White Mountains Insurance Group, Ltd. (WTM) Key Metrics
WTM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.16B
- Enterprise value
- $4.64B
- P/E (TTM)
- 4.9 10-yr median 6.6
- Forward P/E
- 13.9
- PEG ratio
- 0.81
- Price / sales
- 1.7 10-yr median 3.7
- Price / book
- 0.9 10-yr median 1.0
- EV / EBITDA
- — 10-yr median 6.4
- Dividend yield
- 0.05% $1.00 a year
- Beta
- 0.28
WTM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWTM valuation Price multiples at each fiscal year-end price.
WTM returns How much profit the business earns on the capital it uses.
WTM per-share figures Results divided by the shares outstanding at year-end.
WTM financial health Debt, liquidity and how easily interest is covered.
WTM efficiency & capital use Working capital cycle and where the cash goes.
WTM valuation history
WTM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WTM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WTM cash returned to shareholders
WTM price vs earnings per share
WTM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.31B | $4.92B | $3.80B | $4.00B | $3.08B | $3.08B | $3.50B | $2.87B | $3.66B | $4.20B |
| Enterprise value | $3.00B | $4.27B | $2.76B | $3.40B | $3.27B | $3.46B | $3.43B | $2.74B | $3.41B | $4.21B |
| P/E ratio | 4.8 | 21.4 | 7.5 | 5.0 | — | 4.4 | 8.5 | — | 5.8 | 10.4 |
| Price / sales | 2.0 | 2.1 | 1.8 | 3.5 | 5.0 | 3.4 | 3.9 | 7.8 | 9.8 | 26.6 |
| Price / book | 1.0 | 1.1 | 0.9 | 1.0 | 0.8 | 0.8 | 1.1 | 1.1 | 1.1 | 1.1 |
| Price / free cash flow | — | 8.4 | 9.4 | 12.3 | 21.3 | 331.6 | — | — | 27.5 | — |
| Price / operating cash flow | — | 8.4 | 9.4 | 12.3 | 79.9 | — | — | — | — | — |
| EV / sales | 1.1 | 1.8 | 1.3 | 2.9 | 5.3 | 3.9 | 3.8 | 7.4 | 9.1 | 26.7 |
| EV / EBITDA | 2.1 | 11.5 | 4.5 | — | — | 5.1 | 7.6 | — | 104.9 | — |
| EV / free cash flow | — | 7.3 | 6.8 | 10.4 | 22.6 | 372.4 | — | — | 25.6 | — |
| Earnings yield | 20.8% | 4.7% | 13.4% | 19.8% | −8.9% | 23.0% | 11.8% | −4.9% | 17.2% | 9.6% |
| Free cash flow yield | −0.1% | 11.9% | 10.6% | 8.2% | 4.7% | 0.3% | −2.6% | −1.1% | 3.6% | −3.2% |
| Dividend yield | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Shareholder yield (dividends + buybacks) | 3.9% | 0.2% | 0.9% | 15.5% | 3.3% | 2.6% | 0.1% | 18.0% | 19.7% | 21.1% |
| Share price at fiscal year-end | $2,078.03 | $1,945.06 | $1,505.01 | $1,414.33 | $1,013.90 | $1,000.66 | $1,115.51 | $857.69 | $851.28 | $836.05 |
| Per share | ||||||||||
| Revenue per share | $1,059.95 | $929.82 | $857.32 | $409.70 | $201.94 | $290.65 | $284.42 | $110.43 | $87.05 | $31.42 |
| Earnings per share | $433.17 | $91.00 | $201.48 | $280.52 | −$90.52 | $229.99 | $131.96 | −$42.25 | $146.06 | $80.06 |
| Operating cash flow per share | −$2.82 | $231.75 | $159.89 | $115.46 | $12.69 | −$19.67 | −$38.36 | −$9.30 | −$14.53 | −$26.02 |
| Free cash flow per share | −$2.82 | $231.75 | $159.89 | $115.46 | $47.66 | $3.02 | −$29.00 | −$9.30 | $30.97 | −$26.88 |
| Cash per share | $1,232.50 | $480.45 | $636.89 | $417.20 | $238.36 | $114.92 | $115.31 | $97.09 | $63.62 | $87.03 |
| 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 |
| Tangible book value per share | $1,519.01 | $1,486.33 | $1,531.24 | $1,191.03 | $1,058.96 | $814.56 | $792.72 | $652.44 | $768.19 | $733.49 |
| Dividends per share | $1.02 | $0.99 | $1.03 | $1.06 | $1.02 | $1.04 | $1.02 | $1.14 | $1.07 | $1.08 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $34.97 | $22.68 | $9.36 | $10.17 | $45.50 | $0.86 |
| Debt per share | $327.70 | $222.16 | $223.40 | $205.43 | $299.49 | $238.20 | $93.02 | $59.21 | $6.26 | $89.98 |
| Shares outstanding | 2.6M | 2.5M | 2.5M | 2.8M | 3.0M | 3.1M | 3.1M | 3.3M | 4.3M | 5.0M |
| Change in shares outstanding | +0.9% | +0.2% | −10.6% | −7.1% | −1.3% | −1.9% | −6.0% | −22.2% | −14.4% | −14.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 22.3% | 5.3% | 12.5% | 20.8% | −7.3% | 20.4% | 14.1% | −4.6% | 17.7% | 9.9% |
| Return on invested capital (ROIC) | 34.6% | 8.1% | 17.3% | −3.3% | −5.3% | 18.2% | 13.3% | −4.9% | 0.2% | −2.7% |
| Return on assets (ROA) | 10.0% | 2.5% | 6.5% | 11.0% | −4.7% | 16.1% | 11.3% | −4.0% | 12.3% | 4.8% |
| Return on tangible assets | 10.3% | 2.5% | 6.4% | 11.6% | −4.2% | 20.1% | 12.5% | −5.0% | 17.4% | 6.2% |
| Free cash flow margin | −0.3% | 24.9% | 18.7% | 28.2% | 23.6% | 1.0% | −10.2% | −8.4% | 35.6% | −85.5% |
| Income quality (OCF / net income) | −0.01 | 2.55 | 0.79 | 0.41 | — | −0.09 | −0.29 | — | −0.10 | −0.33 |
| Financial health | ||||||||||
| Total debt | $837.0M | $562.5M | $564.6M | $580.6M | $911.2M | $734.0M | $292.2M | $197.9M | $26.9M | $451.6M |
| Cash & short-term investments | $3.15B | $1.22B | $1.61B | $1.18B | $725.2M | $354.1M | $362.2M | $324.5M | $273.2M | $436.8M |
| Net debt | −$2.31B | −$654.0M | −$1.04B | −$598.5M | $186.0M | $379.9M | −$70.0M | −$126.6M | −$246.3M | $14.8M |
| Debt / equity | 0.15 | 0.13 | 0.13 | 0.15 | 0.25 | 0.19 | 0.09 | 0.07 | 0.01 | 0.12 |
| Debt / assets | 0.07 | 0.06 | 0.07 | 0.08 | 0.13 | 0.15 | 0.07 | 0.06 | 0.01 | 0.07 |
| Net debt / EBITDA | −1.63 | −1.76 | −1.71 | — | — | 0.56 | −0.15 | — | −7.58 | — |
| 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 | 41.67 | 2.63 | 3.50 | 3.55 | 10.63 | 8.23 | 24.48 | 10.55 |
| Interest coverage | 22.6 | 5.2 | 9.0 | -3.7 | -13.3 | 89.2 | 23.0 | -18.8 | 3.4 | -49.1 |
| Working capital | $586.3M | $2.81B | $54.7M | $409.6M | $903.3M | −$29.9M | $337.4M | $300.5M | $298.9M | $334.3M |
| Invested capital | $3.11B | $3.83B | $3.20B | $3.34B | $3.89B | $4.20B | $3.07B | $2.59B | $3.11B | $3.75B |
| Tangible asset value | $4.71B | $4.41B | $4.19B | $3.37B | $3.22B | $2.51B | $2.49B | $2.18B | $3.30B | $3.68B |
| Net current asset value | −$1.14B | −$1.75B | −$3.70B | −$2.79B | −$1.61B | −$572.4M | −$398.8M | −$232.5M | $32.7M | −$2.36B |
| Graham number | $4,550.03 | $1,904.09 | $2,757.96 | $2,964.44 | — | $2,532.13 | $1,724.10 | — | $1,603.77 | $1,158.15 |
| Graham net-net per share | −$617.90 | −$871.39 | −$1,090.07 | −$516.63 | −$781.06 | −$392.66 | −$236.18 | −$151.64 | −$48.99 | −$480.40 |
| Capital allocation | ||||||||||
| Dividends paid | $2.6M | $2.5M | $2.6M | $3.0M | $3.1M | $3.2M | $3.2M | $3.8M | $4.6M | $5.4M |
| Share buybacks (net) | $202.6M | $7.9M | $32.7M | $615.8M | $100.1M | $78.5M | $0 | $511.9M | $714.6M | $881.3M |
| Dividend payout ratio | 0.2% | 1.1% | 0.5% | 0.4% | — | 0.5% | 0.8% | — | 0.7% | 1.3% |
| Dividends + buybacks / free cash flow | — | 1.8% | 8.7% | 189.6% | 71.2% | 878.5% | — | — | 540.8% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 17.3% | 7.8% | 3.3% | 9.2% | 52.3% | 2.7% |
| Capex / operating cash flow | — | 0.0% | 0.0% | 0.0% | 275.6% | — | — | — | — | — |
| Capex / depreciation | 0.00 | — | — | 0.00 | 1.67 | 1.61 | 0.99 | 1.32 | 8.72 | 0.21 |
| Stock-based compensation / revenue | 0.7% | 2.7% | 0.7% | 1.2% | 2.4% | 1.9% | 1.2% | 3.5% | 4.0% | 11.7% |
| SG&A / revenue | 25.9% | 22.1% | 21.8% | 40.0% | 47.5% | 23.2% | 38.4% | 64.3% | 56.6% | 114.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 242.4 | 223.9 | 180.8 | 322.0 | 309.9 | 33.5 | 33.7 | 71.8 | 231.2 | 1,012.4 |
| Days of inventory on hand | — | — | -958.4 | — | -714.9 | -4,166.7 | -2,983.2 | -5,210.7 | -40,757.2 | -9,448.4 |
| Days payables outstanding | 88.1 | 45.4 | 59.6 | 188.1 | 211.4 | 478.3 | 553.2 | 777.7 | 1,586.3 | 583.7 |
| Cash conversion cycle (days) | 154.3 | 178.5 | -837.2 | 133.9 | -616.4 | -4,611.5 | -3,502.7 | -5,916.5 | -42,112.3 | -9,019.8 |
| Receivables turnover | 1.51 | 1.63 | 2.02 | 1.13 | 1.18 | 10.89 | 10.84 | 5.08 | 1.58 | 0.36 |
| Payables turnover | 4.14 | 8.04 | 6.12 | 1.94 | 1.73 | 0.76 | 0.66 | 0.47 | 0.23 | 0.63 |
| Asset turnover | 0.24 | 0.26 | 0.27 | 0.16 | 0.10 | 0.20 | 0.24 | 0.11 | 0.07 | 0.02 |
| Average receivables | $1.80B | $1.44B | $1.07B | $1.02B | $521.6M | $82.2M | $82.5M | $72.7M | $236.8M | $437.4M |
| Average payables | $302.6M | $159.3M | $166.1M | $405.6M | $336.7M | $107.8M | $106.8M | $71.8M | $22.6M | $21.8M |
| Average inventory | — | — | −$2.67B | — | −$1.14B | −$939.5M | −$576.2M | −$481.1M | −$580.6M | −$352.1M |
| Intangibles / total assets | 12.6% | 7.3% | 4.4% | 7.7% | 6.9% | 27.1% | 16.4% | 16.0% | 1.7% | 0.9% |
Computed from WTM's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WTM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), White Mountains Insurance traded at 4.8 times earnings, against a 10-year median of 6.6. Based on the latest twelve months, the trailing P/E is 4.9 and the forward P/E is 13.9. White Mountains Insurance earned a return on equity of 22.3% and a return on invested capital of 34.6% in fiscal 2025. It ended the year with $837.0 million of debt and $3.1 billion in cash and short-term investments, a net cash position of $2.3 billion. It returned $205.2 million to shareholders: $2.6 million in dividends and $202.6 million in share buybacks. The share count fell 49.1% from 5.0M to 2.6M over 9 years.
See the WTM income statement, the WTM chart for price history, or the WTM stock overview for the latest quote and news.
WTM key metrics FAQ
What is White Mountains Insurance's P/E ratio?
White Mountains Insurance's trailing P/E ratio is 4.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.9. At the end of fiscal 2025 it was 4.8, compared with a 10-year median of 6.6.
What is White Mountains Insurance's EV/EBITDA?
White Mountains Insurance's enterprise value was 2.1 times EBITDA at the end of fiscal 2025 (enterprise value $3.0 billion, EBITDA $1.4 billion).
What is White Mountains Insurance's return on equity?
White Mountains Insurance's return on equity (ROE) was 22.3% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $5.0 billion.
What is White Mountains Insurance's ROIC?
White Mountains Insurance's return on invested capital was 34.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does White Mountains Insurance have?
White Mountains Insurance had total debt of $837.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.15 and more cash than debt.
What is White Mountains Insurance's dividend yield?
White Mountains Insurance's forward dividend yield is 0.05%. White Mountains Insurance paid $2.6 million in dividends in fiscal 2025 ($1.02 per share), a payout ratio of 0.2%.
Does White Mountains Insurance buy back its shares?
Yes. White Mountains Insurance spent $202.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.9% over the year, to 2.6M..
What is White Mountains Insurance's free cash flow yield?
White Mountains Insurance generated -$7.2 million of free cash flow in fiscal 2025, a free cash flow yield of −0.1% on its market value at year-end ($5.3 billion).
What is White Mountains Insurance's current ratio?
White Mountains Insurance's current ratio was 1.14 at the end of fiscal 2025: current assets were 1.14 times current liabilities.