NASDAQ : PLMR
Palomar Holdings, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 140.32 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.69B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 1.01B | 802.63M | 510.69M | 345.91M | 316.47M | 233.83M |
| Total Interest & Dividend Income | 68.50M | 56.01M | 35.82M | 23.70M | 13.88M | 9.08M |
| Gain (Loss) on Sale of Investments | 10.72M | 11.83M | 4.57M | 2.94M | -7.53M | 1.28M |
| Other Revenue | 5.17M | 5.50M | 2.78M | 3.37M | 4.27M | 3.61M |
| Total Revenue | 1.09B | 875.97M | 553.86M | 375.93M | 327.09M | 247.79M |
| Policy Benefits | 329.75M | 228.59M | 134.76M | 72.59M | 78.67M | 41.46M |
| Policy Acquisition & Underwriting Costs | 463.10M | 372.58M | 250.09M | 181.00M | 168.37M | 143.57M |
| Total Operating Expenses | 820.00M | 622.18M | 401.53M | 268.51M | 258.66M | 190.61M |
| Operating Income | 271.39M | 253.78M | 152.33M | 107.42M | 68.42M | 57.18M |
| Interest Expense | -8.33M | -392.00K | -1.14M | -3.77M | -873.00K | -40.00K |
| Pretax Income | 263.06M | 253.39M | 151.20M | 103.64M | 67.55M | 57.14M |
| Income Tax Expense | 59.90M | 56.32M | 33.62M | 24.44M | 15.38M | 11.29M |
| Net Income | 203.16M | 197.07M | 117.57M | 79.20M | 52.17M | 45.85M |
| Net Income to Common | 203.16M | 197.07M | 117.57M | 79.20M | 52.17M | 45.85M |
| Shares Outstanding (Basic) | 26.52M | 26.64M | 25.52M | 24.82M | 25.24M | 25.46M |
| Shares Outstanding (Diluted) | 27.30M | 27.49M | 26.22M | 25.33M | 25.80M | 26.11M |
| EPS (Basic) | 7.66 | 7.40 | 4.61 | 3.19 | 2.07 | 1.80 |
| EPS (Diluted) | 7.44 | 7.17 | 4.48 | 3.13 | 2.02 | 1.76 |
| Free Cash Flow | 414.77M | 408.98M | 260.91M | 116.09M | 169.27M | 87.80M |
| Free Cash Flow Per Share | 15.19 | 14.88 | 9.95 | 4.58 | 6.56 | 3.36 |
| Operating Margin | 24.87% | 28.97% | 27.50% | 28.57% | 20.92% | 23.08% |
| Profit Margin | 18.62% | 22.50% | 21.23% | 21.07% | 15.95% | 18.50% |
| Free Cash Flow Margin | 38.00% | 46.69% | 47.11% | 30.88% | 51.75% | 35.43% |
| EBITDA | 289.50M | 258.71M | 154.04M | 109.12M | 69.94M | 58.62M |
| EBITDA Margin | 26.53% | 29.53% | 27.81% | 29.03% | 21.38% | 23.66% |
| D&A For EBITDA | 18.11M | 4.93M | 1.71M | 1.70M | 1.51M | 1.44M |
| EBIT | 271.39M | 253.78M | 152.33M | 107.42M | 68.42M | 57.18M |
| EBIT Margin | 24.87% | 28.97% | 27.50% | 28.57% | 20.92% | 23.08% |
| Effective Tax Rate | 22.77% | 22.23% | 22.24% | 23.58% | 22.77% | 19.76% |
| Revenue as Reported | 1.09B | 875.97M | 553.86M | 375.93M | 327.09M | 247.79M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 1.48B | 1.21B | 929.15M | 635.20M | 506.56M | 425.18M |
| Investments in Equity & Preferred Securities | 129.51M | 99.33M | 42.81M | 45.78M | 38.58M | 33.26M |
| Other Investments | 45.88M | 28.50M | 5.86M | |||
| Total Investments | 1.66B | 1.34B | 977.82M | 680.98M | 545.14M | 458.44M |
| Cash & Equivalents | 62.69M | 106.88M | 80.44M | 51.55M | 68.11M | 50.28M |
| Reinsurance Recoverable | 586.03M | 468.70M | 395.16M | 276.79M | 193.61M | 157.31M |
| Other Receivables | 670.62M | 464.45M | 314.16M | 267.25M | 166.63M | 90.74M |
| Deferred Policy Acquisition Cost | 153.82M | 127.72M | 94.88M | 60.99M | 56.74M | 55.95M |
| Property, Plant & Equipment | 2.67M | 2.55M | 429.00K | 373.00K | 603.00K | 527.00K |
| Goodwill | 30.47M | 3.75M | 3.75M | |||
| Other Intangible Assets | 236.76M | 49.84M | 27.97M | 24.84M | 20.58M | 18.88M |
| Restricted Cash | 15.00K | 17.00K | 101.00K | 306.00K | 56.00K | 87.00K |
| Other Current Assets | 127.87M | 27.70M | ||||
| Long-Term Deferred Tax Assets | 761.00K | 8.77M | 10.12M | 10.62M | ||
| Other Long-Term Assets | 463.55M | 461.07M | 358.74M | 331.07M | 244.35M | 65.81M |
| Total Assets | 3.96B | 3.05B | 2.26B | 1.71B | 1.31B | 925.73M |
| Accounts Payable | 159.33M | 108.57M | 70.08M | 42.38M | 25.76M | 21.28M |
| Unpaid Claims | 944.74M | 688.23M | 503.38M | 342.27M | 231.41M | 173.37M |
| Unearned Premiums | 1.23B | 988.14M | 741.69M | 597.10M | 471.31M | 284.67M |
| Reinsurance Payable | 346.34M | 316.26M | 218.04M | 195.16M | 156.81M | 48.34M |
| Current Portion of Leases | 927.00K | |||||
| Current Income Taxes Payable | 7.25M | |||||
| Long-Term Debt | 295.77M | 52.60M | 36.40M | |||
| Long-Term Leases | 6.16M | |||||
| Long-Term Deferred Tax Liabilities | 10.94M | 3.91M | ||||
| Total Liabilities | 2.98B | 2.11B | 1.53B | 1.24B | 921.70M | 531.57M |
| Common Stock | 3.00K | 3.00K | 3.00K | 3.00K | 3.00K | 3.00K |
| Additional Paid-In Capital | 542.66M | 523.17M | 493.66M | 350.60M | 333.56M | 318.90M |
| Retained Earnings | 453.44M | 422.00M | 262.22M | 144.64M | 87.71M | 69.95M |
| Comprehensive Income & Other | -15.16M | -2.51M | -26.84M | -23.99M | -36.52M | 5.31M |
| Shareholders' Equity | 980.94M | 942.67M | 729.03M | 471.25M | 384.75M | 394.17M |
| Total Liabilities & Equity | 3.96B | 3.05B | 2.26B | 1.71B | 1.31B | 925.73M |
| Filing Date Shares Outstanding | 26.32M | 26.69M | 26.68M | 24.87M | 24.98M | 25.44M |
| Total Common Shares Outstanding | 26.19M | 26.52M | 26.53M | 24.77M | 25.03M | 25.43M |
| Total Debt | 295.77M | 7.09M | 52.60M | 36.40M | ||
| Net Cash (Debt) | -233.08M | 99.78M | 80.44M | -1.05M | 31.71M | 50.28M |
| Net Cash Per Share | -8.54 | 3.63 | 3.07 | -0.04 | 1.23 | 1.93 |
| Book Value Per Share | 37.46 | 35.54 | 27.48 | 19.02 | 15.37 | 15.50 |
| Tangible Book Value | 744.19M | 862.37M | 697.30M | 442.66M | 364.17M | 375.29M |
| Tangible Book Value Per Share | 28.42 | 32.52 | 26.28 | 17.87 | 14.55 | 14.76 |
| Buildings | 1.98M | |||||
| Machinery | 1.76M | 1.38M | 1.14M | 1.13M | 813.00K | |
| Leasehold Improvements | 879.00K | 879.00K | 879.00K | 879.00K | 879.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 203.16M | 197.07M | 117.57M | 79.20M | 52.17M | 45.85M |
| Depreciation & Amortization | 18.11M | 4.93M | 1.71M | 1.70M | 1.51M | 1.44M |
| Other Amortization | 4.00M | 4.00M | 3.40M | 2.80M | 2.60M | 2.10M |
| Gain (Loss) on Sale of Assets | 31.00K | 31.00K | ||||
| Gain (Loss) on Sale of Investments | -11.89M | -11.89M | -5.51M | -2.95M | 9.37M | 1.15M |
| Stock-Based Compensation | 21.01M | 21.01M | 16.68M | 14.91M | 11.62M | 5.58M |
| Change in Accounts Receivable | -147.07M | -147.07M | -43.75M | -99.11M | -74.85M | -39.17M |
| Reinsurance Recoverable | -73.54M | -73.54M | -118.36M | -83.18M | -36.30M | -52.59M |
| Change in Accounts Payable | -6.89M | -6.89M | 29.18M | 15.67M | 5.43M | -946.00K |
| Change in Unearned Revenue | 240.86M | 240.86M | 144.59M | 125.79M | 186.65M | 101.18M |
| Change in Income Taxes | -7.25M | 7.25M | ||||
| Change in Insurance Reserves / Liabilities | 178.06M | 178.06M | 161.11M | 110.86M | 58.05M | 44.33M |
| Change in Other Net Operating Assets | -56.44M | -56.44M | -29.29M | -88.11M | -150.84M | -22.87M |
| Other Operating Activities | -21.19M | -8.06M | 2.11M | -2.83M | -3.52M | 641.00K |
| Operating Cash Flow | 415.26M | 409.12M | 261.16M | 116.11M | 169.58M | 87.81M |
| Capital Expenditures | -489.00K | -137.00K | -243.00K | -15.00K | -313.00K | -18.00K |
| Sale of Property, Plant & Equipment | 586.00K | 346.00K | ||||
| Purchase / Sale of Intangible Assets | -7.98M | -7.00M | -8.29M | -6.74M | -5.62M | -4.84M |
| Cash Acquisitions | -243.40M | -58.59M | -5.53M | -15.00K | -11.00K | |
| Investment in Securities | -376.10M | -287.58M | -296.24M | -117.14M | -149.91M | -54.82M |
| Other Investing Activities | -7.01M | -1.02M | -1.48M | 950.00K | -950.00K | 1.50M |
| Investing Cash Flow | -634.39M | -353.98M | -306.24M | -128.48M | -156.81M | -58.19M |
| Long-Term Debt Issued | 15.00M | 16.20M | 36.40M | |||
| Total Debt Repaid | -16.88M | -15.00M | -52.60M | |||
| Net Debt Issued (Repaid) | 298.12M | -52.60M | 16.20M | 36.40M | ||
| Issuance of Common Stock | 2.36M | 4.92M | 123.62M | 2.04M | 3.03M | 2.81M |
| Repurchases of Common Stock | -101.39M | -37.28M | -22.27M | -34.41M | -15.85M | |
| Other Financing Activities | -2.58M | -141.00K | ||||
| Financing Cash Flow | 200.53M | -28.79M | 73.77M | -3.94M | 5.02M | -13.04M |
| Net Cash Flow | -18.61M | 26.35M | 28.69M | -16.31M | 17.79M | 16.59M |
| Free Cash Flow | 414.77M | 408.98M | 260.91M | 116.09M | 169.27M | 87.80M |
| Free Cash Flow Margin | 38.00% | 46.69% | 47.11% | 30.88% | 51.75% | 35.43% |
| Free Cash Flow Per Share | 15.19 | 14.88 | 9.95 | 4.58 | 6.56 | 3.36 |
| Levered Free Cash Flow | 569.93M | 353.89M | 291.71M | 192.26M | 325.19M | 88.17M |
| Unlevered Free Cash Flow | 575.14M | 354.14M | 292.42M | 194.62M | 325.74M | 88.19M |
| Cash Interest Paid | 7.71M | 287.00K | 1.05M | 3.68M | 704.00K | |
| Cash Income Tax Paid | 3.54M | 1.12M | 644.00K | 484.00K | 18.89M | 2.10M |
| Change in Working Capital | 202.03M | 202.03M | 125.20M | 23.27M | 95.82M | 31.05M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.69B | 3.57B | 2.79B | 1.37B | 1.14B | 1.65B |
| Enterprise Value | 3.93B | 3.46B | 2.71B | 1.37B | 1.14B | 1.60B |
| PE Ratio | 18.85 | 18.12 | 23.77 | 17.33 | 21.84 | 35.91 |
| PS Ratio | 3.38 | 4.08 | 5.05 | 3.65 | 3.48 | 6.64 |
| PB Ratio | 3.75 | 3.79 | 3.83 | 2.91 | 2.96 | 4.18 |
| P/FCF Ratio | 8.90 | 8.73 | 10.71 | 11.82 | 6.73 | 18.75 |
| P/OCF Ratio | 8.89 | 8.73 | 10.70 | 11.82 | 6.72 | 18.75 |
| EV/Sales Ratio | 3.60 | 3.95 | 4.89 | 3.65 | 3.47 | 6.48 |
| EV/EBITDA Ratio | 13.56 | 13.37 | 17.58 | 12.57 | 16.25 | 27.37 |
| EV/EBIT Ratio | 14.47 | 13.63 | 17.78 | 12.77 | 16.61 | 28.07 |
| EV/FCF Ratio | 9.47 | 8.46 | 10.38 | 11.82 | 6.71 | 18.28 |
| Debt / Equity Ratio | 0.30 | 0.01 | 0.11 | 0.10 | ||
| Debt / EBITDA Ratio | 1.02 | 0.03 | 0.48 | 0.52 | ||
| Debt / FCF Ratio | 0.71 | 0.02 | 0.45 | 0.21 | ||
| Net Debt / Equity Ratio | 0.24 | -0.11 | -0.11 | 0.00 | -0.08 | -0.13 |
| Net Debt / EBITDA Ratio | 0.81 | -0.39 | -0.52 | 0.01 | -0.45 | -0.86 |
| Net Debt / FCF Ratio | 0.56 | -0.24 | -0.31 | 0.01 | -0.19 | -0.57 |
| Quick Ratio | 0.27 | 0.29 | 0.25 | 0.27 | 0.26 | 0.26 |
| Current Ratio | 0.54 | 0.54 | 0.52 | 0.50 | 0.48 | 0.62 |
| Asset Turnover | 0.32 | 0.33 | 0.28 | 0.25 | 0.29 | 0.30 |
| Return on Equity (ROE) | 22.23% | 23.58% | 19.59% | 18.50% | 13.40% | 12.10% |
| Return on Assets (ROA) | 4.99% | 5.97% | 4.80% | 4.45% | 3.83% | 4.32% |
| Return on Invested Capital (ROIC) | 16.55% | 23.51% | 18.91% | 17.37% | 12.96% | 12.11% |
| Earnings Yield | 5.30% | 5.52% | 4.21% | 5.77% | 4.58% | 2.79% |
| FCF Yield | 11.23% | 11.45% | 9.34% | 8.46% | 14.85% | 5.33% |
| Buyback Yield / Dilution | -0.27% | -4.81% | -3.54% | 1.82% | 1.21% | -2.00% |