WTM · Financials(fire, marine & casualty insurance) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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White Mountains Insurance Group Ltd reported revenue of $3.7 billion in fiscal 2025, after growing 29.1% a year over the previous 9 years. Its operating margin widened from 2.7% in 2017 to 37.7%, and it earned 20.3% on its invested capital in the latest year. Of the $1.8 billion its operations generated over 10 years, 124.7% went to buybacks and 40.6% to acquisitions; the share count fell 40.2%. On the accounting screens, it passes 4 of 8 Piotroski tests; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 20253.7B+29.1% a year over 9 years
Operating margin37.7%gross margin 95.9%
Return on invested capital20.3%5.8% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA0.5×net debt 651.4M
Piotroski F-score4/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-1B01B2B3B4B
2017Revenue 373.8MOperating income 10.1M
2018Revenue 369.1MOperating income -168.7M
2019
2019Revenue 893.4MOperating income 422.7M
2020Revenue 895.6MOperating income 667.8M
2021Revenue 614.4MOperating income -253.1M
2022Revenue 1.2BOperating income -109.1M
2023Revenue 2.2BOperating income 628.1M
2024Revenue 2.2BOperating income 377.5M
2025Revenue 3.7BOperating income 1.4B
2017201820192019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+47.8%
+33.1%
+29.1%
Operating income
—
+16.1%
+73.1%
Net income
+11.8%
+10.8%
+7.2%
Earnings per share
+15.9%
+15.2%
+13.5%
Dividend per share
-1.1%
-0.2%
-0.6%
Shares
-3.6%
-3.8%
-5.6%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-100%0%100%200%
2017Gross 62.7%Operating 2.7%Net 158.7%
2018Gross 32.6%Operating -45.7%Net -51.9%
2019
2019Gross 94.6%Operating 47.3%Net 42.2%
2020Gross 98.7%Operating 74.6%Net 74.1%
2021Gross 88.7%Operating -41.2%Net -44.8%
2022Gross 91.5%Operating -9.4%Net 68.5%
2023Gross 98.1%Operating 29.0%Net 23.5%
2024Gross 98.7%Operating 16.9%Net 10.3%
2025Gross 95.9%Operating 37.7%Net 29.6%
2017201820192019202020212022202320242025
Return on invested capital
Return on invested capital
-10%0%10%20%30%
2017Return on invested capital 0.0%
2018Return on invested capital -5.7%
2019
2019Return on invested capital 11.1%
2020Return on invested capital 15.2%
2021Return on invested capital -7.4%
2022Return on invested capital -3.2%
2023Return on invested capital 12.7%
2024Return on invested capital 6.7%
2025Return on invested capital 20.3%
2017201820192019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
20.4%
Return on assets
9.0%
Asset turnover
0.30×
Overheads (SG&A)
16.2% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-0.5B00.5B1.0B1.5B
2017Net income 593.1M
2018Net income -191.4M
2019
2019Net income 376.6M
2020Net income 663.4M
2021Net income -275.4M
2022Net income 792.8M
2023Net income 509.2M
2024Net income 230.4M
2025Net income 1.1B
2017201820192019202020212022202320242025
Where 10 years of operating cash went, 2017–2025
1.8B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 41%741.2M
Dividends 2%28.6M
Share buybacks 125%2.3B
More than it generated: funded with cash or new debt -67%-1.2B
Over the same years it paid 78.8M in stock. The share count fell 40.2%. 2.2B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$200$0$200$400$600
2017Earnings per share $139.90Dividend per share $1.09
2018Earnings per share $-57.26Dividend per share $1.14
2019
2019Earnings per share $119.89Dividend per share $1.02
2020Earnings per share $215.29Dividend per share $1.04
2021Earnings per share $-90.52Dividend per share $1.02
2022Earnings per share $280.52Dividend per share $1.06
2023Earnings per share $201.48Dividend per share $1.03
2024Earnings per share $90.99Dividend per share $0.99
2025Earnings per share $436.57Dividend per share $1.03
2017201820192019202020212022202320242025
Shares outstanding
Diluted shares
2.5M3.0M3.5M4.0M4.5M
2017Diluted shares 4.2M
2018Diluted shares 3.3M
2019
2019Diluted shares 3.1M
2020Diluted shares 3.1M
2021Diluted shares 3.0M
2022Diluted shares 2.8M
2023Diluted shares 2.5M
2024Diluted shares 2.5M
2025Diluted shares 2.5M
2017201820192019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-200M0200M400M600M800M
2017Net debt -73.3M
2018Net debt 82.4M
2019
2019Net debt 122.5M
2020Net debt 291.8M
2021Net debt 273.2M
2022Net debt 320.2M
2023Net debt 442.2M
2024Net debt 296.1M
2025Net debt 651.4M
2017201820192019202020212022202320242025
Net debt ÷ EBITDA
0.5×
Interest coverage
18× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (1,106M against 550M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
The effective tax rate is 9.6%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
