White Mountains Insurance Ratios (2009-2025) | WTM

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Ratios	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin	56.61%	54.76%	448.01%	11.22%	40.06%	54.01%	92.64%	31.81%	49.58%	44.15%	57.21%	60.33%	51.34%	55.82%	34.29%	61.06%	43.88%	51.52%	127.94%	30.89%	28.16%	42.61%	215.75%	52.61%	46.79%	42.59%	173.10%	-177.76%	49.59%	57.75%	-356.36%	98.76%	67.90%	62.17%	55.53%	-38.00%	50.12%	68.34%	-1,011.67%	33.50%	98.76%	98.52%	98.57%	96.62%	99.15%	99.50%	99.08%	97.76%	94.77%	89.10%	88.79%	91.78%	90.17%	93.48%	92.03%	97.39%	96.93%	98.46%	99.06%	98.83%	98.23%	99.09%	97.93%	98.70%	93.85%	93.60%
EBT Margin	24.92%	21.48%	338.22%	-2.98%	0.88%	13.65%	17.29%	-7.12%	6.48%	0.24%	16.58%	22.38%	6.93%	19.37%	-8.97%	24.20%	0.74%	9.63%	21.42%	11.63%	8.54%	-10.98%	-16.20%	0.85%	-1.38%	-29.35%	40.87%	-57.41%	-53.10%	-24.30%	-1,354.55%	-4.05%	-2.63%	9.60%	4.56%	-156.77%	-10.14%	22.29%	-2,401.67%	229.58%	12.25%	32.86%	32.23%	-280.41%	51.12%	69.90%	68.61%	-77.83%	47.14%	-163.83%	14.85%	-5.68%	-102.11%	-8.09%	34.48%	37.43%	4.60%	4.06%	44.49%	35.93%	-8.78%	28.54%	-33.72%	12.53%	25.61%	20.69%
EBIT Margin	17.66%	5.50%	135.14%	7.65%	7.86%	8.87%	9.32%	9.42%	8.29%	8.53%	7.82%	6.64%	7.45%	5.39%	5.97%	4.54%	5.87%	4.76%	-3.94%	7.44%	7.52%	4.27%	-8.01%	3.56%	3.58%	5.67%	-163.19%	30.86%	12.60%	16.90%	252.73%	14.41%	17.60%	13.94%	14.30%	46.79%	9.65%	6.74%	235.00%	13.04%	16.28%	11.83%	13.86%	38.68%	7.55%	15.50%	3.32%	11.56%	4.99%	8.86%	12.12%	7.91%	11.02%	8.85%	11.98%	7.33%	11.36%	9.26%	8.70%	8.81%	14.52%	6.88%	15.45%	10.31%	8.91%	6.85%
EBITDA Margin	27.48%	30.67%	142.21%	-2.31%	-2.46%	40.05%	5.46%	6.43%	5.12%	-8.47%	112.34%	18.44%	4.52%	13.11%	12.43%	17.33%	-15.18%	16.83%	18.50%	37.43%	25.54%	-7.09%	2.14%	7.23%	-3.61%	-24.96%	69.95%	86.72%	928.10%	159.86%	-705.45%	39.64%	19.52%	645.83%	19.82%	46.79%	9.65%	6.74%	235.00%	13.04%	16.28%	11.83%	13.86%	38.68%	7.55%	15.50%	3.32%	11.56%	4.99%	8.86%	12.12%	7.91%	11.02%	8.85%	11.98%	7.33%	11.36%	9.26%	8.70%	8.81%	14.52%	6.88%	15.45%	10.31%	8.91%	6.85%
Operating Margin	17.66%	5.50%	135.14%	7.65%	7.86%	8.87%	9.32%	9.42%	8.29%	8.53%	7.82%	6.64%	7.45%	5.39%	5.97%	4.54%	5.87%	4.76%	-3.94%	7.44%	7.52%	4.27%	-8.01%	3.56%	3.58%	5.67%	-163.19%	30.86%	12.60%	16.90%	252.73%	14.41%	17.60%	13.94%	14.30%	46.79%	9.65%	6.74%	235.00%	13.04%	16.28%	11.83%	13.86%	38.68%	7.55%	15.50%	3.32%	11.56%	4.99%	8.86%	12.12%	7.91%	11.02%	8.85%	11.98%	7.33%	11.36%	9.26%	8.70%	8.81%	14.52%	6.88%	15.45%	10.31%	8.91%	6.85%
Net Margin	17.66%	15.33%	266.85%	-5.00%	0.37%	9.20%	13.19%	-5.37%	2.12%	-3.15%	134.85%	14.93%	4.81%	2.74%	12.04%	19.19%	5.38%	9.96%	18.82%	28.78%	24.27%	15.87%	17.23%	23.79%	1.17%	-19.89%	44.46%	16.38%	703.31%	159.86%	-707.27%	32.66%	16.29%	642.40%	19.74%	-114.01%	2.86%	20.53%	-2,291.67%	231.78%	15.89%	31.32%	34.74%	-217.57%	44.45%	50.69%	93.93%	-51.23%	-37.59%	2.41%	10.01%	1.42%	2.81%	232.88%						34.27%	-10.42%	27.16%	-34.75%	10.87%	23.74%	18.71%
FCF Margin		13.59%	-25.18%	-9.15%	18.80%	-19.06%	18.38%	-26.54%	-1.72%	63.82%	-49.07%	-53.03%	9.09%	22.15%	-17.30%	-36.40%	-8.62%	32.99%	-5.03%	-14.38%	0.36%	51.45%	-1.41%	-17.41%	21.94%	35.49%	15.40%	-151.55%	-197.93%	14.26%	-134.55%	-63.63%	-11.74%	182.74%	1.75%	-106.41%	15.78%	-2.52%	-10.00%	-33.50%	33.26%	-47.78%	-27.38%	-101.01%	8.05%	11.12%	-20.79%	-52.08%	18.78%	33.85%	-3.54%	-17.63%	37.66%	30.53%	55.63%	16.09%	18.79%	42.90%	3.33%	5.64%	54.83%	32.11%	17.91%	-6.96%	25.75%	41.58%
Efficiency
Assets Average						15.25B	14.76B	14.57B	14.40B	14.39B	14.32B	13.72B	13.33B	13.37B	13.18B	12.75B	12.45B	12.30B	12.23B	12.28B	12.39B	12.27B	11.32B	10.48B	10.47B	22.70B	22.62B	10.34B	8.73B	6.87B	6.60B	6.51B	6.64B	5.21B	3.65B	3.62B	3.48B	3.40B	3.39B	3.50B	3.69B	3.79B	3.91B	3.86B	3.87B	4.19B	4.61B	2.42B	3.65B	7.20B	7.06B	7.18B	7.51B	7.60B	7.47B	7.67B	8.17B	8.26B	8.26B	8.99B	9.88B	10.25B	10.13B	10.47B	11.41B	12.08B
Equity Average						4.22B	4.27B	4.23B	4.21B	4.12B	4.34B	4.49B	4.32B	4.36B	4.32B	4.27B	4.24B	4.24B	4.34B	4.46B	4.57B	4.55B	4.52B	4.54B	4.50B	3.79B	3.75B	4.30B	4.17B	3.95B	3.76B	3.72B	3.75B	3.62B	3.48B	3.47B	3.19B	2.96B	2.91B	2.98B	3.06B	3.04B	3.17B	3.17B	3.12B	3.29B	3.66B	3.92B	4.02B	3.88B	3.68B	3.69B	3.58B	3.68B	3.90B	4.01B	4.11B	4.15B	4.36B	4.73B	4.88B	5.07B	5.20B	5.14B	5.24B	5.46B
Invested Capital			5.39B		5.01B	5.09B	5.08B	5.03B	4.88B	4.69B	5.35B	4.99B	5.01B	5.05B	5.01B	4.96B	4.87B	4.96B	5.07B	5.20B	5.29B	5.18B	4.88B	5.29B	5.21B	3.82B	4.43B	4.77B	4.39B	4.09B	3.73B	4.02B	3.77B	3.48B	3.52B	3.46B	3.11B	3.15B	3.02B	3.32B	3.23B	3.29B	3.48B	3.30B	3.44B	3.68B	4.00B	4.04B	4.31B	3.86B	3.93B	3.89B	3.75B	4.13B	4.15B	4.29B	4.34B	4.37B	4.77B	5.10B	5.08B	5.80B	5.69B	5.39B	6.03B	6.46B
Asset Utilization Ratio						0.14	0.17	0.16	0.15	0.15	0.15	0.17	0.17	0.18	0.18	0.19	0.19	0.18	0.19	0.16	0.16	0.14	0.13	0.14	0.14	0.06	0.07	0.13	0.12	0.11	0.03	0.03	0.04	0.05	0.10	0.09	0.11	0.14	0.11	0.13	0.12	0.11	0.15	0.13	0.17	0.23	0.28	0.59	0.41	0.18	0.13	0.14	0.12	0.14	0.17	0.20	0.20	0.22	0.26	0.25	0.23	0.26	0.22	0.21	0.22	0.21
Leverage & Solvency
Interest Coverage Ratio	11.76	3.87	4.52	3.72	3.59	3.70	3.93	3.78	3.55	3.34	2.83	3.83	3.71	3.33	2.89	2.79	2.79	2.29	1.52	2.45	2.96	3.73	3.46	2.93	3.88	4.31	106.89	3.98	6.78	19.20	34.75	32.00	29.40	13.56	32.60	32.83	5.90	3.94	4.03	4.32	5.12	3.91	4.96	3.82	2.65	9.13	-1.25	1.57	5.34	4.43	4.44	2.99	2.49	3.23	3.50	2.60	3.03	3.06	3.60	3.75	3.88	3.46	3.92	3.35	3.30	2.97
Equity Ratio			0.28		0.27	0.28	0.29	0.29	0.30	0.28	0.33	0.32	0.33	0.33	0.33	0.34	0.34	0.35	0.36	0.36	0.37	0.37	0.43	0.43	0.43	0.09	0.42	0.41	0.58	0.57	0.57	0.57	0.55	0.95	0.95	0.96	0.87	0.87	0.85	0.86	0.80	0.80	0.82	0.82	0.79	0.78	0.81	247.54	0.56	0.51	0.53	0.50	0.46	0.51	0.53	0.51	0.49	0.51	0.54	0.51	0.48	0.51	0.52	0.47	0.45	0.45
Times Interest Earned	11.76	3.87	4.52	3.72	3.59	3.70	3.93	3.78	3.55	3.34	2.83	3.83	3.71	3.33	2.89	2.79	2.79	2.29	1.52	2.45	2.96	3.73	3.46	2.93	3.88	4.31	106.89	3.98	6.78	19.20	34.75	32.00	29.40	13.56	32.60	32.83	5.90	3.94	4.03	4.32	5.12	3.91	4.96	3.82	2.65	9.13	-1.25	1.57	5.34	4.43	4.44	2.99	2.49	3.23	3.50	2.60	3.03	3.06	3.60	3.75	3.88	3.46	3.92	3.35	3.30	2.97
Dividends & Payouts
FCF Payout Ratio		0.03	-0.35	-0.12	0.01	-0.58	0.05	-0.06	-2.63	0.02	-0.02	-0.01	0.10	0.03	-0.05	-0.03	-0.09	0.03	-0.16	-0.13	2.64	0.03	-0.88	-0.10	0.05	0.05	-0.08	-0.06				-0.08				-0.08		-0.16	-2.33	-0.67			0.51	-0.05				-0.03				-0.07				0.03				0.07	0.04	0.01	-0.16	-1.02	0.09	0.01
Valuation
Enterprise Value	-0.23B	-0.16B	-1.63B	-0.21B	-1.21B	-1.02B	0.15B	-0.68B	-0.56B	-0.59B	-0.52B	-0.65B	-0.48B	-0.69B	-0.35B	-0.35B	-0.39B	-0.49B	-0.05B	-0.50B	-0.39B	-0.46B	-0.10B	-0.26B	-0.27B	-0.06B	0.38B	0.06B	-0.22B	-0.33B	0.05B	-0.13B	-0.01B	-0.97B	-0.14B	-0.82B	-0.46B	-0.46B	-0.39B	-0.53B	-0.32B	-0.40B	-0.32B	-0.26B	-0.22B	-0.67B	-0.89B	-0.92B	-0.95B	-1.15B	-1.22B	-1.30B	-1.30B	-1.46B	-1.17B	-1.45B	-1.61B	-0.95B	-1.17B	-0.63B	-0.76B	-0.24B	-0.32B	-0.37B	-0.53B	-0.30B
Return Ratios
Return on Sales	0.18%	0.15%	2.67%	0.00%	0.00%	0.01%	-0.01%	0.01%	0.00%	-0.06%	1.09%	-0.01%	0.00%	-0.15%	0.00%	0.00%	0.01%	0.00%	0.00%	0.16%	0.16%	0.20%	0.20%	0.20%	0.00%	0.02%	0.03%	0.82%	7.93%	1.49%	1.45%	0.35%	0.03%	6.16%	0.04%	0.00%	1.49%	-0.09%	-0.05%	0.01%	-0.04%	0.01%	0.00%	0.02%	0.00%	0.00%	0.00%	0.10%	0.00%	0.02%	0.10%	0.01%	0.03%	2.33%	0.72%	0.59%	0.54%			0.34%	-0.10%	0.27%	-0.35%	0.11%	0.24%	0.19%
Return on Invested Capital						0.04%	0.04%	0.04%	0.03%	0.04%	0.08%	0.04%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	-0.23%	-0.21%	-0.22%	-0.25%	0.01%	0.01%	0.01%	0.01%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.04%	0.03%	0.03%	0.08%	0.02%	0.03%	0.02%	0.02%	0.04%	0.00%	0.03%	0.03%	0.04%	0.04%	0.05%	0.04%	0.04%	0.03%	0.04%	0.03%
Return on Assets						0.01%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.05%	0.04%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.01%	0.01%	0.02%	0.03%	0.02%	0.01%	0.00%	0.01%	0.05%	0.08%	0.08%	0.08%	0.02%	0.11%	0.16%	0.15%	0.16%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%		0.00%	0.00%	0.01%	0.00%	0.00%	0.01%	0.00%	0.00%	0.12%	0.12%	0.12%	0.11%			0.02%	0.02%	0.04%	0.03%	0.01%	0.03%	0.02%
Return on Equity						0.04%	0.00%	0.00%	0.00%	-0.01%	0.14%	0.13%	0.14%	0.12%	-0.03%	-0.02%	-0.02%	0.00%	0.00%	0.01%	0.02%	0.04%	0.06%	0.06%	0.05%	0.04%	0.03%	0.02%	0.11%	0.14%	0.14%	0.14%	0.03%	0.16%	0.17%	0.16%	0.17%	0.00%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	0.00%		0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.25%	0.23%	0.22%	0.22%			0.05%	0.04%	0.08%	0.05%	0.02%	0.06%	0.05%

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White Mountains Insurance Ratios (2009-2025) | WTM

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