Detailed financial statements for Palomar Holdings, Inc. (PLMR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Palomar Holdings, Inc. functions as an insurance holding company dedicated to providing specialized property coverage for both private homeowners and businesses. Its comprehensive product range encompasses essential offerings such as residential and commercial earthquake policies, commercial all-risk protection, tailored homeowners' insurance, inland marine coverage, and Hawaii hurricane policies.
Analysis Summary
Palomar Holdings, Inc. reported revenue of $876.0M in the most recent fiscal year, growing at a 5-year CAGR of 39.1%. Net income reached $197.1M, with a 99.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 58.1%, operating margin 24.1%, net margin 18.6%. Free cash flow grew at 52.0% CAGR over 5 years.
At $137.17 (closing price, October 29, 2026), PLMR trades at a P/E of 18.44 and an ROE of 21.61%. Market capitalisation stands at $3.6B.
Balance sheet quality for PLMR: current ratio of 0.0, net cash position of $718.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $402.0M represents 204% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.7M | $59.5M | $73.0M | $113.3M | $168.5M | $247.8M | $327.1M | $375.9M | $553.9M | $876.0M |
| Cost of Revenue | $24.6M | $37.6M | $34.5M | $42.9M | $128.2M | $136.9M | $189.4M | $180.3M | $284.4M | $228.6M |
| Gross Profit | $18.1M | $21.8M | $38.5M | $70.4M | $40.3M | $110.9M | $137.6M | $195.6M | $269.4M | $647.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $11.8M | $16.9M | $20.3M | $52.4M | $34.1M | $53.8M | $70.1M | $91.9M | $118.3M | $394.0M |
| Operating Income | $6.3M | $4.9M | $18.2M | $18.1M | $6.2M | $57.1M | $67.6M | $103.6M | $151.2M | $253.4M |
| EBITDA | $8.0M | $6.8M | $20.7M | $19.4M | $7.6M | $60.7M | $72.5M | $111.9M | $157.4M | $262.7M |
| Interest Expense | $1.6M | $1.7M | $2.3M | $1.1M | 0 | $40,000 | $873,000 | $3.8M | $1.1M | $392,000 |
| Pre-tax Income | $6.3M | $4.9M | $18.2M | $18.1M | $6.2M | $57.1M | $67.6M | $103.6M | $151.2M | $253.4M |
| Income Tax | -$337,000 | $1.1M | -$6,000 | $7.5M | -$34,000 | $11.3M | $15.4M | $24.4M | $33.6M | $56.3M |
| Net Income | $6.6M | $3.8M | $18.2M | $10.6M | $6.3M | $45.8M | $52.2M | $79.2M | $117.6M | $197.1M |
| EPS | $0.29 | $0.17 | $0.81 | $0.49 | $0.25 | $1.80 | $2.07 | $3.19 | $4.61 | $7.40 |
| EPS (Diluted) | $0.29 | $0.17 | $0.81 | $0.49 | $0.24 | $1.76 | $2.02 | $3.13 | $4.48 | $7.17 |
| Shares Outstanding (Diluted) | 22.6 M | 22.6 M | 22.6 M | 21.8 M | 25.6 M | 26.1 M | 25.8 M | 25.3 M | 26.2 M | 27.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $244.7M | $253.4M | $278.9M | $314.4M |
| Gross Profit | $115.6M | $182.5M | $191.8M | $144.2M |
| Operating Income | $67.1M | $72.7M | $53.5M | $69.8M |
| EBITDA | $68.6M | $78.3M | $56.6M | $83.9M |
| Net Income | $51.5M | $56.2M | $42.9M | $52.6M |
| EPS | $1.93 | $2.12 | $1.62 | $2.00 |
| EPS (Diluted) | $1.87 | $2.06 | $1.57 | $1.94 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.8M | $10.8M | $9.5M | $33.1M | $33.5M | $50.3M | $68.1M | $51.5M | $80.4M | $106.9M |
| Short-term Investments | 0 | $101.9M | $122.2M | $217.2M | $398.0M | $432.7M | $515.1M | $643.8M | $470.4M | $618.3M |
| Receivables | 0 | $30.0M | 0 | $53.5M | $153.6M | $245.3M | $356.5M | $538.8M | $700.9M | $452.9M |
| Inventory | 0 | -$38.4M | -$31.9M | -$80.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $9.8M | $142.7M | $164.9M | $303.8M | $585.1M | $789.4M | $1.15B | 0 | 0 | $559.8M |
| Property, Plant & Equipment | $920,000 | $827,000 | $947,000 | $845,000 | $739,000 | $527,000 | $603,000 | $373,000 | $429,000 | $2.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.8M | $3.8M | 0 |
| Intangible Assets | $11.4M | $744,000 | $744,000 | $744,000 | $11.5M | $9.5M | $8.3M | $8.6M | $9.5M | $80.3M |
| Total Assets | $145.1M | $188.4M | $231.1M | $395.5M | $729.1M | $925.7M | $1.31B | $1.71B | $2.26B | $2.23B |
| Accounts Payable | 0 | $11.6M | $19.9M | $24.9M | $43.0M | $58.7M | $171.9M | $224.1M | $260.2M | $387.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $904,000 | $36.4M | $52.6M | $1.1M | $927,000 |
| Total Current Liabilities | 0 | $11.6M | $25.0M | $1.1M | $43.0M | $531.6M | $921.7M | 0 | 0 | 0 |
| Long-term Debt | $17.0M | $17.1M | $19.1M | 0 | 0 | $1.3M | $36.4M | $52.6M | $6.7M | 0 |
| Total Liabilities | $17.0M | $109.9M | $140.0M | $176.9M | $365.4M | $531.6M | $921.7M | $1.24B | $1.53B | $1.28B |
| Retained Earnings | $3.6M | $6.9M | $275,000 | $33.9M | $40.0M | $70.0M | $87.7M | $144.6M | $262.2M | $422.0M |
| Total Equity | $73.1M | $78.4M | $91.2M | $218.6M | $363.7M | $394.2M | $384.8M | $471.3M | $729.0M | $942.7M |
| Total Debt | $17.0M | $17.1M | $19.1M | 0 | 0 | $3.5M | $36.4M | $52.6M | 0 | $7.1M |
| Net Debt | $7.2M | -$95.6M | -$112.7M | -$250.3M | -$431.5M | -$479.5M | -$546.8M | -$642.7M | -$550.9M | -$718.1M |
| Working Capital | $9.8M | $131.1M | $140.0M | $302.6M | $542.1M | $257.9M | $225.9M | 0 | 0 | $559.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $111.7M | $106.9M | $56.5M | $62.7M |
| Total Assets | $2.94B | $3.05B | $3.61B | $3.96B |
| Total Liabilities | $2.07B | $2.11B | $2.65B | $2.98B |
| Total Equity | $878.1M | $942.7M | $959.0M | $980.9M |
| Total Debt | 0 | 0 | $297.4M | $295.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $6.6M | $3.8M | $18.2M | $10.6M | $6.3M | $45.8M | $52.2M | $79.2M | $117.6M | $197.1M |
| Depreciation & Amortization | $88,000 | $160,000 | $212,000 | $216,000 | $1.3M | $3.5M | $4.1M | $4.5M | $5.1M | $8.9M |
| Stock-based Compensation | 0 | 0 | 0 | $24.1M | $2.2M | $5.6M | $11.6M | $14.9M | $16.7M | $21.0M |
| Change in Working Capital | $8.9M | $14.7M | $884,000 | $9.2M | $43.0M | $31.1M | $95.8M | $23.3M | $125.2M | $202.0M |
| Operating Cash Flow | $15.8M | $20.2M | $22.8M | $41.7M | $53.6M | $87.8M | $169.6M | $116.1M | $261.2M | $409.1M |
| Capital Expenditure | -$898,000 | -$68,000 | -$332,000 | -$2.9M | -$4.1M | -$4.9M | -$5.9M | -$6.8M | -$243,000 | -$7.1M |
| Acquisitions | $4,000 | 0 | 0 | $2.8M | -$7.1M | -$11,000 | -$15,000 | -$8.5M | 0 | -$69.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$15.9M | -$34.4M | -$22.3M | 0 | -$37.3M |
| Dividends Paid | 0 | 0 | 0 | -$5.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $14.9M | $20.2M | $22.5M | $38.8M | $49.5M | $83.0M | $163.6M | $109.3M | $260.9M | $402.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $83.6M | $117.4M | $47.0M | $167.2M |
| Capital Expenditure | -$2.2M | -$1.8M | -$2.0M | $1.6M |
| Free Cash Flow | $81.5M | $115.6M | $45.0M | $168.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.4M | $5.5M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +39.3% | +22.7% | +55.3% | +48.7% | +47.1% | +32.0% | +14.9% | +47.3% | +58.2% | |
| Net Income Growth (YoY) | -42.8% | +381.6% | -41.7% | -41.1% | +632.7% | +13.8% | +51.8% | +48.4% | +67.6% | |
| EPS Growth (YoY) | -41.4% | +376.5% | -39.5% | -49.0% | +620.0% | +15.0% | +54.1% | +44.5% | +60.5% | |
| Shares Change (YoY) | +0.0% | +0.0% | -3.5% | +17.2% | +2.0% | -1.2% | -1.8% | +3.5% | +4.8% | |
| FCF Growth (YoY) | +35.2% | +11.4% | +72.5% | +27.6% | +67.7% | +97.3% | -33.2% | +138.6% | +54.1% | |
| Gross Margin | 42.3% | 36.7% | 52.7% | 62.2% | 23.9% | 44.8% | 42.1% | 52.0% | 48.6% | 73.9% |
| Operating Margin | 14.7% | 8.3% | 25.0% | 16.0% | 3.7% | 23.1% | 20.7% | 27.6% | 27.3% | 28.9% |
| EBITDA Margin | 18.7% | 11.5% | 28.4% | 17.1% | 4.5% | 24.5% | 22.2% | 29.8% | 28.4% | 30.0% |
| Net Margin | 15.5% | 6.4% | 25.0% | 9.4% | 3.7% | 18.5% | 15.9% | 21.1% | 21.2% | 22.5% |
| FCF Margin | 35.0% | 33.9% | 30.8% | 34.2% | 29.4% | 33.5% | 50.0% | 29.1% | 47.1% | 45.9% |
| Effective Tax Rate | -5.4% | 23.2% | -0.0% | 41.2% | -0.5% | 19.8% | 22.8% | 23.6% | 22.2% | 22.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.66 | $0.89 | $0.99 | $1.78 | $1.93 | $3.18 | $6.34 | $4.32 | $9.95 | $14.63 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 17.0 M | 17.2 M | 22.6 M | 21.5 M | 24.9 M | 25.5 M | 25.2 M | 24.8 M | 25.5 M | 26.6 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 21.61% |
| Return on Invested Capital | 11.26% |
| Return on Assets | 5.12% |
| Gross Margin | 58.10% |
| Operating Margin | 24.10% |
| Net Margin | 18.61% |
Financial Health
| Debt / Equity | 0.30 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.01 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 65.48 | 111.71 | 23.44 | 103.04 | 355.36 | 35.98 | 21.82 | 17.40 | 22.90 | 18.21 |
| P/B | 4.42 | 4.16 | 4.71 | 4.97 | 6.08 | 4.18 | 2.96 | 2.92 | 3.70 | 3.81 |
| P/S | 7.56 | 5.49 | 5.89 | 9.58 | 13.12 | 6.65 | 3.49 | 3.66 | 4.87 | 4.10 |
| Gross Margin | 42.3% | 36.7% | 52.7% | 62.2% | 23.9% | 44.8% | 42.1% | 52.0% | 48.6% | 73.9% |
| Operating Margin | 14.7% | 8.3% | 25.0% | 16.0% | 3.7% | 23.1% | 20.7% | 27.6% | 27.3% | 28.9% |
| Net Margin | 15.5% | 6.4% | 25.0% | 9.4% | 3.7% | 18.5% | 15.9% | 21.1% | 21.2% | 22.5% |
Related companies: SLDE · SKWD · HCI · CB · 0VQD.L · PGR · 0KOC.L · TRV
Explore sector: Financial Services · Insurance - Property & Casualty
More sections of PLMR: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks