White Mountains Insurance Group (WTM) Financials

$1,838.11 +10.01 (+0.55%)

Closing price 03:59 PM Eastern

Extended Trading

$1,839.34 +1.23 (+0.07%)

As of 04:33 PM Eastern

Annual Income Statements for White Mountains Insurance Group

This table shows White Mountains Insurance Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	230	509	793	-275	709	-246	-141	627	402	295
Consolidated Net Income / (Loss)	284	581	712	-322	663	377	-191	593	409	277
Net Income / (Loss) Continuing Operations	284	581	-191	-318	675	376	-174	16	-114	117
Total Pre-Tax Income	317	565	-149	-274	660	810	-178	7.80	-295	129
Total Operating Income	378	628	-109	-253	668	-148	-140	-119	41	131
Total Gross Profit	1,322	1,400	523	230	884	646	120	101	241	346
Total Revenue	2,240	2,167	1,158	614	896	517	369	241	343	440
Operating Revenue	2,240	2,167	1,158	614	896	517	477	241	343	440
Total Cost of Revenue	918	767	635	384	11	-129	249	139	102	94
Operating Cost of Revenue	918	767	635	384	11	-129	249	139	102	94
Total Operating Expenses	944	771	632	483	217	794	261	220	200	215
Selling, General & Admin Expense	490	433	364	292	208	656	234	208	176	201
Amortization Expense	342	290	251	186	8.60	0.00	24	11	16	-
Other Operating Expenses / (Income)	51	0.00	-	-	-	112	0.40	1.50	8.40	8.20
Other Special Charges / (Income)	61	49	17	5.50	-	4.20	2.70	0.00	-	-
Total Other Income / (Expense), net	-61	-63	-40	-21	-7.40	-106	-38	127	-335	-1.60
Interest Expense	61	63	40	21	7.40	35	9.50	2.30	3.00	1.60
Income Tax Expense	33	-16	41	44	-15	29	-4.00	-7.80	-33	13
Net Income / (Loss) Discontinued Operations	0.00	0.00	903	-3.90	-12	-	-17	21	108	135
Net Income / (Loss) Attributable to Noncontrolling Interest	54	72	-80	-47	-45	-38	-50	-34	7.20	-19
Weighted Average Basic Shares Outstanding	2.56M	2.56M	2.57M	0.00	0.00	0.00	3.17M	3.74M	4.56M	5.55M
Weighted Average Diluted Shares Outstanding	2.56M	2.56M	2.57M	0.00	0.00	0.00	3.17M	3.74M	4.56M	5.55M
Weighted Average Basic & Diluted Shares Outstanding	2.56M	2.56M	2.57M	0.00	0.00	0.00	3.17M	3.74M	4.56M	5.55M
Cash Dividends to Common per Share	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00

This table shows White Mountains Insurance Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	34	-306	179	-55	412	127	24	20	339	40	888
Consolidated Net Income / (Loss)	63	-124	228	-41	222	363	14	17	187	62	870
Net Income / (Loss) Continuing Operations	63	-132	95	-76	397	194	35	5.80	347	62	-24
Total Pre-Tax Income	72	-296	240	-35	408	168	21	17	359	119	-21
Total Operating Income	90	-615	139	436	417	-365	615	20	359	-666	0.00
Total Gross Profit	309	-354	402	660	614	-127	824	188	515	-315	0.00
Total Revenue	578	61	706	851	622	174	1,098	367	529	277	0.00
Operating Revenue	578	327	686	851	376	420	1,098	347	302	-	-
Total Cost of Revenue	269	415	305	191	7.60	300	274	179	14	591	0.00
Operating Cost of Revenue	269	415	305	191	7.60	300	274	179	14	-	-
Total Operating Expenses	218	261	263	224	197	239	209	168	156	351	0.00
Selling, General & Admin Expense	96	121	122	123	125	134	100	103	96	-	-
Amortization Expense	97	88	106	76	72	72	92	63	63	-	-
Other Operating Expenses / (Income)	16	-	-	13	-	-	0.00	-	-	-	-
Other Special Charges / (Income)	9.70	14	34	13	0.00	32	17	2.20	-2.40	-	-
Total Other Income / (Expense), net	-18	486	-33	-505	-9.30	524	-573	-14	0.00	447	-21
Interest Expense	18	-	17	15	-	-	16	14	-	2.30	21
Income Tax Expense	9.60	3.70	12	6.50	11	-35	7.30	0.20	12	68	-7.40
Net Income / (Loss) Attributable to Noncontrolling Interest	29	6.00	49	13	-15	76	-9.80	-2.40	7.70	21	-19
Weighted Average Basic Shares Outstanding	2.57M	2.56M	2.57M	2.57M	2.57M	2.56M	2.56M	2.56M	2.56M	2.57M	2.58M
Weighted Average Diluted Shares Outstanding	2.57M	2.56M	2.57M	2.57M	2.57M	2.56M	2.56M	2.56M	2.56M	2.57M	2.58M
Weighted Average Basic & Diluted Shares Outstanding	2.57M	2.56M	2.57M	2.57M	2.57M	2.56M	2.56M	2.56M	2.56M	2.57M	2.58M
Cash Dividends to Common per Share	$1.00	-	$0.00	$0.00	$1.00	-	$0.00	$0.00	$1.00	-	$0.00

This table details how cash moves in and out of White Mountains Insurance Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	144	-133	136	48	55	51	13	114	2.10	-75
Net Cash From Operating Activities	587	404	365	39	-61	-121	-31	95	-155	182
Net Cash From Continuing Operating Activities	587	404	326	-3.70	-96	-121	-31	-62	-179	-66
Net Income / (Loss) Continuing Operations	284	581	-174	-341	673	377	-191	573	301	160
Consolidated Net Income / (Loss)	284	581	712	-322	663	377	-191	593	409	277
Net Income / (Loss) Discontinued Operations	0.00	0.00	887	19	-9.50	-	0.00	21	108	117
Depreciation Expense	-6.40	-18	4.30	22	9.60	30	26	22	20	3.80
Non-Cash Adjustments To Reconcile Net Income	-442	-443	-154	88	-831	-459	152	-636	-356	-300
Changes in Operating Assets and Liabilities, net	751	284	650	227	38	-78	-30	-36	-162	55
Net Cash From Discontinued Operating Activities	0.00	0.00	39	42	36	-	-	157	24	248
Net Cash From Investing Activities	-447	-544	116	-208	65	-60	459	719	1,277	11
Net Cash From Continuing Investing Activities	-447	-544	108	-152	190	-60	459	716	1,035	112
Acquisitions	-236	0.00	-68	11	0.00	-258	-295	-28	-415	-2.60
Purchase of Investments	-1,989	-972	-1,189	-1,641	-648	-725	-1,433	-3,332	-4,751	-694
Divestitures	0.00	17	1,392	0.00	-	-	-	1,299	2,646	24
Sale and/or Maturity of Investments	1,753	344	48	828	1,489	950	2,164	2,791	3,692	758
Other Investing Activities, net	25	67	-74	650	-651	-27	23	-15	-137	27
Net Cash From Discontinued Investing Activities	0.00	0.00	7.10	-57	-125	-	-	3.00	241	-101
Net Cash From Financing Activities	4.20	7.20	-345	218	49	231	-414	-699	-948	-221
Net Cash From Continuing Financing Activities	4.20	7.20	-327	219	-80	231	-414	-637	-855	-121
Repayment of Debt	-28	-40	-68	-133	-2.00	-32	-24	-374	-410	-83
Repurchase of Common Equity	-7.90	-33	-616	-108	-85	0.00	-512	-715	-881	-269
Payment of Dividends	-24	-15	-13	-2.40	-91	-29	-9.80	-6.60	-6.50	-14
Issuance of Debt	37	12	214	402	32	206	84	376	353	172
Other Financing Activities, net	27	82	156	60	66	44	47	82	87	73
Net Cash From Discontinued Financing Activities	0.00	0.00	-18	-1.00	129	-	-	-62	-94	-101

This table details how cash moves in and out of White Mountains Insurance Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	46	-80	91	30	103	-40	8.30	-48	-52	9.30	-109
Net Cash From Operating Activities	-40	64	269	217	37	25	223	71	86	208	117
Net Cash From Continuing Operating Activities	-40	64	269	217	37	25	223	71	86	208	115
Net Income / (Loss) Continuing Operations	63	-124	228	-41	222	363	14	17	187	-825	880
Consolidated Net Income / (Loss)	63	-124	228	-41	222	363	14	17	187	62	870
Depreciation Expense	1.10	1.10	-2.70	-2.70	-2.10	-7.50	-5.30	-2.60	-2.40	-2.70	-1.40
Non-Cash Adjustments To Reconcile Net Income	-71	-11	-356	115	-191	15	-396	-2.10	-60	760	-596
Changes in Operating Assets and Liabilities, net	-33	198	400	145	7.60	-345	610	59	-39	276	-161
Net Cash From Investing Activities	7.30	-163	-190	-195	101	-89	-232	-126	-97	-152	234
Net Cash From Continuing Investing Activities	7.30	-163	-190	-195	101	-89	-232	-126	-97	-152	234
Acquisitions	0.00	-	-4.20	-	-232	-	-	-	0.00	-	-
Purchase of Investments	-262	-368	-658	-908	-56	-227	-142	-330	-274	-490	-280
Sale and/or Maturity of Investments	297	165	501	727	359	62	-92	204	171	-327	-113
Other Investing Activities, net	-27	39	-29	-14	29	76	1.80	-0.40	-11	657	-670
Net Cash From Financing Activities	79	20	11	7.90	-34	24	18	6.90	-41	-47	-488
Net Cash From Continuing Financing Activities	79	20	11	7.90	-34	24	18	6.90	-41	-47	-487
Repayment of Debt	15	6.80	-10	7.90	-33	-4.90	-12	-3.20	-20	-56	-8.40
Repurchase of Common Equity	-9.90	0.20	-	-	-8.10	-	-	-7.40	-25	-5.30	-509
Payment of Dividends	-44	-9.60	-1.40	-11	-1.40	-6.70	2.20	-5.80	-4.30	-0.80	-14
Issuance of Debt	116	21	16	-	-	0.20	0.20	-	-	2.00	8.80
Issuance of Common Equity	0.60	-	-	-	-	-	-	-	-	-	-
Other Financing Activities, net	0.00	1.00	6.90	11	7.90	35	27	11	8.30	13	36
Cash Interest Paid	16	-	15	15	17	-	6.40	5.80	5.80	-	4.60
Cash Income Taxes Paid	3.50	-	4.80	9.10	5.30	-	2.10	10	18	-	-0.60

This table presents White Mountains Insurance Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	9,926	8,386	7,389	7,001	4,831	3,983	3,363	3,659	6,520	10,283
Total Current Assets	1,249	1,628	1,192	623	211	450	416	97	80	0.00
Cash & Equivalents	266	122	255	148	211	161	110	97	80	-
Short-Term Investments	982	1,506	937	475	-	218	225	-	-	-
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	8,677	6,758	6,198	6,378	6,376	3,535	2,947	3,562	6,440	10,283
Long-Term Investments	5,513	4,901	4,246	3,799	2,939	2,746	2,329	3,381	2,714	4,271
Noncurrent Note & Lease Receivables	788	618	551	423	-	16	6.40	-	-	-
Goodwill	720	371	392	341	0.00	657	538	62	45	55
Other Noncurrent Operating Assets	1,655	869	1,009	1,815	3,437	117	74	119	3,680	5,843
Total Liabilities & Shareholders' Equity	9,926	8,386	7,389	7,001	4,831	3,983	3,363	3,659	6,520	10,283
Total Liabilities	4,795	3,824	3,454	3,296	1,014	839	644	298	2,804	5,915
Total Current Liabilities	0.00	0.00	0.00	495	0.00	0.00	27	32	0.00	1,390
Total Noncurrent Liabilities	6,922	5,429	4,751	2,801	886	839	617	267	2,804	4,525
Long-Term Debt	563	565	575	421	376	284	193	24	13	338
Noncurrent Employee Benefit Liabilities	79	88	114	73	96	77	59	61	96	141
Other Noncurrent Operating Liabilities	6,280	4,777	4,062	2,307	413	478	365	182	2,696	4,047
Total Equity & Noncontrolling Interests	5,131	4,562	3,935	3,705	3,818	3,145	2,718	3,361	3,716	4,368
Total Preferred & Common Equity	4,484	4,241	3,747	3,548	3,906	3,262	2,843	3,493	3,583	3,913
Total Common Equity	4,484	4,241	3,747	3,548	3,314	3,262	2,843	3,493	3,583	3,913
Common Stock	566	551	539	589	3.10	596	584	671	811	978
Retained Earnings	3,919	3,691	3,212	2,958	3,311	2,672	2,265	2,823	2,777	3,085
Accumulated Other Comprehensive Income / (Loss)	-1.70	-1.60	-3.50	1.70	-0.40	-7.20	-5.80	-1.30	-1.40	-150
Noncontrolling Interest	647	321	188	157	-88	-117	-125	-132	133	455

This table presents White Mountains Insurance Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	11,005	10,338	10,167	9,590	8,143	8,376	7,959	7,545
Total Current Assets	1,340	1,252	1,476	1,302	1,342	1,154	1,106	1,455
Cash & Equivalents	312	346	255	225	163	155	203	246
Short-Term Investments	1,028	906	1,221	1,077	1,179	999	903	1,209
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	9,665	9,086	8,691	8,288	6,801	7,223	6,853	6,090
Long-Term Investments	5,547	5,472	5,233	5,274	4,700	4,647	4,551	3,958
Noncurrent Note & Lease Receivables	1,295	1,035	1,204	1,007	787	1,084	916	705
Goodwill	715	726	731	737	372	374	376	393
Other Noncurrent Operating Assets	2,108	1,852	1,523	1,271	943	1,119	1,010	1,034
Total Liabilities & Shareholders' Equity	11,005	10,338	10,167	9,590	8,143	8,376	7,959	7,545
Total Liabilities	5,865	5,078	5,295	4,700	3,979	4,250	3,866	3,679
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	8,119	7,211	7,185	6,444	5,550	4,250	3,866	3,679
Long-Term Debt	676	545	530	532	565	566	556	616
Noncurrent Employee Benefit Liabilities	28	65	76	60	84	66	52	89
Other Noncurrent Operating Liabilities	7,415	6,601	6,579	5,853	4,902	3,619	3,258	2,974
Total Equity & Noncontrolling Interests	5,140	5,260	4,872	4,891	4,164	4,126	4,093	3,866
Total Preferred & Common Equity	4,510	4,611	4,423	4,470	3,949	3,922	3,902	3,708
Total Common Equity	4,510	4,611	4,423	4,470	3,949	3,922	3,902	3,708
Common Stock	567	563	561	555	548	543	538	535
Retained Earnings	3,943	4,048	3,863	3,918	3,404	3,381	3,367	3,176
Accumulated Other Comprehensive Income / (Loss)	-0.50	-1.00	-1.80	-1.80	-2.70	-1.70	-2.70	-3.20
Noncontrolling Interest	630	649	450	420	215	204	190	158

This table displays calculated financial ratios and metrics derived from White Mountains Insurance Group's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.37%	87.12%	88.46%	-31.40%	73.26%	40.04%	53.47%	-29.84%	-22.09%	-83.96%
EBITDA Growth	-39.19%	682.35%	54.73%	-133.36%	1,116.11%	47.46%	-51.16%	61.83%	-250.70%	270.27%
EBIT Growth	-39.90%	675.71%	56.89%	-137.90%	714.92%	35.63%	-36.93%	53.37%	-301.99%	206.26%
NOPAT Growth	-47.52%	944.99%	56.89%	-125.95%	579.29%	-45.05%	58.77%	-934.03%	-75.78%	-87.21%
Net Income Growth	-51.09%	-18.46%	321.31%	-148.52%	76.16%	296.76%	-132.27%	45.01%	47.81%	-4.59%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	45.21%	10.71%	845.60%	163.70%	49.71%	-287.46%	-132.88%	160.99%	-185.03%	53.54%
Free Cash Flow Firm Growth	-63.12%	-39.08%	-8.07%	231.54%	-868.88%	54.35%	-155.60%	267.52%	-215.41%	118.20%
Invested Capital Growth	-6.26%	-35.25%	-1,218.56%	-93.21%	859.72%	23.37%	365.34%	-109.98%	114.98%	-40.04%
Revenue Q/Q Growth	-4.79%	-4.53%	8.46%	146.55%	0.00%	0.00%	21.02%	-50.87%	305.64%	-83.08%
EBITDA Q/Q Growth	-39.34%	93.75%	-127.03%	28.92%	1,539.83%	-202.71%	25.33%	-141.91%	0.40%	-90.34%
EBIT Q/Q Growth	-39.77%	91.49%	-129.27%	24.94%	769.14%	-282.39%	-7.25%	-167.58%	-24.92%	-91.33%
NOPAT Q/Q Growth	-46.38%	136.58%	-129.27%	72.44%	0.00%	0.00%	10.81%	-286.66%	119.29%	-88.83%
Net Income Q/Q Growth	-63.16%	107.69%	3.11%	-165.16%	41.69%	97.38%	-392.03%	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	7.24%	-31.24%	144.15%	244.03%	-69.27%	-64.84%	-9.12%	27.67%	-273.73%	120.29%
Free Cash Flow Firm Q/Q Growth	-34.14%	-35.79%	-55.28%	158.69%	-3,499.69%	-144.81%	-70.76%	174.85%	-110.50%	108.73%
Invested Capital Q/Q Growth	-4.70%	-4.29%	-138.90%	-95.10%	739.96%	3.53%	16.16%	-241.00%	183.72%	-87.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.01%	64.59%	45.16%	37.48%	98.74%	125.01%	32.62%	42.04%	70.25%	78.64%
EBITDA Margin	16.57%	28.17%	-9.05%	-37.68%	77.49%	-13.21%	-35.22%	-35.76%	-65.72%	33.98%
Operating Margin	16.85%	28.99%	-9.42%	-41.19%	74.56%	-28.59%	-38.01%	-49.52%	11.90%	29.73%
EBIT Margin	16.85%	28.99%	-9.42%	-41.19%	74.56%	-21.01%	-45.71%	-51.23%	-77.07%	29.73%
Profit (Net Income) Margin	12.68%	26.81%	61.53%	-52.39%	74.07%	72.86%	-51.86%	246.61%	119.31%	62.89%
Tax Burden Percent	89.71%	102.74%	-476.84%	117.65%	100.45%	46.48%	107.41%	7,603.85%	-138.83%	214.16%
Interest Burden Percent	83.89%	90.02%	136.94%	108.10%	98.89%	-746.04%	105.63%	-6.33%	111.51%	98.78%
Effective Tax Rate	10.29%	-2.74%	0.00%	0.00%	-2.24%	3.62%	0.00%	-100.00%	0.00%	9.83%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-11.33%	42.23%	-51.58%	-127.46%	-56.65%	4.17%	20.35%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-4.75%	43.27%	-71.13%	-124.32%	-83.32%	-7.16%	16.25%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	2.77%	-23.18%	64.42%	121.17%	73.42%	5.95%	-14.14%
Return on Equity (ROE)	5.86%	13.67%	18.65%	-8.56%	19.06%	12.85%	-6.30%	16.76%	10.12%	6.21%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	163.24%	-120.02%	-72.50%	-177.40%	0.00%	-68.84%	70.42%
Operating Return on Assets (OROA)	4.12%	7.96%	-1.52%	-4.28%	15.15%	-2.96%	-4.81%	-2.42%	-3.14%	1.26%
Return on Assets (ROA)	3.10%	7.36%	9.90%	-5.44%	15.05%	10.25%	-5.45%	11.65%	4.87%	2.67%
Return on Common Equity (ROCE)	5.28%	12.85%	17.81%	-7.81%	18.00%	13.38%	-6.56%	16.76%	9.38%	5.52%
Return on Equity Simple (ROE_SIMPLE)	6.34%	13.70%	19.01%	-9.07%	16.98%	11.55%	-6.73%	16.98%	11.42%	7.07%
Net Operating Profit after Tax (NOPAT)	339	645	-76	-177	683	-142	-98	-238	29	118
NOPAT Margin	15.12%	29.78%	-6.60%	-28.84%	76.24%	-27.56%	-26.61%	-99.04%	8.33%	26.81%
Net Nonoperating Expense Percent (NNEP)	-0.69%	-0.94%	16.32%	-6.59%	-1.04%	19.55%	-3.15%	26.66%	11.33%	4.10%
Return On Investment Capital (ROIC_SIMPLE)	5.95%	12.59%	-1.69%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	40.99%	35.41%	54.84%	62.52%	1.26%	-25.01%	67.38%	57.96%	29.76%	21.36%
SG&A Expenses to Revenue	21.88%	19.97%	31.44%	47.46%	23.21%	126.99%	63.26%	86.49%	51.20%	45.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.16%	35.60%	54.58%	78.68%	24.17%	153.61%	70.63%	91.56%	58.34%	48.91%
Earnings before Interest and Taxes (EBIT)	378	628	-109	-253	668	-109	-169	-123	-264	131
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	371	610	-105	-232	694	-68	-130	-86	-225	150
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.11	0.91	0.97	0.86	0.93	1.08	0.95	0.91	1.06	1.05
Price to Tangible Book Value (P/TBV)	1.33	1.00	1.08	0.95	0.93	1.36	1.18	0.92	1.07	1.06
Price to Revenue (P/Rev)	2.23	1.78	3.14	4.97	3.46	6.84	7.35	13.19	11.05	9.31
Price to Earnings (P/E)	21.68	7.56	4.59	0.00	4.37	0.00	0.00	5.06	9.43	13.87
Dividend Yield	0.05%	0.07%	0.07%	0.10%	0.10%	0.09%	0.12%	0.12%	0.12%	0.14%
Earnings Yield	4.61%	13.22%	21.79%	0.00%	22.90%	0.00%	0.00%	19.78%	10.61%	7.21%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.08	1.90	0.47	0.00	1.22	1.42
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.26	1.12	0.32	0.00	3.32	1.40
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.34	0.00	0.00	0.00	0.00	4.13
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.35	0.00	0.00	0.00	0.00	4.72
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.34	0.00	0.00	0.00	39.87	5.23
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.12	0.15	0.11	0.10	0.09	0.07	0.01	0.00	0.08
Long-Term Debt to Equity	0.11	0.12	0.15	0.11	0.10	0.09	0.07	0.01	0.00	0.08
Financial Leverage	-1.64	-1.62	-1.27	-0.58	-0.54	-0.91	-0.97	-0.88	-0.83	-0.87
Leverage Ratio	1.89	1.86	1.88	1.57	1.27	1.25	1.16	1.44	2.08	2.33
Compound Leverage Factor	1.58	1.67	2.58	1.70	1.25	-9.35	1.22	-0.09	2.32	2.30
Debt to Total Capital	9.88%	11.01%	12.75%	10.20%	8.97%	8.27%	6.62%	0.70%	0.34%	7.17%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	9.88%	11.01%	12.75%	10.20%	8.97%	8.27%	6.62%	0.70%	0.34%	7.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	11.37%	6.26%	4.17%	3.80%	-2.10%	-3.41%	-4.29%	-3.89%	3.58%	9.67%
Common Equity to Total Capital	78.75%	82.72%	83.08%	86.00%	79.01%	95.14%	97.67%	103.19%	96.08%	83.16%
Debt to EBITDA	1.52	0.93	-5.49	-1.82	0.54	-4.15	-1.48	-0.28	-0.06	2.26
Net Debt to EBITDA	-16.71	-9.77	46.40	17.28	-4.00	41.60	19.01	40.16	12.35	-26.31
Long-Term Debt to EBITDA	1.52	0.93	-5.49	-1.82	0.54	-4.15	-1.48	-0.28	-0.06	2.26
Debt to NOPAT	1.66	0.87	-7.53	-2.38	0.55	-1.99	-1.96	-0.10	0.44	2.86
Net Debt to NOPAT	-18.31	-9.24	63.67	22.58	-4.06	19.95	25.16	14.50	-97.41	-33.35
Long-Term Debt to NOPAT	1.66	0.87	-7.53	-2.38	0.55	-1.99	-1.96	-0.10	0.44	2.86
Altman Z-Score	1.68	1.96	1.54	1.14	3.49	3.65	3.55	7.43	1.34	0.76
Noncontrolling Interest Sharing Ratio	9.99%	5.99%	4.51%	8.78%	5.56%	-4.12%	-4.22%	0.02%	7.27%	11.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	1.26	0.00	0.00	15.40	3.07	0.00	0.00
Quick Ratio	0.00	0.00	0.00	1.26	0.00	0.00	15.40	3.07	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	527	1,429	2,346	2,552	-1,940	-200	-439	789	-471	408
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	8.67	22.79	58.22	124.49	-262.19	-5.66	-46.18	343.09	-157.01	255.09
Operating Cash Flow to Interest Expense	9.65	6.45	9.06	1.88	-8.19	-3.40	-3.27	41.13	-51.70	114.00
Operating Cash Flow Less CapEx to Interest Expense	9.65	6.45	9.06	1.88	-8.19	-3.40	-3.27	41.13	-51.70	114.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.27	0.16	0.10	0.20	0.14	0.11	0.05	0.04	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	6.81	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	53.60	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	53.60	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,196	-3,008	-2,224	199	2,928	305	247	-93	934	435
Invested Capital Turnover	-0.72	-0.83	-1.14	0.39	0.55	1.87	4.79	0.57	0.50	0.76
Increase / (Decrease) in Invested Capital	-188	-784	-2,423	-2,729	2,623	58	341	-1,027	500	-290
Enterprise Value (EV)	-557	-1,792	-1,035	-792	233	580	117	-415	1,139	617
Market Capitalization	4,995	3,851	3,639	3,053	3,094	3,538	2,713	3,171	3,787	4,096
Book Value per Share	$1,745.89	$1,656.15	$1,454.41	$1,175.73	$1,068.31	$1,023.91	$893.90	$931.34	$784.78	$688.20
Tangible Book Value per Share	$1,465.41	$1,511.41	$1,302.10	$1,062.90	$1,068.31	$817.74	$724.91	$914.78	$774.88	$678.45
Total Capital	5,694	5,126	4,510	4,126	4,194	3,428	2,911	3,385	3,729	4,706
Total Debt	563	565	575	421	376	284	193	24	13	338
Total Long-Term Debt	563	565	575	421	376	284	193	24	13	338
Net Debt	-6,200	-5,964	-4,862	-4,001	-2,774	-2,842	-2,471	-3,454	-2,782	-3,934
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	-495	0.00	71	54	-32	0.00	-1,390
Debt-free Net Working Capital (DFNWC)	1,249	1,628	1,192	127	211	450	389	66	80	-1,390
Net Working Capital (NWC)	1,249	1,628	1,192	127	211	450	389	66	80	-1,390
Net Nonoperating Expense (NNE)	55	64	-789	145	19	-519	93	-831	-380	-159
Net Nonoperating Obligations (NNO)	-8,327	-7,569	-6,159	-3,506	-890	-2,840	-2,471	-3,454	-2,782	-3,934
Total Depreciation and Amortization (D&A)	-6.40	-18	4.30	22	26	40	39	37	39	19
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-80.62%	0.00%	13.70%	14.63%	-13.14%	0.00%	-315.86%
Debt-free Net Working Capital to Revenue	55.75%	75.13%	102.90%	20.74%	23.58%	87.04%	105.36%	27.23%	23.40%	-315.86%
Net Working Capital to Revenue	55.75%	75.13%	102.90%	20.74%	23.58%	87.04%	105.36%	27.23%	23.40%	-315.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($275,400,000.00)	$0.00	$0.00	$0.00	$0.00	$82.24	$50.60
Adjusted Weighted Average Basic Shares Outstanding	2.56M	2.56M	2.57M	3.00M	3.10M	3.19M	3.17M	3.74M	4.56M	5.55M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$82.19	$50.60
Adjusted Weighted Average Diluted Shares Outstanding	2.56M	2.56M	2.57M	3.00M	3.10M	3.19M	3.17M	3.74M	4.56M	5.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.56M	2.56M	2.57M	0.00	3.10M	3.19M	3.17M	3.74M	4.56M	5.55M
Normalized Net Operating Profit after Tax (NOPAT)	394	474	-64	-173	467	-117	-96	-83	29	124
Normalized NOPAT Margin	17.57%	21.87%	-5.55%	-28.21%	52.20%	-22.71%	-26.10%	-34.67%	8.33%	28.10%
Pre Tax Income Margin	14.14%	26.10%	-12.90%	-44.53%	73.74%	156.74%	-48.28%	3.24%	-85.94%	29.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.21	10.02	-2.71	-12.35	90.24	-3.07	-17.76	-53.57	-88.07	81.75
NOPAT to Interest Expense	5.57	10.29	-1.90	-8.64	92.27	-4.02	-10.34	-103.57	9.52	73.71
EBIT Less CapEx to Interest Expense	6.21	10.02	-2.71	-12.35	90.24	-3.07	-17.76	-53.57	-88.07	81.75
NOPAT Less CapEx to Interest Expense	5.57	10.29	-1.90	-8.64	92.27	-4.02	-10.34	-103.57	9.52	73.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.31%	2.51%	1.82%	-0.75%	13.67%	7.81%	-5.12%	1.11%	1.59%	4.88%
Augmented Payout Ratio	11.09%	8.14%	88.27%	-34.14%	26.51%	7.81%	-272.57%	121.60%	217.07%	101.95%

This table displays calculated financial ratios and metrics derived from White Mountains Insurance Group's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.74%	-64.92%	-35.66%	131.88%	17.63%	-37.22%	0.00%	-1.08%	3.57%	48.50%	100.00%
EBITDA Growth	-62.84%	-64.55%	8.66%	-83.52%	13.98%	44.19%	8,021.43%	162.41%	49.66%	-280.31%	99.60%
EBIT Growth	-63.60%	-68.23%	6.02%	-72.28%	13.80%	45.09%	0.00%	162.54%	53.44%	-262.28%	100.00%
NOPAT Growth	-68.09%	2.47%	-67.08%	1,427.41%	17.21%	-53.18%	0.00%	-85.17%	36.03%	-46.10%	100.00%
Net Income Growth	-71.69%	-134.30%	1,551.45%	-339.53%	18.48%	489.76%	-98.41%	108.18%	2,328.57%	53.75%	326.49%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-210.14%	161.63%	20.86%	204.92%	-57.36%	-88.23%	90.51%	-12.65%	306.27%	2,912.16%	264.49%
Free Cash Flow Firm Growth	-76.31%	-170.58%	-87.22%	81.04%	1,104.49%	-83.94%	-52.75%	889.50%	-110.66%	-15.71%	229.00%
Invested Capital Growth	-14.76%	-6.26%	-5.85%	-188.46%	-187.60%	-35.25%	-209.83%	-671.53%	36.35%	-1,218.56%	-122.96%
Revenue Q/Q Growth	848.77%	-91.38%	-17.03%	36.86%	258.18%	-84.18%	199.05%	-30.57%	91.18%	0.00%	-100.00%
EBITDA Q/Q Growth	114.88%	-609.21%	4,055.17%	-99.29%	208.88%	-436.25%	530.11%	-95.06%	153.31%	-47,628.57%	95.04%
EBIT Q/Q Growth	114.67%	-598.94%	2,100.00%	-98.63%	211.69%	-414.46%	475.25%	-94.37%	153.88%	0.00%	100.00%
NOPAT Q/Q Growth	118.18%	-425.08%	-56.60%	-24.94%	192.11%	-209.74%	1,913.40%	-94.24%	220.38%	0.00%	-100.00%
Net Income Q/Q Growth	150.48%	-154.59%	653.16%	-118.58%	-38.85%	2,528.26%	-19.77%	-90.81%	204.39%	-92.93%	513.65%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-162.71%	-76.21%	24.26%	493.97%	48.98%	-89.01%	213.50%	-16.94%	-58.87%	77.86%	43.73%
Free Cash Flow Firm Q/Q Growth	309.12%	-180.37%	-87.43%	4.23%	135.79%	-85.45%	78.14%	678.33%	-110.71%	-57.18%	3,630.86%
Invested Capital Q/Q Growth	-4.03%	-4.70%	4.51%	-10.33%	-177.23%	-4.29%	-160.23%	-10.01%	54.70%	-138.90%	-580.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.39%	-581.61%	56.88%	77.57%	98.78%	-73.04%	75.05%	51.20%	97.37%	-113.82%	0.00%
EBITDA Margin	15.80%	-1,007.55%	17.07%	0.34%	65.29%	-214.80%	10.10%	4.80%	67.39%	-241.66%	0.00%
Operating Margin	15.61%	-1,009.36%	19.70%	51.20%	67.13%	-210.48%	56.01%	5.50%	67.84%	-240.69%	0.00%
EBIT Margin	15.61%	-1,009.36%	17.45%	0.66%	65.63%	-210.48%	10.59%	5.50%	67.84%	-240.69%	0.00%
Profit (Net Income) Margin	10.87%	-204.27%	32.28%	-4.84%	35.67%	208.93%	1.26%	4.69%	35.41%	22.24%	0.00%
Tax Burden Percent	86.74%	42.00%	95.16%	118.73%	54.35%	215.51%	65.40%	98.85%	52.20%	51.68%	-4,140.48%
Interest Burden Percent	80.27%	48.19%	194.40%	-619.64%	100.00%	-46.06%	18.16%	86.14%	100.00%	-17.88%	0.00%
Effective Tax Rate	13.26%	0.00%	4.84%	0.00%	2.65%	-20.74%	34.60%	1.15%	3.32%	56.72%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	2.49%	5.86%	16.37%	12.38%	13.70%	13.67%	6.97%	29.81%	23.40%	18.65%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.29%	-246.92%	4.44%	0.19%	16.90%	-57.82%	3.06%	0.80%	9.83%	-38.73%	0.00%
Return on Assets (ROA)	2.29%	-49.97%	8.22%	-1.43%	9.19%	57.39%	0.36%	0.69%	5.13%	3.58%	0.00%
Return on Common Equity (ROCE)	2.23%	5.28%	14.87%	11.48%	12.77%	12.85%	6.64%	28.35%	22.44%	17.81%	0.00%
Return on Equity Simple (ROE_SIMPLE)	2.77%	0.00%	16.73%	12.60%	13.77%	0.00%	7.08%	28.95%	23.27%	0.00%	18.63%
Net Operating Profit after Tax (NOPAT)	78	-430	132	305	406	-441	402	20	347	-288	0.00
NOPAT Margin	13.54%	-706.55%	18.75%	35.84%	65.35%	-254.13%	36.63%	5.44%	65.59%	-104.16%	0.00%
Net Nonoperating Expense Percent (NNEP)	-0.19%	3.85%	1.24%	-5.20%	-2.86%	11.71%	-6.56%	-0.06%	-3.08%	7.23%	39.55%
Return On Investment Capital (ROIC_SIMPLE)	1.35%	-7.56%	-	-	-	-8.61%	-	-	-	-6.39%	-
Cost of Revenue to Revenue	46.61%	681.61%	43.12%	22.43%	1.22%	173.04%	24.95%	48.80%	2.63%	213.82%	0.00%
SG&A Expenses to Revenue	16.61%	197.87%	17.26%	14.39%	20.14%	77.42%	9.08%	27.96%	18.16%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.78%	427.75%	37.18%	26.37%	31.65%	137.44%	19.04%	45.69%	29.53%	126.87%	0.00%
Earnings before Interest and Taxes (EBIT)	90	-615	123	5.60	408	-365	116	20	359	-666	0.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	91	-614	121	2.90	406	-373	111	18	356	-668	-1.40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.09	1.11	0.94	1.05	1.03	0.91	0.97	0.91	0.91	0.97	1.02
Price to Tangible Book Value (P/TBV)	1.30	1.33	1.12	1.26	1.23	1.00	1.07	1.00	1.00	1.08	1.14
Price to Revenue (P/Rev)	2.27	2.23	1.85	1.70	2.03	1.78	1.69	3.04	3.01	3.14	3.54
Price to Earnings (P/E)	176.92	21.68	6.57	9.18	7.89	7.56	9.06	2.76	3.22	4.59	4.82
Dividend Yield	0.05%	0.05%	0.06%	0.06%	0.06%	0.07%	0.07%	0.07%	0.07%	0.07%	0.08%
Earnings Yield	0.57%	4.61%	15.23%	10.89%	12.67%	13.22%	11.04%	36.17%	31.07%	21.79%	20.76%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.11	0.10	0.11	0.11	0.12	0.14	0.14	0.14	0.15	0.16
Long-Term Debt to Equity	0.13	0.11	0.10	0.11	0.11	0.12	0.14	0.14	0.14	0.15	0.16
Financial Leverage	-1.62	-1.64	-1.63	-1.48	-1.43	-1.62	-1.48	-1.12	-1.33	-1.27	-0.58
Leverage Ratio	2.05	1.89	1.96	2.06	1.95	1.86	1.95	2.11	2.09	1.88	1.95
Compound Leverage Factor	1.65	0.91	3.81	-12.77	1.95	-0.86	0.35	1.81	2.09	-0.34	0.00
Debt to Total Capital	11.63%	9.88%	9.39%	9.81%	9.81%	11.01%	11.94%	12.07%	11.97%	12.75%	13.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.63%	9.88%	9.39%	9.81%	9.81%	11.01%	11.94%	12.07%	11.97%	12.75%	13.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.83%	11.37%	11.18%	8.32%	7.75%	6.26%	4.55%	4.34%	4.10%	4.17%	3.53%
Common Equity to Total Capital	77.54%	78.75%	79.43%	81.86%	82.44%	82.72%	83.51%	83.59%	83.94%	83.08%	82.73%
Debt to EBITDA	3.26	1.52	0.89	0.49	0.79	0.93	1.79	-1.91	-4.75	-5.49	1.59
Net Debt to EBITDA	-29.95	-16.71	-10.10	-5.70	-9.03	-9.77	-17.39	17.69	43.59	46.40	-12.37
Long-Term Debt to EBITDA	3.26	1.52	0.89	0.49	0.79	0.93	1.79	-1.91	-4.75	-5.49	1.59
Debt to NOPAT	4.02	1.66	0.86	0.47	0.75	0.87	2.07	-2.33	-6.47	-7.53	2.36
Net Debt to NOPAT	-36.89	-18.31	-9.78	-5.50	-8.57	-9.24	-20.08	21.54	59.34	63.67	-18.39
Long-Term Debt to NOPAT	4.02	1.66	0.86	0.47	0.75	0.87	2.07	-2.33	-6.47	-7.53	2.36
Altman Z-Score	1.38	1.35	1.48	1.51	1.70	1.57	1.69	1.38	1.60	1.29	1.58
Noncontrolling Interest Sharing Ratio	10.47%	9.99%	9.17%	7.26%	6.80%	5.99%	4.65%	4.89%	4.09%	4.51%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	506	-242	301	2,393	2,296	343	2,355	1,322	-229	2,134	4,985
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	28.42	0.00	18.02	161.72	0.00	0.00	150.01	93.10	0.00	928.04	237.37
Operating Cash Flow to Interest Expense	-2.26	0.00	16.13	14.65	0.00	0.00	14.20	5.01	0.00	90.48	5.57
Operating Cash Flow Less CapEx to Interest Expense	-2.26	0.00	16.13	14.65	0.00	0.00	14.20	5.01	0.00	90.48	5.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.24	0.25	0.30	0.26	0.27	0.29	0.15	0.14	0.16	0.15
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,325	-3,196	-3,053	-3,197	-2,897	-3,008	-2,884	-1,108	-1,007	-2,224	-931
Invested Capital Turnover	-0.70	-0.72	-0.79	-1.27	-1.16	-0.83	-1.19	-2.56	-0.91	-1.14	0.68
Increase / (Decrease) in Invested Capital	-428	-188	-169	-2,089	-1,890	-784	-1,953	-1,302	575	-2,423	-4,985
Enterprise Value (EV)	-645	-557	-1,174	-1,066	-1,029	-1,792	-1,434	-1,472	-1,375	-1,035	-856
Market Capitalization	4,936	4,995	4,356	4,663	4,594	3,851	3,827	3,558	3,535	3,639	3,783
Book Value per Share	$1,759.47	$1,745.89	$1,795.21	$1,723.72	$1,742.35	$1,656.15	$1,542.34	$1,530.09	$1,519.91	$1,454.41	$1,275.54
Tangible Book Value per Share	$1,480.46	$1,465.41	$1,512.64	$1,438.81	$1,455.26	$1,511.41	$1,397.02	$1,384.34	$1,373.38	$1,302.10	$1,140.28
Total Capital	5,816	5,694	5,805	5,402	5,423	5,126	4,729	4,692	4,649	4,510	4,482
Total Debt	676	563	545	530	532	565	565	566	556	575	616
Total Long-Term Debt	676	563	545	530	532	565	565	566	556	575	616
Net Debt	-6,211	-6,200	-6,179	-6,179	-6,043	-5,964	-5,476	-5,234	-5,100	-4,862	-4,797
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free Net Working Capital (DFNWC)	1,340	1,249	1,252	1,476	1,302	1,628	1,342	1,154	1,106	1,192	1,455
Net Working Capital (NWC)	1,340	1,249	1,252	1,476	1,302	1,628	1,342	1,154	1,106	1,192	1,455
Net Nonoperating Expense (NNE)	15	-306	-96	346	185	-804	388	2.77	160	-350	-870
Net Nonoperating Obligations (NNO)	-8,465	-8,327	-8,312	-8,069	-7,788	-7,569	-7,048	-5,234	-5,100	-6,159	-4,797
Total Depreciation and Amortization (D&A)	1.10	1.10	-2.70	-2.70	-2.10	-7.50	-5.30	-2.60	-2.40	-2.70	-1.40
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	61.75%	55.75%	53.22%	53.78%	57.61%	75.13%	59.11%	98.43%	94.04%	102.90%	136.25%
Net Working Capital to Revenue	61.75%	55.75%	53.22%	53.78%	57.61%	75.13%	59.11%	98.43%	94.04%	102.90%	136.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	2.57M	2.56M	2.57M	2.57M	2.57M	2.56M	2.56M	2.56M	2.56M	2.57M	2.58M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	2.57M	2.56M	2.57M	2.57M	2.57M	2.56M	2.56M	2.56M	2.56M	2.57M	2.58M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.57M	2.56M	2.57M	2.57M	2.57M	2.56M	2.56M	2.56M	2.56M	2.57M	2.58M
Normalized Net Operating Profit after Tax (NOPAT)	87	-421	165	314	406	-233	413	22	344	-466	0.00
Normalized NOPAT Margin	15.00%	-690.69%	23.35%	36.93%	65.35%	-134.48%	37.64%	6.03%	65.15%	-168.48%	0.00%
Pre Tax Income Margin	12.53%	-486.37%	33.92%	-4.08%	65.63%	96.95%	1.92%	4.74%	67.84%	43.04%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.07	0.00	7.38	0.38	0.00	0.00	7.40	1.42	0.00	-289.35	0.00
NOPAT to Interest Expense	4.40	0.00	7.93	20.61	0.00	0.00	25.61	1.41	0.00	-125.22	0.00
EBIT Less CapEx to Interest Expense	5.07	0.00	7.38	0.38	0.00	0.00	7.40	1.42	0.00	-289.35	0.00
NOPAT Less CapEx to Interest Expense	4.40	0.00	7.93	20.61	0.00	0.00	25.61	1.41	0.00	-125.22	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.80%	8.31%	1.52%	1.45%	0.44%	2.51%	3.11%	2.22%	1.62%	1.82%	1.82%
Augmented Payout Ratio	59.55%	11.09%	2.57%	2.91%	2.96%	8.14%	16.70%	50.39%	67.93%	88.27%	92.05%

Frequently Asked Questions About White Mountains Insurance Group's Financials

When does White Mountains Insurance Group's fiscal year end?

According to the most recent income statement we have on file, White Mountains Insurance Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has White Mountains Insurance Group's net income changed over the last 9 years?

White Mountains Insurance Group's net income appears to be on an upward trend, with a most recent value of $284.10 million in 2024, rising from $276.70 million in 2015. The previous period was $580.90 million in 2023.

What is White Mountains Insurance Group's operating income?

White Mountains Insurance Group's total operating income in 2024 was $377.50 million, based on the following breakdown:

Total Gross Profit: $1.32 billion
Total Operating Expenses: $944.20 million

How has White Mountains Insurance Group revenue changed over the last 9 years?

Over the last 9 years, White Mountains Insurance Group's total revenue changed from $440 million in 2015 to $2.24 billion in 2024, a change of 409.0%.

How much debt does White Mountains Insurance Group have?

White Mountains Insurance Group's total liabilities were at $4.79 billion at the end of 2024, a 25.4% increase from 2023, and a 18.9% decrease since 2015.

How much cash does White Mountains Insurance Group have?

In the past 9 years, White Mountains Insurance Group's cash and equivalents has ranged from $0.00 in 2015 to $266.40 million in 2024, and is currently $266.40 million as of their latest financial filing in 2024.

How has White Mountains Insurance Group's book value per share changed over the last 9 years?

Over the last 9 years, White Mountains Insurance Group's book value per share changed from 688.20 in 2015 to 1,745.89 in 2024, a change of 153.7%.

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This page (NYSE:WTM) was last updated on 5/21/2025 by MarketBeat.com Staff

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White Mountains Insurance Group (WTM) Financials

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