White Mountains Insurance Group Ltd. Common Stock (WTM)

FairStock Score: 95/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I look at White Mountains as a specialty insurance and reinsurance operator, not a compounder of revenue. In FY2025, the year ended 2025-12-31, it earned revenue of $3.7B, net income of $1.1B and diluted EPS of $430.14. That followed FY2024 net income of $230.4M on revenue of $2.2B and FY2023 net income of $509.2M on revenue of $2.2B, so earnings are lumpy, not a smooth line. In fiscal Q1 2026, the quarter ended 2026-03-31, it lost $27.2M, or $12.59 per diluted share, on revenue of $517.8M; in fiscal Q2 2026, the quarter ended 2026-06-30, it earned $199.5M, or $80.58 per diluted share, on revenue of $107.5M. That gap tells me reported revenue and net income can diverge sharply in insurance accounting. FairStock's calculations at the 2026-10-13 close show P/E 4.79, P/B 0.95, ROE 20.36%, ROCE 3.55% and D/E 0.15. The price looks cheap against book and trailing earnings, and low leverage is reassuring. But the Piotroski F-Score is 4/9 and key insurance metrics—combined ratio, CET1, NIM—are absent. I like the low beta and 20% ROE history, but I need underwriting evidence and reserve discipline before treating this as a steady stalwart.

In plain English: White Mountains sells property and specialty insurance and reinsurance in the U.S., U.K., Bermuda and elsewhere. It earns a high return on shareholder money and trades near the value of its net assets, so the price looks inexpensive compared with recent profits. But results swing a lot from quarter to year, and the latest filed quarter showed a very wide gap between revenue and profit, so it is not a smooth grower.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer