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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Market cap: $5.1B
P/E: 4.9×
Fwd P/E: 5.1×
Dividend yield: 0.05%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 20.84

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	3	—	—	—	—	—	—	—	—	—	—

Insider Ownership 4.07%

Capital & Financial Ratios $m

Market Cap 5,120.00

Revenue 3,830.40

Net Income 1,180.30

Free Cash Flow 388.20

Net Debt 805.00

Current Ratio 0.56

Debt/Equity 0.15

P/E ratio 4.92

Fwd P/E 5.11

P/S ratio 1.36

P/B ratio 0.85

Past 5Y EPS Growth 13.64%

This Y EPS Growth (75.31%)

Next Y EPS Growth 22.41%

Next Y revenue growth 22.57%

Next 5Y EPS Growth 13.13%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 15.96%

10-year low 10-year high

P/S against its own 10 years 2.76%

10-year low 10-year high

P/B against its own 10 years 12.02%

10-year low 10-year high

Dividends

Payout Ratio 0.00

Annual Dividend Rate 1.00

Annual Dividend Yield 0.05%

	total	individual payouts
2026	1.00	1.00
2025	1.00	1.00
2024	1.00	1.00
2023	1.00	1.00
2022	1.00	1.00
2021	1.00	1.00
2020	1.00	1.00
2019	1.00	1.00
2018	1.00	1.00
2017	1.00	1.00
2016	1.00	1.00

special payouts not included in total or ratios

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	518	845	—	—	—
’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)	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(12.59)	80.58	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	689.31	834.20	786.23	850.75	629.21	978.51	982.60	1,312.00	1,475.00	1,648.00	Analyst estimates 2026–2028 Powerpack
	High	874.69	948.94	980.89	1,131.50	1,168.21	1,267.52	1,435.45	1,617.00	2,023.00	2,143.25
People
People	Employees	1,400	276	1,058	1,262	1,366	1,648	803	782	893	1,648
	Revenue/emp, $m	0.11	1.35	0.35	0.71	0.66	0.37	1.44	2.77	2.51	2.27
Income, $m
Income, $m	Revenue	158	374	369	893	896	614	1,158	2,167	2,240	3,735
	Gross margin, %	26.44	61.21	23.38	86.72	97.96	7.16	23.52	51.20	43.76	60.47
	EBT	(147)	8	(178)	405	660	(274)	(149)	565	317	1,329
	EBT margin, %	(93.41)	2.09	(48.28)	45.34	73.74	(44.53)	(12.90)	26.09	14.14	35.57
	Net income	409	593	(191)	377	663	(322)	712	581	284	1,202
	Depreciation	39	37	39	40	26	36	18	(2)	10	28
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
	Earnings	82.24	146.06	(41.76)	130.27	226.97	(89.46)	276.96	198.60	89.79	430.14
	Cash flow	(31.33)	22.32	(9.31)	(38.36)	(19.67)	12.68	129.16	159.89	231.74	217.22
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	(31.33)	22.32	(9.31)	(38.36)	(19.67)	12.68	129.16	159.89	231.74	217.22
	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
	Shares, m	5	4	3	3	3	3	3	3	3	3
Valuation, ×
Valuation, ×	P/E	10.51	5.74	0.00	8.55	4.36	0.00	5.04	7.61	21.61	4.81
	P/S	5.21	9.62	7.77	3.92	3.44	5.02	3.41	1.76	2.20	1.41
	P/B	1.04	1.07	1.05	1.11	0.81	0.83	1.00	0.84	0.96	0.86
	EV/Sales	5.12	9.42	7.99	4.06	2.91	5.47	3.69	1.97	2.36	1.58
	EV/FCF	(21.90)	37.62	(91.86)	(29.85)	(42.24)	89.32	11.72	10.56	9.04	10.77
Cash, $m
Cash, $m	Operating cash flow	(155)	95	(31)	(120)	(61)	39	365	404	587	551
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	(155)	95	(31)	(120)	(61)	39	365	404	587	551
Balance, $m
Balance, $m	Working capital	(74)	(43)	(115)	(130)	494	(1,135)	(1,182)	(1,661)	(1,995)	(2,402)
	Total debt	13	24	193	284	376	421	575	565	563	837
	Net debt	(67)	(73)	82	123	(481)	273	320	442	372	652
	Shareholders’ equity	3,716	3,361	2,718	3,145	3,818	3,705	3,935	4,562	5,131	6,124
Returns, %
Returns, %	ROA	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
	ROE	9.94	17.73	(4.65)	14.14	20.36	(7.32)	20.75	11.99	4.75	19.66

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$8.1B	14.7×	15.2×	+16.75% (above 0%: growing)	+33.51% (above 0%: growing)	−5.14% (below 0%: shrinking)	40.91%	40.68%	Compare
THG The Hanover Insurance Group, Inc.	$8.0B	11.0×	10.4×	+4.34% (above 0%: growing)	+27.21% (above 0%: growing)	+2.20% (above 0%: growing)	44.24%	14.75%	Compare
MCY Mercury General Corporation	$5.6B	6.1×	8.7×	+13.80% (above 0%: growing)	+58.14% (above 0%: growing)	−45.52% (below 0%: shrinking)	27.24%	19.93%	Compare
RLI RLI Corp.	$5.5B	12.8×	19.5×	+15.15% (above 0%: growing)	+35.82% (above 0%: growing)	−17.87% (below 0%: shrinking)	43.61%	36.86%	Compare
HGTY Hagerty, Inc.	$5.3B	95.6×	— (loss-making)	−6.46% (below 0%: shrinking)	n/m	+238.74% (above 0%: growing)	100.00%	18.38%	Compare
SIGI Selective Insurance Group, Inc.	$5.2B	11.1×	11.4×	+4.54% (above 0%: growing)	+55.15% (above 0%: growing)	+34.56% (above 0%: growing)	41.15%	12.69%	Compare
WTM White Mountains Insurance Group, Ltd.	$5.1B	4.9×	5.1×	+22.55% (above 0%: growing)	+68.75% (above 0%: growing)	−131.27% (below 0%: shrinking)	54.44%	32.51%
PLMR Palomar Holdings, Inc.	$3.6B	18.2×	13.7×	+54.65% (above 0%: growing)	+14.94% (above 0%: growing)	+38.21% (above 0%: growing)	23.77%	23.77%	Compare
LMND Lemonade, Inc.	$3.6B	— (loss-making)	— (loss-making)	+79.40% (above 0%: growing)	n/m	−335.29% (below 0%: shrinking)	47.69%	(14.20%)	Compare
Median of peers	$5.4B	12.8×	12.6×	+14.48%	+34.67%	−1.47%	42.38%	19.16%

All 45 Insurance Property & Casualty stocks →