Latest Ratios: P/E Ratio 4.9x · EV/EBITDA 4.4x · ROE 19.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $5.3B | $4.9B | $3.8B | $4.0B | $3.1B | $3.1B | $3.5B | $2.9B | $3.7B | $4.2B |
| Enterprise Value | $5.8B | $6.0B | $5.2B | $4.2B | $4.3B | $3.6B | $3.2B | $3.6B | $2.9B | $3.6B | $4.1B |
| P/E Ratio → | 4.86 | 4.83 | 21.66 | 7.58 | 5.11 | — | 4.39 | 8.56 | — | 5.83 | 10.17 |
| P/S Ratio | 1.91 | 1.96 | 2.09 | 1.76 | 3.45 | 5.02 | 3.44 | 3.92 | 7.77 | 9.78 | 26.61 |
| P/B Ratio | 0.85 | 0.85 | 0.96 | 0.83 | 1.02 | 0.83 | 0.81 | 1.11 | 1.05 | 1.09 | 1.13 |
| P/FCF | — | — | 8.39 | 9.41 | 9.21 | 31.41 | — | — | — | 27.48 | — |
| P/OCF | — | — | 8.39 | 9.41 | 9.21 | 31.41 | — | — | — | 21.60 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.20 | 2.22 | 1.96 | 3.73 | 5.82 | 3.63 | 4.06 | 7.99 | 9.58 | 26.18 |
| EV / EBITDA | 4.38 | 4.48 | 16.87 | 7.75 | — | — | 4.85 | 8.34 | — | 118.62 | — |
| EV / EBIT | 4.39 | 4.24 | 13.87 | 6.76 | — | — | 4.86 | 8.58 | — | 354.67 | — |
| EV / FCF | — | — | 8.92 | 10.51 | 9.95 | 36.42 | — | — | — | 26.93 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.7% | 53.7% | 45.6% | 53.1% | 32.0% | 5.4% | 90.8% | 92.1% | 90.9% | 98.6% | 91.4% |
| Operating Margin | 49.1% | 49.1% | 13.5% | 26.1% | -12.9% | -44.5% | 73.7% | 45.3% | -48.3% | 2.1% | -93.4% |
| Net Profit Margin | 40.9% | 40.9% | 9.8% | 23.5% | 68.5% | -44.8% | 79.1% | 46.4% | -38.3% | 167.8% | 254.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | 4.8% | 12.0% | 20.8% | -7.3% | 20.4% | 14.1% | -4.6% | 17.7% | 9.9% |
| ROA | 10.0% | 10.0% | 2.5% | 6.5% | 11.0% | -4.7% | 16.1% | 11.3% | -4.0% | 12.3% | 4.8% |
| ROIC | 16.1% | 16.1% | 4.5% | 9.2% | -2.7% | -5.0% | 13.7% | 10.0% | -4.4% | 0.2% | -2.7% |
| ROCE | 15.0% | 15.0% | 3.6% | 7.2% | -3.2% | -4.6% | 15.0% | 11.0% | -5.2% | 0.2% | -1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.11 | 0.12 | 0.15 | 0.17 | 0.10 | 0.09 | 0.07 | 0.01 | 0.00 |
| Debt / EBITDA | 0.63 | 0.63 | 1.81 | 1.03 | — | — | 0.56 | 0.65 | — | 0.79 | — |
| Net Debt / Equity | — | 0.10 | 0.06 | 0.10 | 0.08 | 0.13 | 0.04 | 0.04 | 0.03 | -0.02 | -0.02 |
| Net Debt / EBITDA | 0.49 | 0.49 | 1.00 | 0.81 | — | — | 0.25 | 0.28 | — | -2.43 | — |
| Debt / FCF | — | — | 0.53 | 1.10 | 0.74 | 5.00 | — | — | — | -0.55 | — |
| Interest Coverage | 23.93 | 23.93 | 6.21 | 10.02 | -2.71 | -12.35 | 90.24 | 24.02 | -17.76 | 4.39 | -48.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 12.82 | — | — | — | — | — | 0.54 | 10.28 | 2.98 |
| Quick Ratio | 1.14 | 1.14 | 12.82 | — | — | — | — | — | 0.54 | 10.28 | 2.98 |
| Cash Ratio | 0.73 | 0.73 | 5.12 | — | 0.46 | — | — | — | 2.91 | 8.48 | 2.35 |
| Asset Turnover | — | 0.22 | 0.24 | 0.26 | 0.16 | 0.09 | 0.19 | 0.22 | 0.11 | 0.10 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payout Ratio | 0.2% | 0.2% | 1.1% | 0.5% | 0.4% | — | 0.5% | 0.8% | — | 0.7% | 1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 20.6% | 20.7% | 4.6% | 13.2% | 19.6% | — | 22.8% | 11.7% | — | 17.2% | 9.8% |
| FCF Yield | — | — | 11.9% | 10.6% | 10.9% | 3.2% | — | — | — | 3.6% | — |
| Buyback Yield | 3.9% | 3.8% | 0.2% | 0.9% | 15.4% | 3.5% | 2.5% | 1.8% | 17.9% | 19.5% | 21.0% |
| Total Shareholder Yield | 4.0% | 3.9% | 0.2% | 0.9% | 15.5% | 3.6% | 2.6% | 1.9% | 18.0% | 19.7% | 21.1% |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $5M |
Underwriting and Catastrophe Volatility
Trading at a P/B of 0.86, WTM appears to be priced at a discount to its book value, which, based on reported financial statements, suggests the market may be struggling to reconcile the firm's complex, multi-segment structure with its historical ability to compound adjusted book value per share.
The current valuation multiple warrants further investigation as it likely reflects a conglomerate discount rather than a fundamental impairment of the underlying insurance franchises. Investors should monitor whether the market's skepticism regarding the non-consolidated BAM interest continues to suppress the P/B ratio relative to more transparent peers like Arch Capital.
As evidenced by the quarterly data, WTM's combined ratio has exhibited extreme volatility, ranging from a negative 56.4% in 2025Q4 to a concerning 133.7% in 2024Q4, which suggests that the firm's underwriting performance remains highly sensitive to episodic catastrophe events and potential reserve adjustments within its Ark segment.
The wide swings in the combined ratio indicate that underwriting discipline may be periodically compromised by the inherent volatility of the global reinsurance market. This inconsistency makes it difficult to project sustainable underwriting margins, suggesting that the firm's profitability is currently driven more by opportunistic investment gains than by consistent insurance underwriting.
According to recent SEC filings, WTM maintains an exceptionally low debt-to-equity ratio of 0.13%, which, while providing a fortress-like capital buffer, may indicate that the company is currently under-leveraged and failing to deploy its excess capital efficiently to drive meaningful, sustainable earnings growth for shareholders.
The low leverage ratio appears to be a strategic choice, yet it raises questions about the firm's ability to optimize its return on equity in the current market environment. This capital position suggests that WTM possesses significant dry powder, though the lack of consistent deployment may be weighing on overall ROE performance.
As reported in quarterly filings, the company's net income is frequently distorted by non-operating items, such as the 2025Q4 net income of $835.8M, which appears disconnected from core underwriting performance and suggests that headline P/E ratios may not accurately reflect the underlying health of the insurance operations.
Investors should be wary of relying on standard P/E multiples for WTM, as the volatility of investment gains and the non-consolidation of BAM create significant noise in the bottom line. A more appropriate focus for analysts would be the trajectory of adjusted book value per share, which better captures the long-term compounding of the firm's diverse assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WTM stock.
White Mountains Insurance Group, Ltd.'s current P/E ratio is 4.9x. The historical average is 19.3x. This places it at the 12th percentile of its historical range.
White Mountains Insurance Group, Ltd.'s current EV/EBITDA is 4.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
White Mountains Insurance Group, Ltd.'s return on equity (ROE) is 19.4%. The historical average is 12.5%.
Based on historical data, White Mountains Insurance Group, Ltd. is trading at a P/E of 4.9x. This is at the 12th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
White Mountains Insurance Group, Ltd.'s current dividend yield is 0.05% with a payout ratio of 0.2%.
White Mountains Insurance Group, Ltd. has 53.7% gross margin and 49.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
White Mountains Insurance Group, Ltd.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.