Fidelity National Financial vs Hanover Insurance
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The short version
- Fidelity National Financial is the larger business, with $14.4B of revenue in fiscal 2025 against $6.6B for Hanover Insurance, about 2.2 times as much.
- Investors pay more for each dollar of Fidelity National Financial’s earnings: a P/E of 14.0x against 11.4x for Hanover Insurance.
| Latest fiscal year | FNF · FY25 | THG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.8B | $8.5B |
| Revenue | $14.4B | $6.6B |
| Free cash flow | — | $1.2B |
| Net income | $602M | $663M |
| Growth | ||
| Revenue growth | 5.6% | 5.7% |
| 5-year growth | 6.0% | 6.5% |
| Share count change | −0.4% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 14.2% |
| Net margin | 4.2% | 10.1% |
| FCF margin | — | 17.8% |
| Return on capital | — | 21.3% |
| Return on equity | 7.9% | 20.7% |
| Balance sheet | ||
| Net debt | −$156M | $95.6M |
| Net debt / EBITDA | −0.1x | 0.1x |
| Dividends and buybacks | $797M | $260M |
| Valuation & quality | ||
| P/E | 14.0x | 11.4x |
| Piotroski F-score | — | — |
Revenue
FY16
FNF $7.3B
THG $4.1B
FY17
FNF $7.7B
THG $4.3B
FY18
FNF $7.6B
THG $4.5B
FY19
FNF $8.5B
THG $4.9B
FY20
FNF $10.8B
THG $4.8B
FY21
FNF $15.7B
THG $5.2B
FY22
FNF $11.6B
THG $5.5B
FY23
FNF $11.8B
THG $6.0B
FY24
FNF $13.7B
THG $6.2B
FY25
FNF $14.4B
THG $6.6B
FNF
THG
Operating margin
FY16
FNF —
THG 4.8%
FY17
FNF —
THG 7.7%
FY18
FNF —
THG 9.0%
FY19
FNF —
THG 9.3%
FY20
FNF —
THG 10.1%
FY21
FNF —
THG 8.3%
FY22
FNF —
THG 5.2%
FY23
FNF —
THG 1.8%
FY24
FNF —
THG 10.4%
FY25
FNF —
THG 14.2%
FNF
THG
Free cash flow
FY16
FNF —
THG $728M
FY17
FNF —
THG $686M
FY18
FNF —
THG $538M
FY19
FNF —
THG $590M
FY20
FNF —
THG $693M
FY21
FNF —
THG $816M
FY22
FNF —
THG $705M
FY23
FNF —
THG $350M
FY24
FNF —
THG $796M
FY25
FNF —
THG $1.2B
FNF
THG
Return on capital
FY16
FNF 9.3%
THG 5.8%
FY17
FNF 13.1%
THG 7.1%
FY18
FNF 17.7%
THG 11.1%
FY19
FNF 28.6%
THG 12.3%
FY20
FNF 26.4%
THG —
FY21
FNF 35.6%
THG —
FY22
FNF 20.9%
THG —
FY23
FNF —
THG —
FY24
FNF —
THG 16.8%
FY25
FNF —
THG 21.3%
FNF
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.