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The Hartford key statistics and ratios

In fiscal 2025, The Hartford had return on equity of 21.7%, a net margin of 13.5% and debt equal to 23.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin−7.1%10.3%————————————————
Net margin−3.6%7.4%3.3%−0.2%0.9%4.3%10.5%5.5%−18.2%9.5%10.1%8.5%10.6%8.1%10.2%11.7%13.5%15.4%
Free-cash-flow margin———11.8%5.7%9.5%15.3%11.3%11.3%14.4%16.3%18.3%17.7%17.1%16.3%21.7%20.3%—
Return on equity−5.5%9.4%3.5%−0.2%0.9%4.2%9.3%5.2%−20.6%13.6%14.2%10.0%13.1%11.6%17.3%19.6%21.7%24.3%
Return on assets−0.3%0.5%0.2%−0.0%0.1%0.3%0.7%0.4%−1.4%1.3%3.1%2.4%3.1%2.4%3.3%3.9%4.6%5.3%
Asset turnover0.080.070.070.070.070.070.070.070.080.130.310.280.300.300.330.340.340.34
Debt to equity36.0%35.3%31.7%62.1%66.9%35.5%34.5%32.5%37.0%35.7%29.8%23.5%27.8%31.9%28.5%26.5%23.0%23.2%
Interest cover (operating income ÷ interest)n/m4.5x————————————————
Effective tax rate—25.2%——16.7%20.6%19.6%−37.1%—15.3%18.6%18.1%18.4%19.6%18.9%19.2%19.4%20.0%
SG&A as % of revenue—————————22.6%22.1%21.8%21.4%21.6%19.9%19.8%19.7%19.9%
Capital spending as % of revenue———0.3%0.3%0.7%1.9%1.4%1.5%0.6%0.5%0.6%0.6%0.8%0.9%0.5%0.6%—
Free cash flow ÷ net income————666.5%221.2%145.6%205.6%—150.6%162.3%216.3%167.0%210.7%159.9%185.3%150.0%—
Dividends ÷ net income—5.2%21.5%—114.8%35.3%18.8%37.3%—21.0%20.8%26.3%20.5%27.8%21.1%17.9%15.4%13.9%
Dividends and buybacks ÷ free cash flow———12.6%68.4%117.7%63.9%90.3%70.7%13.9%18.7%16.2%55.2%53.6%48.1%35.9%38.4%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

64 /100

Moderate moat

How hard The Hartford's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 2.8% of total assets over 10 years.

  • Durability 2 / 20

    Net margin has been a median 9.2%; its worst year was -11.1%.

  • Discipline 20 / 20

    The diluted share count fell 22.4% over five years; stock-based pay has been a median 0.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (70 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ACGL vs HIGHIG vs TRVFNF vs HIG

More: Property & Casualty Insurance stocks compared, Financials sector, rankings of US companies

Figures from The Hartford's SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to The Hartford.