WHITE MOUNTAINS INSURANCE GROUP, LTD

WTMCIK 0000776867

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Financial snapshot

Revenue

Net income

Operating margin

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Total debt

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Research

Filings

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Analytical signals

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Calculations over this company’s filings, each compared with a stated threshold. They indicate where to read more closely; they are analytical evidence, not conclusions, and none implies wrongdoing.

Earnings quality

P-01 · Calculated

Threshold met

FY 2025-12-31

How reported earnings relate to accruals and to changes in receivables, margins and asset quality.

Beneish M-Score -1.72 is above the -1.78 cut-off used in the original study

Trend: flat

P-01 inputs
Input	Value
model score (0–100)	53.3
m_score	-1.724
threshold	-1.78
ratios.DSRI	1
ratios.GMI	1.029
ratios.AQI	1
ratios.SGI	1.668
ratios.DEPI	1
ratios.SGAI	1
ratios.LVGI	1.2
ratios.TATA	0.045
defaulted_to_neutral	DSRI, AQI, DEPI, SGAI
sloan_accruals	0.05
inputs.revenue_t	3735000000
inputs.revenue_t1	2239800000
inputs.total_assets_t	12306500000
inputs.net_income_t	1106400000
inputs.cfo_t	550500000
stale	false
latest_filing_period	2025-12-31

Trend

10-K· 2026-02-27 Methodology

Effective tax rate

P-05 · Calculated

Threshold met

FY 2025-12-31

The gap between the effective and the statutory tax rate, and whether it persists across three years.

ETR 9.6% vs 21% statutory — gap persistent across 3 of 3 years

Trend: flat

P-05 inputs
Input	Value
model score (0–100)	91.2
etr_by_year.2025-12-31	0.0955
etr_by_year.2024-12-31	0.1029
etr_by_year.2023-12-31	-0.0274
statutory_rate	0.21
gap_by_year.2025-12-31	0.1145
gap_by_year.2024-12-31	0.1071
gap_by_year.2023-12-31	0.2374
note	Low ETR can be fully legitimate; this flags persistence + magnitude for review.
stale	false
latest_filing_period	2025-12-31

Trend

10-K· 2026-02-27 Methodology

Pension funding

P-07 · Calculated

Threshold met

FY 2016-12-31

The funded ratio of defined-benefit plans against shareholder equity.

[FY2016 data, stale — no more recent pension disclosure in XBRL] DB plan 55% funded — -$11M deficit (0% of equity)

Trend: flat

P-07 inputs
Input	Value
model score (0–100)	70.3
benefit_obligation	23800000
plan_assets	13000000
funded_ratio	0.5462
deficit	-10800000
deficit_vs_equity	0.003
thresholds.elevated	<90% funded
thresholds.triggered	<80% funded or deficit >25% of equity
stale	true
latest_filing_period	2025-12-31

Trend

10-K· 2019-02-27 Methodology

Restatement indicators

P-12 · Calculated

Threshold met

FY 2025-12-31

How closely reported accruals and financing patterns resemble those of companies that later restated.

F-Score 2.22 is above the 1.85 reference level of the Dechow et al. model

Trend: flat

P-12 inputs
Input	Value
model score (0–100)	74.0
f_score	2.22
probability	0.00822
components.rsst	0.05
components.drec	null
components.dinv	null
components.soft	1
components.dcs	0.6676
components.droa	0.0667
components.issue	1
model	Dechow et al. 2011, Model 1 (simplified RSST)
thresholds.elevated	1
thresholds.triggered	1.85
stale	false
latest_filing_period	2025-12-31

Trend

10-K· 2026-02-27 Methodology

No stored result for Subsidiary jurisdictions, ESG disclosure support, Insider filing timing, Language change, Strategic-review language, Carbon-exposed assets, Interest coverage. Some signals are computed on request, and others need inputs this company’s filings do not tag; a missing result is not a finding either way.

Methodology and sources

Financial figures come from SEC XBRL company facts (annual reports). Choose any evidence marker to see the filing behind a value.
Filing text comes from SEC EDGAR. Browse this company on EDGAR ↗
Signals are calculated by Stratum from those filings. Some use AI to read filing text, and every AI claim must quote the document verbatim or it is discarded. Full methodology

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