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

White Mountains (WTM) reported diluted earnings per share of $430.14 for fiscal year 2025. This represents a 379.1% 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.

White Mountains Financials

WTM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 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 18 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).

Financial Health Signals

Piotroski F-Score Neutral

5/9

White Mountains passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.50x

For every $1 of reported earnings, White Mountains generates $0.50 in operating cash flow ($550.5M OCF vs $1.1B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.7B

YoY+66.8%

5Y CAGR+33.1%

10Y CAGR+23.8%

White Mountains generated $3.7B in revenue in fiscal year 2025. This represents an increase of 66.8% from the prior year.

EBITDA

N/A

Net Income

$1.1B

YoY+380.2%

5Y CAGR+10.8%

10Y CAGR+14.9%

White Mountains reported $1.1B in net income in fiscal year 2025. This represents an increase of 380.2% from the prior year.

EPS (Diluted)

$430.14

YoY+379.1%

5Y CAGR+13.6%

10Y CAGR+24.0%

White Mountains earned $430.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 379.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$185.6M

YoY-30.3%

5Y CAGR+17.0%

10Y CAGR+9.1%

White Mountains held $185.6M in cash against $837.0M in long-term debt as of fiscal year 2025.

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 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

YoY-3.4%

5Y CAGR-4.4%

10Y CAGR-7.9%

White Mountains had 2M shares outstanding in fiscal year 2025. This represents a decrease of 3.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

29.6%

YoY+19.3pp

5Y CAGR-44.5pp

10Y CAGR-33.3pp

White Mountains's net profit margin was 29.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.3 percentage points from the prior year.

Return on Equity

20.4%

YoY+15.3pp

5Y CAGR+3.4pp

10Y CAGR+13.3pp

White Mountains's ROE was 20.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$202.6M

YoY+2464.6%

5Y CAGR+18.9%

10Y CAGR-2.8%

White Mountains spent $202.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2464.6% from the prior year.

Capital Expenditures

N/A

WTM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.7B+66.8%	$2.2B+3.4%	$2.2B+87.1%	$1.2B+88.5%	$614.4M-31.4%	$895.6M
Cost of Revenue	$151.8M+412.8%	$29.6M-26.7%	$40.4M-59.0%	$98.6M+42.3%	$69.3M+513.3%	$11.3M
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	$606.6M+23.8%	$490.1M+13.3%	$432.6M+18.8%	$364.1M+24.9%	$291.6M+40.3%	$207.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$78.4M+28.9%	$60.8M-3.0%	$62.7M+55.6%	$40.3M+96.6%	$20.5M+177.0%	$7.4M
Income Tax	$126.9M+289.3%	$32.6M+310.3%	-$15.5M-137.4%	$41.4M-6.8%	$44.4M+400.0%	-$14.8M
Net Income	$1.1B+380.2%	$230.4M-54.8%	$509.2M-35.8%	$792.8M+387.9%	-$275.4M-141.5%	$663.4M
EPS (Diluted)	$430.14+379.1%	$89.79-54.8%	$198.60-28.3%	$276.96+409.6%	$-89.46-139.4%	$226.97

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.6B+85.6%	$864.2M+25.4%	$689.2M+19.3%	$577.8M+61.4%	$358.0M-57.3%	$839.1M+112.2%	$395.4M-38.9%	$647.3M
Cost of Revenue	$46.6M-15.7%	$55.3M+30.4%	$42.4M+465.3%	$7.5M+1.4%	$7.4M-2.6%	$7.6M+8.6%	$7.0M-7.9%	$7.6M
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	$196.3M+11.0%	$176.8M+28.6%	$137.5M+43.2%	$96.0M-20.3%	$120.5M-1.1%	$121.9M-0.5%	$122.5M-2.2%	$125.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$22.1M+11.1%	$19.9M+7.0%	$18.6M+4.5%	$17.8M+26.2%	$14.1M-15.6%	$16.7M+12.8%	$14.8M-2.6%	$15.2M
Income Tax	$87.3M+410.5%	$17.1M+32.6%	$12.9M+34.4%	$9.6M+159.5%	$3.7M-68.1%	$11.6M+78.5%	$6.5M-39.8%	$10.8M
Net Income	$835.8M+634.4%	$113.8M-7.4%	$122.9M+262.5%	$33.9M+126.0%	-$130.4M-172.8%	$179.0M+427.8%	-$54.6M-123.1%	$236.4M
EPS (Diluted)	N/A	$44.18-7.5%	$47.75+262.0%	$13.19	N/A	$69.68+428.1%	$-21.24-123.0%	$92.33

WTM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.3B+24.0%	$9.9B+18.4%	$8.4B+13.5%	$7.4B+5.6%	$7.0B+44.9%	$4.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$185.6M-30.3%	$266.4M+117.6%	$122.4M-52.0%	$255.0M+72.6%	$147.7M+74.6%	$84.6M
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	$614.1M+39.8%	$439.2M+160.2%	$168.8M-4.4%	$176.5M+24.0%	$142.3M-72.9%	$525.5M
Total Liabilities	$6.1B+26.2%	$4.8B+25.4%	$3.8B+10.7%	$3.5B+4.8%	$3.3B+225.2%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$837.0M+48.8%	$562.5M-0.4%	$564.6M-1.8%	$575.2M+36.7%	$420.9M+11.8%	$376.4M
Total Equity	$5.4B+21.0%	$4.5B+5.7%	$4.2B+13.2%	$3.7B+5.6%	$3.5B-9.2%	$3.9B
Retained Earnings	$4.8B+23.6%	$3.9B+6.2%	$3.7B+14.9%	$3.2B+8.6%	$3.0B-10.7%	$3.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$12.3B-0.3%	$12.3B+4.4%	$11.8B+7.4%	$11.0B+10.9%	$9.9B-4.0%	$10.3B+1.7%	$10.2B+6.0%	$9.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$185.6M-60.9%	$474.2M+40.4%	$337.8M+8.3%	$312.0M+17.1%	$266.4M-23.0%	$346.0M+35.6%	$255.2M+13.3%	$225.3M
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	$614.1M-43.8%	$1.1B+104.3%	$534.6M+21.7%	$439.2M0.0%	$439.2M0.0%	$439.2M0.0%	$439.2M0.0%	$439.2M
Total Liabilities	$6.1B-8.7%	$6.6B+2.2%	$6.5B+10.5%	$5.9B+22.3%	$4.8B-5.6%	$5.1B-4.1%	$5.3B+12.7%	$4.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$837.0M-3.8%	$870.4M+25.3%	$694.6M+2.7%	$676.1M+20.2%	$562.5M+3.2%	$544.9M+2.8%	$530.2M-0.4%	$532.1M
Total Equity	$5.4B+13.8%	$4.8B+2.7%	$4.6B+3.0%	$4.5B+0.6%	$4.5B-2.8%	$4.6B+4.3%	$4.4B-1.1%	$4.5B
Retained Earnings	$4.8B+15.8%	$4.2B+2.8%	$4.1B+3.2%	$3.9B+0.6%	$3.9B-3.2%	$4.0B+4.8%	$3.9B-1.4%	$3.9B

WTM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$550.5M-6.2%	$586.8M+45.2%	$404.1M+10.7%	$365.0M+845.6%	$38.6M+163.7%	-$60.6M
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	-$666.9M-49.2%	-$447.0M+17.8%	-$543.9M-570.9%	$115.5M+155.4%	-$208.3M-422.4%	$64.6M
Financing Cash Flow	$35.6M+747.6%	$4.2M-41.7%	$7.2M+102.1%	-$344.9M-258.5%	$217.6M+344.1%	$49.0M
Dividends Paid	$2.6M+4.0%	$2.5M-3.8%	$2.6M-13.3%	$3.0M-3.2%	$3.1M-3.1%	$3.2M
Share Buybacks	$202.6M+2464.6%	$7.9M-75.8%	$32.7M-94.7%	$615.8M+472.8%	$107.5M+26.2%	$85.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$53.9M-85.0%	$359.3M+102.4%	$177.5M+541.5%	-$40.2M-162.7%	$64.1M-76.2%	$269.4M+24.3%	$216.8M+494.0%	$36.5M
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	-$215.0M+27.2%	-$295.4M-80.3%	-$163.8M-2343.8%	$7.3M+104.5%	-$163.2M+13.9%	-$189.6M+2.7%	-$194.8M-293.6%	$100.6M
Financing Cash Flow	-$127.5M-275.9%	$72.5M+499.2%	$12.1M-84.6%	$78.5M+302.6%	$19.5M+77.3%	$11.0M+39.2%	$7.9M+123.1%	-$34.2M
Dividends Paid	$0	$0	$0-100.0%	$2.6M	$0	$0	$0-100.0%	$2.5M
Share Buybacks	$192.7M	$0	$0-100.0%	$9.9M+5050.0%	-$200K	$0	$0-100.0%	$8.1M

WTM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	29.6%+19.3pp	10.3%-13.2pp	23.5%-45.0pp	68.5%+113.3pp	-44.8%-118.9pp	74.1%
Return on Equity	20.4%+15.3pp	5.1%-6.9pp	12.0%-9.2pp	21.2%+28.9pp	-7.8%-24.7pp	17.0%
Return on Assets	9.0%+6.7pp	2.3%-3.8pp	6.1%-4.7pp	10.7%+14.7pp	-3.9%-17.7pp	13.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.15+0.0	0.130.0	0.13-0.0	0.15+0.0	0.12+0.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	52.1%+38.9pp	13.2%-4.7pp	17.8%+12.0pp	5.9%+42.3pp	-36.4%-57.8pp	21.3%+35.1pp	-13.8%-50.3pp	36.5%
Return on Equity	15.4%+13.0pp	2.4%-0.3pp	2.6%+1.9pp	0.8%+3.7pp	-2.9%-6.8pp	3.9%+5.1pp	-1.2%-6.5pp	5.3%
Return on Assets	6.8%+5.9pp	0.9%-0.1pp	1.0%+0.7pp	0.3%+1.6pp	-1.3%-3.0pp	1.7%+2.3pp	-0.5%-3.0pp	2.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.15-0.0	0.18+0.0	0.150.0	0.15+0.0	0.130.0	0.120.0	0.120.0	0.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is White Mountains's annual revenue?

White Mountains (WTM) reported $3.7B in total revenue for fiscal year 2025. This represents a 66.8% 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 66.8% year-over-year, from $2.2B to $3.7B in fiscal year 2025.

Is White Mountains profitable?

Yes, White Mountains (WTM) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 29.6%.

How much debt does White Mountains have?

As of fiscal year 2025, White Mountains (WTM) had $185.6M in cash and equivalents against $837.0M in long-term debt.

What is White Mountains's net profit margin?

White Mountains (WTM) had a net profit margin of 29.6% in fiscal year 2025, 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 2025.

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

White Mountains (WTM) has a return on equity of 20.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is White Mountains's operating cash flow?

White Mountains (WTM) generated $550.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are White Mountains's total assets?

White Mountains (WTM) had $12.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Does White Mountains buy back shares?

Yes, White Mountains (WTM) spent $202.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does White Mountains have outstanding?

White Mountains (WTM) had 2M shares outstanding as of fiscal year 2025.

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

White Mountains (WTM) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, 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 9.0% for fiscal year 2025, 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 5 out of 9, indicating neutral 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. Learn more in our complete guide to financial health indicators.

Are White Mountains's earnings high quality?

White Mountains (WTM) has an earnings quality ratio of 0.50x, considered low quality (accrual-driven). 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. Learn more in our complete guide to financial health indicators.