← White Mountains Insurance Group
The business behind the dividend
| Measure | WTM | Median | Formula |
|---|---|---|---|
| Return on equity | 20.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 35.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 29.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 4.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 20.4% | 5.1% | 12.0% | 21.2% | -7.8% | 17.0% | 11.5% | -6.7% | 17.0% | 11.4% | 11.5% |
| Operating margin | 35.6% | 14.1% | 26.1% | -12.9% | -64.0% | — | — | — | — | — | 14.1% |
| Net margin | 29.6% | 10.3% | 23.5% | 68.5% | -64.4% | — | — | -47.7% | — | — | 10.3% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, White Mountains Insurance Group pays out less than 376 of them. The median for that group is 30.6%, against this company’s 0.2%.
Closest on GAAP earnings
- Pathward Financial (CASH) 2.5%
- Renaissancere Holdings (RNR) 2.9%
- Kinsale Capital Group (KNSL) 3.1%
- Loews (L) 3.1%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →