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.

Ticker
WTM
Exchange
NYSE
Sector
Financial Services
Industry
Insurance - Property & Casualty
Market cap
$5.35B
52-week range
$1870.00 - $2378.94

Valuation

Share price
$2241.12 (close of Nov 6, 2026)
P/E (TTM)
5.97x
Price to book
0.88x
Price to free cash flow
13.88x
Enterprise value
$6.11B
Book value per share
$2553.52

Price performance

PeriodChange
1 day-2.31%
5 days-1.27%
1 month+10.01%
3 months+4.67%
6 months+7.75%
Year to date+7.85%
1 year+18.45%
3 years+54.35%
5 years+106.87%
10 years+173.84%
All time+7,976.11%

Short interest

As of
Oct 15, 2026
Short % of float
6.36%
Shares short
146.87K
Days to cover
7.30
Change since prior report
+5.18%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
18.07%
Return on assets
8.99%
Net margin
29.62%
Revenue growth
66.76%
Free cash flow growth
-6.19%

Cash flow and balance sheet

Free cash flow yield (TTM)
7.21%
Net debt to EBITDA
0.64x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$3.73B
Net income
$1.11B
Earnings per share
$430.14
Interest expense
$78.40M
Shares outstanding
2.53M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31$3.73B$1.11B$430.14
2024-12-31$2.24B$230.40M$89.79
2023-12-31$2.17B$509.20M$198.60
2022-12-31$1.16B$792.80M$276.96
2021-12-31$614.40M-$275.40M-$89.46
2020-12-31$895.60M$663.40M$226.97
2019-12-31$893.40M$376.60M$130.27
2018-12-31$369.10M-$191.40M-$41.76
2017-12-31-$593.10M$146.06
2016-12-31-$409.00M$80.11

Margins and returns by year

Period endNet marginReturn on equity
2025-12-3129.62%18.07%
2024-12-3110.29%4.49%
2023-12-3123.50%11.16%
2022-12-3168.47%20.15%
2021-12-31-44.82%-7.43%
2020-12-3174.07%17.38%
2019-12-3142.15%11.98%
2018-12-31-51.86%-7.04%
2017-12-31-17.65%
2016-12-31-11.01%

Cash and debt by year

Period endCashDebt
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 endFree cash flowStock-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
Mar 16, 2026
Paid in the last twelve months
$1.00
Payment dateDividend 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

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-05Sep 2026-
2026-08-06Jun 2026-
2026-05-06Mar 2026-
2026-02-06Dec 2025-
2025-11-06Sep 2025-
2025-08-07Jun 2025-
2025-05-07Mar 2025-
2025-02-07Dec 2024-

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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