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Stocks · Financials · Fire, Marine & Casualty Insurance

WHITE MOUNTAINS INSURANCE GROUP LTD

WTM Clue Score60
United States Fiscal year ends December CIK 0000776867
$2,060.63 +0.04% Close, 9 Oct 2026
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Price $2,060.63 +89.28% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue0.16Net income0.41EPS, diluted80.06Fiscal year 2017Revenue0.37 +137.0%Net income0.59 +45.0%EPS, diluted146.06 +82.4%Fiscal year 2018Revenue0.37 −1.3%Net income−0.19 −132.3%EPS, diluted−41.76 −128.6%Fiscal year 2019Revenue0.89 +142.0%Net income0.38EPS, diluted130.27Fiscal year 2020Revenue0.90 +0.2%Net income0.66 +76.2%EPS, diluted226.97 +74.2%Fiscal year 2021Revenue0.61 −31.4%Net income−0.28 −141.5%EPS, diluted−89.46 −139.4%Fiscal year 2022Revenue1.16 +88.5%Net income0.79EPS, diluted276.96Fiscal year 2023Revenue2.17 +87.1%Net income0.51 −35.8%EPS, diluted198.60 −28.3%Fiscal year 2024Revenue2.24 +3.4%Net income0.23 −54.8%EPS, diluted89.79 −54.8%Fiscal year 2025Revenue3.74 +66.8%Net income1.11 +380.2%EPS, diluted430.14 +379.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.16 0.37 0.37 0.89 0.90 0.61 1.16 2.17 2.24 3.74
Growth +137.0% −1.3% +142.0% +0.2% −31.4% +88.5% +87.1% +3.4% +66.8%
Net income 0.41 0.59 −0.19 0.38 0.66 −0.28 0.79 0.51 0.23 1.11
Growth +45.0% −132.3% +76.2% −141.5% −35.8% −54.8% +380.2%
EPS, diluted 80.06 146.06 −41.76 130.27 226.97 −89.46 276.96 198.60 89.79 430.14
Growth +82.4% −128.6% +74.2% −139.4% −28.3% −54.8% +379.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin259.4%Fiscal year 2017Net margin158.7%Fiscal year 2018Net margin−51.9%Fiscal year 2019Net margin42.2%Fiscal year 2020Net margin74.1%Fiscal year 2021Net margin−44.8%Fiscal year 2022Net margin68.5%Fiscal year 2023Net margin23.5%Fiscal year 2024Net margin10.3%Fiscal year 2025Net margin29.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 259.4% 158.7% −51.9% 42.2% 74.1% −44.8% 68.5% 23.5% 10.3% 29.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow−0.16Buybacks−0.88Dividends paid−0.01Fiscal year 2017Operating cash flow0.09Buybacks−0.71Dividends paid−0.00Fiscal year 2018Operating cash flow−0.03Buybacks−0.51Dividends paid−0.00Fiscal year 2019Operating cash flow−0.12Buybacks0.00Dividends paid−0.00Fiscal year 2020Operating cash flow−0.06Buybacks−0.09Dividends paid−0.00Fiscal year 2021Operating cash flow0.04Buybacks−0.11Dividends paid−0.00Fiscal year 2022Operating cash flow0.37Buybacks−0.62Dividends paid−0.00Fiscal year 2023Operating cash flow0.40Buybacks−0.03Dividends paid−0.00Fiscal year 2024Operating cash flow0.59Buybacks−0.01Dividends paid−0.00Fiscal year 2025Operating cash flow0.55Buybacks−0.20Dividends paid−0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.16 0.09 −0.03 −0.12 −0.06 0.04 0.37 0.40 0.59 0.55
Buybacks −0.88 −0.71 −0.51 0.00 −0.09 −0.11 −0.62 −0.03 −0.01 −0.20
Dividends paid −0.01 −0.00 −0.00 −0.00 −0.00 −0.00 −0.00 −0.00 −0.00 −0.00

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.08Total debt0.01Net cash (debt)0.07Shareholders’ equity3.58Debt to equity0.00Fiscal year 2017Cash0.10Total debt0.02Net cash (debt)0.07Shareholders’ equity3.49Debt to equity0.01Fiscal year 2018Cash0.11Total debt0.19Net cash (debt)−0.08Shareholders’ equity2.84Debt to equity0.07Fiscal year 2019Cash0.16Total debt0.28Net cash (debt)−0.12Shareholders’ equity3.26Debt to equity0.09Fiscal year 2020Cash0.08Total debt0.38Net cash (debt)−0.29Shareholders’ equity3.91Debt to equity0.10Fiscal year 2021Cash0.15Total debt0.42Net cash (debt)−0.27Shareholders’ equity3.55Debt to equity0.12Fiscal year 2022Cash0.26Total debt0.58Net cash (debt)−0.32Shareholders’ equity3.75Debt to equity0.15Fiscal year 2023Cash0.12Total debt0.56Net cash (debt)−0.44Shareholders’ equity4.24Debt to equity0.13Fiscal year 2024Cash0.27Total debt0.56Net cash (debt)−0.30Shareholders’ equity4.48Debt to equity0.13Fiscal year 2025Cash0.19Total debt0.84Net cash (debt)−0.65Shareholders’ equity5.43Debt to equity0.15
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.08 0.10 0.11 0.16 0.08 0.15 0.26 0.12 0.27 0.19
Total debt 0.01 0.02 0.19 0.28 0.38 0.42 0.58 0.56 0.56 0.84
Net cash (debt) 0.07 0.07 −0.08 −0.12 −0.29 −0.27 −0.32 −0.44 −0.30 −0.65
Shareholders’ equity 3.58 3.49 2.84 3.26 3.91 3.55 3.75 4.24 4.48 5.43
Debt to equity 0.00 0.01 0.07 0.09 0.10 0.12 0.15 0.13 0.13 0.15

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−93.4% 2.1% −48.3% 45.3% 73.7% −44.5% −12.9% 26.1% 14.1% 35.6%
259.4% 158.7% −51.9% 42.2% 74.1% −44.8% 68.5% 23.5% 10.3% 29.6%
Spending
111.3% 55.6% 63.3% 36.7% 23.2% 47.5% 31.4% 20.0% 21.9% 16.2%
n/a −100.0% n/a 7.2% −2.2% n/a n/a −2.7% 10.3% 9.6%
Returns
11.4% 17.0% −6.7% 11.5% 17.0% −7.8% 21.2% 12.0% 5.1% 20.4%
6.3% 16.2% −5.7% 9.5% 13.7% −3.9% 10.7% 6.1% 2.3% 9.0%
Balance and payout
0.00 0.01 0.07 0.09 0.10 0.12 0.15 0.13 0.13 0.15
43.0% 8.2% 19.2% 21.1% 21.0% 47.1% 46.7% 45.6% 48.3% 49.2%
1.3% 0.8% n/a 0.8% 0.5% n/a 0.4% 0.5% 1.1% 0.2%