White Mountains Insurance Group Ltd (WTM) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of White Mountains Insurance Group Ltd $4,000, price $2,032, upside +96.9%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch White Mountains Insurance Group Ltd for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $983.71 – $2,319 · fair‑value band $3,000 – $5,000 · the $2,032 price screens below the $4,000 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
Follow White Mountains Insurance Group in your weekly email
Every Wednesday you see whether White Mountains Insurance Group is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments.
Show more
White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments. The company offers property insurance and reinsurance; specialty insurance and reinsurance consisting of aviation, contingency, cyber, fine art and specie, mortgage, nuclear, political and credit, space, surety, and terrorism and political violence; marine and energy insurance and reinsurance; casualty insurance and reinsurance, such as medical malpractice, and professional and general liability; and accident and health insurance and reinsurance, which includes personal accident, sickness, disability, travel, short-term life, and medical products through brokers, managing general agents (MGA), and reinsurance intermediaries. It also provides municipal bond guarantee reinsurance, which focuses on single risk limits for small-to-medium sized, and public investment grade municipal bonds that are issued to finance public purpose projects, including schools, utilities, and transportation facilities. In addition, the company offers capital solutions for boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisition and growth finance, and legacy partner liquidity; strategic advice; investment management; and specialty electrical contracting services. Further, it operates as a full-service MGA and program administrator for specialty property and casualty insurance for the real estate and hospitality end markets, and start-up programs; and an MGA for leisure travel and global expatriate medical insurance in Israel, the European Union, and Australia. The company was formerly known as Fund American Enterprises Holdings, Inc. and changed its name to White Mountains Insurance Group, Ltd. in 1999. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.
Stock analysis
White Mountains Insurance Group Ltd (WTM) currently trades at $2,032, while our model-based Fair Value estimate is $4,000, implying the stock looks roughly 49.2% undervalued today.
Show more
Valuation
Bull case: the Economic Profit group reads highest at a median of $3,743 per share, and 3 of the 4 models we run sit above the $2,032 price.
Bear case: the Asset-Based group reads lowest at $1,468, and 1 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: $3,000 (bear) to $5,000 (bull), the price of $2,032 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
White Mountains Insurance Group Ltd reported revenue of $2.7B in FY2025 versus $614M in FY2021, a compound +44.9%/yr. Reported net income was $1.1B in FY2025.
Key figures
Market cap $5.2B · P/E ratio 5.0 · P/S ratio 2.05 · EPS (TTM) $404.41 · Dividend yield 0.0% · Net margin 40.9% · Return on equity 19.7% · Return on assets (EBIT) 3.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at 97%, WTM screens cheaper than that median.
Fair Value models
Bear $3,000Fair Value $4,000Bull $5,000
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($295.10 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.8%
Start year 2020 (pandemic). Over 10 years: +19.9% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+28.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19% vs 24%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.74% → 49%
News mood ⓘNews mood, the average tone of recent news (89 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare White Mountains Insurance Group Ltd with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Property & Casualty · 119 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "White Mountains Insurance Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/WTM
Frequently asked questions
Is White Mountains Insurance Group Ltd (WTM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $4,000 versus a price of $2,032, about +97% upside (undervalued).
What is the fair value of WTM?
Our model-based fair value for White Mountains Insurance Group Ltd is $4,000 (as of Sep 24, 2026), built from audited fundamentals. The current price: $2,032.
What is the quality score of WTM?
White Mountains Insurance Group Ltd has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for White Mountains Insurance Group Ltd (WTM)?
Our model-based price target is the fair value of $4,000 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario $3,000, optimistic scenario $5,000. It is a calculation from audited fundamentals, not an analyst target.
What is the White Mountains Insurance Group Ltd stock forecast for 2026?
Our models put fair value at $4,000, about +97% upside versus a price of $2,032 (undervalued). Cautious scenario $3,000, optimistic scenario $5,000. The calculation is refreshed regularly with new filings.
What is the revenue of White Mountains Insurance Group Ltd (WTM)?
White Mountains Insurance Group Ltd reported trailing-twelve-month revenue of about $2.8B (latest available figure, as of Sep 24, 2026).
Does White Mountains Insurance Group Ltd pay a dividend?
White Mountains Insurance Group Ltd currently shows a dividend yield of about 0.05% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of White Mountains Insurance Group Ltd (WTM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For White Mountains Insurance Group Ltd it is $4,000 per share (as of Sep 24, 2026), against a price of $2,032. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is White Mountains Insurance Group Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WTM trades below its calculated fair value: price $2,032, fair value $4,000, a gap of about +97% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WTM?
No. The price is what the market pays today ($2,032); the fair value is what the company's own numbers justify ($4,000). For White Mountains Insurance Group Ltd the two are $1,968 per share apart. That gap is exactly why we show both numbers side by side.
How much is White Mountains Insurance Group Ltd worth?
The market values White Mountains Insurance Group Ltd at about $5.2B (market capitalisation, as of Sep 24, 2026). Per share that is $2,032; our models calculate a fair value of $4,000 per share.
What do the bullish and bearish scenarios say about WTM?
Our models span a range for White Mountains Insurance Group Ltd: cautious scenario $3,000, base $4,000, optimistic $5,000 per share (as of Sep 24, 2026, price $2,032). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WTM?
White Mountains Insurance Group Ltd trades at a price-to-earnings ratio of 5.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $4,000 is built from several models across several years. Other multiples: PEG 0.8, P/B 1.0, P/S 1.8, EV/EBITDA 8.9.
What is the PEG ratio of WTM?
The PEG ratio of White Mountains Insurance Group Ltd is 0.81 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of White Mountains Insurance Group Ltd (WTM)?
Balance-sheet figures for White Mountains Insurance Group Ltd (as of Sep 24, 2026): return on equity 19.7%, debt of 0.15 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is WTM from its 52-week high?
White Mountains Insurance Group Ltd trades at $2,032, about 12% below its 52-week high of $2,319 and 23% above the low of $1,650 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $4,000 is for.
Which stocks are comparable to White Mountains Insurance Group Ltd?
From the same area (Financial Services) we also value The Progressive Corporation, Chubb Limited, The Travelers Companies, Inc, The Allstate Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is White Mountains Insurance Group Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $2,032, calculated fair value $4,000 (+97%), Quality Score 61/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WTM calculated?
We run White Mountains Insurance Group Ltd through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $4,000, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. White Mountains Insurance Group Ltd currently trades 97 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of White Mountains Insurance Group Ltd (WTM)?
The closing price on Sep 23, 2026 was $2,032. Our model-based fair value is $4,000, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with White Mountains Insurance Group Ltd right now?
The price is below even our cautious bear case ($3,000). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of White Mountains Insurance Group Ltd
How large is the market capitalisation of White Mountains Insurance Group Ltd (WTM)?
The market capitalisation of White Mountains Insurance Group Ltd is $5.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of White Mountains Insurance Group Ltd (WTM)?
The price-to-sales ratio of White Mountains Insurance Group Ltd is 2.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of White Mountains Insurance Group Ltd (WTM)?
Earnings per share at White Mountains Insurance Group Ltd are $404.41 (price ÷ EPS = P/E 5.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of White Mountains Insurance Group Ltd (WTM)?
The dividend yield of White Mountains Insurance Group Ltd is 0.0% (payout 0.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of White Mountains Insurance Group Ltd (WTM)?
The net margin of White Mountains Insurance Group Ltd is 40.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of White Mountains Insurance Group Ltd (WTM)?
The return on equity (ROE) of White Mountains Insurance Group Ltd is 19.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of White Mountains Insurance Group Ltd (WTM)?
On an EBIT basis the return on assets of White Mountains Insurance Group Ltd is 3.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of White Mountains Insurance Group Ltd (WTM)?
The operating margin of White Mountains Insurance Group Ltd is 0.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at White Mountains Insurance Group Ltd (WTM)?
Revenue at White Mountains Insurance Group Ltd is growing −10.8% versus a year earlier (3y avg +32.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at White Mountains Insurance Group Ltd (WTM)?
Earnings per share at White Mountains Insurance Group Ltd are growing −36.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does White Mountains Insurance Group Ltd (WTM) generate?
The free cash flow of White Mountains Insurance Group Ltd is −$7.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does White Mountains Insurance Group Ltd (WTM) carry?
The net debt of White Mountains Insurance Group Ltd is $652M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch White Mountains Insurance Group Ltd in the live analysis
One click puts White Mountains Insurance Group Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Sep 24, 2026