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Held by 121 of 2,417 reporting institutions (91th percentile) — extremely crowded.
Data as of Q3 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 14%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest is easily covered by operating profit. Effective rate ~3.5% on $1.22B of debt.
Cash of $1.12B fully covers short-term debt of $375.0M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MKL | $22.9B | 11.1× | — | 1.5× | 4.7% | — | 13.6% | 11.3% | 9.2% | — | 244 |
| L | $22.8B | 14.0× | — | 1.2× | 5.4% | — | 9.0% | 8.9% | 8.9% | — | 201 |
| EG | $15.4B | 10.9× | — | 0.9× | 1.2% | — | 9.1% | 10.3% | 10.3% | — | — |
| RNR | $13.8B | 6.0× | — | 1.1× | 9.9% | — | 20.9% | 23.1% | 19.2% | — | — |
| CNA | $13.2B | 10.4× | — | 0.9× | 5.0% | — | 8.5% | 11.0% | 8.8% | — | 72 |
| AFG | $12.8B | 15.3× | — | 1.6× | -1.8% | — | 10.3% | 17.5% | 12.7% | — | 127 |
| KNSL | $8.2B | 16.9× | — | 4.4× | 18.0% | — | 26.9% | 25.7% | 23.1% | — | 129 |
| THG | $8.2B | 12.9× | — | 1.2× | 5.7% | — | 10.0% | 18.5% | 13.8% | — | 121 |
| AXS | $7.5B | 8.5× | — | 1.1× | 10.2% | — | 15.4% | 15.9% | 15.9% | — | — |
| RLI | $5.9B | 14.8× | — | 3.1× | 6.3% | — | 21.4% | 22.7% | 21.5% | — | 102 |
| SIGI | $5.9B | 13.3× | — | 1.1× | 9.8% | — | 8.7% | 12.9% | 12.9% | — | 82 |
| MCY | $5.7B | 10.5× | — | 0.9× | 9.4% | 99.7% | 9.0% | 22.4% | 18.1% | — | 64 |
| WTM | $5.4B | 5.2× | — | 1.4× | 66.8% | 95.9% | 29.6% | 20.4% | 17.7% | — | 82 |
| PLMR | $3.6B | 19.1× | — | 4.1× | 58.2% | — | 22.5% | 20.9% | 20.9% | — | 74 |
| HG | $3.5B | 6.3× | — | 1.2× | 24.7% | — | 28.9% | 29.8% | 28.3% | — | 35 |
Peers = companies sharing THG's sector (Fire, Marine & Casualty Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 11% of free cash flow, leaving room to grow it and fund buybacks. Last year: $130.6M dividends + $129.2M buybacks = $259.8M returned on $1.17B FCF.
5 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.59B 100.0% | $6.24B 100.0% | $5.99B 100.0% | $5.47B 100.0% | $5.23B 100.0% | $4.82B 100.0% | $4.89B 100.0% | $4.49B 100.0% | $4.27B 100.0% | $4.05B 100.0% |
| Operating Income | $933.0M 14.1% | $650.1M 10.4% | $105.6M 1.8% | $285.1M 5.2% | $432.3M 8.3% | $484.7M 10.0% | $453.6M 9.3% | $406.5M 9.0% | $327.3M 7.7% | $192.9M 4.8% |
| Interest Expense | $43.2M 0.7% | $34.1M 0.5% | $34.1M 0.6% | $34.1M 0.6% | $34.0M 0.7% | $37.1M 0.8% | $37.5M 0.8% | $45.1M 1.0% | $45.2M 1.1% | $51.4M 1.3% |
| Other Income (Expense), net | — | -$2.4M -0.0% | $2.1M 0.0% | -$500K -0.0% | — | -$1.6M -0.0% | -$3.4M -0.1% | — | -$10.3M -0.2% | $2.6M 0.1% |
| Pretax Income | $843.8M 12.8% | $537.8M 8.6% | $41.1M 0.7% | $144.0M 2.6% | $521.3M 10.0% | $444.8M 9.2% | $522.1M 10.7% | $282.5M 6.3% | $292.9M 6.9% | $66.0M 1.6% |
| Income Tax Expense | $183.1M 2.8% | $112.5M 1.8% | $7.6M 0.1% | $27.2M 0.5% | $101.3M 1.9% | $82.8M 1.7% | $93.1M 1.9% | $43.5M 1.0% | $76.8M 1.8% | -$1.0M -0.0% |
| Net Income | $662.5M 10.0% | $426.0M 6.8% | $35.3M 0.6% | $116.0M 2.1% | $422.8M 8.1% | $358.7M 7.4% | $425.1M 8.7% | $391.0M 8.7% | $186.2M 4.4% | $155.1M 3.8% |
| Per Share | ||||||||||
| EPS (Basic) | $18.50 | $11.85 | $0.99 | $3.26 | $11.78 | $9.52 | $10.62 | $9.21 | $4.38 | $3.63 |
| EPS (Diluted) | $18.16 | $11.70 | $0.98 | $3.21 | $11.60 | $9.42 | $10.46 | $9.09 | $4.33 | $3.59 |
| Weighted Avg Shares (Basic) | 35.8M | 35.9M | 35.7M | 35.6M | 35.9M | 37.7M | 40.0M | 42.4M | 42.5M | 42.8M |
| Weighted Avg Shares (Diluted) | 36.5M | 36.4M | 36.1M | 36.1M | 36.4M | 38.1M | 40.6M | 43.0M | 43.0M | 43.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 19% against ROIC 14% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 20.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 7.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 9.0 | 9.3 | 10.0 | 8.3 | 5.2 | 1.8 | 10.4 | 14.1 |
| Income Tax | 1.0 | 1.9 | 1.7 | 1.9 | 0.5 | 0.1 | 1.8 | 2.8 |
| Net Income | 8.7 | 8.7 | 7.4 | 8.1 | 2.1 | 0.6 | 6.8 | 10.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on THG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 4.8% | 3.8% |
| FY2017 | not reported | 7.7% | 4.4% |
| FY2018 | not reported | 9.0% | 8.7% |
| FY2019 | not reported | 9.3% | 8.7% |
| FY2020 | not reported | 10.0% | 7.4% |
| FY2021 | not reported | 8.3% | 8.1% |
| FY2022 | not reported | 5.2% | 2.1% |
| FY2023 | not reported | 1.8% | 0.6% |
| FY2024 | not reported | 10.4% | 6.8% |
| FY2025 | not reported | 14.1% | 10.0% |
Leverage and buybacks account for 5 points of the 19% return on equity in FY2025. The business earns 14% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 4.31x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Leverage is not measurable this way for a insurer.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $235.12, free cash flow must compound -0.87%/yr for 10 years. It has done 12.11%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 17.5% | −0.9% |
| FY2021 | 17.8% | −0.9% |
| FY2022 | −13.6% | −0.9% |
| FY2023 | −50.3% | −0.9% |
| FY2024 | 127.6% | −0.9% |
| FY2025 | 47.0% | −0.9% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $663M | $663M |
| Share-based comp | $36M | $698M |
| Other non-cash & working capital | $480M | $1.18B |
| Operating cash flow | $1.18B | $1.18B |
| Capex | −$8M | $1.17B |
| Free cash flow | $1.17B | $1.17B |
| FCF after SBC | $1.13B | $1.13B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -1.4% | not reported | not reported |
| FY2021 | 8.3% | not reported | not reported |
| FY2022 | 4.6% | not reported | not reported |
| FY2023 | 9.6% | not reported | not reported |
| FY2024 | 4.1% | not reported | not reported |
| FY2025 | 5.7% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.4 percent |
| FY2020 | -2.6 percent |
| FY2021 | -2.8 percent |
| FY2022 | -4.3 percent |
| FY2023 | -2.2 percent |
| FY2024 | -2.5 percent |
| FY2025 | -3.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-25 | Lane Kathy S Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Egan Cynthia Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Donnell William E. Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Condrin J Paul Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Ramrath Joseph R Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Carlin Jane D Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Bunting Theodore H Jr Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Bradicich Kevin Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Aristeguieta Francisco Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Ward Elizabeth A Director | Grant | 4 | $0.00 | $0 |
| 2026-09-25 | Salvatore Bryan J Executive Vice President | Grant | 24 | $0.00 | $0 |
| 2026-09-25 | Roche John C President and CEO | Grant | 120 | $0.00 | $0 |
| 2026-09-25 | Norton-Gatto Patricia A. SVP & Princpl. Accntg. Officer | Grant | 6 | $0.00 | $0 |
| 2026-09-25 | Lovely David John Executive Vice President | Grant | 10 | $0.00 | $0 |
| 2026-09-25 | Lee Willard T Executive Vice President | Grant | 11 | $0.00 | $0 |
| 2026-09-25 | Lavey Richard W Executive Vice President | Grant | 28 | $0.00 | $0 |
| 2026-09-25 | Kerrigan Dennis Francis Executive Vice President | Grant | 15 | $0.00 | $0 |
| 2026-09-25 | Farber Jeffrey M Executive Vice President | Grant | 42 | $0.00 | $0 |
| 2026-08-20 | 9 co-filers Executive Vice President | Option exercise | 2,104 | $118.54 | $249k |
| 2026-08-20 | 9 co-filers Executive Vice President | 10b5-1 plan sale | 400 | $220.01 | $88k |
| 2026-08-20 | 9 co-filers Executive Vice President | 10b5-1 plan sale | 1,704 | $222.97 | $380k |
| 2026-08-20 | 9 co-filers Executive Vice President | Option exercise | 2,104 | $0.00 | — |
| 2026-08-19 | 9 co-filers Executive Vice President | Option exercise | 6,551 | $118.54 | $777k |
| 2026-08-19 | 9 co-filers Executive Vice President | 10b5-1 plan sale | 4,822 | $220.41 | $1.1m |
| 2026-08-19 | 9 co-filers Executive Vice President | 10b5-1 plan sale | 1,505 | $221.73 | $334k |
| 2026-08-19 | 9 co-filers Executive Vice President | 10b5-1 plan sale | 224 | $222.77 | $50k |
| 2026-08-19 | 9 co-filers Executive Vice President | Option exercise | 6,551 | $0.00 | — |
| 2026-08-06 | 2 co-filers Group filing | Open-market sale | 600 | $230.20 | $138k |
| 2026-08-05 | 2 co-filers Group filing | Open-market sale | 600 | $228.03 | $137k |
| 2026-08-03 | Carlin Jane D Director | Open-market sale | 1,000 | $231.50 | $232k |
| 2026-07-29 | 7 co-filers Executive Vice President | Option exercise | 20,379 | $117.22 | $2.4m |
| 2026-07-29 | 7 co-filers Executive Vice President | Option exercise | 26,832 | $118.54 | $3.2m |
| 2026-07-29 | 7 co-filers Executive Vice President | Option exercise | 19,084 | $115.35 | $2.2m |
| 2026-07-29 | 7 co-filers Executive Vice President | Tax withholding | 49,330 | $232.34 | $11.5m |
| 2026-07-29 | 7 co-filers Executive Vice President | Option exercise | 20,379 | $0.00 | — |
| 2026-07-29 | 7 co-filers Executive Vice President | Option exercise | 26,832 | $0.00 | — |
| 2026-07-29 | 7 co-filers Executive Vice President | Option exercise | 19,084 | $0.00 | — |
| 2026-06-26 | Lane Kathy S Director | Grant | 4 | $0.00 | $0 |
| 2026-06-26 | Egan Cynthia Director | Grant | 4 | $0.00 | $0 |
| 2026-06-26 | Carlin Jane D Director | Grant | 4 | $0.00 | $0 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.