THGHANOVER INSURANCE GROUP, INC.
Fire, Marine & Casualty Insurance
- Revenue
- $6.6B
- 5.7% YoY
- Operating margin
- 14.1%
- 36% YoY
- EBITDA
- $933M
- 43% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.4×
- $338M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear178% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear1% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.2B | $5.5B | $6.0B | $6.2B | $6.6B | 5.7% |
| Operating income | $432M | $285M | $106M | $650M | $933M | 44% |
| Net income | $423M | $116M | $35M | $426M | $663M | 56% |
| Operating cash flow | $824M | $722M | $362M | $806M | $1.2B | 46% |
| Capex | $8M | $18M | $12M | $10M | $8M | 25% |
| Stock-based comp | $23M | $29M | $31M | $31M | $36M | 15% |
| Buybacks | $163M | $31M | $0 | $27M | $129M | 384% |
| Dividends | $102M | $109M | $117M | $124M | $131M | 5.2% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.