White Mountains Financials

WTM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows White Mountains (WTM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$2.2B

YoY+264.6%

5Y CAGR+43.1%

10Y CAGR-0.8%

White Mountains generated $2.2B in revenue in fiscal year 2024. This represents an increase of 264.6% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$230.4M

YoY+183.7%

5Y CAGR-17.2%

10Y CAGR+1.8%

White Mountains reported $230.4M in net income in fiscal year 2024. This represents an increase of 183.7% from the prior year.

EPS (Diluted)

$89.79

YoY+200.4%

5Y CAGR-9.3%

10Y CAGR+11.4%

White Mountains earned $89.79 per diluted share (EPS) in fiscal year 2024. This represents an increase of 200.4% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$1.00

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR+0.0%

White Mountains paid $1.00 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

YoY-14.9%

5Y CAGR-7.3%

10Y CAGR-8.6%

White Mountains had 3M shares outstanding in fiscal year 2024. This represents a decrease of 14.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

10.3%

YoY+55.1pp

5Y CAGR-148.4pp

10Y CAGR+2.4pp

White Mountains's net profit margin was 10.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 55.1 percentage points from the prior year.

Return on Equity

5.1%

5Y CAGR-11.8pp

10Y CAGR-0.0pp

White Mountains's ROE was 5.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

$7.9M

YoY-92.7%

5Y CAGR-59.4%

10Y CAGR-35.8%

White Mountains spent $7.9M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 92.7% from the prior year.

Capital Expenditures

N/A

WTM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.2B+264.6%	$614.4M-31.4%	$895.6M+0.2%	$893.4M+142.0%	$369.1M-1.3%	$373.8M
Cost of Revenue	$29.6M-57.3%	$69.3M+513.3%	$11.3M-76.5%	$48.1M-80.7%	$248.7M+78.4%	$139.4M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$490.1M+68.1%	$291.6M+40.3%	$207.9M-36.7%	$328.2M+40.6%	$233.5M+12.3%	$208.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$60.8M+196.6%	$20.5M+177.0%	$7.4M-58.0%	$17.6M+85.3%	$9.5M+313.0%	$2.3M
Income Tax	$32.6M-26.6%	$44.4M+400.0%	-$14.8M-150.5%	$29.3M+832.5%	-$4.0M+48.7%	-$7.8M
Net Income	$230.4M+183.7%	-$275.4M-141.5%	$663.4M+76.2%	$376.6M+296.8%	-$191.4M-132.3%	$593.1M
EPS (Diluted)	$89.79+200.4%	$-89.46-139.4%	$226.97+74.2%	$130.27+411.9%	$-41.76-128.6%	$146.06

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$864.2M+25.4%	$689.2M+19.3%	$577.8M-21.6%	$736.8M+41.8%	$519.6M+37.3%	$378.4M-28.9%	$531.9M+21.5%	$437.6M
Cost of Revenue	$55.3M+30.4%	$42.4M+465.3%	$7.5M+8.7%	$6.9M-13.8%	$8.0M-31.0%	$11.6M-16.5%	$13.9M-53.4%	$29.8M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$176.8M+28.6%	$137.5M+43.2%	$96.0M-28.6%	$134.4M+34.9%	$99.6M-2.9%	$102.6M+6.9%	$96.0M-10.4%	$107.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$19.9M+7.0%	$18.6M+4.5%	$17.8M0.0%	$17.8M+13.4%	$15.7M+10.6%	$14.2M-5.3%	$15.0M+17.2%	$12.8M
Income Tax	$17.1M+32.6%	$12.9M+34.4%	$9.6M+127.5%	-$34.9M-578.1%	$7.3M+3550.0%	$200K-98.3%	$11.9M-82.4%	$67.5M
Net Income	$113.8M-7.4%	$122.9M+262.5%	$33.9M-88.2%	$286.5M+1114.0%	$23.6M+20.4%	$19.6M-89.1%	$179.5M+344.3%	$40.4M
EPS (Diluted)	$44.18-7.5%	$47.75+262.0%	$13.19-88.2%	$111.93+1118.0%	$9.19+20.1%	$7.65-89.0%	$69.83+343.9%	$15.73

WTM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.9B+41.8%	$7.0B+44.9%	$4.8B+21.3%	$4.0B+18.5%	$3.4B-8.1%	$3.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	$161.0M+46.0%	$110.3M+13.6%	$97.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$439.2M+208.6%	$142.3M-72.9%	$525.5M+33.1%	$394.7M+3.9%	$379.9M+1366.8%	$25.9M
Total Liabilities	$4.8B+45.5%	$3.3B+225.2%	$1.0B+20.9%	$838.5M+30.1%	$644.4M+116.0%	$298.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$562.5M+33.6%	$420.9M+11.8%	$376.4M+32.8%	$283.5M+47.1%	$192.7M+709.7%	$23.8M
Total Equity	$4.5B+26.4%	$3.5B-9.2%	$3.9B+19.8%	$3.3B+20.0%	$2.7B-22.2%	$3.5B
Retained Earnings	$3.9B+32.5%	$3.0B-10.7%	$3.3B+23.9%	$2.7B+18.0%	$2.3B-19.8%	$2.8B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$12.3B+4.4%	$11.8B+7.4%	$11.0B+31.2%	$8.4B+3.0%	$8.1B-2.8%	$8.4B+5.2%	$8.0B+7.7%	$7.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B+104.3%	$534.6M+21.7%	$439.2M+160.2%	$168.8M0.0%	$168.8M0.0%	$168.8M0.0%	$168.8M-4.4%	$176.5M
Total Liabilities	$6.6B+2.2%	$6.5B+10.5%	$5.9B+53.4%	$3.8B-3.9%	$4.0B-6.4%	$4.3B+9.9%	$3.9B+11.9%	$3.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$870.4M+25.3%	$694.6M+2.7%	$676.1M+19.7%	$564.6M0.0%	$564.7M-0.2%	$566.1M+1.8%	$556.3M-3.3%	$575.2M
Total Equity	$4.8B+2.7%	$4.6B+3.0%	$4.5B+6.3%	$4.2B+7.4%	$3.9B+0.7%	$3.9B+0.5%	$3.9B+4.2%	$3.7B
Retained Earnings	$4.2B+2.8%	$4.1B+3.2%	$3.9B+6.8%	$3.7B+8.4%	$3.4B+0.7%	$3.4B+0.4%	$3.4B+4.8%	$3.2B

WTM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$586.8M+1420.2%	$38.6M+163.7%	-$60.6M+49.7%	-$120.5M-287.5%	-$31.1M-132.9%	$94.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$447.0M-114.6%	-$208.3M-422.4%	$64.6M+207.8%	-$59.9M-113.0%	$459.2M-36.1%	$718.5M
Financing Cash Flow	$4.2M-98.1%	$217.6M+344.1%	$49.0M-78.7%	$230.5M+155.6%	-$414.3M+40.7%	-$699.0M
Dividends Paid	$2.5M-19.4%	$3.1M-3.1%	$3.2M0.0%	$3.2M-15.8%	$3.8M-17.4%	$4.6M
Share Buybacks	$7.9M-92.7%	$107.5M+26.2%	$85.2M	$0-100.0%	$511.9M-28.4%	$714.6M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	N/A	N/A	-$40.2M	N/A	N/A	N/A	$85.6M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	$7.3M	N/A	N/A	N/A	-$96.6M	N/A
Financing Cash Flow	N/A	N/A	$78.5M	N/A	N/A	N/A	-$41.3M	N/A
Dividends Paid	N/A	N/A	$2.6M	N/A	N/A	$0-100.0%	$2.6M	$0
Share Buybacks	N/A	N/A	$9.9M	N/A	N/A	N/A	$25.3M	N/A

WTM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.3%+55.1pp	-44.8%-118.9pp	74.1%+31.9pp	42.1%+94.0pp	-51.9%-210.5pp	158.7%
Return on Equity	5.1%	N/A	17.0%+5.4pp	11.6%	N/A	17.0%
Return on Assets	2.3%+6.3pp	-3.9%-17.7pp	13.7%+4.3pp	9.4%+15.1pp	-5.7%-21.9pp	16.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.130.0	0.12+0.0	0.100.0	0.09+0.0	0.07+0.1	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.2%-4.7pp	17.8%+12.0pp	5.9%-33.0pp	38.9%+34.3pp	4.5%-0.6pp	5.2%-28.6pp	33.8%+24.5pp	9.2%
Return on Equity	2.4%-0.3pp	2.6%+1.9pp	0.8%-6.0pp	6.8%+6.2pp	0.6%+0.1pp	0.5%-4.1pp	4.6%+3.5pp	1.1%
Return on Assets	0.9%-0.1pp	1.0%+0.7pp	0.3%-3.1pp	3.4%+3.1pp	0.3%+0.1pp	0.2%-2.0pp	2.3%+1.7pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.18+0.0	0.150.0	0.15+0.0	0.130.0	0.140.0	0.140.0	0.14-0.0	0.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Financial Health Signals

Piotroski F-Score Strong

7/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

2.55x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is White Mountains's annual revenue?

White Mountains (WTM) reported $2.2B in total revenue for fiscal year 2024. This represents a 264.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is White Mountains's revenue growing?

White Mountains (WTM) revenue grew by 264.6% year-over-year, from $614.4M to $2.2B in fiscal year 2024.

Is White Mountains profitable?

Yes, White Mountains (WTM) reported a net income of $230.4M in fiscal year 2024, with a net profit margin of 10.3%.

What is White Mountains's earnings per share (EPS)?

White Mountains (WTM) reported diluted earnings per share of $89.79 for fiscal year 2024. This represents a 200.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is White Mountains's net profit margin?

White Mountains (WTM) had a net profit margin of 10.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does White Mountains pay dividends?

Yes, White Mountains (WTM) paid $1.00 per share in dividends during fiscal year 2024.

What is White Mountains's return on equity (ROE)?

White Mountains (WTM) has a return on equity of 5.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is White Mountains's operating cash flow?

White Mountains (WTM) generated $586.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are White Mountains's total assets?

White Mountains (WTM) had $9.9B in total assets as of fiscal year 2024, including both current and long-term assets.

Does White Mountains buy back shares?

Yes, White Mountains (WTM) spent $7.9M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does White Mountains have outstanding?

White Mountains (WTM) had 3M shares outstanding as of fiscal year 2024.

What is White Mountains's debt-to-equity ratio?

White Mountains (WTM) had a debt-to-equity ratio of 0.13 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is White Mountains's return on assets (ROA)?

White Mountains (WTM) had a return on assets of 2.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is White Mountains's Piotroski F-Score?

White Mountains (WTM) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are White Mountains's earnings high quality?

White Mountains (WTM) has an earnings quality ratio of 2.55x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.