Cincinnati Financial vs Hanover Insurance
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The short version
- Cincinnati Financial is the larger business, with $12.6B of revenue in fiscal 2025 against $6.6B for Hanover Insurance, about 1.9 times as much.
- Cincinnati Financial grew revenue faster (11.4%, against 5.7%).
- Cincinnati Financial turned more of its sales into free cash flow (24.5% FCF margin, against 17.8%).
- Hanover Insurance earned a higher return on the capital invested in it (21.3%, against 17.1%).
- Investors pay more for each dollar of Hanover Insurance’s earnings: a P/E of 11.4x against 8.3x for Cincinnati Financial.
| Latest fiscal year | CINF · FY25 | THG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.4B | $8.5B |
| Revenue | $12.6B | $6.6B |
| Free cash flow | $3.1B | $1.2B |
| Net income | $2.4B | $663M |
| Growth | ||
| Revenue growth | 11.4% | 5.7% |
| 5-year growth | 10.9% | 6.5% |
| Share count change | −0.1% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 14.2% |
| Net margin | 19.0% | 10.1% |
| FCF margin | 24.5% | 17.8% |
| Return on capital | 17.1% | 21.3% |
| Return on equity | 16.0% | 20.7% |
| Balance sheet | ||
| Net debt | −$789M | $95.6M |
| Net debt / EBITDA | −0.3x | 0.1x |
| Dividends and buybacks | $730M | $260M |
| Valuation & quality | ||
| P/E | 8.3x | 11.4x |
| Piotroski F-score | — | — |
Revenue
FY16
CINF $5.4B
THG $4.1B
FY17
CINF $5.7B
THG $4.3B
FY18
CINF $5.4B
THG $4.5B
FY19
CINF $7.9B
THG $4.9B
FY20
CINF $7.5B
THG $4.8B
FY21
CINF $9.6B
THG $5.2B
FY22
CINF $6.6B
THG $5.5B
FY23
CINF $10.0B
THG $6.0B
FY24
CINF $11.3B
THG $6.2B
FY25
CINF $12.6B
THG $6.6B
CINF
THG
Operating margin
FY16
CINF —
THG 4.8%
FY17
CINF —
THG 7.7%
FY18
CINF —
THG 9.0%
FY19
CINF —
THG 9.3%
FY20
CINF —
THG 10.1%
FY21
CINF —
THG 8.3%
FY22
CINF —
THG 5.2%
FY23
CINF —
THG 1.8%
FY24
CINF —
THG 10.4%
FY25
CINF —
THG 14.2%
CINF
THG
Free cash flow
FY16
CINF $1.1B
THG $728M
FY17
CINF $1.0B
THG $686M
FY18
CINF $1.2B
THG $538M
FY19
CINF $1.2B
THG $590M
FY20
CINF $1.5B
THG $693M
FY21
CINF $2.0B
THG $816M
FY22
CINF $2.0B
THG $705M
FY23
CINF $2.0B
THG $350M
FY24
CINF $2.6B
THG $796M
FY25
CINF $3.1B
THG $1.2B
CINF
THG
Return on capital
FY16
CINF 9.2%
THG 5.8%
FY17
CINF 10.1%
THG 7.1%
FY18
CINF 3.8%
THG 11.1%
FY19
CINF 23.0%
THG 12.3%
FY20
CINF 12.3%
THG —
FY21
CINF 26.1%
THG —
FY22
CINF −4.5%
THG —
FY23
CINF 17.1%
THG —
FY24
CINF 18.4%
THG 16.8%
FY25
CINF 17.1%
THG 21.3%
CINF
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.