WTM

MKT CAP:$6B

White Mountains Insurance Group, Ltd.

Market Cap

$6B

Financial Services·Insurance - Property & Casualty·🇧🇲 Bermuda·NYSE

Financials·Insurance·🇧🇲·NYSE

Stock Price

$2,259.27+$217.37 (+10.65%)

Apr 24, 2026

Company Details

White Mountains Insurance Group, Ltd., through its subsidiaries, provides insurance and other financial services in the United States. The company operates through five segments: HG Global/BAM, Ark, NSM, Kudu, and Other Operations. The HG G...

CEO

Liam Caffrey

IPO Date

Oct 23, 1985

Website

www.whitemountains.com

Key Metrics TTM

Revenue

$1.0B

— YoY

Net Income

$664M

EPS (Diluted)

$270.73

Free Cash Flow

$194M

Revenue / Share

$392.07

Gross Margin

47.2%

Operating Margin

75.7%

Net Margin

66.3%

FCF Margin

19.4%

P/S

5.6x

P/E

8.4x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 27, 2026

$2.7BEPS $430.14

Q4 2025

Feb 27, 2026

$576MEPS $327.23

FY 2023

Feb 26, 2024

$2.2B+87.1%EPS $198.63

FY 2022

Feb 27, 2023

$1.2BEPS $276.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$6M	-$7M	-$144M
Q4 19	$175M	$158M	$57M
Q2 21	$342M	$233M	$161M
Q3 21	-$92M	-$299M	-$361M
Q4 25	$576M	$381M	$901M

Valuation

Quarter	P/S	P/E
Q4 18	—	—
Q4 19	—	—
Q2 21	—	—
Q3 21	12.9x	—
Q4 25	5.6x	8.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$600.0K	-$600.0K
Q4 19	-$48M	-$48M
Q2 21	$107M	$107M
Q3 21	$74M	$74M
Q4 25	$61M	$61M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 25	+9501.7%	-316.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$3M	55.0%
Q4 19	$2M	1.3%
Q2 21	$11M	3.3%
Q3 21	$0	—
Q4 25	$500.0K	0.1%

OpEx Breakdown

Quarter	G&A
Q4 18	$61M
Q4 19	$91M
Q2 21	$71M
Q3 21	$52M
Q4 25	$290M

Revenue Segments

Quarter	HG Global-BAM	Kudu Investment Management, LLC	NSM Insurance Group	Other Entity
Q4 19	$5M	$9M	$58M	$103M

Revenue by Geography

Quarter	Bermuda	Other country	United Kingdom	United States
Q4 25	$179M	$4M	$266M	$152M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$327M	$322M	$649M
Q2 22	$383M	$245M	$629M
Q3 22	$246M	$1.2B	$1.4B
Q4 22	$255M	$924M	$1.2B
Q1 23	$203M	$884M	$1.1B
Q2 23	$155M	$986M	$1.1B
Q3 23	$163M	$1.2B	$1.3B
Q4 23	$122M	$1.5B	$1.6B
Q1 24	$142M	$1.1B	$1.2B
Q2 24	$255M	$1.0B	$1.3B
Q3 24	$149M	$379M	$528M
Q4 24	$252M	$964M	$1.2B
Q1 25	$312M	$1.0B	$1.3B
Q2 25	$238M	$1.2B	$1.5B
Q3 25	$329M	$1.1B	$1.4B
Q4 25	$185M	$1.8B	$2.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	3M	—	—
Q4 19	3M	+0.2%	—
Q2 21	3M	-2.4%	—
Q3 21	3M	-1.8%	—
Q4 25	3M	-16.3%	-19.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$5.7K	1K
Q4 19	$138.9K	1K
Q2 21	$250.7K	1K
Q3 21	-$67.6K	1K
Q4 25	$349.6K	2K

Revenue / Employee