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Friday 6 November 2026
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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
2,258.00
36.16
−1.58%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 5 | 6 | 7 | 4 | 5 | 6 | 3 | 7 | 5 |
P/E ratio |
4.81 | 21.61 | 7.61 | 5.04 | 0.00 | 4.36 | 8.55 | 0.00 | 5.74 | 10.51 |
P/S ratio |
1.41 | 2.20 | 1.76 | 3.41 | 5.02 | 3.44 | 3.92 | 7.77 | 9.62 | 5.21 |
P/FCF ratio |
9.58 | 8.41 | 9.47 | 10.84 | 82.06 | 0.00 | 0.00 | 0.00 | 38.41 | 0.00 |
P/Operating CF |
97.71 | 76.84 | 155.76 | 18.97 | (416.93) | (42.35) | (73.00) | (4,777.33) | 1,797.44 | (209.49) |
P/B ratio |
0.86 | 0.96 | 0.84 | 1.00 | 0.83 | 0.81 | 1.11 | 1.05 | 1.07 | 1.04 |
Price to Tangible BV |
1.03 | 1.03 | 0.91 | 1.11 | 0.92 | 1.02 | 1.41 | 1.31 | 1.09 | 1.06 |
EV/Sales |
1.58 | 2.36 | 1.97 | 3.69 | 5.47 | 2.91 | 4.06 | 7.99 | 9.42 | 5.12 |
EV/EBITDA |
3.68 | 11.80 | 6.32 | 0.00 | 0.00 | 3.75 | 7.80 | 0.00 | 74.45 | 0.00 |
EV/Operating CF |
10.75 | 9.03 | 10.54 | 11.69 | 87.01 | (42.94) | (30.09) | (94.82) | 37.23 | (24.55) |
EV/FCF |
10.77 | 9.04 | 10.56 | 11.72 | 89.32 | (42.24) | (29.85) | (91.86) | 37.62 | (21.90) |
Quick Ratio |
0.45 | 0.44 | 0.42 | 0.54 | 0.47 | 2.11 | 0.66 | 0.63 | 0.78 | 0.59 |
Current Ratio |
0.45 | 0.44 | 0.42 | 0.54 | 0.47 | 2.11 | 0.66 | 0.63 | 0.78 | 0.59 |
Net Debt/EBITDA |
0.41 | 0.83 | 0.66 | (4.36) | (1.29) | (0.69) | 0.26 | (0.65) | (1.55) | 0.64 |
Debt/Assets |
6.80% | 5.67% | 6.73% | 7.78% | 6.01% | 7.79% | 7.12% | 5.73% | 0.65% | 0.19% |
Debt/Equity |
0.14 | 0.11 | 0.12 | 0.15 | 0.11 | 0.10 | 0.09 | 0.07 | 0.01 | 0.00 |
Asset Turnover |
0.34 | 0.24 | 0.27 | 0.16 | 0.10 | 0.20 | 0.24 | 0.11 | 0.07 | 0.02 |
Operating CF/Net income |
0.50 | 2.55 | 0.79 | 0.46 | (0.14) | (0.09) | (0.29) | 0.22 | 0.15 | (0.39) |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Interest Coverage |
20.15 | 7.22 | 10.79 | (2.28) | (12.08) | 90.24 | 24.14 | (17.47) | 4.39 | (48.10) |
| 19.66% | 4.75% | 11.99% | 20.75% | (7.32%) | 20.36% | 14.14% | (4.65%) | 17.73% | 9.94% | |
| 9.95% | 2.52% | 6.46% | 11.02% | (4.66%) | 16.08% | 11.29% | (4.02%) | 12.32% | 4.78% | |
ROIC |
13.88% | 4.32% | 7.72% | (1.91%) | (4.19%) | 12.40% | 7.80% | (3.88%) | 0.19% | (2.47%) |
Return on Tangible Assets |
(46.06%) | (11.55%) | (30.65%) | (67.06%) | 24.26% | 143.35% | (318.85%) | 123.00% | (1,455.22%) | (545.92%) |
Average Days of Receivables |
170.20 | 221.95 | 178.52 | 361.25 | 517.62 | 34.07 | 35.34 | 86.43 | 56.44 | 57.40 |
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 |
18.17% | 24.17% | 19.97% | 31.44% | 47.46% | 23.21% | 36.74% | 63.26% | 55.64% | 111.29% |
Intangible Assets out of Total Assets |
0.08 | 0.04 | 0.04 | 0.05 | 0.05 | 0.16 | 0.16 | 0.16 | 0.02 | 0.01 |
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 |
(0.80) | (0.66) | (0.69) | (0.52) | (0.74) | (0.02) | (0.17) | (0.16) | (0.04) | (0.70) |
Graham Number |
4,848.23 | 2,025.54 | 2,839.52 | 2,945.47 | 0.00 | 2,528.98 | 1,714.49 | 0.00 | 1,623.20 | 1,217.04 |
Earnings Yield |
20.81% | 4.63% | 13.15% | 19.83% | (8.78%) | 22.92% | 11.70% | (4.92%) | 17.42% | 9.51% |
Free Cash Flow Yield |
10.43% | 11.89% | 10.56% | 9.22% | 1.22% | (2.00%) | (3.47%) | (1.12%) | 2.60% | (4.49%) |
Revenue per Share |
1,473.78 | 884.53 | 857.32 | 409.73 | 201.91 | 290.68 | 284.43 | 110.44 | 88.18 | 31.86 |
Operating CF per Share |
217.22 | 231.74 | 159.89 | 129.16 | 12.68 | (19.67) | (38.36) | (9.31) | 22.32 | (31.33) |
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 |
217.22 | 231.74 | 159.89 | 129.16 | 12.68 | (19.67) | (38.36) | (9.31) | 22.32 | (31.33) |
Cash per Share |
72.96 | 75.39 | 48.43 | 90.23 | 48.54 | 278.32 | 51.26 | 33.00 | 22.91 | 16.20 |
Shareholders Equity per Share |
2,416.29 | 2,026.30 | 1,804.93 | 1,392.43 | 1,217.45 | 1,239.18 | 1,001.18 | 813.35 | 792.83 | 750.71 |
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 |
2,416.29 | 2,026.30 | 1,804.93 | 1,392.43 | 1,217.45 | 1,239.18 | 1,001.18 | 813.35 | 792.83 | 750.71 |
Free Cash Flow |
550.50 | 586.80 | 404.10 | 365.00 | 38.60 | (60.60) | (120.50) | (31.10) | 94.60 | (155.10) |
Working Capital |
(2,402.10) | (1,995.10) | (1,661.20) | (1,182.20) | (1,135.20) | 494.40 | (130.00) | (114.80) | (43.10) | (73.60) |
Net Current Asset Value |
(4,256.40) | (3,241.70) | (2,642.20) | (2,053.30) | (2,277.00) | (72.40) | (591.00) | (446.70) | (143.50) | (2,699.20) |
EV/EBIT |
3.75 | 12.07 | 6.29 | 0.00 | 0.00 | 3.90 | 8.54 | 0.00 | 348.67 | 0.00 |
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 |
3.50 | 12.94 | 6.18 | 0.00 | 0.00 | 4.66 | 8.59 | 0.00 | 355.93 | 0.00 |
| 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 |
7.70% | 9.97% | 7.70% | 7.66% | 0.90% | (1.20%) | (3.36%) | (1.03%) | 2.72% | (4.07%) |
Accounts Receivable Turnover |
2.41 | 1.85 | 1.96 | 1.15 | 1.29 | 10.53 | 10.27 | 5.08 | 9.05 | 0.66 |
Accounts Payable Turnover |
0.38 | 0.40 | 0.40 | 0.39 | 0.47 | 0.06 | 0.43 | 1.45 | 1.32 | 0.10 |
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 |
1,044.76 | 1,005.14 | 951.29 | 1,017.64 | 1,331.64 | 6,998.83 | 925.43 | 326.80 | 345.87 | 260.85 |
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 |
1,551.80 | 1,210.85 | 1,102.85 | 1,008.65 | 477.45 | 85.05 | 86.95 | 72.60 | 41.30 | 240.25 |
Average Payables |
3,847.20 | 3,112.15 | 2,612.35 | 2,275.05 | 1,215.95 | 325.80 | 276.95 | 195.30 | 110.15 | 1,110.50 |
Average Assets |
11,116.05 | 9,155.75 | 7,887.60 | 7,195.00 | 5,916.05 | 4,407.30 | 3,672.90 | 3,510.90 | 5,089.70 | 8,401.40 |
Average Common Equity |
5,627.30 | 4,846.30 | 4,248.30 | 3,819.85 | 3,761.30 | 3,481.30 | 2,931.45 | 3,039.50 | 3,538.40 | 4,042.00 |
Columns are period end dates · fundamentals updated 5 Nov 2026