Hanover Insurance Ratios (2009-2025) | THG

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Ratios	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin	43.45%	43.12%	43.30%	42.19%	35.13%	43.46%	43.39%	38.71%	27.68%	33.67%	39.48%	41.04%	35.05%	38.81%	26.31%	42.10%	41.48%	42.10%	43.88%	39.67%	43.01%	40.30%	45.85%	40.47%	42.57%	44.00%	43.94%	43.01%	40.29%	44.25%	66.16%	26.03%	31.17%	39.54%	41.29%	38.53%	40.78%	42.02%	35.97%	42.63%	40.12%	41.94%	40.94%	36.20%	41.84%	43.21%	46.39%	39.06%	42.34%	33.80%	44.59%	40.82%	34.65%	31.23%	28.94%	29.53%	24.23%	30.01%	40.10%	39.71%	34.43%	39.05%	45.68%	40.41%	42.14%	44.32%
EBT Margin	13.87%	9.53%	10.06%	7.94%	0.40%	9.09%	8.41%	4.73%	-7.05%	-2.31%	6.97%	6.31%	1.34%	4.60%	-0.62%	7.53%	5.57%	7.16%	7.18%	5.80%	8.46%	5.95%	9.56%	5.93%	11.76%	8.95%	8.25%	8.81%	-0.58%	10.00%	-12.68%	5.69%	10.54%	7.62%	8.72%	5.41%	8.79%	10.52%	0.10%	12.19%	9.16%	10.73%	10.60%	-4.72%	11.69%	11.89%	15.96%	8.90%	12.37%	3.33%	14.86%	9.77%	2.18%	0.04%	-0.99%	-1.21%	-6.03%	-0.06%	9.82%	9.37%	3.34%	8.29%	13.35%	9.99%	12.02%	13.64%
EBIT Margin	8.80%	8.76%	8.74%	8.18%	8.04%	7.62%	7.56%	7.24%	7.14%	6.12%	6.07%	6.13%	6.08%	5.98%	5.92%	5.70%	5.74%	5.47%	5.54%	5.39%	5.26%	5.33%	5.35%	5.40%	5.45%	5.54%	5.81%	5.56%	5.65%	5.46%	2.10%	6.86%	6.86%	5.76%	5.73%	6.05%	5.79%	5.69%	6.29%	5.76%	5.81%	5.66%	5.78%	6.10%	4.71%	5.41%	5.41%	5.99%	5.85%	6.18%	5.77%	5.78%	5.45%	5.34%	5.13%	5.45%	5.82%	5.55%	5.34%	5.78%	5.88%	5.86%	6.36%	6.62%	6.38%	7.03%
EBITDA Margin	8.80%	8.76%	8.74%	8.18%	8.04%	7.62%	7.56%	7.24%	7.14%	6.12%	6.07%	6.13%	6.08%	5.98%	5.92%	5.70%	5.74%	5.47%	5.54%	5.39%	5.26%	5.33%	5.35%	5.40%	5.45%	5.54%	5.81%	5.56%	5.65%	5.46%	2.10%	6.86%	6.86%	5.76%	5.73%	6.05%	5.79%	5.69%	6.29%	5.76%	5.81%	5.66%	5.78%	6.10%	4.71%	5.41%	5.41%	5.99%	5.85%	6.18%	5.77%	5.78%	5.45%	5.34%	5.13%	5.45%	5.82%	5.55%	5.34%	5.78%	5.88%	5.86%	6.36%	6.62%	6.38%	7.03%
Operating Margin	8.80%	8.76%	8.74%	8.18%	8.04%	7.62%	7.56%	7.24%	7.14%	6.12%	6.07%	6.13%	6.08%	5.98%	5.92%	5.70%	5.74%	5.47%	5.54%	5.39%	5.26%	5.33%	5.35%	5.40%	5.45%	5.54%	5.81%	5.56%	5.65%	5.46%	2.10%	6.86%	6.86%	5.76%	5.73%	6.05%	5.79%	5.69%	6.29%	5.76%	5.81%	5.66%	5.78%	6.10%	4.71%	5.41%	5.41%	5.99%	5.85%	6.18%	5.77%	5.78%	5.45%	5.34%	5.13%	5.45%	5.82%	5.55%	5.34%	5.78%	5.88%	5.86%	6.36%	6.62%	6.38%	7.03%
Net Margin	0.13%	0.06%	0.42%	-0.05%	0.01%	0.11%	0.12%	0.17%	0.07%		0.28%	-0.09%	0.98%	-0.04%	0.03%	-0.02%	0.03%		0.42%	-0.01%	0.01%	-0.01%	-0.02%	3.68%	-0.02%	0.09%	-0.02%	0.01%	0.01%	0.01%	-0.10%	2.42%	7.44%	-6.80%	0.17%	1.97%	1.79%	-0.40%	8.60%	0.07%	-0.83%	0.53%	-0.14%	-0.11%	-0.01%	-0.05%	-0.13%	-0.01%	-0.09%	-0.06%	0.52%	-0.03%	0.02%	-0.02%	-0.10%		0.05%	0.03%	0.03%	0.02%	0.01%		0.04%	0.02%	0.01%	0.01%
FCF Margin		9.82%	8.34%	-16.37%	3.31%	9.35%	11.32%	2.65%	8.91%	16.09%	-6.28%	0.85%	3.82%	12.16%	16.34%	-1.97%	3.87%	11.84%	15.96%	4.81%	7.87%	18.93%	11.98%	6.19%	1.09%	19.89%	7.08%	6.16%	12.26%	25.97%	14.33%	4.82%	18.16%	25.81%	15.06%	2.56%	12.69%	24.20%	7.64%	2.73%	9.24%	22.19%	13.98%	2.93%	15.08%	25.32%	12.20%	10.88%	12.84%	22.30%	16.39%	14.67%	0.28%	22.77%	13.16%	1.01%	1.52%	14.62%	5.92%	3.62%	8.93%	25.06%	13.29%	2.31%	12.39%	33.12%
Efficiency
Assets Average						8.49B	8.58B	8.54B	8.75B	10.83B	12.64B	12.76B	13.02B	13.22B	13.41B	13.46B	13.37B	13.38B	13.42B	13.51B	13.80B	13.96B	13.86B	13.84B	14.04B	14.09B	13.91B	13.90B	14.10B	14.26B	14.29B	14.36B	14.64B	15.09B	15.43B	15.40B	15.37B	15.51B	14.01B	12.19B	12.07B	12.39B	12.56B	12.38B	12.56B	13.12B	13.42B	13.45B	13.59B	13.92B	14.18B	14.05B	13.72B	13.67B	13.87B	14.04B	14.14B	14.25B	14.46B	14.60B	14.73B	15.12B	15.32B	15.37B	15.60B	16.25B
Equity Average		2.31B	2.11B	2.06B	2.33B	2.42B	2.14B	2.13B	2.46B	2.45B	2.11B	2.18B	2.60B	2.66B	2.24B	2.21B	2.56B	2.52B	2.19B	2.26B	2.74B	2.78B	2.30B	2.37B	2.90B	2.89B	2.36B	2.40B	2.98B	3.03B	2.95B	2.89B	2.94B	2.97B	2.98B	2.96B	2.93B	2.96B	2.97B	2.94B	2.93B	3.01B	3.00B	2.83B	2.90B	3.11B	3.18B	3.12B	3.10B	3.13B	3.12B	2.99B	2.70B	2.43B	2.31B	2.36B	2.31B	2.18B	2.29B	2.49B	2.54B	2.71B	2.86B	2.94B	3.13B	3.32B
Invested Capital	2.22B	2.41B	2.24B	2.30B	2.98B	3.12B	2.40B	3.03B	3.32B	3.33B	2.70B	3.50B	3.53B	3.62B	2.64B	3.60B	3.44B	3.49B	2.74B	3.58B	3.70B	3.68B	2.74B	3.74B	3.75B	3.82B	2.65B	3.90B	3.90B	3.94B	3.65B	3.70B	3.76B	3.76B	3.79B	3.70B	3.73B	3.76B	3.73B	3.58B	3.59B	3.76B	3.58B	3.45B	3.73B	3.94B	3.99B	3.83B	3.94B	3.88B	3.93B	3.61B	3.35B	3.08B	3.12B	3.17B	3.02B	2.90B	3.25B	3.31B	3.34B	3.66B	3.57B	3.77B	3.56B	4.28B
Asset Utilization Ratio						0.36	0.37	0.38	0.38	0.33	0.31	0.33	0.35	0.34	0.34	0.35	0.35	0.35	0.36	0.36	0.36	0.36	0.37	0.37	0.37	0.36	0.36	0.36	0.35	0.34	0.35	0.33	0.31	0.29	0.28	0.28	0.29	0.29	0.32	0.38	0.39	0.38	0.39	0.39	0.39	0.37	0.37	0.38	0.38	0.37	0.37	0.38	0.38	0.39	0.39	0.40	0.41	0.42	0.41	0.42	0.42	0.41	0.41	0.41	0.41	0.40
Leverage & Solvency
Interest Coverage Ratio				6.57	5.28	5.19	5.48	5.81	5.65	3.90	4.21	4.25	4.31	4.74	4.61	4.58	3.90	3.96	4.10	4.11	4.11	4.14	4.07	4.35	4.71	4.61	4.76	4.65	4.43	5.42	3.07	5.93	5.93	5.54	5.54	5.84	5.75	5.93	6.20	7.47	7.48	7.32	7.73	7.40	6.14	6.90	8.26	9.04	8.89	9.27	9.35	9.05	8.29	8.59	8.83	9.26	10.19	9.91	9.60	10.55	10.51	10.80	11.85	12.48	12.27	10.09
Debt to Equity																																																															0.02	0.02	0.14	0.13
Debt Ratio																																																															0.00	0.00	0.03	0.03
Equity Ratio			0.22		0.28	0.29	0.21	0.29	0.27	0.19	0.14	0.20	0.20	0.20	0.13	0.20	0.19	0.19	0.14	0.20	0.20	0.20	0.13	0.21	0.21	0.20	0.13	0.21	0.21	0.21	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.19	0.24	0.24	0.24	0.24	0.23	0.22	0.24	0.24	0.24	0.23	0.23	0.22	0.22	0.20	0.19	0.17	0.17	0.17	0.16	0.15	0.17	0.17	0.17	0.19	0.19	0.20	0.20	0.20
Times Interest Earned				6.57	5.28	5.19	5.48	5.81	5.65	3.90	4.21	4.25	4.31	4.74	4.61	4.58	3.90	3.96	4.10	4.11	4.11	4.14	4.07	4.35	4.71	4.61	4.76	4.65	4.43	5.42	3.07	5.93	5.93	5.54	5.54	5.84	5.75	5.93	6.20	7.47	7.48	7.32	7.73	7.40	6.14	6.90	8.26	9.04	8.89	9.27	9.35	9.05	8.29	8.59	8.83	9.26	10.19	9.91	9.60	10.55	10.51	10.80	11.85	12.48	12.27	10.09
Dividends & Payouts
FCF Payout Ratio				-0.10	0.47	0.15	0.12	0.57	0.16	0.07	-0.19	1.42	0.31	0.09	0.08	-0.64	0.32	0.10	0.08	0.27	0.16	0.07	0.12	0.23	1.27	0.07	0.23	0.26	0.13	0.06	0.12	0.43	0.11	0.08	0.14	0.82	0.16	0.08	0.30	6.52	0.22	0.09	0.69	0.74	0.13	0.08	0.16	0.18	0.15	0.09	0.12	0.14	7.42	0.09	0.15	1.98	1.27	0.13	0.33	0.54	0.22	0.08	0.15	0.87	0.16	0.06
Valuation
Enterprise Value	-0.28B	-0.23B	-0.32B	-0.21B	-0.26B	-0.27B	-0.29B	-0.22B	-0.72B	-0.92B	-0.82B	-0.63B	-0.52B	-0.46B	-0.56B	-0.69B	-0.69B	-0.60B	-0.49B	-0.48B	-0.61B	-0.51B	-0.37B	-0.40B	-0.58B	-0.39B	-0.01B	-0.41B	-0.36B	-0.32B	-0.01B	-0.26B	-0.32B	-0.12B	-0.87B	-0.26B	-0.24B	-0.69B	-1.49B	-0.67B	-0.71B	-0.73B	-0.79B	-0.59B	-0.64B	-0.72B	-0.72B	-0.75B	-0.72B	-0.79B	-0.89B	-0.88B	-0.58B	-0.56B	-0.55B	-0.42B	-0.40B	-0.42B	-0.45B	-0.40B	-0.48B	-0.58B	-0.59B	-0.48B	-0.42B	-1.10B
Return Ratios
Return on Sales	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.07%	-0.07%	0.00%	0.02%	0.02%	0.00%	0.09%	0.00%	-0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital				0.09%	0.09%	0.08%	0.09%	0.07%	0.06%	0.14%	0.10%	0.05%	0.06%	0.06%	0.09%	0.10%	0.08%	0.06%	0.06%	0.06%	0.05%	0.05%	0.06%	0.06%	0.05%	0.05%	0.06%	0.06%	0.05%	0.05%	0.03%	-0.05%	0.03%	0.02%	0.05%	0.05%	0.05%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.05%	0.05%	0.05%	0.06%	0.06%	0.06%	0.06%	0.07%	0.06%	0.06%	0.05%	1.12%	0.09%	0.08%	0.02%	0.07%	0.07%	0.07%	0.08%	0.08%	0.08%	0.09%
Return on Assets						0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity				0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.01%	0.03%	0.01%	0.01%	0.01%	-0.01%	0.01%	0.04%	0.04%	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Research Tools

Hanover Insurance Ratios (2009-2025) | THG

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