# White Mountains Insurance Group, Ltd. (WTM)

> Source: Nexqual · https://nexqual.com/WTM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, White Mountains Insurance Group, Ltd. (WTM), nexqual.com/WTM" · informational, not investment advice.

**Price:** USD 2,247.52 (+1.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2,209.95 · day 2,200.36–2,252.42 · 52w 1,863.6–2,333 · market cap $5.36B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.83B, net income $1.12B (29.3% margin) (SEC filings).
- Valuation: P/E 4.8x (avg 11.2x at the last 3 fiscal year-ends), net debt $805M.
- Total return with dividends: 1Y +16.0% vs S&P 500 +14.9%; 5Y +104.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $614M | $1.16B | $2.17B | $2.24B | $3.73B | $3.83B |
| Gross profit | $545M | $1.06B | $2.13B | $2.21B | $3.58B | — |
| Net income | -$275M | $793M | $509M | $230M | $1.11B | $1.12B |
| EPS (diluted) | -$89.46 | $276.96 | $198.60 | $89.79 | $430.14 | — |
| Gross margin | 88.7% | 91.5% | 98.1% | 98.7% | 95.9% | — |
| Net margin | -44.8% | 68.5% | 23.5% | 10.3% | 29.6% | 29.3% |
| Revenue growth | -31.4% | +88.5% | +87.1% | +3.4% | +66.8% | — |
| Cash + short-term investments | $148M | $255M | $122M | $266M | $186M | — |
| Total debt | $421M | $575M | $565M | $563M | $837M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.8x · P/S 1.4x · EV/Sales 1.6x · P/B 1.0x · Earnings yield 20.91% · Dividend yield (paid, TTM) 0.04% · Buyback yield (TTM) 7.63% · Net debt $805M · EV $6.17B
P/E at fiscal year-ends: Dec 2025 4.8x, Dec 2024 21.4x, Dec 2023 7.5x.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.0% | +104.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.1% | +15.4% |
| Volatility (annualized) | 19.1% | 22.1% |
| Max drawdown | -14.2% (Apr 2026→Jun 2026) | -14.9% (Feb 2023→May 2023) |

## Peers (Insurance - Property & Casualty)
SIGI (Selective Insurance Group, Inc.) USD 91.74 +0.72% · RLI (RLI Corp.) USD 67.01 +4.87% · PLMR (Palomar Holdings, Inc.) USD 144.53 +3.85% · LMND (Lemonade, Inc.) USD 45.41 +0.29% · THG (Hanover Insurance Group Inc) USD 239.59 +3.30% · SLDE (Slide Insurance Holdings, Inc.) USD 27.75 +2.36%

## More
Full page: https://nexqual.com/WTM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WTM's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/776867/000162828026012603/wtm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | MediaAlpha, Inc. (MAX) | "White Mountains's Other Operations consists of the Company and its wholly-owned subsidiary, WM Capital, its other intermediate holding companies, its wholly-owned investment management subsidiary, WM Advisors, investment…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | $439.6M | 52.0% | -1.9% |
| WTM Partners | $92.8M | 11.0% | +116.8% |
| Asset Management (Kudu) | $68.9M | 8.2% | +237.7% |
| Specialty Insurance Distribution (Distinguished) | $57.4M | 6.8% | — |
| HG Global | $20.4M | 2.4% | -15.7% |
| Total revenue | $844.6M | 100% | — |
The lines above cover 80.4% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "White Mountains expects to file its Form 10-Q today with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results. 5 WHITE MOUNTAINS INSURANCE GROUP, LTD."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2019-06-30) | — | — | — | $0 | — |
| Current fiscal year (ends 2019-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |