A Business at a Glance
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WHITE MOUNTAINS INSURANCE GROUP LTD
WTM
$5.6B
Mkt Cap
$2,208.05
+1.43%
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a current P/E ratio of 4.9, compared to its historical median P/E of 6.6. The stock is currently considered Fair based on its historical valuation range.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a 5-year average return on invested capital (ROIC) of 9.5%. This is below average and may indicate limited pricing power.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a market capitalization of $5.5B. It is classified as a mid-cap stock.
Yes, WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) pays a dividend with a trailing twelve-month yield of 0.04%. The company also returns capital through share buybacks, with a buyback yield of 4.00%.
Based on historical P/E analysis, WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) appears fair. The current P/E of 4.9 is 26% below its historical median of 6.6. The estimated fair value CAGR (P/E method) is 18.6%.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
Item 1. Business 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.7B | 3.7B | 2.2B | 2.2B | 1.2B | 614M |
| Net Income | 1.0B | 1.1B | 227M | 502M | 793M | -269M |
| EPS | $410.13 | $430.14 | $89.79 | $198.60 | $276.96 | $-89.46 |
| Free Cash Flow | 0 | 551M | 587M | 404M | 365M | 39M |
| ROIC | 16.5% | 19.3% | 4.6% | 11.0% | 19.1% | -6.5% |
| Gross Margin | - | 54.7% | 39.7% | 49.3% | 22.4% | 9.8% |
| Debt/Equity | 0.16 | 0.15 | 0.13 | 0.13 | 0.15 | 0.12 |
| Dividends/Share | $0.97 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Operating Income | 29M | 1.3B | 16M | 565M | -149M | -274M |
| Operating Margin | 0.8% | 35.6% | 0.7% | 26.1% | -12.9% | -44.5% |
| ROE | 19.1% | 22.0% | 5.2% | 12.6% | 21.7% | -7.2% |
| Shares Outstanding | 2M | 3M | 3M | 3M | 3M | 3M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.4B | 440M | N/A | 374M | 369M | 893M | 896M | 614M | 1.2B | 2.2B | 2.2B | 3.7B | 3.7B |
| Gross Margin | -2.1% | 76.9% | N/A | 62.4% | 32.6% | 94.6% | 98.7% | 9.8% | 22.4% | 49.3% | 39.7% | 54.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 217M | 201M | 176M | 208M | 234M | 328M | 208M | 292M | 364M | 433M | 490M | 607M | 656M |
| EBIT | -29M | 129M | -147M | 7.8M | -178M | 405M | 660M | -274M | -149M | 565M | 16M | 1.3B | 29M |
| Op. Margin | -2.1% | 29.4% | N/A | 2.1% | -48.3% | 45.3% | 73.7% | -44.5% | -12.9% | 26.1% | 0.7% | 35.6% | 0.8% |
| Net Income | 312M | 295M | 402M | 627M | -141M | 415M | 709M | -269M | 793M | 502M | 227M | 1.1B | 1.0B |
| Net Margin | 22.1% | 67.1% | N/A | 167.8% | -38.3% | 46.4% | 79.1% | -43.8% | 68.5% | 23.2% | 10.2% | 29.2% | 27.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 33M | -17M | -20M | 1.5M | 0 | 0 | 0 | 9.1M | 9.1M |
| Returns on Capital | |||||||||||||
| ROIC | 7.0% | 6.9% | 10.2% | 17.6% | -4.3% | 12.6% | 18.1% | -6.5% | 19.1% | 11.0% | 4.6% | 19.3% | 16.5% |
| ROE | 7.9% | 7.5% | 10.7% | 17.7% | -4.5% | 13.6% | 19.8% | -7.2% | 21.7% | 12.6% | 5.2% | 22.0% | 19.1% |
| ROA | 2.8% | 2.8% | 4.8% | 12.3% | -4.0% | 11.3% | 16.1% | -4.6% | 11.0% | 6.4% | 2.5% | 9.8% | 7.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 119M | 182M | -155M | 95M | -31M | -121M | -61M | 39M | 365M | 404M | 587M | 551M | 621M |
| Free Cash Flow | 119M | 182M | -155M | 95M | -31M | -121M | -61M | 39M | 365M | 404M | 587M | 551M | 0 |
| Owner Earnings | 83M | 179M | -176M | 68M | -57M | -150M | -70M | 2.3M | 347M | 371M | 549M | 504M | 590M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 35M | 3.8M | 20M | 22M | 26M | 30M | 9.6M | 22M | 4.3M | 18M | 22M | 28M | 13M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 35M | 3.8M | 20M | 22M | 26M | 30M | 9.6M | 22M | 4.3M | 18M | 22M | 28M | 13M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 6.2M | 6.0M | 5.4M | 4.6M | 3.8M | 3.2M | 3.2M | 3.1M | 3.0M | 2.6M | 2.5M | 2.6M | 2.4M |
| Dividend Yield | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% |
| Share Buybacks | 128M | 269M | 881M | 715M | 512M | 0 | 85M | 108M | 616M | 33M | 7.9M | 203M | 219M |
| Buyback Yield | 3.3% | 6.2% | 21.0% | 19.7% | 17.8% | N/A | 2.6% | 4.1% | 17.3% | 0.9% | 0.2% | 4.0% | 4.0% |
| Stock-Based Comp | 100K | 100K | 0 | 4.1M | 0 | 0 | 6K | 15M | 14M | 15M | 16M | 19M | 19M |
| Debt Repayment | 65M | 76M | 405M | 365M | 15M | 23M | 1.9M | 120M | 57M | 26M | 38M | 18M | 18M |
| Balance Sheet | |||||||||||||
| Net Debt | -179M | 49M | -355M | -75M | 43M | 144M | 353M | 333M | -135M | 442M | 296M | 651M | 698M |
| Cash & Equiv. | 146M | 78M | 80M | 97M | 110M | 161M | 85M | 148M | 255M | 122M | 266M | 186M | 137M |
| Long-Term Debt | 343M | 338M | 13M | 24M | 193M | 284M | 376M | 421M | 575M | 565M | 563M | 837M | 835M |
| Debt/Equity | 0.09 | 0.09 | 0.00 | 0.01 | 0.07 | 0.09 | 0.10 | 0.12 | 0.15 | 0.13 | 0.13 | 0.15 | 0.16 |
| Interest Coverage | -2.1 | 76.0 | -18.0 | 3.4 | -18.8 | 23.0 | 89.2 | -13.3 | -3.7 | 9.0 | 0.3 | 16.9 | 0.4 |
| Equity | 4.0B | 3.9B | 3.6B | 3.5B | 2.8B | 3.3B | 3.9B | 3.5B | 3.7B | 4.2B | 4.5B | 5.4B | 5.4B |
| Total Assets | 10.5B | 10.3B | 6.5B | 3.7B | 3.4B | 4.0B | 4.8B | 7.0B | 7.4B | 8.4B | 9.9B | 12.3B | 13.2B |
| Total Liabilities | 5.9B | 5.9B | 2.8B | 298M | 644M | 839M | 1.0B | 3.3B | 3.5B | 3.8B | 4.8B | 6.1B | 7.0B |
| Intangibles | 39M | 31M | 19M | 36M | 155M | 251M | 248M | 198M | 216M | 202M | 281M | 406M | 396M |
| Retained Earnings | 3.0B | 3.1B | 2.8B | 2.8B | 2.3B | 2.7B | 3.3B | 3.0B | 3.2B | 3.7B | 3.9B | 4.8B | 4.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 51.13 | 50.20 | 80.06 | 146.06 | -41.76 | 130.27 | 226.97 | -89.46 | 276.96 | 198.60 | 89.79 | 430.14 | 410.13 |
| Owner EPS | 13.66 | 30.35 | -34.97 | 15.86 | -16.80 | -47.24 | -22.48 | 0.76 | 121.12 | 146.77 | 216.58 | 198.71 | 238.10 |
| Book Value | 654.39 | 665.46 | 713.87 | 813.32 | 840.85 | 1,025.03 | 1,250.95 | 1,178.66 | 1,308.96 | 1,677.62 | 1,770.41 | 2,140.80 | 2,169.65 |
| Cash Flow/Share | 19.46 | 31.02 | -30.90 | 22.03 | -9.20 | -37.87 | -19.41 | 12.82 | 127.51 | 159.87 | 231.70 | 217.22 | 419.27 |
| Dividends/Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.97 |
| Shares Out. | 6.1M | 5.9M | 5.0M | 4.3M | 3.4M | 3.2M | 3.1M | 3.0M | 2.9M | 2.5M | 2.5M | 2.5M | 2.5M |
| Valuation | |||||||||||||
| P/E Ratio | 12.5 | 14.6 | 10.4 | 5.8 | N/A | 8.4 | 4.2 | N/A | 4.5 | 7.5 | 20.5 | 4.6 | 5.4 |
| P/FCF | 32.7 | 23.6 | N/A | 38.3 | N/A | N/A | N/A | 78.9 | 10.9 | 9.3 | 8.3 | 9.5 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 252.8 | N/A | 211.2 |
| Price/Book | 1.0 | 1.1 | 1.2 | 1.0 | 1.0 | 1.1 | 0.8 | 0.7 | 0.9 | 0.9 | 1.1 | 0.9 | 1.0 |
| Price/Sales | 2.6 | 9.3 | N/A | 10.0 | 8.0 | 3.6 | 2.4 | 4.6 | 2.7 | 1.7 | 1.9 | 1.2 | 1.5 |
| FCF Yield | 3.1% | 4.2% | -3.7% | 2.6% | -1.1% | -3.5% | -2.0% | 1.5% | 10.3% | 10.6% | 12.4% | 10.8% | N/A |
| Market Cap | 3.9B | 4.3B | 4.2B | 3.6B | 2.9B | 3.5B | 3.0B | 2.6B | 3.6B | 3.8B | 4.7B | 5.1B | 5.5B |
| Avg. Price | 602.88 | 694.79 | 799.11 | 867.45 | 876.00 | 1,000.56 | 931.80 | 1,110.66 | 1,208.41 | 1,463.51 | 1,767.11 | 1,848.00 | 2,208.05 |
| Year-End Price | 637.04 | 733.35 | 836.37 | 843.12 | 849.07 | 1,092.71 | 1,002.25 | 1,012.08 | 1,392.46 | 1,487.79 | 1,917.71 | 2,062.34 | 2,208.05 |
WHITE MOUNTAINS INSURANCE GROUP LTD passes 5 of 9 quality checks, suggesting mixed fundamentals.
WHITE MOUNTAINS INSURANCE GROUP LTD trades at 4.9x trailing earnings, compared to its 15-year median P/E of 6.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.9x vs a median of 10.2x. The company's 5-year average ROIC is 9.5% with a gross margin of 35.2%. Total shareholder yield (buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +80.5%.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) reported annual revenue of $3.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a net profit margin of 29.2%. This is a strong margin indicating high profitability.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) generated $551 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) reported earnings per share (EPS) of $430.14 in its most recent fiscal year.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a return on equity (ROE) of 22.0%. This indicates the company generates strong returns for shareholders.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a 5-year average gross margin of 35.2%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for WHITE MOUNTAINS INSURANCE GROUP LTD (WTM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) has a book value per share of $2140.80, based on its most recent annual SEC filing.