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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Workday, Inc. is the larger business by last-quarter revenue ($2.4B vs $1.7B, roughly 1.5× HANOVER INSURANCE GROUP, INC.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.9% vs 10.4%, a 1.5% gap on every dollar of revenue. On growth, Workday, Inc. posted the faster year-over-year revenue change (12.6% vs 5.5%). Workday, Inc. produced more free cash flow last quarter ($550.0M vs $377.0M). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% 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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
THG vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.4B |
| Net Profit | $198.5M | $252.0M |
| Gross Margin | — | — |
| Operating Margin | 17.3% | 10.6% |
| Net Margin | 11.9% | 10.4% |
| Revenue YoY | 5.5% | 12.6% |
| Net Profit YoY | 18.2% | 30.6% |
| EPS (diluted) | $5.46 | $0.94 |
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 | $2.4B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $1.6B | $2.2B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.0B | ||
| Q1 24 | $1.6B | $1.9B |
| Q4 25 | $198.5M | $252.0M | ||
| Q3 25 | $178.7M | $228.0M | ||
| Q2 25 | $157.1M | $68.0M | ||
| Q1 25 | $128.2M | $94.0M | ||
| Q4 24 | $167.9M | $193.0M | ||
| Q3 24 | $102.1M | $132.0M | ||
| Q2 24 | $40.5M | $107.0M | ||
| Q1 24 | $115.5M | $1.2B |
| Q4 25 | 17.3% | 10.6% | ||
| Q3 25 | 14.9% | 10.6% | ||
| Q2 25 | 12.7% | 1.7% | ||
| Q1 25 | 11.6% | 3.4% | ||
| Q4 24 | 16.1% | 7.6% | ||
| Q3 24 | 9.6% | 5.3% | ||
| Q2 24 | 6.2% | 3.2% | ||
| Q1 24 | 9.7% | 4.1% |
| Q4 25 | 11.9% | 10.4% | ||
| Q3 25 | 10.7% | 9.7% | ||
| Q2 25 | 9.5% | 3.0% | ||
| Q1 25 | 8.0% | 4.3% | ||
| Q4 24 | 10.6% | 8.9% | ||
| Q3 24 | 6.5% | 6.3% | ||
| Q2 24 | 2.6% | 5.4% | ||
| Q1 24 | 7.4% | 61.8% |
| Q4 25 | $5.46 | $0.94 | ||
| Q3 25 | $4.90 | $0.84 | ||
| Q2 25 | $4.30 | $0.25 | ||
| Q1 25 | $3.50 | $0.34 | ||
| Q4 24 | $4.60 | $0.72 | ||
| Q3 24 | $2.80 | $0.49 | ||
| Q2 24 | $1.12 | $0.40 | ||
| Q1 24 | $3.18 | $4.48 |
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 | $6.8B |
| Total DebtLower is stronger | $843.3M | — |
| Stockholders' EquityBook value | $3.6B | $8.9B |
| Total Assets | $16.9B | $17.8B |
| Debt / EquityLower = less leverage | 0.24× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $6.8B | ||
| Q3 25 | $915.7M | $8.2B | ||
| Q2 25 | $244.1M | $8.0B | ||
| Q1 25 | $315.1M | $8.0B | ||
| Q4 24 | $435.5M | $7.2B | ||
| Q3 24 | $427.1M | $7.4B | ||
| Q2 24 | $337.6M | $7.2B | ||
| Q1 24 | $264.6M | $7.8B |
| Q4 25 | $843.3M | — | ||
| Q3 25 | $843.0M | — | ||
| Q2 25 | $347.8M | — | ||
| Q1 25 | $722.5M | — | ||
| Q4 24 | $722.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $3.6B | $8.9B | ||
| Q3 25 | $3.4B | $9.2B | ||
| Q2 25 | $3.2B | $8.9B | ||
| Q1 25 | $3.0B | $9.0B | ||
| Q4 24 | $2.8B | $8.6B | ||
| Q3 24 | $2.9B | $8.3B | ||
| Q2 24 | $2.6B | $8.2B | ||
| Q1 24 | $2.5B | $8.1B |
| Q4 25 | $16.9B | $17.8B | ||
| Q3 25 | $16.8B | $18.0B | ||
| Q2 25 | $15.7B | $17.2B | ||
| Q1 25 | $15.5B | $18.0B | ||
| Q4 24 | $15.3B | $16.4B | ||
| Q3 24 | $15.4B | $16.2B | ||
| Q2 24 | $14.9B | $15.9B | ||
| Q1 24 | $14.6B | $16.5B |
| Q4 25 | 0.24× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.25× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| Free Cash FlowOCF − Capex | $377.0M | $550.0M |
| FCF MarginFCF / Revenue | 22.6% | 22.6% |
| Capex IntensityCapex / Revenue | 0.1% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.91× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $378.2M | $588.0M | ||
| Q3 25 | $554.4M | $616.0M | ||
| Q2 25 | $206.6M | $457.0M | ||
| Q1 25 | $38.9M | $1.1B | ||
| Q4 24 | $213.5M | $406.0M | ||
| Q3 24 | $394.7M | $571.0M | ||
| Q2 24 | $139.5M | $372.0M | ||
| Q1 24 | $58.7M | $995.6M |
| Q4 25 | $377.0M | $550.0M | ||
| Q3 25 | $551.4M | $588.0M | ||
| Q2 25 | $204.9M | $421.0M | ||
| Q1 25 | $37.1M | $1.0B | ||
| Q4 24 | $210.5M | $359.0M | ||
| Q3 24 | $392.3M | $516.0M | ||
| Q2 24 | $137.3M | $291.0M | ||
| Q1 24 | $56.1M | $947.6M |
| Q4 25 | 22.6% | 22.6% | ||
| Q3 25 | 33.1% | 25.0% | ||
| Q2 25 | 12.4% | 18.8% | ||
| Q1 25 | 2.3% | 46.4% | ||
| Q4 24 | 13.3% | 16.6% | ||
| Q3 24 | 25.1% | 24.7% | ||
| Q2 24 | 8.9% | 14.6% | ||
| Q1 24 | 3.6% | 49.3% |
| Q4 25 | 0.1% | 1.6% | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.1% | 1.6% | ||
| Q1 25 | 0.1% | 3.9% | ||
| Q4 24 | 0.2% | 2.2% | ||
| Q3 24 | 0.2% | 2.6% | ||
| Q2 24 | 0.1% | 4.1% | ||
| Q1 24 | 0.2% | 2.5% |
| Q4 25 | 1.91× | 2.33× | ||
| Q3 25 | 3.10× | 2.70× | ||
| Q2 25 | 1.32× | 6.72× | ||
| Q1 25 | 0.30× | 11.83× | ||
| Q4 24 | 1.27× | 2.10× | ||
| Q3 24 | 3.87× | 4.33× | ||
| Q2 24 | 3.44× | 3.48× | ||
| Q1 24 | 0.51× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
