WTM
White Mountains Insurance Group, Ltd.Financial Services·Insurance - Property & Casualty
$2,064.82
$5.1B market cap
Revenue
$1.1B
Free Cash Flow
$88.6M
Rev Growth
+0.0%
FCF Margin
8.1%
P/FCF
57.7x
EV/FCF
66.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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/BAM segment provides insurance on municipal bonds issued to finance public purposes, such as schools, utilities, and transportation facilities, as well as reinsurance protection services. The Ark segment writes a portfolio of reinsurance and insurance, i
2-Year Price History
$2146.85+18.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 515.4 | -1.4 | -25.5 | -31.1 | 36.8 | 27.2 | -0.0 | 97.3 | 834.8 | 2.6 | -4.0% | -0.1x | -- |
| Act | 2025-Q4 | 576.1 | 923.1 | 901.0 | 835.8 | 61.4 | 61.4 | -0.0 | 1,972 | 837.0 | 2.6 | 125.2% | 369.2x | -- |
Valuation & Metrics
Market Stats
Price$2,064.82
Market Cap$5.1B
Enterprise Value$5.9B
P/S Ratio4.7x
P/FCF57.7x
EV/FCF66.0x
FCF Margin (TTM)8.1%
FCF Yield1.7%
Dividend Yield (TTM)0.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.1B
Net Income$804.7M
Free Cash Flow$88.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin84.4%
Net Margin73.7%
FCF Margin8.1%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC60.6%
WC Change % Rev-75.4%
Interest Coverage42.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover5.9
Change (vs Prior)+8.8%
Need at least 2 settlement dates for chart
Employees
Headcount893
Revenue / Employee$1,222,284
Gross Profit / Employee$771,669
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
64.3%(+4.2% YoY)
344 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
25.6%(+2.5% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
1.1%(+1.0% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LPPassive | $344M | $1378.55 | +$31K | +$2K | -0.4% | $480.92B |
| Neuberger Berman Group LLC | $274M | $1812.15 | −$10.9M | +$149M | -0.3% | $131.37B |
| River Road Asset Management, LLC | $265M | $1877.84 | −$793K | +$23.8M | -0.7% | $8.82B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $254M | $2196.96 | +$254M | +$254M | — | $1.91T |
| BlackRock, Inc.Passive | $249M | $1705.88 | +$2.3M | −$7.6M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $240M | $2196.96 | +$240M | +$240M | — | $4.04T |
| COOKE & BIELER LP | $230M | $1830.77 | −$3.8M | +$110M | -0.8% | $8.84B |
| FULLER & THALER ASSET MANAGEMENT, INC. | $230M | $1498.90 | −$7.9M | −$12.2M | -0.1% | $29.55B |
| FIDUCIARY MANAGEMENT INC /WI/ | $187M | $1775.67 | −$11.6M | +$29.2M | +1.4% | $8.06B |
| Wallace Capital Management Inc. | $173M | $1452.69 | −$3.4M | −$2.5M | -0.4% | $871M |
| MORGAN STANLEY | $130M | $1393.20 | −$50.2M | −$245M | -0.3% | $1.65T |
| Boston Partners | $126M | $1714.69 | −$42.7M | −$61.0M | +0.5% | $95.40B |
| LONDON CO OF VIRGINIA | $126M | $1730.51 | −$3.4M | −$26.4M | +0.6% | $16.23B |
| STATE STREET CORPPassive | $108M | $1699.05 | −$3.3M | −$12.7M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $92.6M | $1705.18 | +$1.3M | −$147K | +2.3% | $1.61T |
| T. Rowe Price Investment Management, Inc. | $91.2M | $1514.53 | −$6.7M | −$46.0M | -1.3% | $145.22B |
| GENDELL JEFFREY L | $83.1M | $2093.85 | +$11.6M | +$83.1M | +8.4% | $7.34B |
| REINHART PARTNERS, INC. | $82.1M | $1397.11 | −$14.5M | −$11.2M | -0.7% | $3.48B |
| LORD, ABBETT & CO. LLC | $72.7M | $1511.91 | −$1.5M | +$569K | +0.4% | $30.58B |
| BANK OF AMERICA CORP /DE/ | $62.3M | $1596.75 | −$991K | −$27.9M | -0.1% | $1.36T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+0.07%
avg per quarter
Holders (ex-self)
+0.04%
excl. this stock
Buyers (this Q)
+0.32%
158 buyers · $0.87B in
Sellers (this Q)
-0.65%
116 sellers · $0.10B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+7.4%
how holders react when this stock falls
On quiet Qs
-1.9%
−10% to +10% baseline
On rallies (+10%+)
+3.2%
how they react when this stock rises
Holders' portfolio flow this Q
-0.9%
outflows — trims may be forced
Sellers' portfolio flow this Q
-3.4%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.8%
Holder mid (any stock)
-2.2%
Holder rally (any stock)
-5.6%
Biggest decreases this quarter
MORGAN STANLEY−$50.2Mα-0.3Boston Partners−$42.7Mα+0.5SOUTHEASTERN ASSET MANAGEMENT INC/TN/−$28.1Mα-2.3REINHART PARTNERS, INC.−$14.5Mα-0.7FIDUCIARY MANAGEMENT INC /WI/−$11.6Mα+1.4Neuberger Berman Group LLC−$10.9Mα-0.3FULLER & THALER ASSET MANAGEMENT, INC.−$7.9Mα-0.1T. Rowe Price Investment Management, Inc.−$6.7Mα-1.3Forum Financial Management, LPexited−$4.2MCOOKE & BIELER LP−$3.8Mα-0.8
New buyers this quarter
Top-5 holders · 28.6%
DIMENSIONAL FUND ADVISORS LP--
Neuberger Berman Group LLC--
River Road Asset Management, LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MORGAN STANLEY59KNeuberger Berman Group LLC125KWELLINGTON MANAGEMENT GROUP LLP15KRiver Road Asset Management, LLC121KFULLER & THALER ASSET MANAGEMENT, INC.105KCOOKE & BIELER LP105KATLANTA CAPITAL MANAGEMENT CO L L C—FIDUCIARY MANAGEMENT INC /WI/85KBoston Partners57KWallace Capital Management Inc.79K
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| BRK-B | Berkshire Hathaway Inc. | 6 | 2.90× |
Analyst Coverage
Analyst Coverage
Analyst Ratings
2
Hold: 2Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$20.84M
3 txns · 3 insiders · 15,165 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-12-19 | SELL | CAMPBELL REID TARLTON | director | 10,000 | $1025.00 | $10.25M | $10.70M |
| 2025-12-19 | SELL | Rountree George Manning | director, officer: Chief Executive Officer | 5,000 | $2050.00 | $10.25M | $28.31M |
| 2025-12-16 | SELL | Gelston Philip A | director | 165 | $2048.51 | $338K | $3.21M |
Order Flow (FINRA, ~3w lag)
12.4%retail+0.4pp
19.5%dark-2.1pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
White Mountains Insurance Group: Administrative Metadata Analysis
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10