Saturday 17 October 2026
Export WTM’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 22.6%, EPS grew 68.8%, free cash flow fell 131.3% and total debt rose 34.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
2,159.73
16.00
+0.75%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 7 | 3 | 6 | 5 | 4 | 7 | 6 | 5 | 6 |
P/E ratio |
10.51 | 5.74 | 0.00 | 8.55 | 4.36 | 0.00 | 5.04 | 7.61 | 21.61 | 4.81 |
P/S ratio |
5.21 | 9.62 | 7.77 | 3.92 | 3.44 | 5.02 | 3.41 | 1.76 | 2.20 | 1.41 |
P/FCF ratio |
0.00 | 38.41 | 0.00 | 0.00 | 0.00 | 82.06 | 10.84 | 9.47 | 8.41 | 9.58 |
P/Operating CF |
(209.49) | 1,797.44 | (4,777.33) | (73.00) | (42.35) | (416.93) | 18.97 | 155.76 | 76.84 | 97.71 |
P/B ratio |
1.04 | 1.07 | 1.05 | 1.11 | 0.81 | 0.83 | 1.00 | 0.84 | 0.96 | 0.86 |
Price to Tangible BV |
1.06 | 1.09 | 1.31 | 1.41 | 1.02 | 0.92 | 1.11 | 0.91 | 1.03 | 1.03 |
EV/Sales |
5.12 | 9.42 | 7.99 | 4.06 | 2.91 | 5.47 | 3.69 | 1.97 | 2.36 | 1.58 |
EV/EBITDA |
0.00 | 74.45 | 0.00 | 7.80 | 3.75 | 0.00 | 0.00 | 6.32 | 11.80 | 3.68 |
EV/Operating CF |
(24.55) | 37.23 | (94.82) | (30.09) | (42.94) | 87.01 | 11.69 | 10.54 | 9.03 | 10.75 |
EV/FCF |
(21.90) | 37.62 | (91.86) | (29.85) | (42.24) | 89.32 | 11.72 | 10.56 | 9.04 | 10.77 |
Quick Ratio |
0.59 | 0.78 | 0.63 | 0.66 | 2.11 | 0.47 | 0.54 | 0.42 | 0.44 | 0.45 |
Current Ratio |
0.59 | 0.78 | 0.63 | 0.66 | 2.11 | 0.47 | 0.54 | 0.42 | 0.44 | 0.45 |
Net Debt/EBITDA |
0.64 | (1.55) | (0.65) | 0.26 | (0.69) | (1.29) | (4.36) | 0.66 | 0.83 | 0.41 |
Debt/Assets |
0.19% | 0.65% | 5.73% | 7.12% | 7.79% | 6.01% | 7.78% | 6.73% | 5.67% | 6.80% |
Debt/Equity |
0.00 | 0.01 | 0.07 | 0.09 | 0.10 | 0.11 | 0.15 | 0.12 | 0.11 | 0.14 |
Asset Turnover |
0.02 | 0.07 | 0.11 | 0.24 | 0.20 | 0.10 | 0.16 | 0.27 | 0.24 | 0.34 |
Operating CF/Net income |
(0.39) | 0.15 | 0.22 | (0.29) | (0.09) | (0.14) | 0.46 | 0.79 | 2.55 | 0.50 |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Interest Coverage |
(48.10) | 4.39 | (17.47) | 24.14 | 90.24 | (12.08) | (2.28) | 10.79 | 7.22 | 20.15 |
| 9.94% | 17.73% | (4.65%) | 14.14% | 20.36% | (7.32%) | 20.75% | 11.99% | 4.75% | 19.66% | |
| 4.78% | 12.32% | (4.02%) | 11.29% | 16.08% | (4.66%) | 11.02% | 6.46% | 2.52% | 9.95% | |
ROIC |
(2.47%) | 0.19% | (3.88%) | 7.80% | 12.40% | (4.19%) | (1.91%) | 7.72% | 4.32% | 13.88% |
Return on Tangible Assets |
(545.92%) | (1,455.22%) | 123.00% | (318.85%) | 143.35% | 24.26% | (67.06%) | (30.65%) | (11.55%) | (46.06%) |
Average Days of Receivables |
57.40 | 56.44 | 86.43 | 35.34 | 34.07 | 517.62 | 361.25 | 178.52 | 221.95 | 170.20 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
111.29% | 55.64% | 63.26% | 36.74% | 23.21% | 47.46% | 31.44% | 19.97% | 24.17% | 18.17% |
Intangible Assets out of Total Assets |
0.01 | 0.02 | 0.16 | 0.16 | 0.16 | 0.05 | 0.05 | 0.04 | 0.04 | 0.08 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(0.70) | (0.04) | (0.16) | (0.17) | (0.02) | (0.74) | (0.52) | (0.69) | (0.66) | (0.80) |
Graham Number |
1,217.04 | 1,623.20 | 0.00 | 1,714.49 | 2,528.98 | 0.00 | 2,945.47 | 2,839.52 | 2,025.54 | 4,848.23 |
Earnings Yield |
9.51% | 17.42% | (4.92%) | 11.70% | 22.92% | (8.78%) | 19.83% | 13.15% | 4.63% | 20.81% |
Free Cash Flow Yield |
(4.49%) | 2.60% | (1.12%) | (3.47%) | (2.00%) | 1.22% | 9.22% | 10.56% | 11.89% | 10.43% |
Revenue per Share |
31.86 | 88.18 | 110.44 | 284.43 | 290.68 | 201.91 | 409.73 | 857.32 | 884.53 | 1,473.78 |
Operating CF per Share |
(31.33) | 22.32 | (9.31) | (38.36) | (19.67) | 12.68 | 129.16 | 159.89 | 231.74 | 217.22 |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
(31.33) | 22.32 | (9.31) | (38.36) | (19.67) | 12.68 | 129.16 | 159.89 | 231.74 | 217.22 |
Cash per Share |
16.20 | 22.91 | 33.00 | 51.26 | 278.32 | 48.54 | 90.23 | 48.43 | 75.39 | 72.96 |
Shareholders Equity per Share |
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 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
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 |
Free Cash Flow |
(155.10) | 94.60 | (31.10) | (120.50) | (60.60) | 38.60 | 365.00 | 404.10 | 586.80 | 550.50 |
Working Capital |
(73.60) | (43.10) | (114.80) | (130.00) | 494.40 | (1,135.20) | (1,182.20) | (1,661.20) | (1,995.10) | (2,402.10) |
Net Current Asset Value |
(2,699.20) | (143.50) | (446.70) | (591.00) | (72.40) | (2,277.00) | (2,053.30) | (2,642.20) | (3,241.70) | (4,256.40) |
EV/EBIT |
0.00 | 348.67 | 0.00 | 8.54 | 3.90 | 0.00 | 0.00 | 6.29 | 12.07 | 3.75 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
0.00 | 355.93 | 0.00 | 8.59 | 4.66 | 0.00 | 0.00 | 6.18 | 12.94 | 3.50 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
(4.07%) | 2.72% | (1.03%) | (3.36%) | (1.20%) | 0.90% | 7.66% | 7.70% | 9.97% | 7.70% |
Accounts Receivable Turnover |
0.66 | 9.05 | 5.08 | 10.27 | 10.53 | 1.29 | 1.15 | 1.96 | 1.85 | 2.41 |
Accounts Payable Turnover |
0.10 | 1.32 | 1.45 | 0.43 | 0.06 | 0.47 | 0.39 | 0.40 | 0.40 | 0.38 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
260.85 | 345.87 | 326.80 | 925.43 | 6,998.83 | 1,331.64 | 1,017.64 | 951.29 | 1,005.14 | 1,044.76 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
240.25 | 41.30 | 72.60 | 86.95 | 85.05 | 477.45 | 1,008.65 | 1,102.85 | 1,210.85 | 1,551.80 |
Average Payables |
1,110.50 | 110.15 | 195.30 | 276.95 | 325.80 | 1,215.95 | 2,275.05 | 2,612.35 | 3,112.15 | 3,847.20 |
Average Assets |
8,401.40 | 5,089.70 | 3,510.90 | 3,672.90 | 4,407.30 | 5,916.05 | 7,195.00 | 7,887.60 | 9,155.75 | 11,116.05 |
Average Common Equity |
4,042.00 | 3,538.40 | 3,039.50 | 2,931.45 | 3,481.30 | 3,761.30 | 3,819.85 | 4,248.30 | 4,846.30 | 5,627.30 |
Columns are period end dates