White Mountains Insurance Group Ltd. (WTM) intrinsic value & 10-year financials
White Mountains Insurance Group Ltd. (WTM) has a Graham intrinsic value of $9,091.98 per share. At $2,160.31 on Oct 17, 2026, the stock trades 76% below that value. Over the last 10 fiscal years revenue grew 11.9% a year to $3.7B, with an average return on invested capital of 10.1%.
- Graham intrinsic value
- $9,091.98
- Share price (Oct 17, 2026)
- $2,160.31
- Price vs Graham value
- 76% below
- Market cap
- $5.5B
- Revenue (FY2025)
- $3.7B
- Revenue growth (10-yr CAGR)
- 11.9%
- ROIC (10-yr avg)
- 10.1%
- Free cash flow (FY2025)
- —
WTM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.7B | $1.1B | $430.14 | — | — | 20.4% |
| FY2024 | $2.2B | $230.4M | $89.79 | — | — | 4.9% |
| FY2023 | $2.2B | $509.2M | $198.60 | — | — | 11.6% |
| FY2022 | $1.2B | $792.8M | $276.96 | — | — | 19.7% |
| FY2021 | $427.5M | -$275.4M | -$89.46 | — | — | -6.8% |
| FY2020 | $307.9M | $663.4M | $226.97 | — | — | 17.8% |
| FY2019 | $294.3M | $376.6M | $130.27 | — | — | 11.9% |
| FY2018 | $401.2M | -$191.4M | -$41.76 | — | — | -6.0% |
| FY2017 | $163.6M | $593.1M | $146.06 | — | — | 16.6% |
| FY2016 | $1.4B | $419.8M | $82.19 | — | — | 11.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
WHITE MOUNTAINS INSURANCE GROUP LTD is a consistent compounder, expanding top-line revenue at 11.9% annually over the past decade.
WHITE MOUNTAINS INSURANCE GROUP LTD returns on capital have been average, hovering around 10.1% ROIC over the decade.
Over the decade, WHITE MOUNTAINS INSURANCE GROUP LTD shows that management has aggressively returned capital to shareholders by retiring 48.8% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, WHITE MOUNTAINS INSURANCE GROUP LTD is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9091.98 per share.