White Mountains Insurance Group, Ltd. (WTM) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Property & Casualty
EV/EBITDA
↓
4.39
↓-55% vs avg
5yr avg: 9.70
30Y Low1.1·High33.4
P/FCF
↓
N/A
—
5yr avg: 14.61
30Y Low4.3·High82.7
P/B Ratio
↑
0.85
-5% vs avg
5yr avg: 0.90
30Y Low0.7·High1.8
ROE
↑
19.4%
↓+96% vs avg
5yr avg: 9.9%
30Y Low-19%·High103%
Debt/EBITDA
↓
0.63
↓-46% vs avg
5yr avg: 1.16
30Y Low0.3·High6.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WTM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
White Mountains Insurance Group, Ltd. trades at 4.9x earnings, 50% below its 5-year average of 9.8x, sitting at the 12th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a discount of 63%.
| 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 → | 4.87 | 4.83 | 21.66 | 7.58 | 5.11 | — | 4.39 | 8.56 | — | 5.83 | 10.17 |
| P/S Ratio | 1.92 | 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
WTM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
White Mountains Insurance Group, Ltd.'s enterprise value stands at 4.4x EBITDA, 55% below its 5-year average of 9.7x. The Financial Services sector median is 11.5x, placing the stock at a 62% discount on an enterprise-value basis.
| 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 | 4.39 | 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 | — |
WTM Profitability
Margins and return-on-capital ratios measuring operating efficiency
White Mountains Insurance Group, Ltd. earns an operating margin of 49.1%, significantly above the Financial Services sector average of 21.6%. Operating margins have expanded from 26.1% to 49.1% over the past 3 years, signaling improving operational efficiency. ROE of 19.4% indicates solid capital efficiency, compared to the sector median of 9.4%. ROIC of 16.1% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
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% |
Return on Capital
| 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% |
WTM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
White Mountains Insurance Group, Ltd. carries a Debt/EBITDA ratio of 0.6x, which is very conservative (85% below the sector average of 4.1x). Net debt stands at $652M ($837M total debt minus $185M cash). Interest coverage of 23.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 |
WTM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.14x means White Mountains Insurance Group, Ltd. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 12.82x to 1.14x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
WTM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
White Mountains Insurance Group, Ltd. returns 4.0% to shareholders annually — split between a 0.0% dividend yield and 3.9% buyback yield. The payout ratio of 0.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 20.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 20.5% | 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 |
Peer Comparison
Compare WTM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WTMYou | $5B | 4.9 | 4.4 | — | 53.7% | 49.1% | 19.4% | 16.1% | 0.6 |
 MKL | $23B | 10.6 | 7.8 | 8.8 | 69.4% | 16.5% | 11.5% | 10.7% | 1.5 |
 ACGL | $34B | 8.1 | 6.8 | 5.5 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 RNR | $13B | 5.3 | 3.4 | 3.5 | 40.7% | 31.5% | 14.6% | 16.0% | 0.6 |
 ERIE | $10B | 20.4 | 12.1 | 17.5 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 HCI | $2B | 6.1 | 1.9 | 4.5 | 73.2% | 47.7% | 37.8% | 675.0% | 0.2 |
 KMPR | $2B | 12.8 | 11.1 | 3.1 | 29.7% | 3.3% | 5.3% | 3.1% | 4.3 |
 AIG | $41B | 14.1 | 6.7 | 12.4 | 34.5% | 14.5% | 7.4% | 5.9% | 1.3 |
 TRV | $65B | 10.9 | 8.6 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
 CB | $125B | 12.5 | 10.9 | 8.6 | 29.4% | 21.8% | 13.9% | 10.8% | 1.7 |
 HIG | $36B | 10.0 | 7.9 | 6.3 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonWTM — Frequently Asked Questions
Quick answers to the most common questions about buying WTM stock.
What is White Mountains Insurance Group, Ltd.'s P/E ratio?
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.
What is White Mountains Insurance Group, Ltd.'s EV/EBITDA?
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.
What is White Mountains Insurance Group, Ltd.'s ROE?
White Mountains Insurance Group, Ltd.'s return on equity (ROE) is 19.4%. The historical average is 12.5%.
Is WTM stock overvalued?
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.
What is White Mountains Insurance Group, Ltd.'s dividend yield?
White Mountains Insurance Group, Ltd.'s current dividend yield is 0.05% with a payout ratio of 0.2%.
What are White Mountains Insurance Group, Ltd.'s profit margins?
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.
How much debt does White Mountains Insurance Group, Ltd. have?
White Mountains Insurance Group, Ltd.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.