White Mountains Insurance Group (WTM) Financials

$2,109.81 -10.10 (-0.48%)

Closing price 03:59 PM Eastern

Extended Trading

$2,111.64 +1.83 (+0.09%)

As of 04:10 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	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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	24	127	236	-55	179	-306	34	123	114	836	-27
Consolidated Net Income / (Loss)	14	363	222	-41	228	-124	63	164	162	814	-26
Net Income / (Loss) Continuing Operations	35	194	222	-41	244	-132	63	164	162	814	-26
Total Pre-Tax Income	21	168	233	-35	240	-296	72	177	179	901	-26
Total Operating Income	615	-365	257	-20	272	-615	90	215	226	876	-6.20
Total Gross Profit	824	-127	454	205	550	-354	309	480	550	1,362	268
Total Revenue	1,098	174	647	395	855	61	578	689	864	1,604	518
Operating Revenue	1,098	420	647	395	855	327	578	689	864	1,604	518
Total Cost of Revenue	274	300	193	191	305	415	269	209	314	242	250
Operating Cost of Revenue	274	300	193	191	305	415	269	209	314	242	250
Total Operating Expenses	209	239	197	224	278	261	218	265	325	486	274
Selling, General & Admin Expense	100	134	125	123	122	121	96	138	177	196	145
Amortization Expense	92	72	72	76	106	88	97	100	112	112	102
Other Operating Expenses / (Income)	0.00	-	-	13	16	-	16	-	-	-	17
Other Special Charges / (Income)	17	32	0.00	13	34	14	9.70	28	36	99	10
Total Other Income / (Expense), net	-573	524	-25	-15	-17	486	-18	-38	-47	25	-19
Interest Expense	16	-	15	15	17	-	18	19	20	22	19
Income Tax Expense	7.30	-35	11	6.50	12	3.70	9.60	13	17	87	0.80
Net Income / (Loss) Attributable to Noncontrolling Interest	-9.80	76	-15	13	49	6.00	29	41	48	-22	0.90
Weighted Average Basic Shares Outstanding	2.56M	2.56M	2.57M	2.57M	2.57M	2.56M	2.57M	2.58M	2.55M	2.47M	2.48M
Weighted Average Diluted Shares Outstanding	2.56M	2.56M	2.57M	2.57M	2.57M	2.56M	2.57M	2.58M	2.55M	2.47M	2.48M
Weighted Average Basic & Diluted Shares Outstanding	2.56M	2.56M	2.57M	2.57M	2.57M	2.56M	2.57M	2.58M	2.55M	2.47M	2.48M
Cash Dividends to Common per Share	$0.00	-	$1.00	$0.00	$0.00	-	$1.00	$0.00	$0.00	-	$1.00

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	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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	8.30	-40	103	30	91	-80	46	26	136	-289	-49
Net Cash From Operating Activities	223	25	37	217	269	64	-40	178	359	54	31
Net Cash From Continuing Operating Activities	223	25	37	217	269	64	-40	178	359	54	31
Net Income / (Loss) Continuing Operations	14	363	222	-41	228	-124	63	164	162	814	-26
Consolidated Net Income / (Loss)	14	363	222	-41	228	-124	63	164	162	814	-26
Depreciation Expense	-5.30	-7.50	-2.10	-2.70	-2.70	1.10	1.10	-0.80	2.30	6.40	4.80
Non-Cash Adjustments To Reconcile Net Income	-396	15	-191	115	-356	-11	-71	616	-839	-1,083	4.70
Changes in Operating Assets and Liabilities, net	610	-345	7.60	145	400	198	-33	-601	1,034	316	47
Net Cash From Investing Activities	-232	-89	101	-195	-190	-163	7.30	-164	-295	-215	-30
Net Cash From Continuing Investing Activities	-232	-89	101	-195	-190	-163	7.30	-164	-295	-215	-30
Purchase of Investments	-142	-227	-497	-908	-658	-368	-262	-537	-239	-514	-767
Divestitures	-	-	-	-	-	-	0.00	-	-	-	6.00
Sale and/or Maturity of Investments	-92	62	800	727	501	165	297	416	195	-414	715
Other Investing Activities, net	1.80	76	29	-14	-29	39	-27	27	20	-26	16
Net Cash From Financing Activities	18	24	-34	7.90	11	20	79	12	73	-128	-49
Net Cash From Continuing Financing Activities	18	24	-34	7.90	11	20	79	12	73	-128	-49
Repayment of Debt	-12	-4.90	-36	7.90	-10	6.80	15	14	-6.70	-12	-8.70
Repurchase of Common Equity	-	-	-8.10	-	-	0.20	-9.90	-	-	-193	-26
Payment of Dividends	2.20	-6.70	-2.50	-11	-1.40	-9.60	-44	-17	-2.20	-4.60	-22
Issuance of Debt	0.20	0.20	0.00	-	16	21	116	15	81	82	6.40
Issuance of Common Equity	-	-	1.10	-	-	-	0.60	0.10	0.50	-0.50	0.70
Cash Interest Paid	6.40	-	17	15	15	-	16	17	17	-	18
Cash Income Taxes Paid	2.10	-	5.30	9.10	4.80	-	3.50	14	3.70	-	3.70

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
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	10,216
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	1,892
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	8,529
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	103
Other Noncurrent Operating Liabilities	4,047	2,696	182	365	478	413	2,307	4,062	4,777	6,107	7,589
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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	7,545	7,959	8,376	8,143	9,590	10,167	10,338	11,005	11,823	12,346	13,169
Total Current Assets	1,455	1,106	1,154	1,342	1,302	1,476	1,252	1,340	1,587	1,450	1,661
Cash & Equivalents	246	203	155	163	225	255	346	312	338	337	136
Short-Term Investments	1,209	903	999	1,179	1,077	1,221	906	1,028	1,249	1,112	1,525
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	6,090	6,853	7,223	6,801	8,288	8,691	9,086	9,665	10,236	10,228	11,508
Long-Term Investments	3,958	4,551	4,647	4,700	5,274	5,233	5,472	5,547	5,574	5,911	6,852
Noncurrent Note & Lease Receivables	705	916	1,084	787	1,007	1,204	1,035	1,295	1,459	1,157	1,315
Goodwill	393	376	374	372	737	731	726	715	805	1,050	1,012
Other Noncurrent Operating Assets	1,034	1,010	1,119	943	1,271	1,523	1,852	2,108	2,398	2,110	2,329
Total Liabilities & Shareholders' Equity	7,545	7,959	8,376	8,143	9,590	10,167	10,338	11,005	11,823	12,346	13,169
Total Liabilities	3,679	3,866	4,250	3,979	4,700	5,295	5,078	5,865	6,483	6,629	6,993
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	317	2.90
Other Current Nonoperating Liabilities	0.00	-	-	-	-	-	-	-	-	317	2.90
Total Noncurrent Liabilities	3,679	3,866	4,250	5,550	6,444	7,185	7,211	8,119	8,771	8,518	9,576
Long-Term Debt	616	556	566	565	532	530	545	676	695	870	835
Noncurrent Employee Benefit Liabilities	89	52	66	84	60	76	65	28	41	76	51
Other Noncurrent Operating Liabilities	2,974	3,258	3,619	4,902	5,853	6,579	6,601	7,415	8,036	7,572	8,690
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	132	132
Total Equity & Noncontrolling Interests	3,866	4,093	4,126	4,164	4,891	4,872	5,260	5,140	5,340	5,585	6,045
Total Preferred & Common Equity	3,708	3,902	3,922	3,949	4,470	4,423	4,611	4,510	4,645	4,768	5,374
Total Common Equity	3,708	3,902	3,922	3,949	4,470	4,423	4,611	4,510	4,645	4,768	5,374
Common Stock	535	538	543	548	555	561	563	567	577	585	581
Retained Earnings	3,176	3,367	3,381	3,404	3,918	3,863	4,048	3,943	4,068	4,183	4,791
Accumulated Other Comprehensive Income / (Loss)	-3.20	-2.70	-1.70	-2.70	-1.80	-1.80	-1.00	-0.50	0.30	0.00	1.40
Noncontrolling Interest	158	190	204	215	420	450	649	630	696	817	671

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	2,553,106.00	2,467,055.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2,553,106.00	2,467,055.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	327.37	-11.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-37.22%	17.63%	131.88%	-35.66%	-64.92%	-10.74%	74.30%	1.09%	368.67%	-10.38%
EBITDA Growth	8,021.43%	44.19%	13.98%	-83.52%	8.66%	-64.55%	-62.84%	959.73%	-25.36%	775.88%	-101.53%
EBIT Growth	0.00%	45.09%	13.80%	-72.28%	6.02%	-68.23%	-63.60%	1,080.40%	-26.95%	765.38%	-106.87%
NOPAT Growth	0.00%	-53.18%	17.21%	1,427.41%	-67.08%	2.47%	-68.09%	1,529.96%	-21.14%	958.44%	-105.55%
Net Income Growth	-98.41%	489.76%	18.48%	-339.53%	1,551.45%	-134.30%	-71.69%	497.09%	-29.05%	754.10%	-141.88%
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	90.51%	-88.23%	-57.36%	204.92%	20.86%	161.63%	-210.14%	-18.13%	33.37%	-15.91%	175.87%
Free Cash Flow Firm Growth	-52.75%	-83.94%	1,104.49%	81.04%	-87.22%	-170.58%	-76.31%	-79.91%	12.82%	483.68%	49.37%
Invested Capital Growth	-209.83%	-35.25%	-187.60%	-188.46%	-5.85%	-6.26%	-14.76%	-6.80%	-9.11%	-54.80%	-22.85%
Revenue Q/Q Growth	199.05%	-84.18%	258.18%	36.86%	-17.03%	-91.38%	848.77%	19.28%	25.39%	85.58%	-67.71%
EBITDA Q/Q Growth	530.11%	-436.25%	208.88%	-99.29%	4,055.17%	-609.21%	114.88%	112.81%	3.45%	339.15%	-100.16%
EBIT Q/Q Growth	475.25%	-414.46%	211.69%	-98.63%	2,100.00%	-598.94%	114.67%	116.30%	1.85%	341.02%	-100.71%
NOPAT Q/Q Growth	1,913.40%	-209.74%	192.11%	-24.94%	-56.60%	-425.08%	118.18%	154.59%	2.47%	287.72%	-100.55%
Net Income Q/Q Growth	-19.77%	2,528.26%	-38.85%	-118.58%	653.16%	-154.59%	150.48%	160.51%	-1.16%	403.22%	-103.23%
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	213.50%	-89.01%	48.98%	493.97%	24.26%	-76.21%	-162.71%	541.54%	102.42%	-85.00%	-43.41%
Free Cash Flow Firm Q/Q Growth	78.14%	-85.45%	135.79%	4.23%	-87.43%	-180.37%	309.12%	-17.62%	15.72%	351.85%	-65.32%
Invested Capital Q/Q Growth	-160.23%	-4.29%	-177.23%	-10.33%	4.51%	-4.70%	-4.03%	-2.69%	2.45%	-17.68%	-4.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.05%	-73.04%	98.78%	77.57%	56.88%	-581.61%	53.39%	69.69%	63.69%	84.91%	51.78%
EBITDA Margin	10.10%	-214.80%	65.29%	0.34%	17.07%	-1,007.55%	15.80%	28.19%	23.26%	55.04%	-0.27%
Operating Margin	56.01%	-210.48%	67.13%	51.20%	19.70%	-1,009.36%	15.61%	31.18%	26.12%	54.64%	-1.20%
EBIT Margin	10.59%	-210.48%	65.63%	0.66%	17.45%	-1,009.36%	15.61%	28.31%	22.99%	54.64%	-1.20%
Profit (Net Income) Margin	1.26%	208.93%	35.67%	-4.84%	32.28%	-204.27%	10.87%	23.74%	18.71%	50.74%	-5.08%
Tax Burden Percent	65.40%	215.51%	54.35%	118.73%	95.16%	42.00%	86.74%	92.69%	90.44%	90.31%	103.14%
Interest Burden Percent	18.16%	-46.06%	100.00%	-619.64%	194.40%	48.19%	80.27%	90.47%	89.98%	102.82%	411.29%
Effective Tax Rate	34.60%	-20.74%	2.65%	0.00%	4.84%	0.00%	13.26%	7.31%	9.56%	9.69%	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)	6.97%	13.67%	13.70%	12.38%	16.37%	5.86%	2.49%	6.46%	4.80%	21.11%	19.67%
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)	3.06%	-57.82%	16.90%	0.19%	4.44%	-246.92%	3.29%	6.34%	5.01%	18.36%	-0.36%
Return on Assets (ROA)	0.36%	57.39%	9.19%	-1.43%	8.22%	-49.97%	2.29%	5.32%	4.08%	17.05%	-1.54%
Return on Common Equity (ROCE)	6.64%	12.85%	12.77%	11.48%	14.87%	5.28%	2.23%	5.74%	4.10%	18.37%	17.18%
Return on Equity Simple (ROE_SIMPLE)	7.08%	0.00%	13.77%	12.60%	16.73%	0.00%	2.77%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	402	-441	406	305	132	-430	78	199	204	791	-4.34
NOPAT Margin	36.63%	-254.13%	65.35%	35.84%	18.75%	-706.55%	13.54%	28.90%	23.62%	49.34%	-0.84%
Net Nonoperating Expense Percent (NNEP)	-6.56%	11.71%	-2.86%	-5.20%	1.24%	3.85%	-0.19%	-0.42%	-0.49%	0.25%	-0.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.61%	-	-	-	-7.56%	1.35%	3.30%	3.16%	11.37%	-0.06%
Cost of Revenue to Revenue	24.95%	173.04%	1.22%	22.43%	43.12%	681.61%	46.61%	30.31%	36.31%	15.09%	48.22%
SG&A Expenses to Revenue	9.08%	77.42%	20.14%	14.39%	17.26%	197.87%	16.61%	19.95%	20.46%	12.24%	27.98%
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	19.04%	137.44%	31.65%	26.37%	37.18%	427.75%	37.78%	38.51%	37.57%	30.27%	52.97%
Earnings before Interest and Taxes (EBIT)	116	-365	408	5.60	123	-615	90	195	199	876	-6.20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	111	-373	406	2.90	121	-614	91	194	201	883	-1.40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	0.91	1.03	1.05	0.94	1.11	1.09	1.00	0.90	0.98	1.01
Price to Tangible Book Value (P/TBV)	1.07	1.00	1.23	1.26	1.12	1.33	1.30	1.20	1.16	1.20	1.24
Price to Revenue (P/Rev)	1.69	1.78	2.03	1.70	1.85	2.23	2.27	1.88	1.74	1.42	1.47
Price to Earnings (P/E)	9.06	7.56	7.89	9.18	6.57	21.68	176.92	22.50	30.70	4.80	5.19
Dividend Yield	0.07%	0.07%	0.06%	0.06%	0.06%	0.05%	0.05%	0.06%	0.06%	0.05%	0.05%
Earnings Yield	11.04%	13.22%	12.67%	10.89%	15.23%	4.61%	0.57%	4.44%	3.26%	20.85%	19.29%
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	0.14	0.12	0.11	0.11	0.10	0.11	0.13	0.13	0.15	0.13	0.14
Long-Term Debt to Equity	0.14	0.12	0.11	0.11	0.10	0.11	0.13	0.13	0.15	0.13	0.14
Financial Leverage	-1.48	-1.62	-1.43	-1.48	-1.63	-1.64	-1.62	-1.65	-1.58	-1.57	-1.65
Leverage Ratio	1.95	1.86	1.95	2.06	1.96	1.89	2.05	2.15	2.07	1.95	2.14
Compound Leverage Factor	0.35	-0.86	1.95	-12.77	3.81	0.91	1.65	1.95	1.86	2.01	8.79
Debt to Total Capital	11.94%	11.01%	9.81%	9.81%	9.39%	9.88%	11.63%	11.51%	13.21%	11.80%	11.91%
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	11.94%	11.01%	9.81%	9.81%	9.39%	9.88%	11.63%	11.51%	13.21%	11.80%	11.91%
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	4.55%	6.26%	7.75%	8.32%	11.18%	11.37%	10.83%	11.53%	14.41%	11.70%	11.45%
Common Equity to Total Capital	83.51%	82.72%	82.44%	81.86%	79.43%	78.75%	77.54%	76.96%	72.37%	76.50%	76.65%
Debt to EBITDA	1.79	0.93	0.79	0.49	0.89	1.52	3.26	1.56	2.16	0.59	0.63
Net Debt to EBITDA	-17.39	-9.77	-9.03	-5.70	-10.10	-16.71	-29.95	-14.56	-16.11	-5.44	-5.80
Long-Term Debt to EBITDA	1.79	0.93	0.79	0.49	0.89	1.52	3.26	1.56	2.16	0.59	0.63
Debt to NOPAT	2.07	0.87	0.75	0.47	0.86	1.66	4.02	1.74	2.54	0.66	0.70
Net Debt to NOPAT	-20.08	-9.24	-8.57	-5.50	-9.78	-18.31	-36.89	-16.18	-18.93	-6.05	-6.48
Long-Term Debt to NOPAT	2.07	0.87	0.75	0.47	0.86	1.66	4.02	1.74	2.54	0.66	0.70
Altman Z-Score	1.69	1.57	1.70	1.51	1.48	1.35	1.38	1.33	1.23	1.82	1.40
Noncontrolling Interest Sharing Ratio	4.65%	5.99%	6.80%	7.26%	9.17%	9.99%	10.47%	11.21%	14.56%	12.97%	12.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.58	580.81	572.66
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.58	580.81	572.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,355	343	2,296	2,393	301	-242	506	417	482	2,179	756
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	150.01	0.00	0.00	161.72	18.02	0.00	28.42	22.40	24.23	98.59	39.15
Operating Cash Flow to Interest Expense	14.20	0.00	0.00	14.65	16.13	0.00	-2.26	9.54	18.06	2.44	1.58
Operating Cash Flow Less CapEx to Interest Expense	14.20	0.00	0.00	14.65	16.13	0.00	-2.26	9.54	18.06	2.44	1.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.27	0.26	0.30	0.25	0.24	0.21	0.22	0.22	0.34	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	-2,884	-3,008	-2,897	-3,197	-3,053	-3,196	-3,325	-3,414	-3,331	-3,919	-4,085
Invested Capital Turnover	-1.19	-0.83	-1.16	-1.27	-0.79	-0.72	-0.70	-0.75	-0.78	-1.16	-0.99
Increase / (Decrease) in Invested Capital	-1,953	-784	-1,890	-2,089	-169	-188	-428	-218	-278	-1,388	-760
Enterprise Value (EV)	-1,434	-1,792	-1,029	-1,066	-1,174	-557	-645	-1,149	-1,236	-1,562	-1,456
Market Capitalization	3,827	3,851	4,594	4,663	4,356	4,995	4,936	4,622	4,304	5,305	5,420
Book Value per Share	$1,542.34	$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
Tangible Book Value per Share	$1,397.02	$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
Total Capital	4,729	5,126	5,423	5,402	5,805	5,694	5,816	6,035	6,588	7,092	7,011
Total Debt	565	565	532	530	545	563	676	695	870	837	835
Total Long-Term Debt	565	565	532	530	545	563	676	695	870	837	835
Net Debt	-5,476	-5,964	-6,043	-6,179	-6,179	-6,200	-6,211	-6,466	-6,490	-7,697	-7,678
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	-317	-3.60	-2.90
Debt-free Net Working Capital (DFNWC)	1,342	1,628	1,302	1,476	1,252	1,249	1,340	1,587	1,133	2,087	1,658
Net Working Capital (NWC)	1,342	1,628	1,302	1,476	1,252	1,249	1,340	1,587	1,133	2,087	1,658
Net Nonoperating Expense (NNE)	388	-804	185	346	-96	-306	15	36	42	-22	22
Net Nonoperating Obligations (NNO)	-7,048	-7,569	-7,788	-8,069	-8,312	-8,327	-8,465	-8,754	-9,048	-10,175	-10,261
Total Depreciation and Amortization (D&A)	-5.30	-7.50	-2.10	-2.70	-2.70	1.10	1.10	-0.80	2.30	6.40	4.80
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%	-12.80%	-0.10%	-0.08%
Debt-free Net Working Capital to Revenue	59.11%	75.13%	57.61%	53.78%	53.22%	55.75%	61.75%	64.40%	45.80%	55.88%	45.11%
Net Working Capital to Revenue	59.11%	75.13%	57.61%	53.78%	53.22%	55.75%	61.75%	64.40%	45.80%	55.88%	45.11%
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	2.56M	2.57M	2.57M	2.57M	2.56M	2.57M	2.58M	2.55M	2.47M	2.48M
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	2.56M	2.57M	2.57M	2.57M	2.56M	2.57M	2.58M	2.55M	2.47M	2.48M
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	2.56M	2.57M	2.57M	2.57M	2.56M	2.57M	2.58M	2.55M	2.47M	2.48M
Normalized Net Operating Profit after Tax (NOPAT)	413	-233	406	314	165	-421	87	226	237	881	2.66
Normalized NOPAT Margin	37.64%	-134.48%	65.35%	36.93%	23.35%	-690.69%	15.00%	32.72%	27.40%	54.91%	0.51%
Pre Tax Income Margin	1.92%	96.95%	65.63%	-4.08%	33.92%	-486.37%	12.53%	25.61%	20.69%	56.18%	-4.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.40	0.00	0.00	0.38	7.38	0.00	5.07	10.49	9.98	39.65	-0.32
NOPAT to Interest Expense	25.61	0.00	0.00	20.61	7.93	0.00	4.40	10.71	10.26	35.81	-0.22
EBIT Less CapEx to Interest Expense	7.40	0.00	0.00	0.38	7.38	0.00	5.07	10.49	9.98	39.65	-0.32
NOPAT Less CapEx to Interest Expense	25.61	0.00	0.00	20.61	7.93	0.00	4.40	10.71	10.26	35.81	-0.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.11%	2.51%	0.44%	1.45%	1.52%	8.31%	51.80%	21.37%	27.04%	5.60%	4.08%
Augmented Payout Ratio	16.70%	8.14%	2.96%	2.91%	2.57%	11.09%	59.55%	24.31%	30.72%	22.46%	23.73%

Financials Breakdown Chart

Key Financial Trends

White Mountains Insurance Group (NYSE: WTM) posted a notably strong Q4 2025 from an operational standpoint, with operating revenue of 1,603,800,000 and total operating income of 876,300,000, signaling robust quarterly profitability. However, the quarterly spike in net income to common shareholders (835,800,000) appears to be driven in part by non-operating/investment-driven items, which raises questions about earnings quality and sustainability. The balance sheet shows asset growth into 2025, and cash flow from continuing operations was positive in Q4 2025, even as investing and financing activities produced sizable outflows that pressured overall cash levels.

The following bullets summarize the most important trends observed in the last four years of quarterly data. Positive items come first, followed by neutral items, then negatives.

Q4 2025 Operating Revenue reached 1,603,800,000, indicating strong quarterly top-line momentum.
Q4 2025 Total Operating Income was 876,300,000, showing a substantial improvement in operating profitability versus the prior quarter.
Q4 2025 Net Income / (Loss) Attributable to Common Shareholders was 835,800,000, but much of this appears tied to one-time or non-operating items, which may affect earnings quality.
Total Assets rose to 12,345,600,000 by Q3 2025 from 11,822,900,000 in Q2 2025, signaling asset growth.
Weighted Average Basic Shares Outstanding hovered around 2,560,000 (roughly 2.46–2.58 million range across 2025), indicating relatively stable share count.
Long-Term Debt increased to 870,400,000 by Q3 2025, up from 694,600,000 in Q2 2025, suggesting a modest build in leverage.
Cash flow from continuing operating activities has been volatile across quarters, with Q4 2025 at 53,900,000 while other quarters showed higher or negative levels, implying variability in cash generation from operations.
Investing activities show sizable cash outflows in multiple quarters (e.g., purchases of investments and acquisitions), reflecting active capital deployment.
Net Change in Cash & Equivalents in Q4 2025 was -288,600,000, indicating a cash outflow for the quarter despite strong earnings.
A portion of quarterly earnings appears tied to non-operating investment gains rather than underwriting fundamentals, suggesting potential durability concerns for longer-term profitability.

05/14/26 06:17 PM 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. See where experts think White Mountains Insurance Group is headed by visiting White Mountains Insurance Group's forecast page.

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 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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White Mountains Insurance Group (WTM) Financials

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White Mountains Insurance Group (WTM) Financials

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

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How has White Mountains Insurance Group's revenue changed over the last 10 years?

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