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White Mountains Insurance Group, Ltd.

WTM Financial Insurance Property & Casualty

White Mountains Insurance Group, Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 66.8% from fiscal 2024.

Revenue
−25.8%
EPS
−140.1%
Free cash flow
−0.75%
Total debt
+21.3%

Quarter to September 2026, against a year earlier

2,244.89 49.27 −2.15%
Market cap
$5.5B
P/E
6.0×
Fwd P/E
5.1×
Dividend yield
0.04%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 20.84
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — — — — — — — — — —
Insider Ownership 1.91%

Capital & Financial Ratios $m

Size
Market Cap 5,480.00
Revenue ttm 3,607.30
Net income ttm 989.00
Free cash flow ttm 385.50
Net debt Q 928.60
Valuation
P/E 6.04
Forward P/E 5.11
Price / sales 1.49
Forward P/S Powerpack
Price / FCF 13.97
Price / book 0.88
Financial health
Current ratio Q 0.56
Debt / equity Q 0.15
Interest coverage Q 14.30
Growth
Revenue growth Q −25.82% (below 0%: shrinking)
Operating income growth Q +44.97% (above 0%: growing)
EPS, this year −75.31% (below 0%: weak)
EPS, next year A +22.41% (at or above 15%: strong)
Revenue, next year A +22.57% (at or above 10%: strong)
EPS, past 5 yrs +13.64%
EPS, next 5 yrs A +13.13%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 28.91%
10-year low 10-year high
P/S against its own 10 years 6.49%
10-year low 10-year high
P/B against its own 10 years 24.42%
10-year low 10-year high

Dividends

Yield
0.04%
Annual rate
1.00
Payout ratio
0.26%
Growth, 2018–26
0.00%/yr
  1. 1.00 ’18
  2. 1.00 ’19 +0
  3. 1.00 ’20 +0
  4. 1.00 ’21 +0
  5. 1.00 ’22 +0
  6. 1.00 ’23 +0
  7. 1.00 ’24 +0
  8. 1.00 ’25 +0
  9. 1.00 ’26 +0
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 122 191 185 128
Receivables 1,060 1,362 1,742 3,026
Inventory — — — —
Other — — — —
1,182 1,553 1,927 3,153
2023 2024 2025 Q'26
Payables 2,756 3,469 4,226 5,629
ST’ Debt — — — —
Other — — — —
2,843 3,548 4,329 5,629

Compound Annual Growth %

10y 5y 3y
Sales 23.85% 33.06% 47.75%
Cash Flow 11.68% 0.00% 14.68%
Earnings 14.12% 9.32% 11.75%
Book Value 3.44% 9.91% 15.88%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY18 Estimate 1.16 Actual 0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY18 −1.07 −1.42 Miss by 0.35
Q2 FY18 0.13 1.02 Beat by 0.89
Q3 FY18 2.37 1.85 Miss by 0.52
Q4 FY18 1.16 0.19 Miss by 0.97

EPS $

Mar Jun Sep Dec Year
’26 (12.59) 80.58 (17.71) — —
’25 13.19 47.75 44.18 327.23 430.14
’24 92.33 (21.24) 69.68 (50.78) 89.79
’23 69.83 7.65 9.19 111.87 198.60
’22 11.10 (56.80) 306.93 15.69 276.96
’21 (24.30) 44.56 (120.18) 10.87 (89.46)
’20 (40.54) 37.14 75.09 157.70 226.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 518 845 641 — —
’25 578 689 864 1,604 3,735
’24 647 395 839 358 2,240
’23 532 378 520 737 2,167
’22 260 77 383 438 1,158
’21 178 342 (92) 186 614
’20 (59) 260 460 236 896
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 31 (55) 357 — —
’25 (40) 178 359 54 551
’24 37 217 269 64 587
’23 86 71 223 25 404
’22 (41) 81 117 208 365
’21 (93) 107 32 (7) 39
’20 (60) 21 51 (73) (61)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 31 (55) 357 — —
’25 (40) 178 359 54 551
’24 37 217 269 64 587
’23 86 71 223 25 404
’22 (41) 81 117 208 365
’21 (93) 107 32 (7) 39
’20 (60) 21 51 (73) (61)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 158 374 369 893 896 614 1,158 2,167 2,240 3,735 3,607 +42.1% — — — —
Gross margin, % 26.44 61.21 23.38 86.72 97.96 7.16 23.52 51.20 43.76 60.47 0.00 +34.0 pt
EBT (147) 8 (178) 405 660 (274) (149) 565 317 1,329 1,108 n/m
EBT margin, % (93.41) 2.09 (48.28) 45.34 73.74 (44.53) (12.90) 26.09 14.14 35.57 30.72 +129.0 pt
Net income 409 593 (191) 377 663 (322) 712 581 284 1,202 989 +12.7%
Per share, $
Per share, $ Revenue 31.86 88.18 110.44 284.43 290.68 201.91 409.73 857.32 884.53 1,473.78 1,531.70 +53.1%
Earnings 82.24 146.06 (41.76) 130.27 226.97 (89.46) 276.96 198.60 89.79 430.14 377.51 +20.2%
Cash flow (31.33) 22.32 (9.31) (38.36) (19.67) 12.68 129.16 159.89 231.74 217.22 163.69 n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (31.33) 22.32 (9.31) (38.36) (19.67) 12.68 129.16 159.89 231.74 217.22 163.69 n/m
Book value 750.71 792.83 813.35 1,001.18 1,239.18 1,217.45 1,392.43 1,804.93 2,026.30 2,416.29 2,587.92 +13.9%
Shares, m 5 4 3 3 3 3 3 3 3 3 2 (7.2%)
Valuation, ×
Valuation, × P/E 10.51 5.74 0.00 8.55 4.36 0.00 5.04 7.61 21.61 4.81 6.04 6.8
P/S 5.21 9.62 7.77 3.92 3.44 5.02 3.41 1.76 2.20 1.41 1.49 4.4
P/B 1.04 1.07 1.05 1.11 0.81 0.83 1.00 0.84 0.96 0.86 0.88 1.0
EV/Sales 5.12 9.42 7.99 4.06 2.91 5.47 3.69 1.97 2.36 1.58 — 4.5
EV/FCF (21.90) 37.62 (91.86) (29.85) (42.24) 89.32 11.72 10.56 9.04 10.77 — (1.7)
Cash, $m
Cash, $m Operating cash flow (155) 95 (31) (120) (61) 39 365 404 587 551 386 n/m
Capex — — — — — — — — — — (1) —
Free cash flow (155) 95 (31) (120) (61) 39 365 404 587 551 386 n/m
Balance, $m
Balance, $m Working capital (74) (43) (115) (130) 494 (1,135) (1,182) (1,661) (1,995) (2,402) (2,476) +47.3%
Net debt (67) (73) 82 123 (481) 273 320 442 372 652 929 n/m
Shareholders’ equity 3,716 3,361 2,718 3,145 3,818 3,705 3,935 4,562 5,131 6,124 6,095 +5.7%
Returns, %
Returns, % ROA 4.78 12.32 (4.02) 11.29 16.08 (4.66) 11.02 6.46 2.52 9.95 7.54 +5.2 pt
ROIC (2.47) 0.19 (3.88) 7.80 12.40 (4.19) (1.91) 7.72 4.32 13.88 0.00 +16.4 pt
ROE 9.94 17.73 (4.65) 14.14 20.36 (7.32) 20.75 11.99 4.75 19.66 16.59 +9.7 pt
People
People Employees 1,400 276 1,058 1,262 1,366 1,648 803 782 893 1,648 — +1.8%
Revenue/emp, $m 0.11 1.35 0.35 0.71 0.66 0.37 1.44 2.77 2.51 2.27 — +39.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

White Mountains Insurance Group, Ltd. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KNSL Kinsale Capital Group, Inc. $8.9B 17.2× 16.2× −8.58% (below 0%: shrinking) −28.76% (below 0%: shrinking) −9.58% (below 0%: shrinking) 27.99% 27.89% Compare
THG The Hanover Insurance Group, Inc. $8.6B 11.7× 11.6× +4.23% (above 0%: growing) +1.22% (above 0%: growing) −6.06% (below 0%: shrinking) 42.97% 13.27% Compare
RLI RLI Corp. $6.4B 16.2× 16.0× −6.34% (below 0%: shrinking) −34.81% (below 0%: shrinking) +8.17% (above 0%: growing) 29.66% 22.52% Compare
HGTY Hagerty, Inc. $6.3B 57.0× 77.9× −9.50% (below 0%: shrinking) +89.89% (above 0%: growing) +1.36% (above 0%: growing) 100.00% 30.77% Compare
SIGI Selective Insurance Group, Inc. $6.0B 12.2× 11.7× −2.49% (below 0%: shrinking) +14.05% (above 0%: growing) −12.67% (below 0%: shrinking) 42.49% 13.22% Compare
WTM White Mountains Insurance Group, Ltd. $5.5B 6.0× 5.1× −25.82% (below 0%: shrinking) n/m −0.75% (below 0%: shrinking) 0.00% 0.00%
MCY Mercury General Corporation $4.7B 7.3× 7.0× −12.84% (below 0%: shrinking) n/m −25.62% (below 0%: shrinking) 7.63% (0.92%) Compare
PLMR Palomar Holdings, Inc. $4.1B 20.2× 17.7× +54.65% (above 0%: growing) +14.94% (above 0%: growing) +38.21% (above 0%: growing) 23.77% 23.77% Compare
LMND Lemonade, Inc. $3.2B — (loss-making) — (loss-making) +72.80% (above 0%: growing) n/m −26.92% (below 0%: shrinking) 44.24% (12.85%) Compare
Median of peers $6.2B 16.2× 16.0× −4.41% +7.64% −7.82% 36.08% 17.90%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.06m 16.33m 208.42
2024 7.42m 14.10m 175.12
2023 7.58m 11.68m 135.42
2022 7.19m 23.15m 127.17
2021 7.19m 4.64m 91.08
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

White Mountains Insurance Group, Ltd. (WTM) Latest News

5 Nov

Impact 3 ·

18 Oct

Impact 4 · · Simply Wall St.

14 Sep

Impact 3 ·

27 Aug

Impact 3 ·

6 Aug

Impact 3 ·

12 May

Impact 3 · · Simply Wall St.

6 May

Impact 3 · · PR Newswire

1 May

Impact 4 · · PR Newswire

1 Apr

Impact 4 · · PR Newswire

26 Feb

Impact 4 · · GlobeNewswire

9 Feb

Impact 4 · · Simply Wall St.

6 Feb

Impact 4 · · Associated Press FinanceSimply Wall St.Associated Press FinanceMT NewswiresLife Insurance InternationalStockStoryZacksAssociated Press Finance
Impact 3 · · PR Newswire

13 Jan

Impact 3 · · Simply Wall St.

24 Dec

Impact 3 · · PR Newswire

22 Dec

Impact 4 ·

3 Dec

Impact 3 · · Simply Wall St.

2 Dec

Impact 4 · · Insider MonkeyMT NewswiresAssociated Press FinanceSimply Wall St.MT NewswiresMT NewswiresInsider Monkey

1 Dec

Impact 3 · · MarketBeat

21 Nov

Impact 4 · · PR NewswireInsider MonkeyMT NewswiresMT NewswiresMT NewswiresMT Newswires

20 Nov

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

6 Nov

Impact 4 · · Associated Press Finance
Impact 3 · · PR Newswire

4 Nov

Impact 3 ·

9 Oct

Impact 3 · · Simply Wall St.BenzingaMT NewswiresMT NewswiresSimply Wall St.

6 Oct

Impact 4 · · lifeinsuranceinternational.com

3 Oct

Impact 4 · · Barrons.com
Impact 4 · · Benzinga
Impact 4 · · PR Newswire

30 Sep

Impact 3 · · PR Newswire

WTM metrics, ten years each

stockrow.com/WTM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com