Kinsale Capital Group vs Hanover Insurance
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The short version
- Hanover Insurance is the larger business, with $6.6B of revenue in fiscal 2025 against $1.9B for Kinsale Capital Group, about 3.5 times as much.
- Kinsale Capital Group grew revenue faster (18.0%, against 5.7%).
- Kinsale Capital Group turned more of its sales into free cash flow (52.8% FCF margin, against 17.8%).
- Kinsale Capital Group earned a higher return on the capital invested in it (28.7%, against 21.3%).
- Investors pay more for each dollar of Kinsale Capital Group’s earnings: a P/E of 15.9x against 11.4x for Hanover Insurance.
| Latest fiscal year | KNSL · FY25 | THG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.2B | $8.5B |
| Revenue | $1.9B | $6.6B |
| Free cash flow | $990M | $1.2B |
| Net income | $504M | $663M |
| Growth | ||
| Revenue growth | 18.0% | 5.7% |
| 5-year growth | 32.4% | 6.5% |
| Share count change | −0.3% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 14.2% |
| Net margin | 26.9% | 10.1% |
| FCF margin | 52.8% | 17.8% |
| Return on capital | 28.7% | 21.3% |
| Return on equity | 29.3% | 20.7% |
| Balance sheet | ||
| Net debt | $57.2M | $95.6M |
| Net debt / EBITDA | 0.1x | 0.1x |
| Dividends and buybacks | $106M | $260M |
| Valuation & quality | ||
| P/E | 15.9x | 11.4x |
| Piotroski F-score | — | — |
Revenue
FY16
KNSL $142M
THG $4.1B
FY17
KNSL $187M
THG $4.3B
FY18
KNSL $222M
THG $4.5B
FY19
KNSL $316M
THG $4.9B
FY20
KNSL $460M
THG $4.8B
FY21
KNSL $654M
THG $5.2B
FY22
KNSL $839M
THG $5.5B
FY23
KNSL $1.2B
THG $6.0B
FY24
KNSL $1.6B
THG $6.2B
FY25
KNSL $1.9B
THG $6.6B
KNSL
THG
Operating margin
FY16
KNSL —
THG 4.8%
FY17
KNSL —
THG 7.7%
FY18
KNSL —
THG 9.0%
FY19
KNSL —
THG 9.3%
FY20
KNSL —
THG 10.1%
FY21
KNSL —
THG 8.3%
FY22
KNSL —
THG 5.2%
FY23
KNSL —
THG 1.8%
FY24
KNSL —
THG 10.4%
FY25
KNSL —
THG 14.2%
KNSL
THG
Free cash flow
FY16
KNSL $73.2M
THG $728M
FY17
KNSL $77.2M
THG $686M
FY18
KNSL $103M
THG $538M
FY19
KNSL $159M
THG $590M
FY20
KNSL $247M
THG $693M
FY21
KNSL $401M
THG $816M
FY22
KNSL $551M
THG $705M
FY23
KNSL $853M
THG $350M
FY24
KNSL $952M
THG $796M
FY25
KNSL $990M
THG $1.2B
KNSL
THG
Return on capital
FY16
KNSL —
THG 5.8%
FY17
KNSL —
THG 7.1%
FY18
KNSL —
THG 11.1%
FY19
KNSL —
THG 12.3%
FY20
KNSL —
THG —
FY21
KNSL —
THG —
FY22
KNSL 23.8%
THG —
FY23
KNSL 33.6%
THG —
FY24
KNSL 31.5%
THG 16.8%
FY25
KNSL 28.7%
THG 21.3%
KNSL
THG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.