White Mountains Insurance Group, Ltd. Financial Ratios — WTM

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	30.83	7.76	12.01	10.72	9.67	13.69	22.37	-5.54	16.77	23.66	-8.75	25.66	14.74	5.63	22.33
Return on Assets (%)	5.37	1.54	2.57	2.76	2.85	4.78	12.32	-4.02	11.29	16.08	-4.66	11.02	6.46	2.52	9.95
Return on Capital (%)	- -	- -	8.89	- -	8.1	- -	- -	- -	18.1	- -	- -	- -	- -	4.5	16.92
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	4.51	10.79	11.65	-2.08	29.36	-93.41	2.09	-48.28	45.34	73.74	-44.53	-12.9	26.09	13.45	46.05
Profit Margin (%)	35.34	8.52	23.62	22.12	67.09	254.79	167.79	-38.26	46.4	79.13	-44.82	68.47	23.5	9.78	38.34
Net Income to Common Margin (%)	35.34	8.52	23.62	22.12	67.09	254.79	167.79	-38.26	46.4	79.13	-44.66	68.41	23.5	9.78	38.34
Effective Tax Rate (%)	- -	- -	20.55	- -	9.83	- -	- -	- -	7.23	- -	- -	- -	- -	10.29	9.55
Dvd Payout Ratio (%)	11.69	8.63	4.13	70.45	4.87	-5.04	-24.86	-1.69	0.95	0.51	-1.13	-0.85	0.4	0.74	0.2
Sustainable Growth Rate (%)	27.23	7.09	11.51	3.17	9.2	14.38	27.93	-5.64	16.61	23.54	-8.84	25.87	14.68	5.59	22.28

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	678	751	676	343	338	13	24	193	284	376	639	575	565	562	837
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	271	86	218	- -	- -	- -	- -
LT Debt	678	751	676	343	338	13	24	193	12	290	421	575	565	562	837
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	55	45	16	14	2	3	2	10	18	7	20	40	63	61	78
Common Equity/Total Assets	19.89	19.77	23.13	28.85	30.06	42.66	77.26	67.45	67.17	68.6	42.29	43.5	44.04	45.19	44.08
Long-Term Debt/Equity (%)	14.51	17.64	15.38	7.56	7.73	0.34	0.71	7.09	0.4	7.6	11.36	14.62	12.38	10.96	13.38
Long-Term Debt/Capital (%)	16.71	19.63	17.01	8.79	8.69	0.43	0.88	8.25	0.44	8.05	11.21	14.46	12.33	9.88	11.8
Long-Term Debt/Total Assets (%)	4.82	5.83	5.57	3.28	3.28	0.19	0.65	5.73	0.31	6	6.01	7.78	6.73	5.67	6.8
Total Debt/Equity (%)	14.51	17.64	15.38	7.56	7.73	0.34	0.71	7.09	9.02	9.86	17.25	14.62	12.38	10.96	13.38
Total Debt/Capital (%)	16.71	19.63	17.01	8.79	8.69	0.43	0.88	8.25	9.97	10.45	17.01	14.46	12.33	9.88	11.8
Total Debt/Total Assets (%)	4.82	5.83	5.57	3.28	3.28	0.19	0.65	5.73	7.12	7.79	9.13	7.78	6.73	5.67	6.8
Net Debt to Equity	-0.6	6.78	6.68	1.79	3.77	-1.82	-2.18	3.03	3.9	4.33	13.26	8.14	9.71	7.24	10.43
Net Debt/Capital (%)	-0.83	8.58	8.17	2.24	4.44	-2.37	-2.8	3.7	4.57	4.87	13.62	8.6	9.94	6.75	9.44
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	19.89	19.77	23.13	28.85	30.06	42.66	77.26	67.45	67.17	68.6	42.29	43.5	44.04	45.19	44.08
Long-Term Debt/Equity (%)	14.51	17.64	15.38	7.56	7.73	0.34	0.71	7.09	0.4	7.6	11.36	14.62	12.38	10.96	13.38
Long-Term Debt/Capital (%)	16.71	19.63	17.01	8.79	8.69	0.43	0.88	8.25	0.44	8.05	11.21	14.46	12.33	9.88	11.8
Long-Term Debt/Total Assets (%)	4.82	5.83	5.57	3.28	3.28	0.19	0.65	5.73	0.31	6	6.01	7.78	6.73	5.67	6.8
Total Debt/Equity (%)	14.51	17.64	15.38	7.56	7.73	0.34	0.71	7.09	9.02	9.86	17.25	14.62	12.38	10.96	13.38
Total Debt/Capital (%)	16.71	19.63	17.01	8.79	8.69	0.43	0.88	8.25	9.97	10.45	17.01	14.46	12.33	9.88	11.8
Total Debt/Total Assets (%)	4.82	5.83	5.57	3.28	3.28	0.19	0.65	5.73	7.12	7.79	9.13	7.78	6.73	5.67	6.8
CFO/Total Liabilities	-1.22	-2.61	-1.3	2.01	3.08	-5.53	31.7	-4.83	-14.37	-5.98	1.17	10.57	10.57	12.24	9.1
CFO/CapEx	-20.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.65	0.71	0.73	0.95	0.9	1.52	8.55	3.95	3.93	3.22	1.28	1.51	1.52	1.44	1.38

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	1.17	1.21	1.37	1.96	0.97	0.66	9.05	5.08	10.27	10.53	1.29	1.15	1.96	1.94	1.89
Days Sales Outstanding	311.33	302.62	266.95	185.89	376.82	556.06	40.33	71.79	35.52	34.66	283.64	317.95	185.78	187.68	193.4
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	3,436	3,502	3,740	3,848	4,275	4,193	3,656	2,900	3,549	3,124	3,121	4,049	3,859	4,991	5,266
- Cash & Cash Equivalents	705	462	383	262	173	80	97	110	161	211	148	255	122	191	185
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	580	526	492	543	455	133	-132	-125	-117	-88	157	188	321	647	830
+ Total Debt	678	751	676	343	338	13	24	193	284	376	639	575	565	562	837
Enterprise Value	3,143	3,687	3,890	4,095	4,683	4,084	3,274	2,643	3,354	3,059	3,311	3,633	3,135	5,065	4,961
Total Capital	4,055	3,827	3,977	3,902	3,883	2,927	2,719	2,336	2,842	3,603	3,756	3,978	4,579	5,695	7,091
Total Debt/Capital (%)	16.71	19.63	17.01	8.79	8.69	0.43	0.88	8.25	9.97	10.45	17.01	14.46	12.33	9.88	11.8
Total Debt / EV	0.22	0.2	0.17	0.08	0.07	- -	0.01	0.07	0.08	0.12	0.19	0.16	0.18	0.11	0.17
EV/Sales	1.45	1.51	2.86	2.9	10.64	25.9	8.76	7.16	3.75	3.42	5.39	3.14	1.45	2.15	1.72
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	1,181.77	- -	- -	32.54	25.47	- -	33.01	- -	- -	- -	53.04	8.72	6.69	7.9	7.98
EV/Free Cash Flow to Firm	385.16	- -	- -	32.54	25.47	- -	33.01	- -	- -	- -	53.04	8.72	6.69	7.9	7.98
Diluted Market Cap	3,436	3,502	3,740	3,848	4,275	4,196	3,656	2,900	3,549	3,124	3,121	4,049	3,859	4,991	5,266
Diluted Enterprise Value	3,989	4,317	4,526	4,472	4,894	4,262	3,451	2,858	3,555	3,202	3,769	4,557	4,623	6,010	6,748
EV per Share	414.7	542.15	627.2	670.61	796.21	814.3	762.53	781.77	1,054.07	979.62	1,075.59	1,269.07	1,222.67	1,974.09	1,957.72
TTM Sales	2,173	2,436	1,362	1,411	440	158	374	369	893	896	614	1,158	2,167	2,355	2,886
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	3	-178	-88	126	184	-153	99	-22	-104	-53	62	416	469	641	621
TTM Free Cash Flow to Firm	8	-178	-88	126	184	-153	99	-22	-104	-53	62	416	469	641	621

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	-31.53	-15.51	-37.03	32.39	23.44	-27.05	38.64	-93.25	-29.46	-51.56	80.86	11.09	9.55	8.51	9.57
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	3,143	3,687	3,890	4,095	4,683	4,084	3,274	2,643	3,354	3,059	3,311	3,633	3,135	5,065	4,961
Low Price	338.89	436.54	515.03	557.26	618	689.31	834.2	786.23	850.75	629.21	978.51	982.6	1,312	1,475	1,648
EV/Sales	1.45	1.51	2.86	2.9	10.64	25.9	8.76	7.16	3.75	3.42	5.39	3.14	1.45	2.15	1.72
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	4.47	16.89	11.63	12.32	14.48	10.44	5.83	- -	8.56	4.41	- -	5.11	7.58	21.66	4.76
Price/Earnings Average	3.88	16.67	11.14	11.93	14	10.07	5.99	-21.11	7.74	4.12	-12.5	4.39	7.38	19.72	4.24
Price/Earnings High	4.48	18.03	11.88	13.36	16.1	10.92	6.5	-23.49	8.69	5.15	-14.22	5.19	8.14	22.53	4.91
Price/Earnings Low	3.34	14.31	9.93	10.9	12.31	8.6	5.71	-18.83	6.53	2.77	-10.98	3.55	6.61	16.43	3.77
Price/Book Value	1.23	1.37	1.33	1.28	1.38	1.51	1.29	1.28	1.33	0.94	1.05	1.26	1.04	1.11	0.97
Price/Book Value Average	1.06	1.36	1.28	1.24	1.34	1.46	1.33	1.31	1.2	0.88	1.16	1.08	1.02	1.01	0.86
Price/Book Value High	1.23	1.47	1.36	1.38	1.54	1.58	1.44	1.46	1.35	1.1	1.32	1.28	1.12	1.16	1
Price/Book Value Low	0.92	1.16	1.14	1.13	1.18	1.24	1.27	1.17	1.01	0.59	1.02	0.88	0.91	0.84	0.77
Price/Tangible Book Value	0.74	0.82	0.85	0.92	0.99	1.14	1.11	1.33	1.43	1.03	0.93	1.14	0.92	1.05	1.01
Price/Tangible Book Value Average	0.64	0.81	0.82	0.89	0.96	1.1	1.14	1.37	1.29	0.96	1.02	0.98	0.9	0.95	0.9
Price/Tangible Book Value High	0.74	0.88	0.87	1	1.1	1.2	1.24	1.52	1.45	1.2	1.16	1.16	0.99	1.09	1.04
Price/Tangible Book Value Low	0.55	0.7	0.73	0.81	0.84	0.94	1.09	1.22	1.09	0.65	0.9	0.79	0.8	0.79	0.8
Price/Sales	1.58	1.44	2.75	2.73	9.72	26.59	9.78	7.86	3.97	3.49	5.08	3.5	1.78	2.12	1.83
Price/Sales Average	1.37	1.42	2.63	2.64	9.39	25.67	10.04	8.08	3.59	3.26	5.58	3	1.74	1.93	1.63
Price/Sales High	1.58	1.54	2.81	2.95	10.8	27.82	10.9	8.99	4.03	4.07	6.35	3.55	1.91	2.2	1.88
Price/Sales Low	1.18	1.22	2.35	2.41	8.26	21.92	9.58	7.2	3.03	2.19	4.9	2.43	1.55	1.61	1.45
Price/Cash Flow	-30.01	-15.51	-37.03	32.39	23.44	-27.04	38.64	-93.25	-29.46	-51.56	80.86	11.09	9.55	8.51	9.57
Price/Cash Flow Average	-26.01	-15.31	-35.46	31.36	22.66	-26.1	39.68	-95.85	-26.61	-48.17	88.89	9.53	9.3	7.74	8.52
Price/Cash Flow High	-30.03	-16.56	-37.82	35.1	26.05	-28.29	43.07	-106.64	-29.88	-60.19	101.09	11.26	10.26	8.85	9.87
Price/Cash Flow Low	-22.43	-13.15	-31.62	28.64	19.93	-22.29	37.87	-85.48	-22.46	-32.42	78.04	7.71	8.32	6.45	7.59
Price/Free Cash Flow Average	-27.32	-15.31	-35.46	31.36	22.66	-26.12	39.68	-95.85	-26.61	-48.17	88.89	9.53	9.3	7.74	8.52
Price/Free Cash Flow High	-31.55	-16.56	-37.82	35.1	26.05	-28.3	43.07	-106.64	-29.88	-60.19	101.09	11.26	10.26	8.85	9.87
Price/Free Cash Flow Low	-23.56	-13.15	-31.62	28.64	19.93	-22.31	37.87	-85.48	-22.46	-32.42	78.04	7.71	8.32	6.45	7.59
EV/Sales Average	1.62	1.75	3.21	3.08	10.8	26.09	9.49	7.96	3.6	3.35	6.64	3.44	2.09	2.36	2.14
EV/Sales High	1.84	1.87	3.38	3.4	12.21	28.24	10.35	8.87	4.04	4.16	7.41	3.99	2.27	2.64	2.4
EV/Sales Low	1.44	1.55	2.92	2.85	9.67	22.34	9.03	7.09	3.04	2.28	5.96	2.87	1.91	2.04	1.96
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	453.46	515	603.08	630.11	726.81	836.05	851.28	857.69	1,115.51	1,000.66	1,013.9	1,414.33	1,505.01	1,945.06	2,078.03
High Price	453.79	549.98	615.88	682.87	808	874.69	948.94	980.89	1,131.5	1,168.21	1,267.52	1,435.45	1,617	2,023	2,143.25
Enterprise Value Average	3,531	4,273	4,367	4,350	4,753	4,114	3,549	2,938	3,212	2,996	4,079	3,988	4,523	5,562	6,171
Enterprise Value High	3,991	4,555	4,605	4,794	5,372	4,453	3,870	3,274	3,606	3,725	4,550	4,617	4,910	6,210	6,913
Enterprise Value Low	3,120	3,784	3,979	4,027	4,254	3,523	3,377	2,616	2,713	2,042	3,660	3,321	4,128	4,804	5,658

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	8	6	6	6	6	5	4	3	3	3	3	3	3	3	2
Diluted Weighted Avg Shares	8	7	6	6	6	5	4	3	3	3	3	3	3	3	3
Basic Weighted Avg Shares	8	7	6	6	6	5	4	3	3	3	3	3	3	3	3
Revenue per Share	286.77	358.19	219.56	231.09	74.81	31.44	87.05	109.16	280.78	286.83	199.58	404.51	845.06	917.7	1,138.58
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	101.33	30.5	51.86	51.13	50.19	80.11	146.06	-41.76	130.27	226.97	-89.14	276.72	198.6	89.79	436.57
Basic EPS from Cont Ops	24.78	45.35	26.22	5.08	24.08	-22.81	3.63	-51.52	118.11	216.24	-103.3	-66.65	226.56	110.72	474.21
Diluted EPS, GAAP	101.33	30.5	51.86	51.13	50.19	80.06	146.06	-41.76	130.27	226.97	-89.14	276.72	198.6	89.79	436.57
Diluted EPS from Cont Ops	24.78	45.35	26.22	5.08	24.08	-22.79	3.63	-51.52	118.11	216.24	-103.3	-66.65	226.56	110.72	474.21
Dividend per Share	3.54	3.74	1	1.02	1.02	1.08	1.07	1.12	1.01	1.02	1.01	1.05	1.01	0.97	1.03
Cash Flow per Share	-15.11	-33.21	-16.29	19.46	31.01	-30.92	22.03	-9.2	-37.87	-19.41	12.54	127.51	157.61	228.68	217.22
Free Cash Flow per Basic Share	-15.84	-33.21	-16.29	19.46	31.01	-30.92	22.03	-9.2	-37.87	-19.41	12.54	127.51	157.61	228.68	217.22
Cash & Equivalents per Share	204.73	160.74	164.26	104.57	65.32	50.86	63.62	95.97	113.83	113.37	196.79	411.91	627.78	442.44	777.97
Book Value per Share	369.14	374.85	452.87	494	525.47	554.49	658.34	670.79	840.89	1,061.45	961.68	1,122.93	1,440.51	1,748.02	2,140.47
Tangible Book Value per Share	615.99	626.21	705.74	685.73	733.26	731.85	768.19	644.94	782.56	972.16	1,092.82	1,237.59	1,634.59	1,857.26	2,065.62

White Mountains Insurance Group, Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)