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STOCK COMPARISON

Progressive vs Hanover Insurance Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Progressive (PGR) and Hanover Insurance Group (THG) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Hanover Insurance Group as the less overvalued of the two: Progressive trades at $224 versus a fair value of $160 (-28%), while Hanover Insurance Group trades at $232 versus $177 (-24%).
Progressive
PGR · USD · Financials
-28%
upside to fair value
overvalued
Price$224
Fair Value$160
Quality65/100
Hanover Insurance Group
THG · USD · Financials
-24%
upside to fair value
overvalued
Price$232
Fair Value$177
Quality68/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

ProgressiveHanover Insurance Group
Valuation
11.7×P/E (TTM)10.9×
1.50×P/S (TTM)1.12×
4.43×P/B2.10×
9.3×EV/EBITDA8.1×
35.19×PEG0.34×
−28.4%Fair value upside−23.6%
0.2%Dividend yield1.6%
$0.40Dividend per share$3.70
Profitability
16%Operating margin15%
0.96×EBIT margin trend (5Y)1.39×
38%Return on equity22%
8%Return on assets4%
Growth
9%Revenue growth (YoY)6%
20.9%Avg. growth/yr (3Y)6.7%
15.5%Avg. growth/yr (5Y)6.5%
+23.4%Value creation/yr+13.7%
Balance & size
51.2×Interest coverage (EBIT/interest)19.5×
0.23×Debt / equity0.24×
$134BMarket cap$7B
mixedGrowth qualityhealthy

Hanover Insurance Group leads: 7 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Progressiveof which business quality 64 · market factors 59 Hanover Insurance Groupof which business quality 66 · market factors 83
ProfitabilityMargins and returns on capital today
61
41
Quality GrowthAre margins and returns improving?
64
66
CashflowEarnings quality: real cash, not paper profit
81
82
Fin. StrengthBalance sheet, leverage, solvency risk
54
57
InvestmentDisciplined investing over empire-building
37
64
Low VolatilityCalm price path (market factor)
87
94
MomentumPrice trend over the last 3–12 months (market factor)
46
75
52W MomentumDistance to the 52-week high (market factor)
50
85
Net IssuanceBuybacks instead of dilution
81
93

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyProgressivePrice $224Hanover Insurance GroupPrice $232
Multiples-27%below the price$163-16%below the price$195
Asset-Based-84%below the price$34.90-70%below the price$68.39
Economic Profit-6%close to the price$211-32%below the price$157
Minimum-84%below the price$34.90-70%below the price$68.39
Maximum-6%close to the price$211-16%below the price$195
Median-27%below the price$163-32%below the price$157
Geometric mean-53%below the price$106-45%below the price$128

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Progressive: 3 of 4 models see the stock below the current price.

Hanover Insurance Group: 3 of 4 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Progressive
Bear $120Fair Value $160Bull $200
$224 = current price (white tick)
Hanover Insurance Group
Bear $133Fair Value $177Bull $221
$232 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Progressive · Financials

Quality score65 · Top 25%
Fair value upside-28% · below median

Hanover Insurance Group · Financials

Quality score68 · Top 25%
Fair value upside-24% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Hanover Insurance Group as the less overvalued of the two: Progressive trades at $224 versus a fair value of $160 (-28%), while Hanover Insurance Group trades at $232 versus $177 (-24%).

Hanover Insurance Group has the higher quality score (68/100).

See the full analysis →
Progressive · Hanover Insurance Group

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.