Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
White Mountains Insurance Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for White Mountains Insurance Group's Piotroski F-Score or its related term are showing as below:
WTM'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of White Mountains Insurance Group was 8. The lowest was 1. And the median was 5.
White Mountains Insurance Group (NYSE:WTM) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
White Mountains Insurance Group Piotroski F-Score Related Terms
White Mountains Insurance Group Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
White Mountains Insurance Group Piotroski F-Score Chart
WTM vs SIGI, MCY, RLI: Piotroski F-Score Comparison
For the Insurance - Property & Casualty subindustry, White Mountains Insurance Group's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
White Mountains Insurance Group Piotroski F-Score vs Insurance Industry
For the Insurance industry and Financial Services sector, White Mountains Insurance Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where White Mountains Insurance Group's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Net Income was -54.6 + 179 + -130.4 + 33.9 = $28 Mil.
Revenue was 395.4 + 953.6 + 358.5 + 577.8 = $2,285 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(9590.3 + 10166.9 + 10337.5 + 9925.6 + 11004.9) / 5 = $10205.04 Mil. Total Assets at the begining of last year (Mar24) was $9,590 Mil. Long-Term Debt & Capital Lease Obligation was $676 Mil. Total Assets was $11,005 Mil. Total Liabilities was $5,865 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
White Mountains Insurance Group's current Net Income (TTM) was 1,045.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
White Mountains Insurance Group's current Cash Flow from Operations (TTM) was 621.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
White Mountains Insurance Group's return on assets of this year was 0.09498496. White Mountains Insurance Group's return on assets of last year was 0.00290919.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
White Mountains Insurance Group's gearing of this year was 0.06882247. White Mountains Insurance Group's gearing of last year was 0.06625158.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
White Mountains Insurance Group's current ratio of this year was 1.88318151. White Mountains Insurance Group's current ratio of last year was 1.8763043.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
White Mountains Insurance Group's number of shares in issue this year was 2.447. White Mountains Insurance Group's number of shares in issue last year was 2.541.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
White Mountains Insurance Group's net margin of this year was 0.36995222. White Mountains Insurance Group's net margin of last year was 0.01220846.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
White Mountains Insurance Group's asset turnover of this year was 0.25674927. White Mountains Insurance Group's asset turnover of last year was 0.23829286.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
White Mountains Insurance Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
White Mountains Insurance Group (WTM) has a Piotroski F-Score of 7 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on White Mountains Insurance Group and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, White Mountains Insurance Group's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, White Mountains Insurance Group ranks #91 out of 482 companies in the Insurance industry, placing it in the top 18.9%.
Is White Mountains Insurance Group's Piotroski F-Score too high?
White Mountains Insurance Group's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Insurance industry median Piotroski F-Score is 6.00. White Mountains Insurance Group's value of 7 is 16.7% above this industry median. Based on the distribution chart, White Mountains Insurance Group ranks #91 out of 482 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, White Mountains Insurance Group has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does White Mountains Insurance Group's Piotroski F-Score compare to SIGI and MCY?
According to the Insurance industry distribution chart, White Mountains Insurance Group ranks #91 out of 482 companies for Piotroski F-Score. This places White Mountains Insurance Group in the top 19% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. White Mountains Insurance Group's value of 7 is 16.7% above this benchmark. Historically, White Mountains Insurance Group's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, White Mountains Insurance Group has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Insurance company?
The median Piotroski F-Score among Insurance companies is 6.00, based on 482 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. White Mountains Insurance Group's current Piotroski F-Score of 7 is 16.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on White Mountains Insurance Group and its competitors. For the Insurance industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. White Mountains Insurance Group's current Piotroski F-Score is 7, which is 40% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is White Mountains Insurance Group stock overvalued right now?
Based on GuruFocus' analysis, White Mountains Insurance Group (WTM) is currently considered Modestly Undervalued. The stock's GF Value™ is $2,346.07, compared to a current price of $2,039.33 — trading 13.1% below its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 16.7% above the Insurance industry median of 6.00. White Mountains Insurance Group's overall GF Score™ is 76/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For White Mountains Insurance Group (WTM), the current Piotroski F-Score is 7 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is White Mountains Insurance Group (WTM) Overvalued in 2026?
Based on GuruFocus' analysis, White Mountains Insurance Group stock appears to be undervalued.
The current stock price of $2,039.33 is trading 13.1% below its estimated GF Value™ of $2,346.07.
GuruFocus considers White Mountains Insurance Group to be Modestly Undervalued.
Key valuation signals for WTM:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: $2,346.07 vs. price of $2,039.33 (13.1% below fair value)
Industry Position: 16.7% above the Insurance median (#91 of 482)
No single metric tells the full story. See the WTM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
White Mountains Insurance Group Business Description
White Mountains Insurance Group Ltd is engaged in the business of making opportunistic and value-oriented acquisitions of businesses and assets in the insurance, financial services, and related sectors, operating these businesses and assets through its subsidiaries and, if and when attractive exit valuations become available, disposing of these businesses and assets. The company conducts its business in five areas: property and casualty insurance and reinsurance, municipal bond reinsurance, capital solutions for asset and wealth management firms, property and casualty insurance distribution, and other operations. The company has four reportable segments: Ark/WM Outrigger, HG Global, Kudu and Distinguished.
76GF Score
Get the complete analysis for WTM
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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