White Mountains Insurance Group (WTM)
NYSE:WTM
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White Mountains Insurance Group
(NYSE:WTM)
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Rating:79Outperform
Price Target:
$2,516.00
▲(24.00% Upside)
Action:ReiteratedDate:04/02/26
The score is driven most by attractive valuation (low P/E and strong dividend yield) and solid financial strength (low leverage and strong recent earnings), tempered by a meaningful concern around 2025 cash-flow deterioration despite high profitability. Technicals are supportive but neutral-to-moderate, while recent corporate investments add a modest positive catalyst.
Positive Factors
Conservative Balance Sheet
A low debt-to-equity ratio and sizable equity growth provide durable capital buffers that support underwriting capacity, M&A and shock absorption. This conservative financing reduces solvency and refinancing risk, enabling multi-quarter deployment of capital into growth without stressing liquidity.
Negative Factors
Weak Cash Generation
A reversal to negative operating and free cash flow after strong prior years signals volatile cash conversion tied to claims timing or working capital. This undermines reliable internal funding for dividends, buybacks or acquisition financing and increases dependence on external capital over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
A low debt-to-equity ratio and sizable equity growth provide durable capital buffers that support underwriting capacity, M&A and shock absorption. This conservative financing reduces solvency and refinancing risk, enabling multi-quarter deployment of capital into growth without stressing liquidity.
Read all positive factors
White Mountains Insurance Group (WTM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.70B
Dividend Yield0.05%
Average Volume (3M)19.77K
Price to Earnings (P/E)1.6
Beta (1Y)0.21
Revenue Growth-4.24%
EPS Growth-78.10%
CountryUS
Employees893
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)327.23
Shares Outstanding2,467,055
10 Day Avg. Volume22,997
30 Day Avg. Volume19,775
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.98
Price to Sales (P/S)1.96
P/FCF Ratio-737.17
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue2.35
Enterprise Value/Gross Profit4.38
Enterprise Value/Ebitda4.52
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)115
Revenue Forecast (FY)N/A
White Mountains Insurance Group Business Overview & Revenue Model
Company Description
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 Global/B...
How the Company Makes Money
WTM’s earnings are primarily generated through (1) underwriting income and fee income earned by its insurance and insurance-services subsidiaries and (2) investment income and realized/unrealized gains on the investment portfolios and equity stake...
White Mountains Insurance Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.71B | 2.35B | 2.17B | 1.16B | 614.40M |
| Gross Profit | 1.45B | 1.07B | 1.15B | 370.90M | 33.10M |
| EBITDA | 1.41B | 371.10M | 610.30M | -104.80M | -231.50M |
| Net Income | 1.11B | 230.40M | 509.20M | 792.80M | -275.40M |
Balance Sheet | |||||
| Total Assets | 12.31B | 9.93B | 8.39B | 7.39B | 7.00B |
| Cash, Cash Equivalents and Short-Term Investments | 1.97B | 1.22B | 1.61B | 1.18B | 605.80M |
| Total Debt | 837.00M | 611.60M | 564.60M | 575.20M | 639.10M |
| Total Liabilities | 6.05B | 4.79B | 3.82B | 3.45B | 3.30B |
| Stockholders Equity | 5.43B | 4.48B | 4.24B | 3.75B | 3.55B |
Cash Flow | |||||
| Free Cash Flow | -7.20M | 586.80M | 404.10M | 326.30M | 98.20M |
| Operating Cash Flow | -7.20M | 586.80M | 404.10M | 326.30M | 98.20M |
| Investing Cash Flow | 212.70M | -447.00M | -543.90M | 155.70M | -204.00M |
| Financing Cash Flow | -205.20M | 4.20M | 7.20M | -461.80M | 149.20M |
White Mountains Insurance Group Technical Analysis
Positive
2029.06
Price Trends
2172.99
Positive
2100.98
Positive
1957.63
Positive
Market Momentum
12.15
Negative
63.08
Neutral
87.38
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WTM, the sentiment is Positive. The current price of 2029.06 is below the 20-day moving average (MA) of 2195.22, below the 50-day MA of 2172.99, and above the 200-day MA of 1957.63, indicating a bullish trend. The MACD of 12.15 indicates Negative momentum. The RSI at 63.08 is Neutral, neither overbought nor oversold. The STOCH value of 87.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WTM.
White Mountains Insurance Group Risk Analysis
White Mountains Insurance Group disclosed 19 risk factors in its most recent earnings report. White Mountains Insurance Group reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
White Mountains Insurance Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $5.70B | 1.59 | 22.87% | 0.05% | -4.24% | -78.10% | |
77 Outperform | $4.90B | 10.96 | 13.59% | 1.85% | 10.98% | 74.87% | |
74 Outperform | $5.21B | 9.63 | 25.65% | 1.34% | 6.18% | -21.28% | |
70 Outperform | $3.81B | 25.88 | 22.94% | ― | 17.47% | 54.19% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $4.25B | -30.89 | -31.19% | ― | 30.53% | 21.82% | |
56 Neutral | $1.88B | -74.49 | 9.03% | 3.15% | 4.51% | -8.29% |
* Financial Sector Average
WTM
White Mountains Insurance Group
2,309.92
602.76
35.31%
MCY
Mercury General
94.10
42.76
83.30%
SIGI
Selective Insurance Group
81.58
-2.78
-3.29%
KMPR
Kemper
32.01
-24.42
-43.27%
LMND
Lemonade
55.63
29.52
113.06%
HGTY
Hagerty Inc Class A
11.11
2.36
26.97%
White Mountains Insurance Group Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
White Mountains Partners Acquires Majority Stake in BaseSix
Positive
Apr 1, 2026
On April 1, 2026, White Mountains Partners, an operating company of White Mountains Insurance Group, acquired a majority interest in BaseSix Systems LLC, a Marietta, Georgia-based provider of building systems integration and aftermarket services f...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
White Mountains Invests in Bishop Street MGA Platform
Positive
Feb 27, 2026
On February 26, 2026, Bishop Street Underwriters, a RedBird Capital Partners portfolio company and diversified platform of managing general agents and niche underwriting teams in the property and casualty sector, closed a $125 million structured c...
Business Operations and StrategyPrivate Placements and Financing
White Mountains renews Ark reinsurance sidecar for 2026
Neutral
Jan 7, 2026
White Mountains Insurance Group’s subsidiary Ark Insurance Holdings Limited renewed its reinsurance sidecar, Outrigger Re Ltd., for business incepting during calendar year 2026 on terms similar to those in effect for 2025. Outrigger entered ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.