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White Mountains Insurance Group (WTM) Financials

White Mountains Insurance Group logo
$2,112.09 -5.61 (-0.26%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for White Mountains Insurance Group

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 295 402 627 -141 -246 709 -275 793 509 230 1,106
Consolidated Net Income / (Loss)		 277 409 593 -191 377 663 -322 712 581 284 1,202
Net Income / (Loss) Continuing Operations		 117 -114 16 -174 376 675 -318 -191 581 284 1,202
Total Pre-Tax Income 		129 -295 7.80 -178 810 660 -274 -149 565 317 1,329
Total Operating Income		 131 41 -119 -140 -148 668 -253 -109 628 378 1,407
Total Gross Profit		 346 241 101 120 646 884 230 523 1,400 1,322 2,701
Total Revenue		 440 343 241 369 517 896 614 1,158 2,167 2,240 3,735
Operating Revenue		 440 343 241 477 517 896 614 1,158 2,167 2,240 3,735
Total Cost of Revenue		 94 102 139 249 -129 11 384 635 767 918 1,034
Operating Cost of Revenue		 94 102 139 249 -129 11 384 635 767 918 1,034
Total Operating Expenses		 215 200 220 261 794 217 483 632 771 944 1,294
Selling, General & Admin Expense		 201 176 208 234 656 208 292 364 433 490 607
Amortization Expense		 - 16 11 24 0.00 8.60 186 251 290 342 420
Other Operating Expenses / (Income)		 8.20 8.40 1.50 0.40 112 - - - 0.00 51 94
Other Special Charges / (Income)		 - - 0.00 2.70 4.20 - 5.50 17 49 61 173
Total Other Income / (Expense), net		 -1.60 -335 127 -38 -106 -7.40 -21 -40 -63 -61 -78
Interest Expense		 1.60 3.00 2.30 9.50 35 7.40 21 40 63 61 78
Income Tax Expense		 13 -33 -7.80 -4.00 29 -15 44 41 -16 33 127
Net Income / (Loss) Attributable to Noncontrolling Interest		 -19 7.20 -34 -50 -38 -45 -47 -80 72 54 95
Weighted Average Basic Shares Outstanding		 5.55M 4.56M 3.74M 3.17M 0.00 0.00 0.00 2.57M 2.56M 2.56M 2.47M
Weighted Average Diluted Shares Outstanding		 5.55M 4.56M 3.74M 3.17M 0.00 0.00 0.00 2.57M 2.56M 2.56M 2.47M
Weighted Average Basic & Diluted Shares Outstanding		 5.55M 4.56M 3.74M 3.17M 0.00 0.00 0.00 2.57M 2.56M 2.56M 2.47M
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 $1.00

Quarterly Income Statements for White Mountains Insurance Group

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 127 236 -55 179 -306 34 123 114 836 -27 200
Consolidated Net Income / (Loss)		 363 222 -41 228 -124 63 164 162 814 -26 231
Net Income / (Loss) Continuing Operations		 194 222 -41 244 -132 63 169 162 814 -26 236
Total Pre-Tax Income 		168 233 -35 240 -296 72 177 179 901 -26 256
Total Operating Income		 -365 257 -20 272 -615 90 201 226 876 -6.20 281
Total Gross Profit		 -127 454 205 550 -354 309 488 550 1,362 268 594
Total Revenue		 174 647 395 855 61 578 696 864 1,604 518 850
Operating Revenue		 420 647 395 855 327 578 696 864 1,604 518 850
Total Cost of Revenue		 300 193 191 305 415 269 209 314 242 250 256
Operating Cost of Revenue		 300 193 191 305 415 269 209 314 242 250 256
Total Operating Expenses		 239 197 224 278 261 218 287 325 486 274 313
Selling, General & Admin Expense		 134 125 123 122 121 96 139 177 196 145 152
Amortization Expense		 72 72 76 106 88 97 100 112 112 102 106
Other Operating Expenses / (Income)		 - - 13 16 - 16 20 - - 17 23
Other Special Charges / (Income)		 32 0.00 13 34 14 9.70 28 36 99 10 32
Total Other Income / (Expense), net		 524 -25 -15 -17 486 -18 -19 -47 25 -19 -20
Interest Expense		 - 15 15 17 - 18 19 20 22 19 20
Income Tax Expense		 -35 11 6.50 12 3.70 9.60 13 17 87 0.80 25
Net Income / (Loss) Attributable to Noncontrolling Interest		 76 -15 13 49 6.00 29 41 48 -22 0.90 32
Weighted Average Basic Shares Outstanding		 2.56M 2.57M 2.57M 2.57M 2.56M 2.57M 2.58M 2.55M 2.47M 2.48M 2.39M
Weighted Average Diluted Shares Outstanding		 2.56M 2.57M 2.57M 2.57M 2.56M 2.57M 2.58M 2.55M 2.47M 2.48M 2.39M
Weighted Average Basic & Diluted Shares Outstanding		 2.56M 2.57M 2.57M 2.57M 2.56M 2.57M 2.58M 2.55M 2.47M 2.48M 2.39M

Annual Cash Flow Statements for White Mountains Insurance Group

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -75 2.10 114 13 51 55 48 136 -133 144 -81
Net Cash From Operating Activities		 182 -155 95 -31 -121 -61 39 365 404 587 551
Net Cash From Continuing Operating Activities		 -66 -179 -62 -31 -121 -96 -3.70 326 404 587 551
Net Income / (Loss) Continuing Operations		 160 301 573 -191 377 673 -341 -174 581 284 1,202
Consolidated Net Income / (Loss)		 277 409 593 -191 377 663 -322 712 581 284 1,202
Depreciation Expense		 3.80 20 22 26 30 9.60 22 4.30 -18 -6.40 9.00
Non-Cash Adjustments To Reconcile Net Income		 -300 -356 -636 152 -459 -831 88 -154 -443 -268 -1,376
Changes in Operating Assets and Liabilities, net		 55 -162 -36 -30 -78 38 227 650 284 577 716
Net Cash From Investing Activities		 11 1,277 719 459 -60 65 -208 116 -544 -447 -667
Net Cash From Continuing Investing Activities		 112 1,035 716 459 -60 190 -152 108 -544 -447 -667
Acquisitions		 -2.60 -415 -28 -295 -258 0.00 11 -68 0.00 -236 -350
Purchase of Investments		 -694 -4,751 -3,332 -1,433 -725 -648 -1,641 -1,189 -972 -1,989 -1,552
Divestitures		 24 2,646 1,299 - - - 0.00 1,392 17 0.00 747
Sale and/or Maturity of Investments		 758 3,692 2,791 2,164 950 1,489 828 48 344 1,753 494
Other Investing Activities, net		 27 -137 -15 23 -27 -651 650 -74 67 25 -5.90
Net Cash From Financing Activities		 -221 -948 -699 -414 231 49 218 -345 7.20 4.20 36
Net Cash From Continuing Financing Activities		 -121 -855 -637 -414 231 -80 219 -327 7.20 4.20 36
Repayment of Debt		 -83 -410 -374 -24 -32 -2.00 -133 -68 -40 -28 10
Repurchase of Common Equity		 -269 -881 -715 -512 0.00 -85 -108 -616 -33 -7.90 -203
Payment of Dividends		 -14 -6.50 -6.60 -9.80 -29 -91 -2.40 -13 -15 -24 -67
Issuance of Debt		 172 353 376 84 206 32 402 214 12 37 295
Issuance of Common Equity		 0.00 3.70 0.00 0.00 63 - - - 9.00 1.00 0.70
Other Financing Activities, net		 73 87 82 47 44 66 60 156 73 26 0.00

Quarterly Cash Flow Statements for White Mountains Insurance Group

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -40 103 30 91 -80 46 26 136 -289 -49 -9.20
Net Cash From Operating Activities		 25 37 217 269 64 -40 178 359 54 31 -56
Net Cash From Continuing Operating Activities		 25 37 217 269 64 -40 178 359 54 31 -56
Net Income / (Loss) Continuing Operations		 363 222 -41 228 -124 63 164 162 814 -26 231
Consolidated Net Income / (Loss)		 363 222 -41 228 -124 63 164 162 814 -26 231
Depreciation Expense		 -7.50 -2.10 -2.70 -2.70 1.10 1.10 -0.80 2.30 6.40 4.80 9.20
Non-Cash Adjustments To Reconcile Net Income		 15 -191 115 -356 -11 -71 616 -839 -1,083 4.70 -237
Changes in Operating Assets and Liabilities, net		 -345 7.60 145 400 198 -33 -601 1,034 316 47 -59
Net Cash From Investing Activities		 -89 101 -195 -190 -163 7.30 -164 -295 -215 -30 143
Net Cash From Continuing Investing Activities		 -89 101 -195 -190 -163 7.30 -164 -295 -215 -30 143
Purchase of Investments		 -227 -497 -908 -658 -368 -262 -537 -239 -514 -767 -782
Sale and/or Maturity of Investments		 62 800 727 501 165 297 416 195 -414 715 1,152
Other Investing Activities, net		 76 29 -14 -29 39 -27 27 20 -26 16 -45
Net Cash From Financing Activities		 24 -34 7.90 11 20 79 12 73 -128 -49 -97
Net Cash From Continuing Financing Activities		 24 -34 7.90 11 20 79 12 73 -128 -49 -97
Repayment of Debt		 -4.90 -36 7.90 -10 6.80 15 14 -6.70 -12 -8.70 -145
Repurchase of Common Equity		 - -8.10 - - 0.20 -9.90 - - -193 -26 -191
Payment of Dividends		 -6.70 -2.50 -11 -1.40 -9.60 -44 -17 -2.20 -4.60 -22 -19
Issuance of Debt		 0.20 0.00 - 16 21 116 15 81 82 6.40 252
Issuance of Common Equity		 - 1.10 - - - 0.60 0.10 0.50 -0.50 0.70 6.10
Cash Interest Paid		 - 17 15 15 - 16 17 17 - 18 19
Cash Income Taxes Paid		 - 5.30 9.10 4.80 - 3.50 14 3.70 - 3.70 11

Annual Balance Sheets for White Mountains Insurance Group

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 10,283 6,520 3,659 3,363 3,983 4,831 7,001 7,389 8,386 9,926 12,307
Total Current Assets		 0.00 80 97 416 450 211 623 1,192 1,628 1,154 2,091
Cash & Equivalents		 - 80 97 110 161 211 148 255 122 191 185
Short-Term Investments		 - - - 225 218 - 475 937 1,506 963 1,906
Accounts Receivable		 - - - 81 71 - - - - - 0.00
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 10,283 6,440 3,562 2,947 3,535 6,376 6,378 6,198 6,758 9,127 10,158
Long-Term Investments		 4,271 2,714 3,381 2,329 2,746 2,939 3,799 4,246 4,901 5,473 6,443
Noncurrent Note & Lease Receivables		 - - - 6.40 16 - 423 551 618 773 860
Goodwill		 55 45 62 538 657 0.00 341 392 371 720 1,020
Other Noncurrent Operating Assets		 5,843 3,680 119 74 117 3,437 1,815 1,009 869 2,161 1,835
Total Liabilities & Shareholders' Equity		 10,283 6,520 3,659 3,363 3,983 4,831 7,001 7,389 8,386 9,926 12,307
Total Liabilities		 5,915 2,804 298 644 839 1,014 3,296 3,454 3,824 4,795 6,051
Total Current Liabilities		 1,390 0.00 32 27 0.00 0.00 495 0.00 0.00 174 3.60
Other Current Nonoperating Liabilities		 - - - - - - 495 - - 174 3.60
Total Noncurrent Liabilities		 4,525 2,804 267 617 839 886 2,801 4,751 5,429 6,749 8,504
Long-Term Debt		 338 13 24 193 284 376 421 575 565 563 837
Noncurrent Employee Benefit Liabilities		 141 96 61 59 77 96 73 114 88 79 100
Other Noncurrent Operating Liabilities		 4,047 2,696 182 365 478 413 2,307 4,062 4,777 6,107 7,567
Redeemable Noncontrolling Interest		 - - - - - - - - - 0.00 132
Total Equity & Noncontrolling Interests		 4,368 3,716 3,361 2,718 3,145 3,818 3,705 3,935 4,562 5,131 6,124
Total Preferred & Common Equity		 3,913 3,583 3,493 2,843 3,262 3,906 3,548 3,747 4,241 4,484 5,425
Total Common Equity		 3,913 3,583 3,493 2,843 3,262 3,314 3,548 3,747 4,241 4,484 5,425
Common Stock		 978 811 671 584 596 3.10 589 539 551 566 579
Retained Earnings		 3,085 2,777 2,823 2,265 2,672 3,311 2,958 3,212 3,691 3,919 4,846
Accumulated Other Comprehensive Income / (Loss)		 -150 -1.40 -1.30 -5.80 -7.20 -0.40 1.70 -3.50 -1.60 -1.70 0.80
Noncontrolling Interest		 455 133 -132 -125 -117 -88 157 188 321 647 698

Quarterly Balance Sheets for White Mountains Insurance Group

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 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 7,959 8,376 8,143 9,590 10,167 10,338 11,005 11,823 12,346 13,169 13,767
Total Current Assets		 1,106 1,154 1,342 1,302 1,476 1,252 1,340 1,587 1,450 1,661 1,126
Cash & Equivalents		 203 155 163 225 255 346 312 338 337 136 128
Short-Term Investments		 903 999 1,179 1,077 1,221 906 1,028 1,249 1,112 1,525 999
Accounts Receivable		 - - - - - - - - - - 0.00
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 6,853 7,223 6,801 8,288 8,691 9,086 9,665 10,236 10,228 11,508 12,526
Long-Term Investments		 4,551 4,647 4,700 5,274 5,233 5,472 5,547 5,574 5,911 6,852 7,157
Noncurrent Note & Lease Receivables		 916 1,084 787 1,007 1,204 1,035 1,295 1,459 1,157 1,315 1,483
Goodwill		 376 374 372 737 731 726 715 805 1,050 1,012 1,184
Other Noncurrent Operating Assets		 1,010 1,119 943 1,271 1,523 1,852 2,108 2,398 2,110 2,329 2,701
Total Liabilities & Shareholders' Equity		 7,959 8,376 8,143 9,590 10,167 10,338 11,005 11,823 12,346 13,169 13,767
Total Liabilities		 3,866 4,250 3,979 4,700 5,295 5,078 5,865 6,483 6,629 6,993 7,515
Total Current Liabilities		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 317 2.90 4.00
Other Current Nonoperating Liabilities		 - - - - - - - - 317 2.90 4.00
Total Noncurrent Liabilities		 3,866 4,250 5,550 6,444 7,185 7,211 8,119 8,771 8,518 9,576 10,099
Long-Term Debt		 556 566 565 532 530 545 676 695 870 835 933
Noncurrent Employee Benefit Liabilities		 52 66 84 60 76 65 28 41 76 51 56
Other Noncurrent Operating Liabilities		 3,258 3,619 4,902 5,853 6,579 6,601 7,415 8,036 7,572 8,690 9,110
Redeemable Noncontrolling Interest		 - - - - - - - - 132 132 132
Total Equity & Noncontrolling Interests		 4,093 4,126 4,164 4,891 4,872 5,260 5,140 5,340 5,585 6,045 6,121
Total Preferred & Common Equity		 3,902 3,922 3,949 4,470 4,423 4,611 4,510 4,645 4,768 5,374 5,388
Total Common Equity		 3,902 3,922 3,949 4,470 4,423 4,611 4,510 4,645 4,768 5,374 5,388
Common Stock		 538 543 548 555 561 563 567 577 585 581 566
Retained Earnings		 3,367 3,381 3,404 3,918 3,863 4,048 3,943 4,068 4,183 4,791 4,821
Accumulated Other Comprehensive Income / (Loss)		 -2.70 -1.70 -2.70 -1.80 -1.80 -1.00 -0.50 0.30 0.00 1.40 1.30
Noncontrolling Interest		 190 204 215 420 450 649 630 696 817 671 732

Annual Metrics And Ratios for White Mountains Insurance Group

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 2,553,106.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 2,553,106.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 433.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -83.96% -22.09% -29.84% 53.47% 40.04% 73.26% -31.40% 88.46% 87.12% 3.37% 66.76%
EBITDA Growth		 270.27% -250.70% 61.83% -51.16% 47.46% 1,116.11% -133.36% 54.73% 682.35% -39.19% 281.60%
EBIT Growth		 206.26% -301.99% 53.37% -36.93% 35.63% 714.92% -137.90% 56.89% 675.71% -39.90% 272.74%
NOPAT Growth		 -87.21% -75.78% -934.03% 58.77% -45.05% 579.29% -125.95% 56.89% 944.99% -47.52% 275.83%
Net Income Growth		 -4.59% 47.81% 45.01% -132.27% 296.76% 76.16% -148.52% 321.31% -18.46% -51.09% 323.02%
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		 53.54% -185.03% 160.99% -132.88% -287.46% 49.71% 163.70% 845.60% 10.71% 45.21% -6.19%
Free Cash Flow Firm Growth		 118.20% -215.41% 267.52% -155.60% 54.35% -868.88% 231.54% -8.07% -39.08% -63.12% 2,040.93%
Invested Capital Growth		 -40.04% 114.98% -109.98% 365.34% 23.37% 859.72% -93.21% -1,218.56% -35.25% -6.26% -54.80%
Revenue Q/Q Growth		 -83.08% 305.64% -50.87% 21.02% 0.00% 0.00% 146.55% 8.46% -4.53% -4.79% 51.01%
EBITDA Q/Q Growth		 -90.34% 0.40% -141.91% 25.33% -202.71% 1,539.83% 28.92% -127.03% 93.75% -39.34% 251.56%
EBIT Q/Q Growth		 -91.33% -24.92% -167.58% -7.25% -282.39% 769.14% 24.94% -129.27% 91.49% -39.77% 252.57%
NOPAT Q/Q Growth		 -88.83% 119.29% -286.66% 10.81% 0.00% 0.00% 72.44% -129.27% 136.58% -46.38% 271.26%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -392.03% 97.38% 41.69% -165.16% 3.11% 107.69% -63.16% 355.75%
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		 120.29% -273.73% 27.67% -9.12% -64.84% -69.27% 244.03% 144.15% -31.24% 7.24% -1.82%
Free Cash Flow Firm Q/Q Growth		 108.73% -110.50% 174.85% -70.76% -144.81% -3,499.69% 158.69% -55.28% -35.79% -34.14% 328.44%
Invested Capital Q/Q Growth		 -87.66% 183.72% -241.00% 16.16% 3.53% 739.96% -95.10% -138.90% -4.29% -4.70% -17.68%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 78.64% 70.25% 42.04% 32.62% 125.01% 98.74% 37.48% 45.16% 64.59% 59.01% 72.32%
EBITDA Margin		 33.98% -65.72% -35.76% -35.22% -13.21% 77.49% -37.68% -9.05% 28.17% 16.57% 37.91%
Operating Margin		 29.73% 11.90% -49.52% -38.01% -28.59% 74.56% -41.19% -9.42% 28.99% 16.85% 37.67%
EBIT Margin		 29.73% -77.07% -51.23% -45.71% -21.01% 74.56% -41.19% -9.42% 28.99% 16.85% 37.67%
Profit (Net Income) Margin		 62.89% 119.31% 246.61% -51.86% 72.86% 74.07% -52.39% 61.53% 26.81% 12.68% 32.18%
Tax Burden Percent		 214.16% -138.83% 7,603.85% 107.41% 46.48% 100.45% 117.65% -476.84% 102.74% 89.71% 90.45%
Interest Burden Percent		 98.78% 111.51% -6.33% 105.63% -746.04% 98.89% 108.10% 136.94% 90.02% 83.89% 94.43%
Effective Tax Rate		 9.83% 0.00% -100.00% 0.00% 3.62% -2.24% 0.00% 0.00% -2.74% 10.29% 9.55%
Return on Invested Capital (ROIC)		 20.35% 4.17% -56.65% -127.46% -51.58% 42.23% -11.33% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 16.25% -7.16% -83.32% -124.32% -71.13% 43.27% -4.75% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -14.14% 5.95% 73.42% 121.17% 64.42% -23.18% 2.77% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 6.21% 10.12% 16.76% -6.30% 12.85% 19.06% -8.56% 18.65% 13.67% 5.86% 21.11%
Cash Return on Invested Capital (CROIC)		 70.42% -68.84% 0.00% -177.40% -72.50% -120.02% 163.24% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 1.26% -3.14% -2.42% -4.81% -2.96% 15.15% -4.28% -1.52% 7.96% 4.12% 12.66%
Return on Assets (ROA)		 2.67% 4.87% 11.65% -5.45% 10.25% 15.05% -5.44% 9.90% 7.36% 3.10% 10.81%
Return on Common Equity (ROCE)		 5.52% 9.38% 16.76% -6.56% 13.38% 18.00% -7.81% 17.81% 12.85% 5.28% 18.37%
Return on Equity Simple (ROE_SIMPLE)		 7.07% 11.42% 16.98% -6.73% 11.55% 16.98% -9.07% 19.01% 13.70% 6.34% 0.00%
Net Operating Profit after Tax (NOPAT)		 118 29 -238 -98 -142 683 -177 -76 645 339 1,273
NOPAT Margin		 26.81% 8.33% -99.04% -26.61% -27.56% 76.24% -28.84% -6.60% 29.78% 15.12% 34.08%
Net Nonoperating Expense Percent (NNEP)		 4.10% 11.33% 26.66% -3.15% 19.55% -1.04% -6.59% 16.32% -0.94% -0.69% -0.80%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -1.69% 12.59% 5.95% 18.28%
Cost of Revenue to Revenue		 21.36% 29.76% 57.96% 67.38% -25.01% 1.26% 62.52% 54.84% 35.41% 40.99% 27.68%
SG&A Expenses to Revenue		 45.61% 51.20% 86.49% 63.26% 126.99% 23.21% 47.46% 31.44% 19.97% 21.88% 16.24%
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		 48.91% 58.34% 91.56% 70.63% 153.61% 24.17% 78.68% 54.58% 35.60% 42.16% 34.64%
Earnings before Interest and Taxes (EBIT)		 131 -264 -123 -169 -109 668 -253 -109 628 378 1,407
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 150 -225 -86 -130 -68 694 -232 -105 610 371 1,416
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.05 1.06 0.91 0.95 1.08 0.93 0.86 0.97 0.91 1.11 0.98
Price to Tangible Book Value (P/TBV)		 1.06 1.07 0.92 1.18 1.36 0.93 0.95 1.08 1.00 1.33 1.20
Price to Revenue (P/Rev)		 9.31 11.05 13.19 7.35 6.84 3.46 4.97 3.14 1.78 2.23 1.42
Price to Earnings (P/E)		 13.87 9.43 5.06 0.00 0.00 4.37 0.00 4.59 7.56 21.68 4.80
Dividend Yield		 0.14% 0.12% 0.12% 0.12% 0.09% 0.10% 0.10% 0.07% 0.07% 0.05% 0.05%
Earnings Yield		 7.21% 10.61% 19.78% 0.00% 0.00% 22.90% 0.00% 21.79% 13.22% 4.61% 20.85%
Enterprise Value to Invested Capital (EV/IC)		 1.42 1.22 0.00 0.47 1.90 0.08 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 1.40 3.32 0.00 0.32 1.12 0.26 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 4.13 0.00 0.00 0.00 0.00 0.34 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 4.72 0.00 0.00 0.00 0.00 0.35 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 5.23 39.87 0.00 0.00 0.00 0.34 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.38 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)		 1.51 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		 0.08 0.00 0.01 0.07 0.09 0.10 0.11 0.15 0.12 0.11 0.13
Long-Term Debt to Equity		 0.08 0.00 0.01 0.07 0.09 0.10 0.11 0.15 0.12 0.11 0.13
Financial Leverage		 -0.87 -0.83 -0.88 -0.97 -0.91 -0.54 -0.58 -1.27 -1.62 -1.64 -1.57
Leverage Ratio		 2.33 2.08 1.44 1.16 1.25 1.27 1.57 1.88 1.86 1.89 1.95
Compound Leverage Factor		 2.30 2.32 -0.09 1.22 -9.35 1.25 1.70 2.58 1.67 1.58 1.84
Debt to Total Capital		 7.17% 0.34% 0.70% 6.62% 8.27% 8.97% 10.20% 12.75% 11.01% 9.88% 11.80%
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		 7.17% 0.34% 0.70% 6.62% 8.27% 8.97% 10.20% 12.75% 11.01% 9.88% 11.80%
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		 9.67% 3.58% -3.89% -4.29% -3.41% -2.10% 3.80% 4.17% 6.26% 11.37% 11.70%
Common Equity to Total Capital		 83.16% 96.08% 103.19% 97.67% 95.14% 79.01% 86.00% 83.08% 82.72% 78.75% 76.50%
Debt to EBITDA		 2.26 -0.06 -0.28 -1.48 -4.15 0.54 -1.82 -5.49 0.93 1.52 0.59
Net Debt to EBITDA		 -26.31 12.35 40.16 19.01 41.60 -4.00 17.28 46.40 -9.77 -16.71 -5.44
Long-Term Debt to EBITDA		 2.26 -0.06 -0.28 -1.48 -4.15 0.54 -1.82 -5.49 0.93 1.52 0.59
Debt to NOPAT		 2.86 0.44 -0.10 -1.96 -1.99 0.55 -2.38 -7.53 0.87 1.66 0.66
Net Debt to NOPAT		 -33.35 -97.41 14.50 25.16 19.95 -4.06 22.58 63.67 -9.24 -18.31 -6.05
Long-Term Debt to NOPAT		 2.86 0.44 -0.10 -1.96 -1.99 0.55 -2.38 -7.53 0.87 1.66 0.66
Altman Z-Score		 0.76 1.34 7.43 3.55 3.65 3.49 1.14 1.54 1.96 1.68 1.96
Noncontrolling Interest Sharing Ratio		 11.20% 7.27% 0.02% -4.22% -4.12% 5.56% 8.78% 4.51% 5.99% 9.99% 12.97%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 3.07 15.40 0.00 0.00 1.26 0.00 0.00 0.00 580.81
Quick Ratio		 0.00 0.00 3.07 15.40 0.00 0.00 1.26 0.00 0.00 0.00 580.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 408 -471 789 -439 -200 -1,940 2,552 2,346 1,429 527 2,660
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		 255.09 -157.01 343.09 -46.18 -5.66 -262.19 124.49 58.22 22.79 8.67 33.93
Operating Cash Flow to Interest Expense		 114.00 -51.70 41.13 -3.27 -3.40 -8.19 1.88 9.06 6.45 9.65 7.02
Operating Cash Flow Less CapEx to Interest Expense		 114.00 -51.70 41.13 -3.27 -3.40 -8.19 1.88 9.06 6.45 9.65 7.02
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.05 0.11 0.14 0.20 0.10 0.16 0.27 0.24 0.34
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 6.81 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 53.60 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 53.60 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 435 934 -93 247 305 2,928 199 -2,224 -3,008 -3,196 -3,919
Invested Capital Turnover		 0.76 0.50 0.57 4.79 1.87 0.55 0.39 -1.14 -0.83 -0.72 -1.16
Increase / (Decrease) in Invested Capital		 -290 500 -1,027 341 58 2,623 -2,729 -2,423 -784 -188 -1,388
Enterprise Value (EV)		 617 1,139 -415 117 580 233 -792 -1,035 -1,792 -557 -1,562
Market Capitalization		 4,096 3,787 3,171 2,713 3,538 3,094 3,053 3,639 3,851 4,995 5,305
Book Value per Share		 $688.20 $784.78 $931.34 $893.90 $1,023.91 $1,068.31 $1,175.73 $1,454.41 $1,656.15 $1,745.89 $2,125.02
Tangible Book Value per Share		 $678.45 $774.88 $914.78 $724.91 $817.74 $1,068.31 $1,062.90 $1,302.10 $1,511.41 $1,465.41 $1,725.43
Total Capital		 4,706 3,729 3,385 2,911 3,428 4,194 4,126 4,510 5,126 5,694 7,092
Total Debt		 338 13 24 193 284 376 421 575 565 563 837
Total Long-Term Debt		 338 13 24 193 284 376 421 575 565 563 837
Net Debt		 -3,934 -2,782 -3,454 -2,471 -2,842 -2,774 -4,001 -4,862 -5,964 -6,200 -7,697
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)		 -1,390 0.00 -32 54 71 0.00 -495 0.00 0.00 0.00 -3.60
Debt-free Net Working Capital (DFNWC)		 -1,390 80 66 389 450 211 127 1,192 1,628 1,249 2,087
Net Working Capital (NWC)		 -1,390 80 66 389 450 211 127 1,192 1,628 1,249 2,087
Net Nonoperating Expense (NNE)		 -159 -380 -831 93 -519 19 145 -789 64 55 71
Net Nonoperating Obligations (NNO)		 -3,934 -2,782 -3,454 -2,471 -2,840 -890 -3,506 -6,159 -7,569 -8,327 -10,175
Total Depreciation and Amortization (D&A)		 19 39 37 39 40 26 22 4.30 -18 -6.40 9.00
Debt-free, Cash-free Net Working Capital to Revenue		 -315.86% 0.00% -13.14% 14.63% 13.70% 0.00% -80.62% 0.00% 0.00% 0.00% -0.10%
Debt-free Net Working Capital to Revenue		 -315.86% 23.40% 27.23% 105.36% 87.04% 23.58% 20.74% 102.90% 75.13% 55.75% 55.88%
Net Working Capital to Revenue		 -315.86% 23.40% 27.23% 105.36% 87.04% 23.58% 20.74% 102.90% 75.13% 55.75% 55.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $50.60 $82.24 $0.00 $0.00 $0.00 $0.00 ($275,400,000.00) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 5.55M 4.56M 3.74M 3.17M 3.19M 3.10M 3.00M 2.57M 2.56M 2.56M 2.47M
Adjusted Diluted Earnings per Share		 $50.60 $82.19 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 5.55M 4.56M 3.74M 3.17M 3.19M 3.10M 3.00M 2.57M 2.56M 2.56M 2.47M
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		 5.55M 4.56M 3.74M 3.17M 3.19M 3.10M 0.00 2.57M 2.56M 2.56M 2.47M
Normalized Net Operating Profit after Tax (NOPAT)		 124 29 -83 -96 -117 467 -173 -64 474 394 1,429
Normalized NOPAT Margin		 28.10% 8.33% -34.67% -26.10% -22.71% 52.20% -28.21% -5.55% 21.87% 17.57% 38.26%
Pre Tax Income Margin		 29.36% -85.94% 3.24% -48.28% 156.74% 73.74% -44.53% -12.90% 26.10% 14.14% 35.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 81.75 -88.07 -53.57 -17.76 -3.07 90.24 -12.35 -2.71 10.02 6.21 17.95
NOPAT to Interest Expense		 73.71 9.52 -103.57 -10.34 -4.02 92.27 -8.64 -1.90 10.29 5.57 16.23
EBIT Less CapEx to Interest Expense		 81.75 -88.07 -53.57 -17.76 -3.07 90.24 -12.35 -2.71 10.02 6.21 17.95
NOPAT Less CapEx to Interest Expense		 73.71 9.52 -103.57 -10.34 -4.02 92.27 -8.64 -1.90 10.29 5.57 16.23
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 4.88% 1.59% 1.11% -5.12% 7.81% 13.67% -0.75% 1.82% 2.51% 8.31% 5.60%
Augmented Payout Ratio		 101.95% 217.07% 121.60% -272.57% 7.81% 26.51% -34.14% 88.27% 8.14% 11.09% 22.46%

Quarterly Metrics And Ratios for White Mountains Insurance Group

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 2,553,106.00 2,467,055.00 2,476,670.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 2,553,106.00 2,467,055.00 2,476,670.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 327.37 -11.03 80.55
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -37.22% 17.63% 131.88% -35.66% -64.92% -10.74% 74.30% 1.09% 368.67% -10.38% 22.01%
EBITDA Growth		 44.19% 13.98% -83.52% 8.66% -64.55% -62.84% 959.73% -25.36% 775.88% -101.53% 45.00%
EBIT Growth		 45.09% 13.80% -72.28% 6.02% -68.23% -63.60% 1,080.40% -26.95% 765.38% -106.87% 39.83%
NOPAT Growth		 -53.18% 17.21% 1,427.41% -67.08% 2.47% -68.09% 1,529.96% -21.14% 958.44% -105.55% 36.24%
Net Income Growth		 489.76% 18.48% -339.53% 1,551.45% -134.30% -71.69% 497.09% -29.05% 754.10% -141.88% 41.32%
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		 -88.23% -57.36% 204.92% 20.86% 161.63% -210.14% -18.13% 33.37% -15.91% 175.87% -131.27%
Free Cash Flow Firm Growth		 -83.94% 1,104.49% 81.04% -87.22% -170.58% -76.31% -79.91% 12.82% 483.68% 49.37% 58.00%
Invested Capital Growth		 -35.25% -187.60% -188.46% -5.85% -6.26% -14.76% -6.80% -9.11% -54.80% -22.85% -11.25%
Revenue Q/Q Growth		 -84.18% 258.18% 36.86% -17.03% -91.38% 848.77% 19.28% 25.39% 85.58% -67.71% 64.10%
EBITDA Q/Q Growth		 -436.25% 208.88% -99.29% 4,055.17% -609.21% 114.88% 112.81% 3.45% 339.15% -100.16% 20,792.86%
EBIT Q/Q Growth		 -414.46% 211.69% -98.63% 2,100.00% -598.94% 114.67% 116.30% 1.85% 341.02% -100.71% 4,624.19%
NOPAT Q/Q Growth		 -209.74% 192.11% -24.94% -56.60% -425.08% 118.18% 154.59% 2.47% 287.72% -100.55% 5,937.02%
Net Income Q/Q Growth		 2,528.26% -38.85% -118.58% 653.16% -154.59% 150.48% 160.51% -1.16% 403.22% -103.23% 979.09%
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		 -89.01% 48.98% 493.97% 24.26% -76.21% -162.71% 541.54% 102.42% -85.00% -43.41% -281.97%
Free Cash Flow Firm Q/Q Growth		 -85.45% 135.79% 4.23% -87.43% -180.37% 309.12% -17.62% 15.72% 351.85% -65.32% -15.64%
Invested Capital Q/Q Growth		 -4.29% -177.23% -10.33% 4.51% -4.70% -4.03% -2.69% 2.45% -17.68% -4.22% 7.01%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -73.04% 98.78% 77.57% 56.88% -581.61% 53.39% 69.69% 63.69% 84.91% 51.78% 69.90%
EBITDA Margin		 -214.80% 65.29% 0.34% 17.07% -1,007.55% 15.80% 28.19% 23.26% 55.04% -0.27% 34.09%
Operating Margin		 -210.48% 67.13% 51.20% 19.70% -1,009.36% 15.61% 31.18% 26.12% 54.64% -1.20% 33.01%
EBIT Margin		 -210.48% 65.63% 0.66% 17.45% -1,009.36% 15.61% 28.31% 22.99% 54.64% -1.20% 33.01%
Profit (Net Income) Margin		 208.93% 35.67% -4.84% 32.28% -204.27% 10.87% 23.74% 18.71% 50.74% -5.08% 27.21%
Tax Burden Percent		 215.51% 54.35% 118.73% 95.16% 42.00% 86.74% 92.69% 90.44% 90.31% 103.14% 90.31%
Interest Burden Percent		 -46.06% 100.00% -619.64% 194.40% 48.19% 80.27% 90.47% 89.98% 102.82% 411.29% 91.27%
Effective Tax Rate		 -20.74% 2.65% 0.00% 4.84% 0.00% 13.26% 7.31% 9.56% 9.69% 0.00% 9.69%
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)		 13.67% 13.70% 12.38% 16.37% 5.86% 2.49% 6.46% 4.80% 21.11% 19.67% 20.36%
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)		 -57.82% 16.90% 0.19% 4.44% -246.92% 3.29% 6.34% 5.01% 18.36% -0.36% 9.88%
Return on Assets (ROA)		 57.39% 9.19% -1.43% 8.22% -49.97% 2.29% 5.32% 4.08% 17.05% -1.54% 8.14%
Return on Common Equity (ROCE)		 12.85% 12.77% 11.48% 14.87% 5.28% 2.23% 5.74% 4.10% 18.37% 17.18% 17.62%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 13.77% 12.60% 16.73% 0.00% 2.77% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -441 406 305 132 -430 78 199 204 791 -4.34 253
NOPAT Margin		 -254.13% 65.35% 35.84% 18.75% -706.55% 13.54% 28.90% 23.62% 49.34% -0.84% 29.81%
Net Nonoperating Expense Percent (NNEP)		 11.71% -2.86% -5.20% 1.24% 3.85% -0.19% -0.42% -0.49% 0.25% -0.23% -0.24%
Return On Investment Capital (ROIC_SIMPLE)		 -8.61% - - - -7.56% 1.35% 3.30% 3.16% 11.37% -0.06% 3.59%
Cost of Revenue to Revenue		 173.04% 1.22% 22.43% 43.12% 681.61% 46.61% 30.31% 36.31% 15.09% 48.22% 30.10%
SG&A Expenses to Revenue		 77.42% 20.14% 14.39% 17.26% 197.87% 16.61% 19.95% 20.46% 12.24% 27.98% 17.92%
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		 137.44% 31.65% 26.37% 37.18% 427.75% 37.78% 38.51% 37.57% 30.27% 52.97% 36.88%
Earnings before Interest and Taxes (EBIT)		 -365 408 5.60 123 -615 90 195 199 876 -6.20 281
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -373 406 2.90 121 -614 91 194 201 883 -1.40 290
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.91 1.03 1.05 0.94 1.11 1.09 1.00 0.90 0.98 1.01 0.95
Price to Tangible Book Value (P/TBV)		 1.00 1.23 1.26 1.12 1.33 1.30 1.20 1.16 1.20 1.24 1.22
Price to Revenue (P/Rev)		 1.78 2.03 1.70 1.85 2.23 2.27 1.88 1.74 1.42 1.47 1.34
Price to Earnings (P/E)		 7.56 7.89 9.18 6.57 21.68 176.92 22.50 30.70 4.80 5.19 4.58
Dividend Yield		 0.07% 0.06% 0.06% 0.06% 0.05% 0.05% 0.06% 0.06% 0.05% 0.05% 0.05%
Earnings Yield		 13.22% 12.67% 10.89% 15.23% 4.61% 0.57% 4.44% 3.26% 20.85% 19.29% 21.85%
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		 0.12 0.11 0.11 0.10 0.11 0.13 0.13 0.15 0.13 0.14 0.15
Long-Term Debt to Equity		 0.12 0.11 0.11 0.10 0.11 0.13 0.13 0.15 0.13 0.14 0.15
Financial Leverage		 -1.62 -1.43 -1.48 -1.63 -1.64 -1.62 -1.65 -1.58 -1.57 -1.65 -1.62
Leverage Ratio		 1.86 1.95 2.06 1.96 1.89 2.05 2.15 2.07 1.95 2.14 2.21
Compound Leverage Factor		 -0.86 1.95 -12.77 3.81 0.91 1.65 1.95 1.86 2.01 8.79 2.01
Debt to Total Capital		 11.01% 9.81% 9.81% 9.39% 9.88% 11.63% 11.51% 13.21% 11.80% 11.91% 12.98%
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		 11.01% 9.81% 9.81% 9.39% 9.88% 11.63% 11.51% 13.21% 11.80% 11.91% 12.98%
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		 6.26% 7.75% 8.32% 11.18% 11.37% 10.83% 11.53% 14.41% 11.70% 11.45% 12.02%
Common Equity to Total Capital		 82.72% 82.44% 81.86% 79.43% 78.75% 77.54% 76.96% 72.37% 76.50% 76.65% 75.00%
Debt to EBITDA		 0.93 0.79 0.49 0.89 1.52 3.26 1.56 2.16 0.59 0.63 0.66
Net Debt to EBITDA		 -9.77 -9.03 -5.70 -10.10 -16.71 -29.95 -14.56 -16.11 -5.44 -5.80 -5.20
Long-Term Debt to EBITDA		 0.93 0.79 0.49 0.89 1.52 3.26 1.56 2.16 0.59 0.63 0.66
Debt to NOPAT		 0.87 0.75 0.47 0.86 1.66 4.02 1.74 2.54 0.66 0.70 0.74
Net Debt to NOPAT		 -9.24 -8.57 -5.50 -9.78 -18.31 -36.89 -16.18 -18.93 -6.05 -6.48 -5.87
Long-Term Debt to NOPAT		 0.87 0.75 0.47 0.86 1.66 4.02 1.74 2.54 0.66 0.70 0.74
Altman Z-Score		 1.57 1.70 1.51 1.48 1.35 1.38 1.33 1.23 1.82 1.40 1.34
Noncontrolling Interest Sharing Ratio		 5.99% 6.80% 7.26% 9.17% 9.99% 10.47% 11.21% 14.56% 12.97% 12.66% 13.45%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.58 580.81 572.66 281.53
Quick Ratio		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.58 580.81 572.66 281.53
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 343 2,296 2,393 301 -242 506 417 482 2,179 756 637
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		 0.00 0.00 161.72 18.02 0.00 28.42 22.40 24.23 98.59 39.15 32.19
Operating Cash Flow to Interest Expense		 0.00 0.00 14.65 16.13 0.00 -2.26 9.54 18.06 2.44 1.58 -2.80
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 14.65 16.13 0.00 -2.26 9.54 18.06 2.44 1.58 -2.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.26 0.30 0.25 0.24 0.21 0.22 0.22 0.34 0.30 0.30
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		 -3,008 -2,897 -3,197 -3,053 -3,196 -3,325 -3,414 -3,331 -3,919 -4,085 -3,798
Invested Capital Turnover		 -0.83 -1.16 -1.27 -0.79 -0.72 -0.70 -0.75 -0.78 -1.16 -0.99 -1.06
Increase / (Decrease) in Invested Capital		 -784 -1,890 -2,089 -169 -188 -428 -218 -278 -1,388 -760 -384
Enterprise Value (EV)		 -1,792 -1,029 -1,066 -1,174 -557 -645 -1,149 -1,236 -1,562 -1,456 -1,352
Market Capitalization		 3,851 4,594 4,663 4,356 4,995 4,936 4,622 4,304 5,305 5,420 5,135
Book Value per Share		 $1,656.15 $1,742.35 $1,723.72 $1,795.21 $1,745.89 $1,759.47 $1,804.58 $1,851.38 $2,125.02 $2,178.10 $2,175.62
Tangible Book Value per Share		 $1,511.41 $1,455.26 $1,438.81 $1,512.64 $1,465.41 $1,480.46 $1,491.65 $1,443.68 $1,725.43 $1,768.02 $1,697.68
Total Capital		 5,126 5,423 5,402 5,805 5,694 5,816 6,035 6,588 7,092 7,011 7,185
Total Debt		 565 532 530 545 563 676 695 870 837 835 933
Total Long-Term Debt		 565 532 530 545 563 676 695 870 837 835 933
Net Debt		 -5,964 -6,043 -6,179 -6,179 -6,200 -6,211 -6,466 -6,490 -7,697 -7,678 -7,351
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 -317 -3.60 -2.90 -4.00
Debt-free Net Working Capital (DFNWC)		 1,628 1,302 1,476 1,252 1,249 1,340 1,587 1,133 2,087 1,658 1,122
Net Working Capital (NWC)		 1,628 1,302 1,476 1,252 1,249 1,340 1,587 1,133 2,087 1,658 1,122
Net Nonoperating Expense (NNE)		 -804 185 346 -96 -306 15 36 42 -22 22 22
Net Nonoperating Obligations (NNO)		 -7,569 -7,788 -8,069 -8,312 -8,327 -8,465 -8,754 -9,048 -10,175 -10,261 -10,050
Total Depreciation and Amortization (D&A)		 -7.50 -2.10 -2.70 -2.70 1.10 1.10 -0.80 2.30 6.40 4.80 9.20
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -12.80% -0.10% -0.08% -0.10%
Debt-free Net Working Capital to Revenue		 75.13% 57.61% 53.78% 53.22% 55.75% 61.75% 64.40% 45.80% 55.88% 45.11% 29.31%
Net Working Capital to Revenue		 75.13% 57.61% 53.78% 53.22% 55.75% 61.75% 64.40% 45.80% 55.88% 45.11% 29.31%
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		 2.56M 2.57M 2.57M 2.57M 2.56M 2.57M 2.58M 2.55M 2.47M 2.48M 2.39M
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		 2.56M 2.57M 2.57M 2.57M 2.56M 2.57M 2.58M 2.55M 2.47M 2.48M 2.39M
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		 2.56M 2.57M 2.57M 2.57M 2.56M 2.57M 2.58M 2.55M 2.47M 2.48M 2.39M
Normalized Net Operating Profit after Tax (NOPAT)		 -233 406 314 165 -421 87 226 237 881 2.66 282
Normalized NOPAT Margin		 -134.48% 65.35% 36.93% 23.35% -690.69% 15.00% 32.72% 27.40% 54.91% 0.51% 33.18%
Pre Tax Income Margin		 96.95% 65.63% -4.08% 33.92% -486.37% 12.53% 25.61% 20.69% 56.18% -4.92% 30.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.38 7.38 0.00 5.07 10.49 9.98 39.65 -0.32 14.17
NOPAT to Interest Expense		 0.00 0.00 20.61 7.93 0.00 4.40 10.71 10.26 35.81 -0.22 12.79
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.38 7.38 0.00 5.07 10.49 9.98 39.65 -0.32 14.17
NOPAT Less CapEx to Interest Expense		 0.00 0.00 20.61 7.93 0.00 4.40 10.71 10.26 35.81 -0.22 12.79
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 2.51% 0.44% 1.45% 1.52% 8.31% 51.80% 21.37% 27.04% 5.60% 4.08% 4.01%
Augmented Payout Ratio		 8.14% 2.96% 2.91% 2.57% 11.09% 59.55% 24.31% 30.72% 22.46% 23.73% 38.70%

Financials Breakdown Chart

Key Financial Trends

White Mountains Insurance Group (NYSE: WTM) posted a difficult start to 2026, with first-quarter results showing a net loss even as operating cash flow remained positive. The company’s long-term financial position still looks supported by a large investment base and substantial equity, but recent quarterly trends point to weaker earnings momentum and heavier balance sheet leverage than a year ago.

  • WTM generated $30.5 million in operating cash flow in Q1 2026, showing the business still produced cash despite a net loss.
  • Cash and short-term investments remained large at $1.66 billion at the end of Q1 2026, giving the company meaningful liquidity.
  • Total common equity was $5.37 billion in Q1 2026, up from $4.61 billion in Q3 2025 and $4.51 billion in Q1 2025.
  • Revenue in Q1 2026 was $517.8 million, which is solid on an absolute basis for a quarterly period.
  • Q4 2025 was a strong quarter, with $813.7 million in net income and $53.9 million in operating cash flow, showing the company can still produce powerful earnings when conditions are favorable.
  • Over the last four years, retained earnings increased substantially, reaching $4.79 billion in Q1 2026, which supports long-term book value growth.
  • The company continued to use cash for investment purchases and portfolio activity, indicating an ongoing emphasis on capital allocation rather than purely organic growth.
  • Q1 2026 diluted shares were unchanged from basic shares at 2.48 million, suggesting limited near-term dilution from stock compensation or convertible securities.
  • Q1 2026 ended with a $26.3 million net loss, versus net income of $813.7 million in Q4 2025, a sharp sequential reversal.
  • Operating income turned negative in Q1 2026 at -$6.2 million, compared with $876.3 million in Q4 2025.
  • Net cash from investing activities was -$29.8 million in Q1 2026, reflecting continued cash deployment into investments and other assets.
  • Long-term debt rose to $834.8 million in Q1 2026 from $676.1 million in Q1 2025, indicating higher leverage.
  • Total liabilities climbed to $6.99 billion in Q1 2026 from $5.87 billion in Q1 2025, which could pressure flexibility if earnings stay weak.
  • Compared with Q1 2025, Q1 2026 revenue rose only modestly while profitability deteriorated sharply, suggesting margin pressure and less favorable operating conditions.

Bottom line: White Mountains still has a strong asset base, ample liquidity, and a history of generating substantial cash, but the latest quarter shows clear earnings volatility. Investors should watch whether Q1 2026 was an isolated weak period or the start of a broader slowdown in operating performance.

08/23/26 07:03 AM ETAI Generated. May Contain Errors.

White Mountains Insurance Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, White Mountains Insurance Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

White Mountains Insurance Group's net income appears to be on an upward trend, with a most recent value of $1.20 billion in 2025, rising from $276.70 million in 2015. The previous period was $284.10 million in 2024. Find out what analysts predict for White Mountains Insurance Group in the coming months.

White Mountains Insurance Group's total operating income in 2025 was $1.41 billion, based on the following breakdown:
  • Total Gross Profit: $2.70 billion
  • Total Operating Expenses: $1.29 billion

Over the last 10 years, White Mountains Insurance Group's total revenue changed from $440 million in 2015 to $3.74 billion in 2025, a change of 748.9%.

White Mountains Insurance Group's total liabilities were at $6.05 billion at the end of 2025, a 26.2% increase from 2024, and a 2.3% increase since 2015.

In the past 10 years, White Mountains Insurance Group's cash and equivalents has ranged from $0.00 in 2015 to $255 million in 2022, and is currently $184.90 million as of their latest financial filing in 2025.

Over the last 10 years, White Mountains Insurance Group's book value per share changed from 688.20 in 2015 to 2,125.02 in 2025, a change of 208.8%.


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Financial statements for NYSE:WTM last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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