White Mountains Insurance Group Ltd (WTM)
White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments. The company offers property insurance and reinsurance; specialty insurance and reinsurance consisting of aviation, contingency, cyber, fine art and specie, mortgage, nuclear, political and credit, space, surety, and terrorism and political violence; marine and energy insurance and reinsurance; casualty insurance and reinsurance, such as medical malpractice, and professional and general liability; and accident and health insurance and reinsurance, which includes personal accident, sickness, disability, travel, short-term life, and medical products through brokers, managing general agents (MGA), and reinsurance intermediaries. It also provides municipal bond guarantee reinsurance, which focuses on single risk limits for small-to-medium sized, and public investment grade municipal bonds that are issued to finance public purpose projects, including schools, utilities, and transportation facilities. In addition, the company offers capital solutions for boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisition and growth finance, and legacy partner liquidity; strategic advice; investment management; and specialty electrical contracting services. Further, it operates as a full-service MGA and program administrator for specialty property and casualty insurance for the real estate and hospitality end markets, and start-up programs; and an MGA for leisure travel and global expatriate medical insurance in Israel, the European Union, and Australia. The company was formerly known as Fund American Enterprises Holdings, Inc. and changed its name to White Mountains Insurance Group, Ltd. in 1999. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.
- Symbol
- WTM
- Exchange
- NYSE
- Sector
- Financial Services
- Industry
- Insurance - Property & Casualty
- Market cap
- $4.90B
- 52 week range
- 1648 - 2333
Valuation
- Share price
- $2032.01 (close of 2026-09-23)
- P/E (TTM)
- 4.70x
- Price to book
- 0.80x
- Price to free cash flow
- 12.63x
- Enterprise value
- $5.71B
- Book value per share
- $2564.40
Price performance
| Period | Change |
|---|
| 1 day | -1.21% |
| 5 days | -0.68% |
| 1 month | -3.74% |
| 3 months | +0.41% |
| 6 months | -6.06% |
| Year to date | -2.21% |
| 1 year | +15.09% |
| 3 years | +30.41% |
| 5 years | +88.06% |
| 10 years | +146.01% |
| All time | +7222.56% |
Profitability and growth
- Return on equity
- 18.07%
- Return on assets
- 8.99%
- Gross margin
- 95.94%
- Net margin
- 29.62%
- EBITDA margin
- 35.36%
- Revenue growth
- 66.76%
- Net income growth
- 380.21%
- Free cash flow growth
- -6.19%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 7.92%
- Net debt to EBITDA
- 0.60x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $3.73B
- Cost of revenue
- $151.80M
- Gross profit
- $3.58B
- EBITDA
- $1.32B
- Net income
- $1.11B
- Earnings per share
- $430.14
- Interest expense
- $78.40M
- Shares outstanding
- 2.53M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $3.73B | $3.58B | $1.11B | $430.14 |
| 2024-12-31 | $2.24B | $2.21B | $230.40M | $89.79 |
| 2023-12-31 | $2.17B | $2.13B | $509.20M | $198.60 |
| 2022-12-31 | $1.16B | $1.06B | $792.80M | $276.96 |
| 2021-12-31 | $614.40M | $545.10M | $-275.40M | $-89.46 |
| 2020-12-31 | $895.60M | $884.30M | $663.40M | $226.97 |
| 2019-12-31 | $893.40M | $845.30M | $376.60M | $130.27 |
| 2018-12-31 | $369.10M | $120.40M | $-191.40M | $-41.76 |
| 2017-12-31 | $373.80M | $234.40M | $593.10M | $146.06 |
| 2016-12-31 | $157.70M | $55.70M | $409.00M | $80.11 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity |
|---|
| 2025-12-31 | 95.94% | 29.62% | 18.07% |
| 2024-12-31 | 98.68% | 10.29% | 4.49% |
| 2023-12-31 | 98.14% | 23.50% | 11.16% |
| 2022-12-31 | 91.48% | 68.47% | 20.15% |
| 2021-12-31 | 88.72% | -44.82% | -7.43% |
| 2020-12-31 | 98.74% | 74.07% | 17.38% |
| 2019-12-31 | 94.62% | 42.15% | 11.98% |
| 2018-12-31 | 32.62% | -51.86% | -7.04% |
| 2017-12-31 | 62.71% | 158.67% | 17.65% |
| 2016-12-31 | 35.32% | 259.35% | 11.01% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $185.60M | $837.00M |
| 2024-12-31 | $266.40M | $562.50M |
| 2023-12-31 | $122.40M | $564.60M |
| 2022-12-31 | $255.00M | $575.20M |
| 2021-12-31 | $147.70M | $420.90M |
| 2020-12-31 | $84.60M | $376.40M |
| 2019-12-31 | $161.00M | $283.50M |
| 2018-12-31 | $110.30M | $192.70M |
| 2017-12-31 | $97.10M | $23.80M |
| 2016-12-31 | $367.20M | $12.70M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $550.50M | $18.50M |
| 2024-12-31 | $586.80M | $16.30M |
| 2023-12-31 | $404.10M | $15.30M |
| 2022-12-31 | $365.00M | $14.00M |
| 2021-12-31 | $38.60M | $14.70M |
| 2020-12-31 | $-60.60M | - |
| 2019-12-31 | $-120.50M | - |
| 2018-12-31 | $-31.10M | - |
| 2017-12-31 | $94.60M | - |
| 2016-12-31 | $-155.10M | - |
Dividend history
- Most recent payment
- 2026-03-16
- Paid in the last twelve months
- $1.00
| Payment date | Dividend per share |
|---|
| 2026-03-16 | $1.00 |
| 2025-03-17 | $1.00 |
| 2024-03-08 | $1.00 |
| 2023-03-10 | $1.00 |
| 2022-03-11 | $1.00 |
| 2021-03-12 | $1.00 |
| 2020-03-13 | $1.00 |
| 2019-03-15 | $1.00 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-05
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-06 | Jun/2026 | - |
| 2026-05-06 | - | - |
| 2026-02-06 | - | - |
| 2025-11-06 | - | - |
| 2025-08-07 | - | - |
| 2025-05-07 | - | - |
| 2025-02-07 | - | - |
| 2024-11-06 | - | - |
Filings and sources
- Company website
- whitemountains.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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