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Side-by-side financial comparison of HANOVER INSURANCE GROUP, INC. (THG) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $1.7B, roughly 1.4× HANOVER INSURANCE GROUP, INC.). Zoetis runs the higher net margin — 25.3% vs 11.0%, a 14.3% gap on every dollar of revenue. On growth, HANOVER INSURANCE GROUP, INC. posted the faster year-over-year revenue change (6.1% vs 3.0%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% CAGR vs 4.4%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
THG vs ZTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.4B |
| Net Profit | $186.8M | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | 11.1% | 31.9% |
| Net Margin | 11.0% | 25.3% |
| Revenue YoY | 6.1% | 3.0% |
| Net Profit YoY | 45.7% | 3.8% |
| EPS (diluted) | — | $1.37 |
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 | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B |
| Q1 26 | $186.8M | — | ||
| Q4 25 | $198.5M | $603.0M | ||
| Q3 25 | $178.7M | $721.0M | ||
| Q2 25 | $157.1M | $718.0M | ||
| Q1 25 | $128.2M | $631.0M | ||
| Q4 24 | $167.9M | $581.0M | ||
| Q3 24 | $102.1M | $682.0M | ||
| Q2 24 | $40.5M | $624.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% |
| Q1 26 | 11.1% | — | ||
| Q4 25 | 17.3% | 31.9% | ||
| Q3 25 | 14.9% | 37.0% | ||
| Q2 25 | 12.7% | 36.7% | ||
| Q1 25 | 11.6% | 36.5% | ||
| Q4 24 | 16.1% | 31.6% | ||
| Q3 24 | 9.6% | 36.6% | ||
| Q2 24 | 6.2% | 33.0% |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.9% | 25.3% | ||
| Q3 25 | 10.7% | 30.0% | ||
| Q2 25 | 9.5% | 29.2% | ||
| Q1 25 | 8.0% | 28.4% | ||
| Q4 24 | 10.6% | 25.1% | ||
| Q3 24 | 6.5% | 28.6% | ||
| Q2 24 | 2.6% | 26.4% |
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | $1.37 | ||
| Q3 25 | $4.90 | $1.63 | ||
| Q2 25 | $4.30 | $1.61 | ||
| Q1 25 | $3.50 | $1.41 | ||
| Q4 24 | $4.60 | $1.29 | ||
| Q3 24 | $2.80 | $1.50 | ||
| Q2 24 | $1.12 | $1.37 |
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 | — |
| Total DebtLower is stronger | $843.8M | — |
| Stockholders' EquityBook value | $3.0B | $3.3B |
| Total Assets | $16.5B | $15.5B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $243.5M | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $915.7M | $2.1B | ||
| Q2 25 | $244.1M | $1.4B | ||
| Q1 25 | $315.1M | $1.7B | ||
| Q4 24 | $435.5M | $2.0B | ||
| Q3 24 | $427.1M | $1.7B | ||
| Q2 24 | $337.6M | $1.6B |
| 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 | $3.3B | ||
| Q3 25 | $3.4B | $5.4B | ||
| Q2 25 | $3.2B | $5.0B | ||
| Q1 25 | $3.0B | $4.7B | ||
| Q4 24 | $2.8B | $4.8B | ||
| Q3 24 | $2.9B | $5.2B | ||
| Q2 24 | $2.6B | $5.0B |
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.9B | $15.5B | ||
| Q3 25 | $16.8B | $15.2B | ||
| Q2 25 | $15.7B | $14.5B | ||
| Q1 25 | $15.5B | $14.1B | ||
| Q4 24 | $15.3B | $14.2B | ||
| Q3 24 | $15.4B | $14.4B | ||
| Q2 24 | $14.9B | $14.2B |
| 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 | — | $893.0M |
| Free Cash FlowOCF − Capex | — | $732.0M |
| FCF MarginFCF / Revenue | — | 30.7% |
| Capex IntensityCapex / Revenue | — | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $893.0M | ||
| Q3 25 | $554.4M | $938.0M | ||
| Q2 25 | $206.6M | $486.0M | ||
| Q1 25 | $38.9M | $587.0M | ||
| Q4 24 | $213.5M | $905.0M | ||
| Q3 24 | $394.7M | $951.0M | ||
| Q2 24 | $139.5M | $502.0M |
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $732.0M | ||
| Q3 25 | $551.4M | $805.0M | ||
| Q2 25 | $204.9M | $308.0M | ||
| Q1 25 | $37.1M | $438.0M | ||
| Q4 24 | $210.5M | $689.0M | ||
| Q3 24 | $392.3M | $784.0M | ||
| Q2 24 | $137.3M | $370.0M |
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | 30.7% | ||
| Q3 25 | 33.1% | 33.5% | ||
| Q2 25 | 12.4% | 12.5% | ||
| Q1 25 | 2.3% | 19.7% | ||
| Q4 24 | 13.3% | 29.7% | ||
| Q3 24 | 25.1% | 32.8% | ||
| Q2 24 | 8.9% | 15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 6.7% | ||
| Q3 25 | 0.2% | 5.5% | ||
| Q2 25 | 0.1% | 7.2% | ||
| Q1 25 | 0.1% | 6.7% | ||
| Q4 24 | 0.2% | 9.3% | ||
| Q3 24 | 0.2% | 7.0% | ||
| Q2 24 | 0.1% | 5.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | 1.48× | ||
| Q3 25 | 3.10× | 1.30× | ||
| Q2 25 | 1.32× | 0.68× | ||
| Q1 25 | 0.30× | 0.93× | ||
| Q4 24 | 1.27× | 1.56× | ||
| Q3 24 | 3.87× | 1.39× | ||
| Q2 24 | 3.44× | 0.80× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
