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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and Vertiv Holdings Co (VRT). Click either name above to swap in a different company.
Vertiv Holdings Co is the larger business by last-quarter revenue ($2.6B vs $1.7B, roughly 1.6× HANOVER INSURANCE GROUP, INC.). Vertiv Holdings Co runs the higher net margin — 14.7% vs 11.9%, a 2.9% gap on every dollar of revenue. On growth, Vertiv Holdings Co posted the faster year-over-year revenue change (30.1% vs 5.5%). Vertiv Holdings Co produced more free cash flow last quarter ($652.8M vs $377.0M). Over the past eight quarters, Vertiv Holdings Co's revenue compounded faster (16.5% 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.
Vertiv is an American multinational provider of critical infrastructure and services for data centers, communication networks, and commercial and industrial environments.
THG vs VRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.6B |
| Net Profit | $198.5M | $390.1M |
| Gross Margin | — | 37.7% |
| Operating Margin | 17.3% | — |
| Net Margin | 11.9% | 14.7% |
| Revenue YoY | 5.5% | 30.1% |
| Net Profit YoY | 18.2% | 137.1% |
| EPS (diluted) | $5.46 | $0.99 |
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 | — | $2.6B | ||
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.7B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.6B | $2.0B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.0B |
| Q1 26 | — | $390.1M | ||
| Q4 25 | $198.5M | $445.6M | ||
| Q3 25 | $178.7M | $398.5M | ||
| Q2 25 | $157.1M | $324.2M | ||
| Q1 25 | $128.2M | $164.5M | ||
| Q4 24 | $167.9M | $147.0M | ||
| Q3 24 | $102.1M | $176.6M | ||
| Q2 24 | $40.5M | $178.1M |
| Q1 26 | — | 37.7% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | — | 37.8% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 37.1% | ||
| Q3 24 | — | 36.5% | ||
| Q2 24 | — | 38.0% |
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 20.1% | ||
| Q3 25 | 14.9% | 19.3% | ||
| Q2 25 | 12.7% | 16.8% | ||
| Q1 25 | 11.6% | 14.3% | ||
| Q4 24 | 16.1% | 19.5% | ||
| Q3 24 | 9.6% | 17.9% | ||
| Q2 24 | 6.2% | 17.2% |
| Q1 26 | — | 14.7% | ||
| Q4 25 | 11.9% | 15.5% | ||
| Q3 25 | 10.7% | 14.9% | ||
| Q2 25 | 9.5% | 12.3% | ||
| Q1 25 | 8.0% | 8.1% | ||
| Q4 24 | 10.6% | 6.3% | ||
| Q3 24 | 6.5% | 8.5% | ||
| Q2 24 | 2.6% | 9.1% |
| Q1 26 | — | $0.99 | ||
| Q4 25 | $5.46 | $1.14 | ||
| Q3 25 | $4.90 | $1.02 | ||
| Q2 25 | $4.30 | $0.83 | ||
| Q1 25 | $3.50 | $0.42 | ||
| Q4 24 | $4.60 | $0.38 | ||
| Q3 24 | $2.80 | $0.46 | ||
| Q2 24 | $1.12 | $0.46 |
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 | $2.5B |
| Total DebtLower is stronger | $843.3M | $0 |
| Stockholders' EquityBook value | $3.6B | $4.2B |
| Total Assets | $16.9B | $13.4B |
| Debt / EquityLower = less leverage | 0.24× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $915.7M | $1.4B | ||
| Q2 25 | $244.1M | $1.6B | ||
| Q1 25 | $315.1M | $1.5B | ||
| Q4 24 | $435.5M | $1.2B | ||
| Q3 24 | $427.1M | $908.7M | ||
| Q2 24 | $337.6M | $579.7M |
| Q1 26 | — | $0 | ||
| Q4 25 | $843.3M | $2.9B | ||
| Q3 25 | $843.0M | $2.9B | ||
| Q2 25 | $347.8M | $2.9B | ||
| Q1 25 | $722.5M | $2.9B | ||
| Q4 24 | $722.3M | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.6B | $3.9B | ||
| Q3 25 | $3.4B | $3.5B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $3.0B | $2.7B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $2.6B | $1.5B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | $16.9B | $12.2B | ||
| Q3 25 | $16.8B | $10.8B | ||
| Q2 25 | $15.7B | $10.4B | ||
| Q1 25 | $15.5B | $9.5B | ||
| Q4 24 | $15.3B | $9.1B | ||
| Q3 24 | $15.4B | $8.9B | ||
| Q2 24 | $14.9B | $8.1B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.24× | 0.74× | ||
| Q3 25 | 0.25× | 0.83× | ||
| Q2 25 | 0.11× | 0.93× | ||
| Q1 25 | 0.24× | 1.10× | ||
| Q4 24 | 0.25× | 1.20× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.91× |
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 | — |
| Free Cash FlowOCF − Capex | $377.0M | $652.8M |
| FCF MarginFCF / Revenue | 22.6% | 24.6% |
| Capex IntensityCapex / Revenue | 0.1% | 4.2% |
| Cash ConversionOCF / Net Profit | 1.91× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $978.9M | ||
| Q3 25 | $554.4M | $508.7M | ||
| Q2 25 | $206.6M | $322.9M | ||
| Q1 25 | $38.9M | $303.3M | ||
| Q4 24 | $213.5M | $425.2M | ||
| Q3 24 | $394.7M | $378.2M | ||
| Q2 24 | $139.5M | $378.4M |
| Q1 26 | — | $652.8M | ||
| Q4 25 | $377.0M | $885.6M | ||
| Q3 25 | $551.4M | $463.5M | ||
| Q2 25 | $204.9M | $277.9M | ||
| Q1 25 | $37.1M | $266.8M | ||
| Q4 24 | $210.5M | $364.5M | ||
| Q3 24 | $392.3M | $341.8M | ||
| Q2 24 | $137.3M | $344.3M |
| Q1 26 | — | 24.6% | ||
| Q4 25 | 22.6% | 30.8% | ||
| Q3 25 | 33.1% | 17.3% | ||
| Q2 25 | 12.4% | 10.5% | ||
| Q1 25 | 2.3% | 13.1% | ||
| Q4 24 | 13.3% | 15.5% | ||
| Q3 24 | 25.1% | 16.5% | ||
| Q2 24 | 8.9% | 17.6% |
| Q1 26 | — | 4.2% | ||
| Q4 25 | 0.1% | 3.2% | ||
| Q3 25 | 0.2% | 1.7% | ||
| Q2 25 | 0.1% | 1.7% | ||
| Q1 25 | 0.1% | 1.8% | ||
| Q4 24 | 0.2% | 2.6% | ||
| Q3 24 | 0.2% | 1.8% | ||
| Q2 24 | 0.1% | 1.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | 2.20× | ||
| Q3 25 | 3.10× | 1.28× | ||
| Q2 25 | 1.32× | 1.00× | ||
| Q1 25 | 0.30× | 1.84× | ||
| Q4 24 | 1.27× | 2.89× | ||
| Q3 24 | 3.87× | 2.14× | ||
| Q2 24 | 3.44× | 2.12× |
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% |
VRT
Segment breakdown not available.
