Is White Mountains Insurance Group Ltd. overvalued or undervalued?

As of 21 November 2025, the valuation grade for White Mountains Insurance Group Ltd. has moved from very expensive to expensive, indicating a slight improvement in perceived value. The company appears overvalued based on its current metrics, particularly with a P/E ratio of 49, which is significantly higher than peers like CNA Financial Corp. at 14.82 and Unum Group at 13.25. Additionally, the EV to EBITDA ratio stands at an extremely high 85.01, further supporting the overvaluation assessment.
In comparison to its peers, White Mountains Insurance Group Ltd. has a Price to Book Value of 1.04, which is relatively low, but this is overshadowed by its high P/E ratio and EV to EBITDA. The company's recent stock performance has outpaced the S&P 500 over the past week and month, with returns of 3.91% and 4.12%, respectively, but it has lagged behind on a year-to-date and one-year basis, with returns of 2.82% and 1.45%. Overall, the high valuation ratios suggest that the stock is not a compelling investment at its current price level.