Palomar Holdings, Inc.
PLMR Nasdaq Fire, Marine & Casualty Insurance Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$876M
58.2%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$197M
67.6%
Free cash flow
Cash from operations minus capital spending.
$409M
56.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $7.43 EPS (TTM)
What Palomar Holdings, Inc. does
No business description yet.
- Legal name
- Palomar Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001193125-26-067364
0001761312
Revenue and margins
Palomar Holdings, Inc. had $876M of revenue in fiscal 2025, up 58.2% on the year before.
FY17
Revenue $59.5M
FY18
Revenue $73.0M
FY19
Revenue $113M
FY20
Revenue $168M
FY21
Revenue $248M
FY22
Revenue $327M
FY23
Revenue $376M
FY24
Revenue $554M
FY25
Revenue $876M
Q3 '23
Revenue $90.9M
Q4 '23
Revenue $105M
Q1 '24
Revenue $119M
Q2 '24
Revenue $131M
Q3 '24
Revenue $149M
Q4 '24
Revenue $156M
Q1 '25
Revenue $175M
Q2 '25
Revenue $203M
Q3 '25
Revenue $245M
Q4 '25
Revenue $253M
Q1 '26
Revenue $279M
Q2 '26
Revenue $314M
FY17
Gross —
Operating —
Net 6.4%
FCF 33.9%
FY18
Gross —
Operating —
Net 25.0%
FCF 30.8%
FY19
Gross —
Operating —
Net 9.4%
FCF 39.2%
FY20
Gross —
Operating —
Net 3.7%
FCF 34.0%
FY21
Gross —
Operating —
Net 18.5%
FCF 35.4%
FY22
Gross —
Operating —
Net 15.9%
FCF 51.8%
FY23
Gross —
Operating —
Net 21.1%
FCF 30.9%
FY24
Gross —
Operating —
Net 21.2%
FCF 47.1%
FY25
Gross —
Operating —
Net 22.5%
FCF 46.7%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 20.3%
FCF 77.7%
Q4 '23
Gross —
Operating —
Net 24.6%
FCF 21.1%
Q1 '24
Gross —
Operating —
Net 22.3%
FCF 27.9%
Q2 '24
Gross —
Operating —
Net 19.6%
FCF 42.1%
Q3 '24
Gross —
Operating —
Net 20.5%
FCF 67.4%
Q4 '24
Gross —
Operating —
Net 22.4%
FCF 46.6%
Q1 '25
Gross —
Operating —
Net 24.6%
FCF 49.9%
Q2 '25
Gross —
Operating —
Net 22.9%
FCF 59.4%
Q3 '25
Gross —
Operating —
Net 21.0%
FCF 34.2%
Q4 '25
Gross —
Operating —
Net 22.2%
FCF 46.3%
Q1 '26
Gross —
Operating —
Net 15.4%
FCF 16.9%
Q2 '26
Gross —
Operating —
Net 16.7%
FCF 53.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2025, diluted EPS grew 54.6% a year. Loss periods are shown in red.
FY17
Net income $3.8M
FY18
Net income $18.2M
FY19
Net income $10.6M
FY20
Net income $6.3M
FY21
Net income $45.8M
FY22
Net income $52.2M
FY23
Net income $79.2M
FY24
Net income $118M
FY25
Net income $197M
Q3 '23
Net income $18.4M
Q4 '23
Net income $25.9M
Q1 '24
Net income $26.4M
Q2 '24
Net income $25.7M
Q3 '24
Net income $30.5M
Q4 '24
Net income $35.0M
Q1 '25
Net income $42.9M
Q2 '25
Net income $46.5M
Q3 '25
Net income $51.5M
Q4 '25
Net income $56.2M
Q1 '26
Net income $42.9M
Q2 '26
Net income $52.6M
FY17
Diluted EPS $0.22
FY18
Diluted EPS $1.07
FY19
Diluted EPS $0.49
FY20
Diluted EPS $0.24
FY21
Diluted EPS $1.76
FY22
Diluted EPS $2.02
FY23
Diluted EPS $3.13
FY24
Diluted EPS $4.48
FY25
Diluted EPS $7.17
Q3 '23
Diluted EPS $0.73
Q4 '23
Diluted EPS $1.03
Q1 '24
Diluted EPS $1.04
Q2 '24
Diluted EPS $1.00
Q3 '24
Diluted EPS $1.15
Q4 '24
Diluted EPS $1.29
Q1 '25
Diluted EPS $1.57
Q2 '25
Diluted EPS $1.68
Q3 '25
Diluted EPS $1.87
Q4 '25
Diluted EPS $2.05
Q1 '26
Diluted EPS $1.57
Q2 '26
Diluted EPS $1.94
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 4.8%
Return on assets —
FY18
Return on capital —
Return on equity 20.9%
Return on assets 7.9%
FY19
Return on capital —
Return on equity 6.7%
Return on assets 3.4%
FY20
Return on capital —
Return on equity 2.1%
Return on assets 1.1%
FY21
Return on capital —
Return on equity 12.1%
Return on assets 5.5%
FY22
Return on capital —
Return on equity 13.4%
Return on assets 4.7%
FY23
Return on capital —
Return on equity 18.5%
Return on assets 5.3%
FY24
Return on capital —
Return on equity 19.6%
Return on assets 5.9%
FY25
Return on capital —
Return on equity 23.6%
Return on assets 7.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $409M in fiscal 2025, 46.7% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $20.2M
FY18
Free cash flow $22.5M
FY19
Free cash flow $44.4M
FY20
Free cash flow $57.4M
FY21
Free cash flow $87.8M
FY22
Free cash flow $169M
FY23
Free cash flow $116M
FY24
Free cash flow $261M
FY25
Free cash flow $409M
Q3 '23
Free cash flow $70.6M
Q4 '23
Free cash flow $22.3M
Q1 '24
Free cash flow $33.1M
Q2 '24
Free cash flow $55.1M
Q3 '24
Free cash flow $100M
Q4 '24
Free cash flow $72.6M
Q1 '25
Free cash flow $87.1M
Q2 '25
Free cash flow $121M
Q3 '25
Free cash flow $83.6M
Q4 '25
Free cash flow $117M
Q1 '26
Free cash flow $47.0M
Q2 '26
Free cash flow $167M
FY17
Cash from operations $20.2M
Capital spending $0.1M
FY18
Cash from operations $22.8M
Capital spending $0.3M
FY19
Cash from operations $44.5M
Capital spending $0.1M
FY20
Cash from operations $57.5M
Capital spending $0.1M
FY21
Cash from operations $87.8M
Capital spending $0.0M
FY22
Cash from operations $170M
Capital spending $0.3M
FY23
Cash from operations $116M
Capital spending $0.0M
FY24
Cash from operations $261M
Capital spending $0.2M
FY25
Cash from operations $409M
Capital spending $0.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations $70.6M
Capital spending −$0.0M
Q4 '23
Cash from operations $22.3M
Capital spending $0.0M
Q1 '24
Cash from operations $33.1M
Capital spending $0.0M
Q2 '24
Cash from operations $55.1M
Capital spending $0.0M
Q3 '24
Cash from operations $100M
Capital spending $0.2M
Q4 '24
Cash from operations $72.6M
Capital spending $0.0M
Q1 '25
Cash from operations $87.2M
Capital spending $0.0M
Q2 '25
Cash from operations $121M
Capital spending $0.0M
Q3 '25
Cash from operations $83.6M
Capital spending $0.1M
Q4 '25
Cash from operations $117M
Capital spending $0.0M
Q1 '26
Cash from operations $47.0M
Capital spending $0.0M
Q2 '26
Cash from operations $167M
Capital spending $0.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Palomar Holdings, Inc. returned $37.3M to shareholders in fiscal 2025, 9% of free cash flow. The diluted share count rose 4.8%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $15.9M
FY22
Dividends —
Buybacks $34.4M
FY23
Dividends —
Buybacks $22.3M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $37.3M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $6.6M
Q4 '23
Dividends —
Buybacks $0.1M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks $37.3M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $23.1M
Q2 '26
Dividends —
Buybacks $41.0M
Dividends
Buybacks
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Palomar Holdings, Inc. can carry it.
FY17
Cash $10.9M
Debt —
FY18
Cash $9.5M
Debt —
FY19
Cash $33.1M
Debt —
FY20
Cash $33.5M
Debt —
FY21
Cash $50.3M
Debt —
FY22
Cash $68.1M
Debt —
FY23
Cash $51.5M
Debt —
FY24
Cash $80.4M
Debt —
FY25
Cash $107M
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $50.3M | $68.1M | $51.5M | $80.4M | $107M |
| Debt incl. finance leases | — | — | — | — | $0.0M |
| Debt / equity | — | — | — | — | 0.0x |
| Total assets | $926M | $1.3B | $1.7B | $2.3B | $3.1B |
| Total liabilities | $532M | $922M | $1.2B | $1.5B | $2.1B |
| Shareholders' equity | $394M | $385M | $471M | $729M | $943M |
| Net debt (− = net cash) | — | — | — | — | −$107M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 4 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | — | −2.0% | −10.8% | −9.1% | −5.1% | −10.5% | −2.4% | −7.2% | −8.0% |
| Altman Z'' | — | — | — | — | — | — | — | — | — |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $59.5M | $73.0M | $113M | $168M | $248M | $327M | $376M | $554M | $876M |
| Provision for credit losses | — | — | — | — | $0.1M | $0.2M | $0.0M | $0.0M | — |
| Interest expense | $1.7M | $2.3M | $1.1M | — | $0.0M | $0.9M | $3.8M | $1.1M | $0.4M |
| Pretax income | $4.9M | $18.2M | $18.1M | $6.2M | $57.1M | $67.6M | $104M | $151M | $253M |
| Income tax | $1.1M | −$0.0M | $7.5M | −$0.0M | $11.3M | $15.4M | $24.4M | $33.6M | $56.3M |
| Net income | $3.8M | $18.2M | $10.6M | $6.3M | $45.8M | $52.2M | $79.2M | $118M | $197M |
| Net income to common | — | $18.2M | $10.6M | $6.3M | $45.8M | $52.2M | — | — | — |
| Diluted EPS | $0.22 | $1.07 | $0.49 | $0.24 | $1.76 | $2.02 | $3.13 | $4.48 | $7.17 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | |||||||||
| Cash from operations | $20.2M | $22.8M | $44.5M | $57.5M | $87.8M | $170M | $116M | $261M | $409M |
| Capital expenditure | $0.1M | $0.3M | $0.1M | $0.1M | $0.0M | $0.3M | $0.0M | $0.2M | $0.1M |
| Free cash flow | $20.2M | $22.5M | $44.4M | $57.4M | $87.8M | $169M | $116M | $261M | $409M |
| Depreciation and amortization | $0.2M | $0.2M | $0.2M | $1.3M | $3.5M | $4.1M | $4.5M | $5.1M | $8.9M |
| Stock-based compensation | $0.0M | $0.0M | $24.1M | $2.2M | $5.6M | $11.6M | $14.9M | $16.7M | $21.0M |
| Acquisitions | — | — | — | — | $0.0M | $0.0M | $5.5M | $0.0M | $58.6M |
| Share buybacks | — | — | — | — | $15.9M | $34.4M | $22.3M | $0.0M | $37.3M |
| Dividends and buybacks | — | — | — | — | $15.9M | $34.4M | $22.3M | $0.0M | $37.3M |
| Balance sheet | |||||||||
| Cash and short-term investments | $10.9M | $9.5M | $33.1M | $33.5M | $50.3M | $68.1M | $51.5M | $80.4M | $107M |
| Total debt | — | — | — | — | — | — | — | — | $0.0M |
| Property and equipment, net | — | $0.9M | $0.8M | $0.7M | $0.5M | $0.6M | $0.4M | $0.4M | $2.6M |
| Goodwill | — | — | — | — | — | $0.0M | $3.8M | $3.8M | $30.5M |
| Intangible assets | — | $0.7M | $0.7M | $11.5M | $9.5M | $8.3M | — | — | — |
| Total assets | — | $231M | $395M | $729M | $926M | $1.3B | $1.7B | $2.3B | $3.1B |
| Total liabilities | — | $135M | $177M | $365M | $532M | $922M | $1.2B | $1.5B | $2.1B |
| Preferred stock | — | — | — | — | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $78.4M | $96.3M | $219M | $364M | $394M | $385M | $471M | $729M | $943M |
| Margins | |||||||||
| Net margin | 6.4% | 25.0% | 9.4% | 3.7% | 18.5% | 15.9% | 21.1% | 21.2% | 22.5% |
| FCF margin | 33.9% | 30.8% | 39.2% | 34.0% | 35.4% | 51.8% | 30.9% | 47.1% | 46.7% |
| Returns | |||||||||
| Return on equity | 4.8% | 20.9% | 6.7% | 2.1% | 12.1% | 13.4% | 18.5% | 19.6% | 23.6% |
| Return on assets | — | 7.9% | 3.4% | 1.1% | 5.5% | 4.7% | 5.3% | 5.9% | 7.4% |
| Return on tangible equity | 4.8% | 19.1% | 4.9% | 1.8% | 11.9% | 13.9% | 16.9% | 16.2% | 21.6% |
| Growth | |||||||||
| Revenue growth | — | 22.7% | 55.3% | 48.7% | 47.1% | 32.0% | 14.9% | 47.3% | 58.2% |
| Net income growth | — | 381.6% | −41.7% | −41.1% | 632.7% | 13.8% | 51.8% | 48.4% | 67.6% |
| EPS growth | — | 386.4% | −54.2% | −51.0% | 633.3% | 14.8% | 55.0% | 43.1% | 60.0% |
| FCF growth | — | 11.4% | 97.5% | 29.2% | 53.1% | 92.8% | −31.4% | 124.7% | 56.8% |
| Share count change | — | 0.0% | 28.4% | 17.2% | 2.0% | −1.2% | −1.8% | 3.5% | 4.8% |
| Financial health | |||||||||
| Debt / equity | — | — | — | — | — | — | — | — | 0.0x |
| Capital allocation | |||||||||
| Capex / revenue | 0.1% | 0.5% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Stock comp / revenue | 0.0% | 0.0% | 21.3% | 1.3% | 2.3% | 3.6% | 4.0% | 3.0% | 2.4% |
| Payouts / FCF | — | — | — | — | 18.1% | 20.3% | 19.2% | 0.0% | 9.1% |
| Quality scores | |||||||||
| Accruals ratio | — | −2.0% | −10.8% | −9.1% | −5.1% | −10.5% | −2.4% | −7.2% | −8.0% |
Source: SEC EDGAR XBRL filings (CIK 0001761312). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.