Bakkt vs White Mountains Insurance Group
White Mountains Insurance Group is the larger business, with $3.73bn of revenue in fiscal 2025 against $2.34bn for Bakkt (1.6 times as much). White Mountains Insurance Group grew faster (66.8% against -32.1%). White Mountains Insurance Group kept more of each dollar of sales as profit: a net margin of 29.6% against -4.6%.
| Latest fiscal year | BakktBKKT, 2025 | White Mountains Insurance GroupWTM, 2025 |
|---|---|---|
| Revenue | $2.34bn | $3.73bn |
| Revenue growth | -32.1% | 66.8% |
| Net income | −$107m | $1.11bn |
| Operating margin | — | — |
| Net margin | -4.6% | 29.6% |
| Return on equity | -146.2% | 22.3% |
| Free cash flow | −$153m | — |
| Cash | $27.0m | $186m |
| Total debt | $0 | $852m |
| Debt to equity | — | 15.7% |
| Dividend per share | — | $1.00 |
| Dividend yield | — | 0.0% |
| Share buybacks | — | $203m |
| Employees | 48 | 1,648 |
| Market value | $210m | $5.50bn |
| Price vs our value range | — | — |
| Moat score | — | 77 (Strong) |
| Insider trades, 12 months | 5 buys, 21 sales | 0 buys, 4 sales |