White Mountains Insurance (WTM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

White Mountains Insurance

NYSE•Financial Services•Insurance - Property & Casualty

$2,062.37+16.43(0.01%)Pre-market

Market Cap

$4.96B

P/E

4.4x

P/S

1.3x

P/B

0.9x

White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments. The company offers property insurance and reinsurance; specialty insurance and reinsurance consisting of aviation, contingency, cyber, fine art and specie, mortgage, nuclear, political and credit, space, surety, and terrorism and political violence; marine and energy insurance and reinsurance; casualty insurance and reinsurance, such as medical malpractice, and professional and general liability; and accident and health insurance and reinsurance, which includes personal accident, sickness, disability, travel, short-term life, and medical products through brokers, managing general agents (MGA), and reinsurance intermediaries. It also provides municipal bond guarantee reinsurance, which focuses on single risk limits for small-to-medium sized, and public investment grade municipal bonds that are issued to finance public purpose projects, including schools, utilities, and transportation facilities. In addition, the company offers capital solutions for boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisition and growth finance, and legacy partner liquidity; strategic advice; investment management; and specialty electrical contracting services. Further, it operates as a full-service MGA and program administrator for specialty property and casualty insurance for the real estate and hospitality end markets, and start-up programs; and an MGA for leisure travel and global expatriate medical insurance in Israel, the European Union, and Australia. The company was formerly known as Fund American Enterprises Holdings, Inc. and changed its name to White Mountains Insurance Group, Ltd. in 1999. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.

How this company scores

GoodMetricSide Score: 73/100

Strongest: Profitability (25/25); weakest: Cash & Earnings Quality (6/25).

Profitability25/25

Growth24/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality6/25

Strengths

Growing revenueStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 4.4x5y range 3.3x – 175.4x

Currently below its 17-quarter median.

P/S · 1.3x5y range 1.3x – 4.7x

Currently below its 20-quarter median.

P/B · 0.9x5y range 0.9x – 1.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $4.96B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.83B
Q. Revenue: $844.60M
TTM EBITDA: $1.31B
TTM Op. Income: $1.31B
Q. Op. Income: $256.00M
TTM Net Income: $1.12B
Q. Net Income: $199.50M
EPS: $80.58
Shares Out.: $2.41M

$3.83B in TTM revenue grew 55.4% YoY, reaching $844.60M last quarter. TTM EBITDA of $1.31B and TTM operating income of $1.31B show growth is flowing through to the bottom line. TTM net income of $1.12B means revenue is converting into profit. Over the past year, TTM revenue is up 55% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 30.3%
Op. Margin: 30.3%
Net Margin: 23.6%

Op. margin of 30.3% is up 4.7% YoY — cost efficiency is improving. Net margin at 23.6% Over the past year, operating margin is up 18% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 4.4x
P/S Ratio: 1.3x
P/B Ratio: 0.9x

At 4.4x P/E, the stock trades below typical market levels. P/S of 1.3x and P/B of 0.9x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 80% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $13.77B
Cash: $127.80M
Long-Term Debt: $932.50M
Book Value: $5.39B
D/E Ratio: 0.2
Debt/EBITDA: 3.6

With $13.77B in assets and $932.50M in long-term debt, D/E is 0.2and book value is $5.39B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-55.50M
TTM Free Cash Flow: $388.20M
FCF Margin: 10.1%
FCF / Net Income: 0.3

TTM FCF of $388.20M on $-55.50M in operating cash flow. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 18% — a weakening trend.