Allstate vs Hartford

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The short version

Allstate is the larger business, with $67.7B of revenue in fiscal 2025 against $28.4B for Hartford, about 2.4 times as much.
Hartford grew revenue faster (6.9%, against 5.6%).
Hartford turned more of its sales into free cash flow (20.3% FCF margin, against 14.6%).
Allstate earned a higher return on the capital invested in it (37.3%, against 22.6%).
Investors pay more for each dollar of Hartford’s earnings: a P/E of 8.8x against 5.1x for Allstate.

Latest fiscal year	ALL · FY25	HIG · FY25
Size
Market cap	$65.6B	$37.8B
Revenue	$67.7B	$28.4B
Free cash flow	$9.9B	$5.8B
Net income	$10.3B	$3.8B
Growth
Revenue growth	5.6%	6.9%
5-year growth	10.1%	6.7%
Share count change	−0.3%	−4.1%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	15.2%	13.5%
FCF margin	14.6%	20.3%
Return on capital	37.3%	22.6%
Return on equity	39.5%	21.7%
Balance sheet
Net debt	$1.9B	−$159M
Net debt / EBITDA	0.1x	−0.0x
Dividends and buybacks	$2.3B	$2.2B
Valuation & quality
P/E	5.1x	8.8x
Piotroski F-score	—	—

Revenue

FY16

ALL $37.4B

HIG $16.3B

FY17

ALL $39.4B

HIG $17.2B

FY18

ALL $39.8B

HIG $19.0B

FY19

ALL $41.5B

HIG $20.7B

FY20

ALL $41.9B

HIG $20.5B

FY21

ALL $50.6B

HIG $22.4B

FY22

ALL $51.4B

HIG $22.4B

FY23

ALL $57.1B

HIG $24.5B

FY24

ALL $64.1B

HIG $26.5B

FY25

ALL $67.7B

HIG $28.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL HIG

Operating margin

FY16

ALL —

HIG —

FY17

ALL —

HIG —

FY18

ALL —

HIG —

FY19

ALL —

HIG —

FY20

ALL —

HIG —

FY21

ALL —

HIG —

FY22

ALL —

HIG —

FY23

ALL —

HIG —

FY24

ALL —

HIG —

FY25

ALL —

HIG —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL HIG

Free cash flow

FY16

ALL $3.7B

HIG $1.8B

FY17

ALL $4.0B

HIG $1.9B

FY18

ALL $4.9B

HIG $2.7B

FY19

ALL $4.7B

HIG $3.4B

FY20

ALL $5.2B

HIG $3.8B

FY21

ALL $4.8B

HIG $4.0B

FY22

ALL $4.7B

HIG $3.8B

FY23

ALL $4.0B

HIG $4.0B

FY24

ALL $8.7B

HIG $5.8B

FY25

ALL $9.9B

HIG $5.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL HIG

Return on capital

FY16

ALL 9.3%

HIG —

FY17

ALL 15.7%

HIG —

FY18

ALL 9.6%

HIG 11.8%

FY19

ALL 19.5%

HIG 14.7%

FY20

ALL 42.4%

HIG 10.3%

FY21

ALL 13.1%

HIG 13.5%

FY22

ALL −4.7%

HIG 12.2%

FY23

ALL 0.1%

HIG 18.1%

FY24

ALL 22.4%

HIG 20.4%

FY25

ALL 37.3%

HIG 22.6%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL HIG

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.