $72.0M | ||
| Q2 24 | $139.5M | $30.0M |
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $-6.0M | ||
| Q3 25 | $551.4M | $51.0M | ||
| Q2 25 | $204.9M | $-68.0M | ||
| Q1 25 | $37.1M | $-6.0M | ||
| Q4 24 | $210.5M | $86.0M | ||
| Q3 24 | $392.3M | $58.0M | ||
| Q2 24 | $137.3M | $17.0M |
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | -0.5% | ||
| Q3 25 | 33.1% | 4.3% | ||
| Q2 25 | 12.4% | -5.9% | ||
| Q1 25 | 2.3% | -0.5% | ||
| Q4 24 | 13.3% | 6.9% | ||
| Q3 24 | 25.1% | 4.8% | ||
| Q2 24 | 8.9% | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 1.0% | ||
| Q3 25 | 0.2% | 0.9% | ||
| Q2 25 | 0.1% | 1.7% | ||
| Q1 25 | 0.1% | 1.3% | ||
| Q4 24 | 0.2% | 1.1% | ||
| Q3 24 | 0.2% | 1.1% | ||
| Q2 24 | 0.1% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | — | ||
| Q3 25 | 3.10× | — | ||
| Q2 25 | 1.32× | -0.70× | ||
| Q1 25 | 0.30× | 0.14× | ||
| Q4 24 | 1.27× | 2.00× | ||
| Q3 24 | 3.87× | 0.86× | ||
| Q2 24 | 3.44× | 0.81× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
