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WHITE MOUNTAINS INSURANCE GROUP LTD WTM

NYSE · stock · Fire, Marine & Casualty Insurance · website · IPO 1985-10-23 · LEI

WHITE MOUNTAINS INSURANCE GROUP LTD statistics & valuation

Market cap$5.0B
P / E4.5×
P / S1.3×
P / B0.8×
Dividend yield0.05%
Net margin29.6%
Return on equity18.1%
Net debt$837.0M
Enterprise value USD$5.9B
Graham number +128.2%$4,835.82

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($4,835.82); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-44.80% 68.50% 23.50% 10.30% 29.60% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
-7.40% 20.10% 11.20% 4.50% 18.10% 2016201720182019202020212022202320242025
Shares outstanding
5.0M 4.2M 3.3M 3.2M 3.1M 3.0M 2.8M 2.6M 2.6M 2.5M 2016201720182019202020212022202320242025
Net debt ($)
-$67.5M -$73.3M $82.4M $122.5M $376.4M $420.9M $575.2M $564.6M $562.5M $837.0M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
-3.90% 10.70% 6.10% 2.30% 9.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.00× 0.01× 0.07× 0.09× 0.10× 0.11× 0.15× 0.12× 0.11× 0.14× 2016201720182019202020212022202320242025
EPS ($)
$80.06 $146.06 -$41.76 $130.27 $226.97 -$89.46 $276.96 $198.60 $89.79 $430.14 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

WHITE MOUNTAINS INSURANCE GROUP LTD trades at about 4.9× earnings — below its 10-year norm (10-year range 4.5×–21.5×, median 8.6×).

4.5× 21.5×

Shaded band = 10-year range (4.5×–21.5×); dot = today's 4.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin29.6%10.3%23.5%68.5%-44.8%—————
Return on assets9.0%2.3%6.1%10.7%-3.9%—————
Return on equity18.1%4.5%11.2%20.1%-7.4%—————
Debt / equity0.14×0.11×0.12×0.15×0.11×0.10×0.09×0.07×0.01×0.00×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.