White Mountains Financials
White Mountains (WTM) reported $3.7B in revenue for fiscal year 2025, up 66.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Balance-sheet-driven earnings define this business: profit swings are much larger than cash swings, while growth rides an expanding asset base.
Over the period shown, net income moved from-$275.4M to$1.1B , while operating cash flow stayed far steadier. Even after the latest profit rebound, operating cash flow was$550.5M , below the prior year's$586.8M , so reported earnings are being shaped materially by non-cash balance-sheet movements rather than a simple collect-cash-as-profit cycle.
The balance sheet expanded to
The shareholder payout mix is buyback-heavy: repurchases were
Financial Health Signals
White Mountains does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
White Mountains passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
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
Earnings & Revenue
White Mountains generated $3.7B in revenue in fiscal year 2025. This represents an increase of 66.8% from the prior year.
White Mountains reported $1.1B in net income in fiscal year 2025. This represents an increase of 380.2% from the prior year.
White Mountains earned $430.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 379.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
White Mountains held $185.6M in cash against $837.0M in long-term debt as of fiscal year 2025.
White Mountains paid $1.00 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
WTM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8B | $3.7B+66.8% | $2.2B+3.4% | $2.2B+87.1% | $1.2B+88.5% | $614.4M-31.4% | $895.6M+0.2% | $893.4M+142.0% | $369.1M-1.3% | $373.8M+137.0% | $157.7M-64.2% | $440.0M-68.8% | $1.4B+3.6% | $1.4B-44.1% | $2.4B+11.8% | $2.2B |
| Cost of Revenue | $224.7M | $151.8M+412.8% | $29.6M-26.7% | $40.4M-59.0% | $98.6M+42.3% | $69.3M+513.3% | $11.3M-76.5% | $48.1M-80.7% | $248.7M+78.4% | $139.4M+36.7% | $102.0M+9.0% | $93.6M | N/A | N/A | N/A | N/A |
| SG&A Expenses | $666.4M | $606.6M+23.8% | $490.1M+13.3% | $432.6M+18.8% | $364.1M+24.9% | $291.6M+40.3% | $207.9M-36.7% | $328.2M+40.6% | $233.5M+12.3% | $208.0M+18.5% | $175.5M-12.6% | $200.7M-7.3% | $216.5M+45.2% | $149.1M-18.2% | $182.2M+3.9% | $175.3M |
| Interest Expense | $81.1M | $78.4M+28.9% | $60.8M-3.0% | $62.7M+55.6% | $40.3M+96.6% | $20.5M+177.0% | $7.4M-58.0% | $17.6M+85.3% | $9.5M+313.0% | $2.3M-23.3% | $3.0M+87.5% | $1.6M-88.7% | $14.2M-12.3% | $16.2M-63.8% | $44.8M-18.8% | $55.2M |
| Income Tax | $130.0M | $126.9M+289.3% | $32.6M+310.3% | -$15.5M-137.4% | $41.4M-6.8% | $44.4M+400.0% | -$14.8M-150.5% | $29.3M+832.5% | -$4.0M+48.7% | -$7.8M+76.3% | -$32.9M-359.1% | $12.7M+185.8% | -$14.8M-145.4% | $32.6M+307.6% | -$15.7M+87.2% | -$122.7M |
| Net Income | $1.1B | $1.1B+380.2% | $230.4M-54.8% | $509.2M-35.8% | $792.8M+387.9% | -$275.4M-141.5% | $663.4M+76.2% | $376.6M+296.8% | -$191.4M-132.3% | $593.1M+45.0% | $409.0M+47.8% | $276.7M-4.6% | $290.0M-6.2% | $309.1M+59.8% | $193.4M-76.1% | $809.4M |
| EPS (Diluted) | — | $430.14+379.1% | $89.79-54.8% | $198.60-28.3% | $276.96+409.6% | -$89.46-139.4% | $226.97+74.2% | $130.27 | -$41.76-128.6% | $146.06+82.4% | $80.06+59.5% | $50.20-1.8% | $51.13-1.4% | $51.85+70.0% | $30.50-68.7% | $97.44 |
Not reported in any period shown, so not listed: Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WTM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.3B+24.0% | $9.9B+18.4% | $8.4B+13.5% | $7.4B+5.6% | $7.0B+44.9% | $4.8B+21.3% | $4.0B+18.5% | $3.4B-8.1% | $3.7B-43.9% | $6.5B-36.6% | $10.3B-1.7% | $10.5B-13.9% | $12.1B-5.8% | $12.9B-8.3% | $14.1B |
| Cash & Equivalents | $185.6M-30.3% | $266.4M+117.6% | $122.4M-52.0% | $255.0M+72.6% | $147.7M+74.6% | $84.6M-47.5% | $161.0M+46.0% | $110.3M+13.6% | $97.1M+21.1% | $80.2M+3.1% | $77.8M-46.6% | $145.7M-37.6% | $233.5M+96.4% | $118.9M-52.8% | $251.9M |
| Goodwill | $614.1M+39.8% | $439.2M+160.2% | $168.8M-4.4% | $176.5M+24.0% | $142.3M-72.9% | $525.5M+33.1% | $394.7M+3.9% | $379.9M+1366.8% | $25.9M0.0% | $25.9M+39.2% | $18.6M-21.8% | $23.8M | $0 | $0 | N/A |
| Total Liabilities | $6.1B+26.2% | $4.8B+25.4% | $3.8B+10.7% | $3.5B+4.8% | $3.3B+225.2% | $1.0B+20.9% | $838.5M+30.1% | $644.4M+116.0% | $298.4M-89.4% | $2.8B-52.6% | $5.9B0.0% | $5.9B-23.6% | $7.7B-10.3% | $8.6B-8.1% | $9.4B |
| 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+32.8% | $283.5M+47.1% | $192.7M+709.7% | $23.8M+87.4% | $12.7M-96.2% | $337.6M-1.6% | $343.1M-49.3% | $676.4M-10.0% | $751.2M+10.9% | $677.5M |
| Total Equity | $5.4B+21.0% | $4.5B+5.7% | $4.2B+13.2% | $3.7B+5.6% | $3.5B-9.2% | $3.9B+19.8% | $3.3B+14.7% | $2.8B-18.6% | $3.5B-2.5% | $3.6B-8.4% | $3.9B-2.1% | $4.0B+2.3% | $3.9B+4.7% | $3.7B-8.7% | $4.1B |
| Retained Earnings | $4.8B+23.6% | $3.9B+6.2% | $3.7B+14.9% | $3.2B+8.6% | $3.0B-10.7% | $3.3B+23.9% | $2.7B+18.0% | $2.3B-19.8% | $2.8B+1.7% | $2.8B-10.0% | $3.1B+2.5% | $3.0B+7.4% | $2.8B+10.2% | $2.5B-8.9% | $2.8B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
WTM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $388.2M | $550.5M-6.2% | $586.8M+45.2% | $404.1M+10.7% | $365.0M+845.6% | $38.6M+163.7% | -$60.6M+49.7% | -$120.5M-287.5% | -$31.1M-132.9% | $94.6M+161.0% | -$155.1M-185.0% | $182.4M+53.5% | $118.8M+217.6% | -$101.0M+55.3% | -$225.8M-97.2% | -$114.5M |
| Investing Cash Flow | -$396.8M | -$666.9M-49.2% | -$447.0M+17.8% | -$543.9M-570.9% | $115.5M+155.4% | -$208.3M-422.4% | $64.6M+207.8% | -$59.9M-113.0% | $459.2M-36.1% | $718.5M-43.7% | $1.3B+11199.1% | $11.3M-76.4% | $47.9M-88.1% | $401.8M-51.6% | $829.6M+3.8% | $799.6M |
| Financing Cash Flow | -$201.4M | $35.6M+747.6% | $4.2M-41.7% | $7.2M+102.1% | -$344.9M-258.5% | $217.6M+344.1% | $49.0M-78.7% | $230.5M+155.6% | -$414.3M+40.7% | -$699.0M+26.3% | -$948.4M-328.6% | -$221.3M-70.8% | -$129.6M+30.5% | -$186.5M+71.2% | -$648.2M-40.9% | -$460.2M |
| Dividends Paid | $2.4M | $2.6M+4.0% | $2.5M-3.8% | $2.6M-13.3% | $3.0M-3.2% | $3.1M-3.1% | $3.2M0.0% | $3.2M-15.8% | $3.8M-17.4% | $4.6M-14.8% | $5.4M-10.0% | $6.0M-3.2% | $6.2M0.0% | $6.2M-6.1% | $6.6M-17.5% | $8.0M |
| Share Buybacks | $409.5M | $202.6M+2464.6% | $7.9M-75.8% | $32.7M-94.7% | $615.8M+472.8% | $107.5M+26.2% | $85.2M | $0-100.0% | $511.9M-28.4% | $714.6M-18.9% | $881.3M+228.1% | $268.6M+109.5% | $128.2M+60.7% | $79.8M-88.1% | $669.1M+164.5% | $253.0M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WTM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 29.6%+19.3pp | 10.3%-13.2pp | 23.5%-45.0pp | 68.5%+113.3pp | -44.8%-118.9pp | 74.1%+31.9pp | 42.1%+94.0pp | -51.9% | 158.7% | 259.4% | 62.9%+42.3pp | 20.5%-2.2pp | 22.7%+14.8pp | 7.9%-29.2pp | 37.2% |
| 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%+5.4pp | 11.6%+18.3pp | -6.7%-23.7pp | 17.0%+5.6pp | 11.4%+4.3pp | 7.1%-0.2pp | 7.3%-0.7pp | 7.9%+2.7pp | 5.2%-14.6pp | 19.8% |
| 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%+4.3pp | 9.4%+15.1pp | -5.7%-21.9pp | 16.2%+9.9pp | 6.3%+3.6pp | 2.7%-0.1pp | 2.8%+0.2pp | 2.5%+1.0pp | 1.5%-4.3pp | 5.8% |
| Debt-to-Equity | 0.150.0x | 0.130.0x | 0.130.0x | 0.150.0x | 0.120.0x | 0.100.0x | 0.090.0x | 0.07+0.1x | 0.010.0x | 0.00-0.1x | 0.090.0x | 0.09-0.1x | 0.170.0x | 0.200.0x | 0.17 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where White Mountains Ranks
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.
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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.