Old Republic International vs Hanover Insurance
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The short version
- Old Republic International is the larger business, with $9.1B of revenue in fiscal 2025 against $6.6B for Hanover Insurance.
- Old Republic International grew revenue faster (11.0%, against 5.7%).
- Investors pay more for each dollar of Hanover Insurance’s earnings: a P/E of 11.4x against 8.5x for Old Republic International.
| Latest fiscal year | ORI · FY25 | THG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.6B | $8.5B |
| Revenue | $9.1B | $6.6B |
| Free cash flow | — | $1.2B |
| Net income | $935M | $663M |
| Growth | ||
| Revenue growth | 11.0% | 5.7% |
| 5-year growth | 5.0% | 6.5% |
| Share count change | −4.4% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 14.2% |
| Net margin | 10.2% | 10.1% |
| FCF margin | — | 17.8% |
| Return on capital | — | 21.3% |
| Return on equity | 16.2% | 20.7% |
| Balance sheet | ||
| Net debt | — | $95.6M |
| Net debt / EBITDA | — | 0.1x |
| Dividends and buybacks | $906M | $260M |
| Valuation & quality | ||
| P/E | 8.5x | 11.4x |
| Piotroski F-score | — | — |
Revenue
FY16
ORI $5.9B
THG $4.1B
FY17
ORI $6.3B
THG $4.3B
FY18
ORI $6.3B
THG $4.5B
FY19
ORI $7.5B
THG $4.9B
FY20
ORI $7.2B
THG $4.8B
FY21
ORI $9.3B
THG $5.2B
FY22
ORI $8.1B
THG $5.5B
FY23
ORI $7.3B
THG $6.0B
FY24
ORI $8.2B
THG $6.2B
FY25
ORI $9.1B
THG $6.6B
ORI
THG
Operating margin
FY16
ORI —
THG 4.8%
FY17
ORI —
THG 7.7%
FY18
ORI —
THG 9.0%
FY19
ORI —
THG 9.3%
FY20
ORI —
THG 10.1%
FY21
ORI —
THG 8.3%
FY22
ORI —
THG 5.2%
FY23
ORI —
THG 1.8%
FY24
ORI —
THG 10.4%
FY25
ORI —
THG 14.2%
ORI
THG
Free cash flow
FY16
ORI —
THG $728M
FY17
ORI —
THG $686M
FY18
ORI —
THG $538M
FY19
ORI —
THG $590M
FY20
ORI —
THG $693M
FY21
ORI —
THG $816M
FY22
ORI —
THG $705M
FY23
ORI —
THG $350M
FY24
ORI —
THG $796M
FY25
ORI —
THG $1.2B
ORI
THG
Return on capital
FY16
ORI —
THG 5.8%
FY17
ORI —
THG 7.1%
FY18
ORI —
THG 11.1%
FY19
ORI —
THG 12.3%
FY20
ORI —
THG —
FY21
ORI —
THG —
FY22
ORI —
THG —
FY23
ORI —
THG —
FY24
ORI —
THG 16.8%
FY25
ORI —
THG 21.3%
ORI
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.