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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and WATSCO INC (WSO). 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 $1.5B, roughly 1.1× WATSCO INC). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 6.1%, a 4.9% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs 0.1%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs -15.3%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
THG vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $1.5B |
| Net Profit | $186.8M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 11.1% | 7.2% |
| Net Margin | 11.0% | 6.1% |
| Revenue YoY | 6.1% | 0.1% |
| Net Profit YoY | 45.7% | -1.7% |
| 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 | $1.5B | ||
| Q4 25 | $1.7B | $1.6B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $2.1B |
| Q1 26 | $186.8M | $92.9M | ||
| Q4 25 | $198.5M | $71.7M | ||
| Q3 25 | $178.7M | $161.6M | ||
| Q2 25 | $157.1M | $183.6M | ||
| Q1 25 | $128.2M | $80.1M | ||
| Q4 24 | $167.9M | $96.8M | ||
| Q3 24 | $102.1M | $171.0M | ||
| Q2 24 | $40.5M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | 11.1% | 7.2% | ||
| Q4 25 | 17.3% | 6.4% | ||
| Q3 25 | 14.9% | 11.4% | ||
| Q2 25 | 12.7% | 13.2% | ||
| Q1 25 | 11.6% | 7.3% | ||
| Q4 24 | 16.1% | 7.8% | ||
| Q3 24 | 9.6% | 11.6% | ||
| Q2 24 | 6.2% | 12.6% |
| Q1 26 | 11.0% | 6.1% | ||
| Q4 25 | 11.9% | 4.5% | ||
| Q3 25 | 10.7% | 7.8% | ||
| Q2 25 | 9.5% | 8.9% | ||
| Q1 25 | 8.0% | 5.2% | ||
| Q4 24 | 10.6% | 5.5% | ||
| Q3 24 | 6.5% | 7.9% | ||
| Q2 24 | 2.6% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | $1.82 | ||
| Q3 25 | $4.90 | $3.98 | ||
| Q2 25 | $4.30 | $4.52 | ||
| Q1 25 | $3.50 | $1.93 | ||
| Q4 24 | $4.60 | $2.42 | ||
| Q3 24 | $2.80 | $4.22 | ||
| Q2 24 | $1.12 | $4.49 |
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 | $392.7M |
| Total DebtLower is stronger | $843.8M | — |
| Stockholders' EquityBook value | $3.0B | $3.2B |
| Total Assets | $16.5B | $4.6B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $243.5M | $392.7M | ||
| Q4 25 | $1.1B | $733.3M | ||
| Q3 25 | $915.7M | $524.3M | ||
| Q2 25 | $244.1M | $293.0M | ||
| Q1 25 | $315.1M | $431.8M | ||
| Q4 24 | $435.5M | $781.9M | ||
| Q3 24 | $427.1M | $550.0M | ||
| Q2 24 | $337.6M | $424.9M |
| Q1 26 | $843.8M | — | ||
| Q4 25 | $843.3M | $361.6M | ||
| Q3 25 | $843.0M | $340.8M | ||
| Q2 25 | $347.8M | $338.7M | ||
| Q1 25 | $722.5M | $346.4M | ||
| Q4 24 | $722.3M | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | $3.0B | $3.2B | ||
| Q4 25 | $3.6B | $2.8B | ||
| Q3 25 | $3.4B | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.0B | $2.7B | ||
| Q4 24 | $2.8B | $2.7B | ||
| Q3 24 | $2.9B | $2.7B | ||
| Q2 24 | $2.6B | $2.6B |
| Q1 26 | $16.5B | $4.6B | ||
| Q4 25 | $16.9B | $4.4B | ||
| Q3 25 | $16.8B | $4.6B | ||
| Q2 25 | $15.7B | $4.7B | ||
| Q1 25 | $15.5B | $4.5B | ||
| Q4 24 | $15.3B | $4.5B | ||
| Q3 24 | $15.4B | $4.5B | ||
| Q2 24 | $14.9B | $4.4B |
| Q1 26 | 0.28× | — | ||
| Q4 25 | 0.24× | 0.13× | ||
| Q3 25 | 0.25× | 0.12× | ||
| Q2 25 | 0.11× | 0.12× | ||
| Q1 25 | 0.24× | 0.13× | ||
| Q4 24 | 0.25× | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× |
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% |
WSO
Segment breakdown not available.
