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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and WEC Energy Group (WEC). Click either name above to swap in a different company.
WEC Energy Group is the larger business by last-quarter revenue ($2.5B vs $1.7B, roughly 1.5× HANOVER INSURANCE GROUP, INC.). WEC Energy Group runs the higher net margin — 12.5% vs 11.0%, a 1.5% gap on every dollar of revenue. On growth, WEC Energy Group posted the faster year-over-year revenue change (11.1% vs 6.1%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs -2.7%).
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.
WEC Energy Group is an American energy company based in Milwaukee, Wisconsin. It provides electricity and natural gas to 4.4 million customers across four states.
THG vs WEC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.5B |
| Net Profit | $186.8M | $316.8M |
| Gross Margin | — | 63.7% |
| Operating Margin | 11.1% | 17.9% |
| Net Margin | 11.0% | 12.5% |
| Revenue YoY | 6.1% | 11.1% |
| Net Profit YoY | 45.7% | -30.1% |
| EPS (diluted) | — | — |
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 | $2.5B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.6B | $3.1B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $1.9B | ||
| Q2 24 | $1.5B | $1.8B |
| Q1 26 | $186.8M | — | ||
| Q4 25 | $198.5M | $316.8M | ||
| Q3 25 | $178.7M | $270.2M | ||
| Q2 25 | $157.1M | $243.0M | ||
| Q1 25 | $128.2M | $725.5M | ||
| Q4 24 | $167.9M | $453.1M | ||
| Q3 24 | $102.1M | $238.6M | ||
| Q2 24 | $40.5M | $210.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 63.7% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 63.0% | ||
| Q4 24 | — | 67.7% | ||
| Q3 24 | — | 72.1% | ||
| Q2 24 | — | 73.5% |
| Q1 26 | 11.1% | — | ||
| Q4 25 | 17.3% | 17.9% | ||
| Q3 25 | 14.9% | 21.4% | ||
| Q2 25 | 12.7% | 20.1% | ||
| Q1 25 | 11.6% | 29.8% | ||
| Q4 24 | 16.1% | 25.9% | ||
| Q3 24 | 9.6% | 20.6% | ||
| Q2 24 | 6.2% | 20.6% |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.9% | 12.5% | ||
| Q3 25 | 10.7% | 12.8% | ||
| Q2 25 | 9.5% | 12.1% | ||
| Q1 25 | 8.0% | 23.0% | ||
| Q4 24 | 10.6% | 19.8% | ||
| Q3 24 | 6.5% | 12.8% | ||
| Q2 24 | 2.6% | 11.9% |
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | — | ||
| Q3 25 | $4.90 | — | ||
| Q2 25 | $4.30 | — | ||
| Q1 25 | $3.50 | — | ||
| Q4 24 | $4.60 | — | ||
| Q3 24 | $2.80 | — | ||
| Q2 24 | $1.12 | — |
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 | $27.6M |
| Total DebtLower is stronger | $843.8M | $20.0B |
| Stockholders' EquityBook value | $3.0B | $14.1B |
| Total Assets | $16.5B | $51.5B |
| Debt / EquityLower = less leverage | 0.28× | 1.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $243.5M | — | ||
| Q4 25 | $1.1B | $27.6M | ||
| Q3 25 | $915.7M | $51.1M | ||
| Q2 25 | $244.1M | $23.0M | ||
| Q1 25 | $315.1M | $82.2M | ||
| Q4 24 | $435.5M | $9.8M | ||
| Q3 24 | $427.1M | $322.5M | ||
| Q2 24 | $337.6M | $224.0M |
| Q1 26 | $843.8M | — | ||
| Q4 25 | $843.3M | $20.0B | ||
| Q3 25 | $843.0M | — | ||
| Q2 25 | $347.8M | — | ||
| Q1 25 | $722.5M | — | ||
| Q4 24 | $722.3M | $18.9B | ||
| Q3 24 | — | $16.9B | ||
| Q2 24 | — | $16.9B |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.6B | $14.1B | ||
| Q3 25 | $3.4B | $14.0B | ||
| Q2 25 | $3.2B | $13.7B | ||
| Q1 25 | $3.0B | $13.4B | ||
| Q4 24 | $2.8B | $12.8B | ||
| Q3 24 | $2.9B | $12.4B | ||
| Q2 24 | $2.6B | $12.4B |
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.9B | $51.5B | ||
| Q3 25 | $16.8B | $49.8B | ||
| Q2 25 | $15.7B | $48.5B | ||
| Q1 25 | $15.5B | $48.2B | ||
| Q4 24 | $15.3B | $47.4B | ||
| Q3 24 | $15.4B | $45.2B | ||
| Q2 24 | $14.9B | $44.6B |
| Q1 26 | 0.28× | — | ||
| Q4 25 | 0.24× | 1.42× | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.25× | 1.48× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.36× |
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 | — | $424.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $424.6M | ||
| Q3 25 | $554.4M | $938.9M | ||
| Q2 25 | $206.6M | $853.3M | ||
| Q1 25 | $38.9M | $1.2B | ||
| Q4 24 | $213.5M | $581.8M | ||
| Q3 24 | $394.7M | $729.0M | ||
| Q2 24 | $139.5M | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | — | ||
| Q3 25 | $551.4M | $-625.7M | ||
| Q2 25 | $204.9M | $23.9M | ||
| Q1 25 | $37.1M | $461.5M | ||
| Q4 24 | $210.5M | — | ||
| Q3 24 | $392.3M | $-67.3M | ||
| Q2 24 | $137.3M | $343.5M |
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | — | ||
| Q3 25 | 33.1% | -29.7% | ||
| Q2 25 | 12.4% | 1.2% | ||
| Q1 25 | 2.3% | 14.7% | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 25.1% | -3.6% | ||
| Q2 24 | 8.9% | 19.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.2% | 74.4% | ||
| Q2 25 | 0.1% | 41.3% | ||
| Q1 25 | 0.1% | 22.3% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.2% | 42.7% | ||
| Q2 24 | 0.1% | 39.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | 1.34× | ||
| Q3 25 | 3.10× | 3.47× | ||
| Q2 25 | 1.32× | 3.51× | ||
| Q1 25 | 0.30× | 1.60× | ||
| Q4 24 | 1.27× | 1.28× | ||
| Q3 24 | 3.87× | 3.06× | ||
| Q2 24 | 3.44× | 4.94× |
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% |
WEC
| Wisconsin | $1.9B | 73% |
| Illinois | $441.2M | 17% |
| Other States | $165.1M | 7% |
| External Revenues | $74.0M | 3% |
| Otheroperatingrevenues | $8.0M | 0% |
