Latest Ratios: P/E Ratio 4.8x · EV/EBITDA 4.3x · 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 | $5.1B | $5.3B | $4.9B | $3.8B | $4.0B | $3.1B | $3.1B | $3.5B | $2.9B | $3.7B | $4.2B |
| Enterprise Value | $5.7B | $6.0B | $5.2B | $4.2B | $4.3B | $3.6B | $3.2B | $3.6B | $2.9B | $3.6B | $4.1B |
| P/E Ratio → | 4.77 | 4.83 | 21.66 | 7.58 | 5.11 | — | 4.39 | 8.56 | — | 5.83 | 10.17 |
| P/S Ratio | 1.88 | 1.96 | 2.09 | 1.76 | 3.45 | 5.02 | 3.44 | 3.92 | 7.77 | 9.78 | 26.61 |
| P/B Ratio | 0.84 | 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 | 4.31 | 4.48 | 16.87 | 7.75 | — | — | 4.85 | 8.34 | — | 118.62 | — |
| EV / EBIT | 4.32 | 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% | -2.1% | -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 | — | — | — | — | — | 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 | 20.9% | 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 | 4.0% | 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 |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WTM stock.
White Mountains Insurance Group, Ltd.'s current P/E ratio is 4.8x. The historical average is 19.3x. This places it at the 8th percentile of its historical range.
White Mountains Insurance Group, Ltd.'s current EV/EBITDA is 4.3x. 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 4.8x. This is at the 8th 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.
Key Metrics
Top Statement Risk
Volatile underwriting results
Metrics are mathematically derived from official filings.
Underwriting Volatility Masks Core Trends
WTM's combined ratio swung from -56.4% in 2025Q4 to 104.9% in 2026Q2, indicating extreme volatility that obscures underlying profitability, as per reported quarterly data.
The combined ratio's extreme swings, including a negative -56.4% in 2025Q4, suggest significant favorable reserve development that may not recur. The 2026Q2 combined ratio of 104.9% indicates a return to underwriting losses, with the loss ratio at 40.2% and expense ratio at 69.7%, implying elevated expenses relative to premiums. Investors should monitor whether the expense ratio remains elevated, as it may reflect structural inefficiencies rather than one-time items.
ROE Driven by Investment Gains
WTM's ROE averaged 3.1% over the last four quarters, with 2026Q2 at 5.1%, suggesting investment income and reserve releases, not underwriting, are the primary earnings drivers, per financial statements.
The decomposition of ROE shows that underwriting margins were negative in 2026Q2 (-4.9%) and 2026Q1 (-4.9%), yet ROE remained positive, indicating that investment income and other non-underwriting items are offsetting underwriting losses. The 2025Q4 ROE of 14.0% was inflated by a -56.4% combined ratio, which likely included substantial favorable reserve development. This suggests that reported ROE may overstate sustainable profitability, as it relies on volatile investment returns and reserve releases.
Leverage Stable but Capital Intensity High
WTM's debt-to-equity ratio remained stable at 0.13-0.14 over the past year, while premium-to-surplus appears elevated given the expense ratio, indicating moderate underwriting leverage, based on balance sheet data.
The debt-to-equity ratio of 0.13-0.14 is conservative, but the high expense ratio (69.7% in 2026Q2) suggests that WTM's premium base may be insufficient to cover fixed costs, implying high operational leverage. The stable D/E ratio indicates that WTM is not aggressively levering its balance sheet, but the volatility in underwriting results suggests that its capital base may be strained during loss-heavy periods. Investors should monitor the premium-to-surplus ratio, as it is not directly disclosed but appears to be within manageable bounds given the equity growth.
Discount to Peers Reflects Volatility
WTM trades at a P/B of 0.86 versus peers like Markel (1.23) and Arch (1.53), implying the market discounts its earnings quality due to underwriting volatility, as per peer data.
WTM's P/B discount to peers suggests that investors are pricing in the higher volatility of its underwriting results and the potential for reserve releases to distort earnings. Its ROE of 5.1% in 2026Q2 is below peers like Arch (19.5%) and RenaissanceRe (13.9%), which may justify the lower multiple. However, WTM's P/E of 4.90 is lower than peers, indicating that the market may be overly pessimistic about its earnings sustainability, given the strong investment portfolio and conservative leverage.
Combined Ratio Misleads Without Reserve Adjustments
The combined ratio is the most misapplied metric for WTM, as it swings from -56.4% to 133.7% due to reserve development, obscuring true underwriting performance, per reported data.
The combined ratio's extreme volatility, including a negative ratio in 2025Q4, indicates that it is heavily influenced by reserve releases and adjustments, which are not indicative of current underwriting profitability. Investors should adjust the combined ratio for reserve development to assess the underlying loss ratio, which appears to be in the 40-65% range in recent quarters. Alternatively, using the expense ratio and loss ratio separately, as well as the underwriting margin, provides a clearer picture of operational efficiency.