White Mountains Insurance Group, Ltd. (WTM) Balance Sheet
WTM balance sheet, 2025
December 31, 2025 · U.S. dollars$12.31B assets = $6.05B liabilities + $6.26B equity
Both columns are drawn to the same scale: what WTM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WTM financial health
Descriptive bands, not a rating. Fiscal 2025.
WTM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.54B2016 | $12.31B2025 | +7.3%/yr | |
| Total liabilities | $2.81B2016 | $6.05B2025 | +8.9%/yr | |
| Shareholders’ equity | $3.74B2016 | $5.43B2025 | +4.2%/yr | |
| Cash & short-term investments | $436.8M2016 | $3.15B2025 | +24.5%/yr | |
| Total debt | $451.6M2016 | $837.0M2025 | +7.1%/yr | |
| Net cash (debt) | −$14.8M2016 | $2.31B2025 | +$2.3B | |
| Working capital | $334.3M2016 | $586.3M2025 | +$252.0M | |
| Book value per share | $744.632016 | $2,124.142025 | +12.4%/yr | |
| Debt / equity | 0.122016 | 0.152025 | +0.03 | |
| Shares outstanding | 5.0M2016 | 2.6M2025 | −7.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WTM assets
WTM liabilities and equity
WTM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WTM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.15B | $1.22B | $1.61B | $1.18B | $725.2M | $354.1M | $362.2M | $324.5M | $273.2M | $436.8M |
| Cash & equivalents | $184.9M | $252.3M | $121.7M | $255.0M | $259.3M | $211.2M | $161.0M | $110.3M | $97.1M | $149.8M |
| Short-term investments | $2.96B | $964.2M | $1.49B | $924.1M | $465.9M | $142.9M | $201.2M | $214.2M | $176.1M | $287.0M |
| Receivables | $1.77B | $1.83B | $1.06B | $1.09B | $956.3M | $87.0M | $77.5M | $87.4M | $57.9M | $415.6M |
| Inventory | $0 | $0 | −$2.67B | $0 | −$1.05B | −$1.23B | −$647.4M | −$505.0M | −$457.2M | −$704.1M |
| Other current assets | $0 | $0 | $122.4M | $0 | $1.05B | $1.23B | $647.4M | $505.0M | $457.2M | $294.7M |
| Total current assets | $4.91B | $3.05B | $121.7M | $660.7M | $1.68B | $441.1M | $439.7M | $411.9M | $331.1M | $443.0M |
| Property, plant & equipment (net) | $0 | $32.6M | $20.3M | $25.2M | $28.1M | $37.6M | $22.6M | $0 | $0 | $0 |
| Goodwill & intangible assets | $1.55B | $720.3M | $370.6M | $568.9M | $482.8M | $1.31B | $654.7M | $537.5M | $62.1M | $55.9M |
| Long-term investments | $5.61B | $4.33B | $3.52B | $2.91B | $2.20B | $2.94B | $2.09B | $2.54B | $3.38B | $5.36B |
| Other non-current assets | $235.6M | $1.80B | $4.35B | $3.23B | $2.61B | $105.7M | $775.3M | $0 | $0 | $684.9M |
| Total assets | $12.31B | $9.93B | $8.39B | $7.39B | $7.00B | $4.83B | $3.98B | $3.36B | $3.66B | $6.54B |
| Liabilities | ||||||||||
| Accounts payable | $367.5M | $237.6M | $81.1M | $251.1M | $560.0M | $113.4M | $102.3M | $111.4M | $32.2M | $13.0M |
| Short-term debt | $9.2M | $7.3M | $8.2M | $5.4M | $218.2M | $357.6M | $8.7M | $5.2M | $3.1M | $12.7M |
| Deferred revenue | $1.36B | — | $1 | $245.7M | — | — | $93.6M | $106.2M | $29.1M | — |
| Total current liabilities | $4.33B | $237.6M | $67.0M | $251.1M | $778.2M | $471.0M | $102.3M | $111.4M | $32.2M | $108.7M |
| Long-term debt | $837.0M | $562.5M | $564.6M | $575.2M | $693.0M | $376.4M | $283.5M | $192.7M | $23.8M | $438.9M |
| Other long-term liabilities | $885.8M | $3.99B | $3.26B | $0 | $0 | $0 | $0 | $0 | $0 | $2.37B |
| Total liabilities | $6.05B | $4.79B | $3.82B | $3.45B | $3.30B | $1.01B | $838.5M | $644.4M | $298.4M | $2.81B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $579.0M | $2.6M | $2.6M | $538.6M | $588.9M | $595.2M | $596.3M | $584.0M | $1.48B | $810.7M |
| Retained earnings (deficit) | $4.85B | $3.92B | $3.69B | $3.21B | $2.96B | $3.31B | $2.67B | $2.26B | $2.82B | $2.80B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $800,000 | −$1.7M | −$1.6M | −$3.5M | $1.7M | −$400,000 | −$7.2M | −$5.8M | −$1.3M | −$4.6M |
| Minority interest | $829.7M | $647.3M | $321.1M | $188.1M | $156.6M | −$88.1M | — | −$124.9M | −$131.7M | $133.9M |
| Total shareholders' equity | $5.43B | $4.48B | $4.24B | $3.94B | $3.70B | $3.82B | $3.14B | $2.72B | $3.36B | $3.74B |
| Key figures | ||||||||||
| Total debt | $837.0M | $562.5M | $564.6M | $580.6M | $911.2M | $734.0M | $292.2M | $197.9M | $26.9M | $451.6M |
| Net cash (debt) | $2.31B | $654.0M | $1.04B | $598.5M | −$186.0M | −$379.9M | $70.0M | $126.6M | $246.3M | −$14.8M |
| Working capital | $586.3M | $2.81B | $54.7M | $409.6M | $903.3M | −$29.9M | $337.4M | $300.5M | $298.9M | $334.3M |
| Tangible book value | $3.88B | $3.76B | $3.87B | $3.37B | $3.22B | $2.51B | $2.49B | $2.18B | $3.30B | $3.68B |
| Book value per share | $2,124.14 | $1,770.81 | $1,677.88 | $1,392.33 | $1,217.65 | $1,239.01 | $1,001.15 | $813.25 | $782.65 | $744.63 |
| Shares outstanding | 2.6M | 2.5M | 2.5M | 2.8M | 3.0M | 3.1M | 3.1M | 3.3M | 4.3M | 5.0M |
| Current ratio | 1.14 | 12.82 | 1.82 | 2.63 | 2.16 | 0.94 | 4.30 | 3.70 | 10.28 | 4.08 |
| Quick ratio | 1.14 | 12.82 | 39.84 | 9.02 | 2.16 | 0.94 | 4.30 | 3.70 | 10.28 | 7.84 |
| Debt / equity | 0.15 | 0.13 | 0.13 | 0.15 | 0.25 | 0.19 | 0.09 | 0.07 | 0.01 | 0.12 |
| Equity / assets | 44.1% | 45.2% | 50.6% | 53.3% | 52.9% | 79.0% | 78.9% | 80.8% | 91.8% | 57.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.79B | $2.82B | $1.97B | $2.54B | $2.57B | $2.37B | $1.22B | $346.0M | $1.27B | $1.20B | $1.61B | $1.33B |
| Cash & equivalents | $98.7M | $135.9M | $184.9M | $329.0M | $238.3M | $312.0M | $252.3M | $148.7M | $255.2M | $142.3M | $121.7M | $162.8M |
| Short-term investments | $1.69B | $2.69B | $1.79B | $2.21B | $2.33B | $2.06B | $964.2M | $379.2M | $1.01B | $1.05B | $1.49B | $1.16B |
| Receivables | $1.55B | $2.56B | $905.5M | $2.52B | $2.95B | $2.70B | $1.83B | $2.28B | $2.13B | $1.75B | $1.06B | $1.33B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$3.39B | −$2.94B | −$2.67B | −$4.33B |
| Other current assets | $0 | $0 | — | $0 | $0 | $0 | $0 | $0 | $1.52B | $2.65B | $2.56B | $2.43B |
| Total current assets | $91.5M | $5.39B | — | $3.00B | $162.7M | $5.07B | $3.05B | $1.45B | $1.52B | $2.65B | $2.56B | $746.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $32.6M | $0 | $0 | $0 | $20.3M | $0 |
| Goodwill & intangible assets | $1.18B | $2.02B | $1.02B | $1.42B | $805.4M | $1.52B | $720.3M | $725.7M | $731.0M | $736.6M | $370.6M | $540.9M |
| Long-term investments | $5.17B | $5.38B | $5.61B | $5.11B | $4.49B | $4.26B | $4.33B | $4.05B | $4.19B | $3.39B | $3.52B | $3.19B |
| Other non-current assets | $7.32B | $378.0M | $5.68B | $2.82B | $6.36B | $155.9M | $1.80B | $4.11B | $3.73B | $2.82B | $1.91B | $3.66B |
| Total assets | $13.77B | $13.17B | $12.31B | $12.35B | $11.82B | $11.00B | $9.93B | $10.34B | $10.17B | $9.59B | $8.39B | $8.14B |
| Liabilities | ||||||||||||
| Accounts payable | $756.8M | $686.6M | $367.5M | $472.6M | $557.7M | $472.0M | $237.6M | $230.2M | $446.1M | $324.2M | $81.1M | $146.3M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $7.3M | $0 | — | — | $8.2M | $203.7M |
| Deferred revenue | — | $1.95B | $1.36B | $1.75B | $2.18B | $1.86B | — | — | — | — | $1 | — |
| Total current liabilities | — | $5.29B | — | $4.79B | — | $4.65B | $237.6M | $2.01B | $1.95B | $1.72B | $1.37B | $350.0M |
| Long-term debt | $932.5M | $834.8M | $837.0M | $870.4M | $694.6M | $676.1M | $562.5M | $544.9M | $530.2M | $532.1M | $564.6M | $564.7M |
| Other long-term liabilities | $5.19B | $870.1M | $5.21B | $963.5M | $5.79B | $537.0M | $3.99B | $1.77B | $3.90B | $4.17B | $3.19B | $0 |
| Total liabilities | $7.51B | $6.99B | $6.05B | $6.63B | $6.48B | $5.87B | $4.79B | $5.08B | $5.29B | $4.70B | $3.82B | $3.98B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $566.0M | $581.3M | $2.5M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M |
| Retained earnings (deficit) | $4.82B | $4.79B | $4.85B | $4.18B | $4.07B | $3.94B | $3.92B | $4.05B | $3.86B | $3.92B | $3.69B | $3.40B |
| Accumulated other comprehensive income | $1.3M | $1.4M | $800,000 | $800,000 | $300,000 | −$500,000 | −$1.7M | −$1.0M | −$1.8M | −$1.8M | −$1.6M | −$2.7M |
| Minority interest | $863.7M | $802.5M | $829.7M | $949.5M | $695.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $5.39B | $5.37B | $5.43B | $4.77B | $4.64B | $4.51B | $4.48B | $4.61B | $4.42B | $4.47B | $4.24B | $3.95B |
| Key figures | ||||||||||||
| Total debt | $932.5M | $834.8M | $837.0M | $765.8M | $694.6M | $676.1M | $562.5M | $544.9M | $530.2M | $532.1M | $564.6M | $768.4M |
| Net cash (debt) | $858.3M | $1.99B | $1.13B | $1.78B | $1.87B | $1.69B | $654.0M | −$198.9M | $738.2M | $664.7M | $1.04B | $557.3M |
| Working capital | — | $98.7M | — | −$1.80B | — | $412.9M | $2.81B | −$558.2M | −$428.7M | $933.3M | $1.19B | $396.2M |
| Tangible book value | $4.20B | $3.35B | $4.41B | $3.34B | $3.84B | $2.99B | $3.76B | $3.88B | $3.69B | $3.73B | $3.87B | $3.41B |
| Book value per share | $2,238.04 | $2,103.82 | $2,124.14 | $1,875.97 | $1,827.54 | $1,774.73 | $1,745.99 | $1,820.21 | $1,746.82 | $1,766.19 | $1,655.79 | $1,565.30 |
| Shares outstanding | 2.4M | 2.6M | 2.6M | 2.5M | 2.5M | 2.5M | 2.6M | 2.5M | 2.5M | 2.5M | 2.6M | 2.5M |
| Current ratio | — | 1.02 | — | 0.62 | — | 1.09 | 12.82 | 0.72 | 0.78 | 1.54 | 1.87 | 2.13 |
| Quick ratio | — | 1.02 | — | 1.06 | — | 1.09 | 12.82 | 1.31 | 1.74 | 1.72 | 1.95 | 7.57 |
| Debt / equity | 0.17 | 0.16 | 0.15 | 0.16 | 0.15 | 0.15 | 0.13 | 0.12 | 0.12 | 0.12 | 0.13 | 0.19 |
| Equity / assets | 39.1% | 40.8% | 44.1% | 38.6% | 39.3% | 41.0% | 45.2% | 44.6% | 43.5% | 46.6% | 50.6% | 48.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
WTM financial position
At the end of fiscal 2025 (December 31, 2025), White Mountains Insurance had total assets of $12.3 billion (up 24.0% from a year earlier), total liabilities of $6.1 billion and shareholders' equity of $5.4 billion. It held $3.1 billion in cash and short-term investments against $837.0 million of debt, a net cash position of $2.3 billion. Its current ratio was 1.14. In the latest quarter (ended June 30, 2026) total assets were $13.8 billion and equity $5.4 billion.
Related: WTM income statement, WTM cash flow statement, WTM key metrics. See the WTM stock overview for the latest quote and news.
WTM balance sheet FAQ
What are White Mountains Insurance's total assets?
White Mountains Insurance reported total assets of $12.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $9.9 billion a year earlier.
How much debt does White Mountains Insurance have?
White Mountains Insurance had $837.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.15.
How much cash does White Mountains Insurance have?
White Mountains Insurance held $3.1 billion in cash and short-term investments at the end of fiscal 2025; with $837.0 million of debt that is net cash of $2.3 billion.
What is White Mountains Insurance's book value?
White Mountains Insurance's shareholders' equity (book value) was $5.4 billion at the end of fiscal 2025, or $2,124.14 per share.
What is White Mountains Insurance's current ratio?
White Mountains Insurance had current assets of $4.9 billion and current liabilities of $4.3 billion, a current ratio of 1.14 (it can cover its short-term obligations).
How much goodwill does White Mountains Insurance have?
White Mountains Insurance carried $1.5 billion of goodwill and intangible assets, 12.6% of total assets, at the end of fiscal 2025.