NYSE · Financial Statements

White Mountains Insurance Group, Ltd. (WTM) Financial Statements

$2225.24 NYSE: WTM Market Cap $5.31B

White Mountains Insurance Group, Ltd. most recently reported annual revenue of $2.7B, net profit of $1.1B. Revenue grew at an average annual rate of 24.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

White Mountains Insurance Group, Ltd.: Revenue rose from $158.0M in 2016 to $2.7B in 2025, a change of +1613.3% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from -93.4% to 49.1%, a shift of +142.5 percentage points; the most recent year shows net profit of $1.1B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$158.0M$374.0M$369.0M$893.0M$896.0M$614.0M$1.2B$2.2B$2.4B$2.7B
Operating Expenses$305.0M$366.0M$547.0M$488.0M$235.0M$888.0M$1.3B$1.6B$2.0B$1.4B
Operating Profit$-147.0M$8.0M$-178.0M$405.0M$660.0M$-274.0M$-149.0M$565.0M$317.0M$1.3B
Operating Margin-93.4%2.1%-48.3%45.3%73.7%-44.5%-12.9%26.1%13.4%49.1%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$3.0M$2.0M$10.0M$18.0M$7.0M$21.0M$40.0M$63.0M$61.0M$59.0M
Depreciation$20.0M$22.0M$26.0M$30.0M$10.0M$22.0M$4.0M$-18.0M$-6.0M$3.0M
Profit Before Tax$-147.0M$8.0M$-178.0M$405.0M$660.0M$-274.0M$-149.0M$565.0M$317.0M$1.3B
Tax$22.3M$-100.0M$2.2M$7.2M$-2.2M$-16.2M$-27.7M$-2.7M$10.3M$9.6M
Net Profit$402.0M$627.0M$-141.0M$415.0M$709.0M$-275.0M$793.0M$509.0M$230.0M$1.1B
EPS$82.19$146.06$-41.76$130.27$227.72$-89.46$276.96$198.63$89.79$430.14
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$520.0M$737.0M$647.0M$395.0M$954.0M$358.0M$578.0M$689.0M$864.0M$576.0M$515.0M$845.0M
Operating Expenses$499.0M$409.0M$415.0M$430.0M$714.0M$479.0M$505.0M$513.0M$685.0M$-325.0M$541.0M$589.0M
Operating Profit$21.0M$328.0M$233.0M$-35.0M$240.0M$-121.0M$72.0M$177.0M$179.0M$901.0M$-25.0M$256.0M
Operating Margin4.1%44.5%35.9%-8.8%25.1%-33.7%12.5%25.6%20.7%156.4%-5.0%30.3%
Interest$16.0M$18.0M$15.0M$15.0M$17.0M$14.0M$18.0M$19.0M$20.0M$3.0M$19.0M$20.0M
Profit Before Tax$21.0M$328.0M$233.0M$-35.0M$240.0M$-121.0M$72.0M$177.0M$179.0M$901.0M$-25.0M$256.0M
Tax$34.6M$-10.7M$4.6M$-18.7M$4.8M$-3.1M$13.3M$7.3M$9.6M$9.7M$-3.1M$9.7M
Net Profit$24.0M$287.0M$236.0M$-55.0M$179.0M$-130.0M$34.0M$123.0M$114.0M$836.0M$-31.0M$200.0M
EPS$9.24$111.87$92.33$-21.29$69.69$-50.15$13.19$47.73$44.19$327.23$-12.59$80.58

Over the 10 years reported for White Mountains Insurance Group, Ltd., borrowings increased from $13.0M in 2016 to $837.0M in 2025, cash stood at $185.0M in the latest year, shareholders' equity was $579.0M, current assets covered current liabilities 1.14 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$6.5B$3.7B$3.4B$4.0B$4.8B$7.0B$7.4B$8.4B$9.9B$12.3B
Current Assets$324.0M$331.0M$60.0M$0$0$0$0$0$3.0B$4.9B
Cash$80.0M$97.0M$110.0M$161.0M$211.0M$148.0M$255.0M$122.0M$252.0M$185.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$25.0M$58.0M$87.0M$87.0M$84.0M$871.0M$1.1B$1.1B$1.8B$1.8B
Fixed Assets$0$0$0$0$0$0$0$0$33.0M$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$2.7B$3.3B$2.4B$2.5B$2.3B$4.3B$3.9B$5.0B$5.3B$8.6B
Other Assets$26.0M$26.0M$380.0M$395.0M$0$142.0M$177.0M$169.0M$439.0M$0
Total Liabilities$2.8B$298.0M$644.0M$839.0M$1.0B$3.3B$3.5B$3.8B$4.8B$6.1B
Current Liabilities$109.0M$32.0M$111.0M$0$0$0$0$0$238.0M$4.3B
Borrowings$13.0M$24.0M$193.0M$284.0M$376.0M$639.0M$575.0M$565.0M$563.0M$837.0M
Other Liabilities$2.8B$275.0M$452.0M$555.0M$637.0M$2.7B$2.9B$3.3B$4.2B$5.2B
Equity$5.0M$4.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$579.0M
Reserves$3.6B$3.5B$2.8B$3.3B$3.9B$3.5B$3.7B$4.2B$4.5B$5.4B

For White Mountains Insurance Group, Ltd., operating cash flow was positive in 5 of 10 reported years; free cash flow in the latest year was negative at $7.0M; free cash flow was positive in 5 of 10 years; financing activities used $480.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-155.0M$169.0M$-31.0M$-120.0M$-13.0M$98.0M$434.0M$404.0M$587.0M$-7.0M
Investing Cash Flow$1.3B$716.0M$459.0M$-60.0M$66.0M$-204.0M$156.0M$-544.0M$-447.0M$213.0M
Financing Cash Flow$-895.0M$-643.0M$-479.0M$-12.0M$-99.0M$-129.0M$-616.0M$23.0M$8.0M$-480.0M
Net Cash Flow$-17.0M$17.0M$13.0M$51.0M$697.0M$-710.0M$107.0M$-133.0M$144.0M$0
Free Cash Flow$-135.0M$133.0M$-31.0M$-120.0M$-13.0M$98.0M$434.0M$404.0M$587.0M$-7.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.01
EV / EBITDA4.13
FCF Yield8.49%
Quick Ratio1.14
Interest Coverage21.31
Return 1Y14.65%
Return 3Y32.42%
Return 5Y87.85%

White Mountains Insurance Group, Ltd. (WTM) financials — frequently asked questions

What is White Mountains Insurance Group, Ltd.'s annual revenue?

White Mountains Insurance Group, Ltd. (WTM) reported annual revenue of $2.7B in its most recent fiscal year.

What is White Mountains Insurance Group, Ltd.'s net profit?

White Mountains Insurance Group, Ltd. (WTM) reported net profit of $1.1B in its most recent fiscal year.

What is WTM EV/EBITDA?

White Mountains Insurance Group, Ltd.'s enterprise value to EBITDA (EV/EBITDA) ratio is 4.13.

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