White Mountains Financials
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).
Balance-sheet expansion is driving White Mountains' model, while cash generation stays steadier than accounting earnings.
Across FY2023-FY2025, operating cash flow stayed between$404M and$587M . Over the same span, net income ranged from$230M to$1.1B , which implies headline profitability is more volatile than the business's underlying cash engine.
With total assets at
SG&A consumed about
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of White Mountains's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
White Mountains's revenue surged 66.8% year-over-year to $3.7B, reflecting rapid business expansion. This strong growth earns a score of 85/100.
White Mountains carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
White Mountains's ROE of 20.4% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 5.1% the prior year.
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.
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.
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. This represents an increase of 0.0% from the prior year.
White Mountains had 2M shares outstanding in fiscal year 2025. This represents a decrease of 3.4% from the prior year.
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.
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.
WTM Income Statement
| 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 | 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 | 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 | 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.
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 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.
How financially healthy is White Mountains?
White Mountains (WTM) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.