White Mountains Insurance (WTM) Operating Margin (2009 - 2026)
White Mountains Insurance (WTM) posted Operating Margin of 20.83% for Q2 2026, up 1.37 percentage points from 19.46% a year earlier and up 34.00 percentage points from the prior quarter.
White Mountains Insurance (WTM) Operating Margin (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Margin at White Mountains Insurance was 28.34%, up 16.05 percentage points year-over-year; for FY2025, it came in at 31.51%, up 18.69 percentage points from FY2024.
- Annual Operating Margin shows a five-year change of -40.97 percentage points (FY2020 to FY2025).
- In prior years, White Mountains Insurance's Operating Margin was 12.82% in FY2024 (-11.41 pp), 24.23% in FY2023 (+45.65 pp), -21.42% in FY2022 (+22.71 pp) and -44.13% in FY2021 (-116.60 pp).
- Quarterly Operating Margin has run from a low of -45.61% in Q2 2022 to a high of 53.27% in Q4 2025 over five years.
- On a year-over-year basis, Operating Margin increased in four of the last eight quarters, with an average year-over-year change of +0.62 percentage points.
- The strongest year-over-year quarter for Operating Margin in the past five years was Q4 2025, with a gain of 89.06 percentage points; the weakest was Q3 2021, with a drop of 102.16 percentage points.
- According to Business Quant data, Operating Margin for the three prior quarters was -13.17% (Q1 2026), 53.27% (Q4 2025) and 14.29% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway | 1,083.69 Bn | -333.79 Bn | 55.86 Bn | -29.67% |
| 2 | Chubb | 127.81 Bn | 79.86 Bn | 9.13 Bn | -19.39% |
| 3 | Progressive | 121.79 Bn | 97.63 Bn | 9.04 Bn | -43.89% |
| 4 | Marsh & Mclennan Companies | 80.80 Bn | 72.54 Bn | - | 25.65% |
| 5 | Travelers Companies | 75.76 Bn | 52.01 Bn | 6.23 Bn | -25.96% |
| 6 | Manulife Financial | 74.06 Bn | 75.27 Bn | - | - |
| 7 | Metlife | 61.12 Bn | -45.36 Bn | 7.82 Bn | -53.77% |
| 8 | Arthur J. Gallagher | 58.82 Bn | 53.25 Bn | - | - |
| 9 | Allstate | 57.81 Bn | 19.06 Bn | 8.73 Bn | -30.76% |
| 10 | White Mountains Insurance | 4.81 Bn | -5.87 Bn | 764.50 Mn | 20.83% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 20.83% |
| Mar 31, 2026 | -13.17% |
| Dec 31, 2025 | 53.27% |
| Sep 30, 2025 | 14.29% |
| Jun 30, 2025 | 19.46% |
| Mar 31, 2025 | 11.23% |
| Dec 31, 2024 | -35.78% |
| Sep 30, 2024 | 27.64% |
| Jun 30, 2024 | -10.55% |
| Mar 31, 2024 | 34.76% |
| Dec 31, 2023 | 43.55% |
| Sep 30, 2023 | 2.52% |
| Jun 30, 2023 | 1.53% |
| Mar 31, 2023 | 34.82% |
| Dec 31, 2022 | 9.54% |
| Sep 30, 2022 | -14.61% |
| Jun 30, 2022 | -45.61% |
| Mar 31, 2022 | -13.90% |
| Dec 31, 2021 | -21.36% |
| Sep 30, 2021 | -32.76% |
White Mountains Insurance Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=WTM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "WTM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=WTM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();