Revenue growth remains highly cyclical, characterized by extreme quarterly fluctuations such as the 74.3% expansion in 2025Q2 followed by a 10.8% contraction in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 2.64B | 2.71B | 2.35B | 2.17B | 1.16B | 614.4M | 895.6M | 893.4M | 369.1M | 373.8M | 157.7M | 440M | 1.41B | 1.36B | 2.44B | 2.17B | 2.57B | 4.43B | 2.96B | 4.73B | 4.79B | 4.63B | 4.55B | 3.79B | 4.21B | 3.23B | 851M | 548M | 390.3M | 293.4M | 363.7M |
| Revenue Growth % | 15.76% | 14.99% | 8.66% | 87.12% | 88.46% | -31.4% | 0.25% | 142.05% | -1.26% | 137.03% | -64.16% | -68.82% | 3.64% | -44.1% | 12.08% | -15.33% | -42.02% | 49.76% | -37.56% | -1.26% | 3.5% | 1.73% | 20.01% | -9.84% | 30.12% | 280.02% | 55.29% | 40.4% | 33.03% | -19.33% | 63.61% |
| Medical Costs & Claims | 1.09B | 1.25B | 1.28B | 1.02B | 787M | 581.3M | 82.3M | 70.5M | 33.7M | 5.2M | 13.6M | 14.5M | 1.03B | 832.5M | 1.62B | 1.58B | -1B | 2.84B | 3.26B | 3.18B | 3.74B | 0 | 3.86B | 3.11B | 3.52B | 3.08B | 388.8M | 301.7M | 229.6M | 97.1M | 85.9M |
| Medical Cost Ratio % | 41.04% | 46.28% | 54.42% | 46.93% | 67.97% | 94.61% | 9.19% | 7.89% | 9.13% | 1.39% | 8.62% | 3.3% | 73.01% | 61.14% | 66.68% | 72.55% | -39.13% | 64.08% | 110.26% | 67.24% | 77.96% | 0% | 84.69% | 82.05% | 83.75% | 95.18% | 45.69% | 55.05% | 58.83% | 33.09% | 23.62% |
| Gross Profit | 1.56B | 1.45B | 1.07B | 1.15B | 370.9M | 33.1M | 813.3M | 822.9M | 335.4M | 368.6M | 144.1M | 425.5M | 380.9M | 529.1M | 811.6M | 596.6M | 3.57B | 1.59B | -303.2M | 1.55B | 1.06B | 4.63B | 697.1M | 681M | 683.7M | 155.8M | 462.2M | 246.3M | 160.7M | 196.3M | 277.8M |
| Gross Margin % | 58.96% | 53.72% | 45.58% | 53.07% | 32.03% | 5.39% | 90.81% | 92.11% | 90.87% | 98.61% | 91.38% | 96.7% | 26.99% | 38.86% | 33.32% | 27.45% | 139.13% | 35.92% | -10.26% | 32.76% | 22.04% | 100% | 15.31% | 17.95% | 16.25% | 4.82% | 54.31% | 44.95% | 41.17% | 66.91% | 76.38% |
| Gross Profit Growth % | - | 35.55% | -6.68% | 210% | 1020.54% | -95.93% | -1.17% | 145.35% | -9.01% | 155.79% | -66.13% | 11.71% | -28.01% | -34.81% | 36.04% | -83.29% | 124.58% | 624.44% | -119.55% | 46.74% | -77.18% | 564.45% | 2.36% | -0.39% | 338.83% | -66.29% | 87.66% | 53.27% | -18.14% | -29.34% | 29.75% |
| Operating Expenses | 328.6M | 125.7M | 756.3M | 584.4M | 520.3M | 306.7M | 152.9M | 417.8M | 513.6M | 360.8M | 291.4M | 296.3M | 410.3M | 370.5M | 548.8M | 498.6M | 203.7M | 826.1M | 835.2M | 869.3M | 327M | 4.63B | 449.3M | 307M | 564.7M | -2.93B | 104.2M | 116.3M | 81.1M | -41M | 51.7M |
| OpEx / Revenue % | 12.42% | 4.64% | 32.12% | 26.97% | 44.93% | 49.92% | 17.07% | 46.77% | 139.15% | 96.52% | 184.78% | 67.34% | 29.08% | 27.21% | 22.53% | 22.94% | 7.94% | 18.66% | 28.26% | 18.36% | 6.82% | 100% | 9.87% | 8.09% | 13.42% | -90.71% | 12.24% | 21.22% | 20.78% | -13.97% | 14.22% |
| Depreciation & Amortization | 6.3M | 2.6M | -6.4M | -17.8M | 4.3M | 21.6M | 9.6M | 29.8M | 25.7M | 22.4M | 20.4M | 3.8M | 35.3M | 28.6M | 50.8M | 0 | -36.2M | 0 | 0 | 0 | 0 | -12.2M | 0 | 0 | 0 | -91.6M | -41.4M | -11.8M | -2.7M | 67.1M | 92.8M |
| Combined Ratio % | 53.47% | 50.92% | 86.55% | 73.91% | 112.9% | 144.53% | 26.26% | 54.66% | 148.28% | 97.91% | 193.41% | 70.64% | 102.08% | 88.35% | 89.21% | 95.49% | -31.2% | 82.74% | 138.52% | 85.6% | 84.78% | 100% | 94.56% | 90.14% | 97.17% | 4.47% | 57.93% | 76.28% | 79.61% | 19.12% | 37.83% |
| Operating Income | 1.23B | 1.33B | 316.7M | 565.4M | -149.4M | -273.6M | 660.4M | 405.1M | -178.2M | 7.8M | -147.3M | 129.2M | -29.4M | 158.6M | 262.8M | 98M | 164.7M | 764M | -1.14B | 681.5M | 729.8M | 444.7M | 247.8M | 374M | 119M | 3.09B | 358M | 130M | 79.6M | 237.3M | 226.1M |
| Operating Margin % | 46.53% | 49.08% | 13.45% | 26.09% | -12.9% | -44.53% | 73.74% | 45.34% | -48.28% | 2.09% | -93.41% | 29.36% | -2.08% | 11.65% | 10.79% | 4.51% | 6.42% | 17.26% | -38.52% | 14.4% | 15.22% | 9.6% | 5.44% | 9.86% | 2.83% | 95.53% | 42.07% | 23.72% | 20.39% | 80.88% | 62.17% |
| Operating Income Growth % | - | 319.55% | -43.99% | 478.45% | 45.39% | -141.43% | 63.02% | 327.33% | -2384.62% | 105.3% | -214.01% | 539.46% | -118.54% | -39.65% | 168.16% | -40.5% | -78.44% | 167.11% | -267.04% | -6.62% | 64.11% | 79.46% | -33.74% | 214.29% | -96.15% | 762.93% | 175.38% | 63.32% | -66.46% | 4.95% | 542.33% |
| EBITDA | 1.26B | 1.33B | 310.3M | 547.6M | -145.1M | -252M | 670M | 434.9M | -152.5M | 30.2M | -126.9M | 133M | 5.9M | 187.2M | 313.6M | 153.2M | 128.5M | 834.8M | -1.02B | 819.9M | 779.9M | 432.5M | 296.9M | 420.9M | 190.8M | 3B | 316.6M | 118.2M | 76.9M | 304.4M | 318.9M |
| EBITDA Margin % | 47.61% | 49.17% | 13.18% | 25.27% | -12.53% | -41.02% | 74.81% | 48.68% | -41.32% | 8.08% | -80.47% | 30.23% | 0.42% | 13.75% | 12.88% | 7.05% | 5.01% | 18.86% | -34.61% | 17.32% | 16.27% | 9.34% | 6.52% | 11.09% | 4.53% | 92.69% | 37.2% | 21.57% | 19.7% | 103.75% | 87.68% |
| Interest Expense | 60.3M | 58.8M | 60.8M | 62.7M | 40.3M | 20.5M | 7.4M | 17.6M | 9.5M | 2.3M | 3M | 1.6M | 14.2M | 16.2M | 44.8M | 55.2M | 57.3M | 70.8M | 115.5M | 138.4M | 50.1M | 96.9M | 49.1M | 48.6M | 71.8M | 45.7M | 16.1M | 14.7M | 13.7M | 10.6M | 46.3M |
| Non-Operating Income | -79.9M | -78.4M | -60.8M | -62.7M | -40.3M | -20.5M | -7.4M | -17.6M | -9.5M | -2.3M | -3M | -1.6M | -14.2M | -16.2M | -44.8M | -55.2M | -81.9M | -70.8M | -115.5M | -138.4M | -50.1M | 42.6M | -49.1M | -46.9M | -71.8M | 3.04B | -16.1M | -14.7M | -13.7M | 226.7M | 179.8M |
| Pretax Income | 1.23B | 1.33B | 316.7M | 565.4M | -149.4M | -273.6M | 660.4M | 405.1M | -178.2M | 7.8M | -147.3M | 129.2M | -29.4M | 158.6M | 262.8M | 98M | 189.3M | 764M | -1.14B | 681.5M | 729.8M | 293M | 247.8M | 374M | 119M | -450.2M | 358M | 130M | 79.6M | 101.3M | 27.5M |
| Pretax Margin % | 46.53% | 49.08% | 13.45% | 26.09% | -12.9% | -44.53% | 73.74% | 45.34% | -48.28% | 2.09% | -93.41% | 29.36% | -2.08% | 11.65% | 10.79% | 4.51% | 7.38% | 17.26% | -38.52% | 14.4% | 15.22% | 6.33% | 5.44% | 9.86% | 2.83% | -13.92% | 42.07% | 23.72% | 20.39% | 34.53% | 7.56% |
| Income Tax | 118.1M | 126.9M | 32.6M | -15.5M | 41.4M | 44.4M | -14.8M | 29.3M | -4M | -7.8M | -32.9M | -12.7M | -14.8M | 32.6M | -15.7M | -110M | 20.9M | 208.8M | -498.7M | 210.5M | 98.9M | 36.5M | 47M | 127M | 11.7M | -179.2M | 43M | 42M | 28.5M | 36.4M | 18.9M |
| Effective Tax Rate % | 9.6% | 9.55% | 10.29% | -2.74% | -27.71% | -16.23% | -2.24% | 7.23% | 2.24% | -100% | 22.34% | -9.83% | 50.34% | 20.55% | -5.97% | -112.24% | 11.04% | 27.33% | 43.81% | 30.89% | 13.55% | 12.46% | 18.97% | 33.96% | 9.83% | 39.8% | 12.01% | 32.31% | 35.8% | 35.93% | 68.73% |
| Net Income | 1.04B | 1.11B | 230.4M | 509.2M | 792.8M | -275.4M | 708.7M | 414.5M | -141.2M | 627.2M | 401.8M | 295.2M | 312.2M | 321.6M | 207.4M | 767.9M | 86.5M | 470M | -555.3M | 407.4M | 673.2M | 290.1M | 418.7M | 281M | 2.07B | -259M | 408M | 121M | 78.5M | 39.3M | 8.6M |
| Net Margin % | 39.37% | 40.87% | 9.79% | 23.5% | 68.47% | -44.82% | 79.13% | 46.4% | -38.26% | 167.79% | 254.79% | 67.09% | 22.12% | 23.62% | 8.52% | 35.34% | 3.37% | 10.62% | -18.79% | 8.61% | 14.04% | 6.26% | 9.2% | 7.41% | 49.1% | -8.01% | 47.94% | 22.08% | 20.11% | 13.39% | 2.36% |
| Net Income Growth % | 3632.62% | 380.21% | -54.75% | -35.77% | 387.87% | -138.86% | 70.98% | 393.56% | -122.51% | 56.1% | 36.11% | -5.45% | -2.92% | 55.06% | -72.99% | 787.75% | -81.6% | 184.64% | -236.3% | -39.48% | 132.06% | -30.71% | 49% | -86.4% | 897.72% | -163.48% | 237.19% | 54.14% | 99.75% | 356.98% | -89.77% |
| EPS (Diluted) | 407.73 | 430.14 | 89.79 | 198.63 | 276.96 | -89.46 | 227.72 | 130.27 | -41.76 | 146.06 | 82.19 | 50.60 | 51.21 | 51.89 | 30.50 | 9.26 | 10.12 | 53.10 | -54.54 | 37.89 | 62.32 | 26.56 | 39.92 | 23.63 | 80.75 | -41.93 | 52.84 | 20.35 | 11.94 | 5.40 | 0.60 |
| EPS Growth % | 3453.85% | 379.05% | -54.8% | -28.28% | 409.59% | -139.29% | 74.81% | 411.95% | -128.59% | 77.71% | 62.43% | -1.19% | -1.31% | 70.13% | 229.37% | -8.5% | -80.94% | 197.36% | -243.94% | -39.2% | 134.64% | -33.47% | 68.94% | -70.74% | 292.58% | -179.35% | 159.66% | 70.44% | 121.11% | 800% | -93.45% |
| EPS (Basic) | - | 430.14 | 89.79 | 198.63 | 276.96 | -89.46 | 227.72 | 130.27 | -41.76 | 146.06 | 82.24 | 50.60 | 51.21 | 51.89 | 30.50 | 9.26 | 10.12 | 53.11 | -54.54 | 37.96 | 62.51 | 26.96 | 42.28 | 26.48 | 88.61 | -41.93 | 53.08 | 20.35 | 13.38 | 5.98 | 0.66 |
| Diluted Shares Outstanding | 2.55M | 2.55M | 2.53M | 2.53M | 2.83M | 3.04M | 3.08M | 3.14M | 3.34M | 4.29M | 5.02M | 5.88M | 6.03M | 6.2M | 6.8M | 7.58M | 8.55M | 8.85M | 10.18M | 10.75M | 10.8M | 10.79M | 10.47M | 10.61M | 9.05M | 6.18M | 5.91M | 6.15M | 6.57M | 7.28M | 8.17M |
Underwriting Volatility and Cyclicality
As evidenced by the quarterly data, WTM's combined ratio has fluctuated wildly, ranging from a negative 56.4% in 2025Q4 to a concerning 133.7% in 2024Q4, suggesting that the firm's underwriting performance remains highly sensitive to episodic catastrophe events and potential reserve adjustments within its Ark segment.
The extreme variance in the combined ratio indicates that WTM's underwriting engine lacks the consistent margin stability seen in more diversified peers. Investors should monitor whether the recent 2026Q1 combined ratio of 104.9% represents a structural shift toward underwriting losses or merely a temporary impact from specific loss events.
Based on the reported financial statements, WTM's top-line trajectory shows significant inconsistency, with quarterly revenue growth swinging from a 51.4% contraction in 2024Q4 to a 74.3% expansion in 2025Q2, reflecting the inherent volatility of its reinsurance-heavy business model and the timing of large-scale underwriting transactions.
The erratic revenue patterns suggest that WTM's growth is less a function of steady premium accumulation and more dependent on the timing of major contract renewals and market-wide pricing cycles. This lack of predictability complicates long-term valuation, as the firm's revenue base appears susceptible to sharp, event-driven shifts.
According to recent financial disclosures, WTM maintains an exceptionally low debt-to-equity ratio of 0.13%, which, while providing a fortress-like balance sheet, 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.
While a low debt profile offers significant downside protection, it also suggests that WTM may be holding substantial idle capital that is not contributing to ROIC. This capital position warrants further investigation into whether management is waiting for a specific market dislocation or if they are struggling to identify accretive deployment opportunities.
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 earnings may not accurately reflect the underlying health of the insurance operations.
The reliance on non-recurring gains to bolster net income may obscure the true economic performance of the Ark and NSM segments. Analysts should be cautious in extrapolating these high-margin periods, as they appear to be driven by idiosyncratic events rather than a repeatable, scalable underwriting or fee-based strategy.
Quick answers to the most common questions about buying WTM stock.
For fiscal year 2025, White Mountains Insurance Group, Ltd. (WTM) reported total revenue of $2.71B. This represents a 644.4% increase compared to $363.7M in 1996.
White Mountains Insurance Group, Ltd. (WTM) is profitable, generating $1.11B in net income for the fiscal year ending 2025 with a net profit margin of 40.9%.
White Mountains Insurance Group, Ltd. (WTM) reported an operating income of $1.33B, resulting in an operating profit margin of 49.1%. This margin reflects the operational efficiency of the business before interest and taxes.
White Mountains Insurance Group, Ltd. (WTM) generated $1.45B in gross profit for the year, representing a gross profit margin of 53.7%. This demonstrates the company's core pricing power and production efficiency.