WHITE MOUNTAINS INSURANCE GROUP LTD WTM

Financials SIC 6331 - Fire, Marine & Casualty Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Insurance (except Life, Health, and Medical) Carriers › Direct Property and Casualty Insurance Carriers derived NYSE

White Mountains Insurance Group, Ltd. (the "Company" or the "Registrant") is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and affiliates. Within this report, the term "White Mountains" is used to refer to one or more entities within the consolidated organization, as the context requires. The Company's headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company's website is located at www.whitemountains.com. The information contained on White Mountains's website is not incorporated by reference into, and is not a part of, this report.

Last close 2,225.24 2026-10-23
Market cap $5.31B 2026-06-30 share count
52-week range 1,863.60 - 2,333.00

Valuation FY2025 figures against the last close

P/S1.4x
P/E5.2x
P/FCF9.6x
EV/EBITDA—
Dividend yield0.0%
Diluted EPS430.14

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.73B$2.24B$2.17B$1.16B$614.4M$895.6M$294.3M$401.2M$163.6M$157.7M
Cost of revenue $151.8M$29.6M$40.4M$98.6M$69.3M$11.3M$48.1M$248.7M$139.4M$102.0M
Gross profit $3.58B$2.21B$2.13B$1.06B$545.1M$884.3M$246.2M$152.5M$24.2M$55.7M
SG&A $606.6M$490.1M$432.6M$364.1M$291.6M$207.9M$328.2M$233.5M$208.0M$175.5M
Interest expense $78.4M$60.8M$62.7M$40.3M$20.5M—————
Pre-tax income $1.33B$316.7M$565.4M-$149.4M-$273.6M$660.4M$405.1M-$178.2M$7.8M-$147.3M
Income tax $126.9M$32.6M$15.5M$41.4M$44.4M$14.8M$29.3M$4.0M$7.8M$32.9M
Net income $1.11B$230.4M$509.2M$792.8M-$275.4M$663.4M$376.6M-$191.4M$593.1M$409.0M
EPS, basic 430.1489.79198.60276.96-89.46226.97130.27-41.76146.0680.11
EPS, diluted 430.1489.79198.60276.96-89.46226.97130.27-41.76146.0680.06
Shares, diluted (wtd. avg.) 2.5M2.5M2.5M2.8M3.0M3.1M3.1M3.3M4.2M5.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $185.6M$266.4M$122.4M$255.0M$147.7M$84.6M$71.0M$110.3M$97.1M$80.2M
Short-term investments —————————$287.0M
Goodwill $614.1M$439.2M$168.8M$176.5M$142.3M$525.5M$394.7M$379.9M$25.9M$25.9M
Other intangibles $406.1M$281.1M$201.8M$215.9M$198.2M$248.3M$251.4M$155.4M$36.2M$19.3M
Total assets $12.31B$9.93B$8.39B$7.39B$7.00B$4.83B$3.98B$3.36B$3.66B$6.52B
Long-term debt $837.0M$562.5M$564.6M$575.2M$420.9M$376.4M$283.5M$192.7M$23.8M$12.7M
Total liabilities $6.05B$4.79B$3.82B$3.45B$3.30B$1.01B$838.5M$644.4M$298.4M$2.80B
Retained earnings $4.85B$3.92B$3.69B$3.21B$2.96B$3.31B$2.67B$2.26B$2.82B$2.78B
Total equity $5.43B$4.48B$4.24B$3.75B$3.55B$3.91B$3.26B$2.84B$3.49B$3.58B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $550.5M$586.8M$404.1M$365.0M$38.6M-$60.6M-$120.5M-$31.1M$94.6M-$155.1M
Depreciation and amortisation $9.0M-$6.4M-$17.8M$4.3M$21.6M$9.6M$29.8M$25.7M$22.4M$20.4M
Stock-based compensation $18.5M$16.3M$15.3M$14.0M$14.7M—————
Investing cash flow -$666.9M-$447.0M-$543.9M$115.5M-$208.3M$64.6M-$59.9M$459.2M$718.5M$1.28B
Financing cash flow $35.6M$4.2M$7.2M-$344.9M$217.6M$49.0M$230.5M-$414.3M-$699.0M-$948.4M
Dividends paid $2.6M$2.5M$2.6M$3.0M$3.1M$3.2M$3.2M$3.8M$4.6M$5.4M
Buybacks $202.6M$7.9M$32.7M$615.8M$107.5M$85.2M$0$511.9M$714.6M$881.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012603.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B Revenue, FY2016: 157.7M Gross profit, FY2016: 55.7M Net income, FY2016: 409M Revenue, FY2017: 163.6M Gross profit, FY2017: 24.2M Net income, FY2017: 593.1M Revenue, FY2018: 401.2M Gross profit, FY2018: 152.5M Net income, FY2018: -191.4M Revenue, FY2019: 294.3M Gross profit, FY2019: 246.2M Net income, FY2019: 376.6M Revenue, FY2020: 895.6M Gross profit, FY2020: 884.3M Net income, FY2020: 663.4M Revenue, FY2021: 614.4M Gross profit, FY2021: 545.1M Net income, FY2021: -275.4M Revenue, FY2022: 1.2B Gross profit, FY2022: 1.1B Net income, FY2022: 792.8M Revenue, FY2023: 2.2B Gross profit, FY2023: 2.1B Net income, FY2023: 509.2M Revenue, FY2024: 2.2B Gross profit, FY2024: 2.2B Net income, FY2024: 230.4M Revenue, FY2025: 3.7B Gross profit, FY2025: 3.6B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $157.7M $163.6M $401.2M $294.3M $895.6M $614.4M $1.16B $2.17B $2.24B $3.73B
Gross profit $55.7M $24.2M $152.5M $246.2M $884.3M $545.1M $1.06B $2.13B $2.21B $3.58B
Net income $409.0M $593.1M -$191.4M $376.6M $663.4M -$275.4M $792.8M $509.2M $230.4M $1.11B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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