PLMR Nasdaq Fire, Marine & Casualty Insurance Financials FY2017βFY2025
Palomar Holdings, Inc. had $876M of revenue in fiscal 2025, up 58.2% on the year before. Over five years, revenue changed +39.1% a year on average.
Last close Β· Oct 23, 2026
$141.78
1.9%Hi! I read Palomar Holdings, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+58.2%
Yes. Sales grew 58.2% last year.
Does it make a profit?
22.5%
Yes. It keeps 22.5% of every sale as profit.
Does profit turn into cash?
46.7%
Yes. 46.7% of sales ends up as free cash.
How is the share priced?
19.1x
One share costs 19.1 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Palomar Holdings, Inc. had $876M of revenue in fiscal 2025, up 58.2% on the year before. Over five years, revenue changed +39.1% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Palomar Holdings, Inc. made $197M of net profit in fiscal 2025. From fiscal 2017 to 2025, diluted EPS grew 54.6% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $409M in fiscal 2025, 46.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Palomar Holdings, Inc. returned $37.3M to shareholders in fiscal 2025, 9% of free cash flow. The diluted share count rose 4.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $21.9M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$21.9M
7 insiders
Of sales under plans
38%
$8.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $138.31 | $0.5M | Form 4 |
| Sep 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $134.99 | $0.5M | Form 4 |
| Sep 2, 2026 | Daryl BradleyDirector | Bought | 1 | $131.96 | $0.0M | Form 4 |
| Aug 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $130.60 | $0.5M | Form 4 |
| Aug 18, 2026 | T Christopher UchidaChief Financial Officer | Sold | 791 | $127.74 | $0.1M | Form 4 |
| Aug 18, 2026 | Jonathan KnutzenChief Risk Officer | Sold | 296 | $127.75 | $0.0M | Form 4 |
| Aug 18, 2026 | Jon ChristiansonPresident | Sold | 528 | $127.75 | $0.1M | Form 4 |
| Jul 31, 2026 | Rodolphe HerveChief Operating Officer | Sold | 1,207 | $135.35 | $0.2M | Form 4 |
| Jul 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $137.27 | $0.5M | Form 4 |
| Jul 20, 2026 | Jon ChristiansonPresident | Sold plan | 3,000 | $139.50 | $0.4M | Form 4 |
| Jul 15, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold | 60,741 | $131.66 | $8.0M | Form 4 |
| Jul 2, 2026 | Jon ChristiansonPresident | Sold plan | 6,863 | $139.50 | $1.0M | Form 4 |
| Jun 28, 2026 | Timothy CarterChief People Officer | Sold | 480 | $124.29 | $0.1M | Form 4 |
| Jun 22, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $112.96 | $0.4M | Form 4 |
| May 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $114.39 | $0.4M | Form 4 |
| May 18, 2026 | T Christopher UchidaChief Financial Officer | Sold | 783 | $115.26 | $0.1M | Form 4 |
| May 18, 2026 | Jon ChristiansonPresident | Sold | 522 | $115.26 | $0.1M | Form 4 |
| May 18, 2026 | Jonathan KnutzenChief Risk Officer | Sold | 281 | $115.26 | $0.0M | Form 4 |
| Apr 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $130.77 | $0.5M | Form 4 |
| Apr 15, 2026 | Jon ChristiansonPresident | Sold plan | 1,937 | $128.62 | $0.2M | Form 4 |
| Apr 15, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold | 3,197 | $129.46 | $0.4M | Form 4 |
| Apr 7, 2026 | Jon ChristiansonPresident | Sold plan | 3,000 | $125.00 | $0.4M | Form 4 |
| Mar 23, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 3,500 | $120.58 | $0.4M | Form 4 |
| Feb 18, 2026 | Jonathan KnutzenChief Risk Officer | Sold | 281 | $128.04 | $0.0M | Form 4 |
| Feb 18, 2026 | T Christopher UchidaChief Financial Officer | Sold | 783 | $128.04 | $0.1M | Form 4 |
| Feb 18, 2026 | Jon ChristiansonPresident | Sold | 522 | $128.04 | $0.1M | Form 4 |
| Feb 12, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 5,000 | $122.60 | $0.6M | Form 4 |
| Jan 31, 2026 | Jonathan KnutzenChief Risk Officer | Sold | 290 | $121.74 | $0.0M | Form 4 |
| Jan 31, 2026 | T Christopher UchidaChief Financial Officer | Sold | 545 | $121.74 | $0.1M | Form 4 |
| Jan 31, 2026 | Jon ChristiansonPresident | Sold | 515 | $121.75 | $0.1M | Form 4 |
| Jan 31, 2026 | Angela L. GrantChief Legal Officer | Sold | 260 | $121.75 | $0.0M | Form 4 |
| Jan 31, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold | 2,205 | $121.74 | $0.3M | Form 4 |
| Jan 29, 2026 | Rodolphe HerveChief Operating Officer | Sold | 425 | $122.04 | $0.1M | Form 4 |
| Jan 29, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold | 5,399 | $122.04 | $0.7M | Form 4 |
| Jan 29, 2026 | Angela L. GrantChief Legal Officer | Sold | 365 | $122.04 | $0.0M | Form 4 |
| Jan 29, 2026 | Timothy CarterChief People Officer | Sold | 254 | $122.04 | $0.0M | Form 4 |
| Jan 29, 2026 | Jon ChristiansonPresident | Sold | 1,158 | $122.04 | $0.1M | Form 4 |
| Jan 29, 2026 | Jonathan KnutzenChief Risk Officer | Sold | 444 | $122.04 | $0.1M | Form 4 |
| Jan 29, 2026 | T Christopher UchidaChief Financial Officer | Sold | 1,326 | $122.04 | $0.2M | Form 4 |
| Jan 28, 2026 | T Christopher UchidaChief Financial Officer | Sold | 2,103 | $119.88 | $0.3M | Form 4 |
| Jan 28, 2026 | Angela L. GrantChief Legal Officer | Sold | 1,447 | $119.88 | $0.2M | Form 4 |
| Jan 28, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold | 11,484 | $119.88 | $1.4M | Form 4 |
| Jan 28, 2026 | Jonathan KnutzenChief Risk Officer | Sold | 1,535 | $119.88 | $0.2M | Form 4 |
| Jan 28, 2026 | Jon ChristiansonPresident | Sold | 1,991 | $119.88 | $0.2M | Form 4 |
| Jan 21, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 5,000 | $129.00 | $0.6M | Form 4 |
| Jan 15, 2026 | Mac ArmstrongCEO and Chairman, Director | Sold | 2,310 | $130.00 | $0.3M | Form 4 |
| Dec 23, 2025 | Jon ChristiansonPresident | Sold plan | 1,591 | $139.50 | $0.2M | Form 4 |
| Dec 22, 2025 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 5,000 | $136.23 | $0.7M | Form 4 |
| Nov 21, 2025 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 5,000 | $122.86 | $0.6M | Form 4 |
| Nov 18, 2025 | T Christopher UchidaChief Financial Officer | Sold | 782 | $128.84 | $0.1M | Form 4 |
| Nov 18, 2025 | Jonathan KnutzenChief Risk Officer | Sold | 281 | $128.84 | $0.0M | Form 4 |
| Nov 18, 2025 | Jon ChristiansonPresident | Sold | 522 | $128.84 | $0.1M | Form 4 |
| Oct 21, 2025 | Mac ArmstrongCEO and Chairman, Director | Sold plan | 5,000 | $115.31 | $0.6M | Form 4 |
| Oct 15, 2025 | Mac ArmstrongCEO and Chairman, Director | Sold | 3,218 | $116.10 | $0.4M | Form 4 |
| Jan 29, 2025 | Jonathan KnutzenChief Risk Officer | Sold | 381 | $122.04 | $0.0M | Form 4 |
| Jan 29, 2025 | Angela L. GrantChief Legal Officer | Sold | 397 | $122.04 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Palomar Holdings, Inc. has $107M more cash than debt.
Cash, debt and the ratios that show how comfortably Palomar Holdings, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | β | β | β | $0.0M |
| Debt / equity | β | β | β | β | 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 (β = net cash) | β | β | β | β | β$107M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | β2.0% | β10.8% | β9.1% | β5.1% | β10.5% | β2.4% | β7.2% | β8.0% |
| Altman Z'' | β | β | β | β | β | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | β | β | β | $0.1M | $0.2M | $0.0M | $0.0M | β |
| Interest expense | $1.7M | $2.3M | $1.1M | β | $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 | β$0.0M | $7.5M | β$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 | β | $18.2M | $10.6M | $6.3M | $45.8M | $52.2M | β | β | β |
| 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 | β | β | β | β | $0.0M | $0.0M | $5.5M | $0.0M | $58.6M |
| Share buybacks | β | β | β | β | $15.9M | $34.4M | $22.3M | $0.0M | $37.3M |
| Dividends and buybacks | β | β | β | β | $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 | β | β | β | β | β | β | β | β | $0.0M |
| Property and equipment, net | β | $0.9M | $0.8M | $0.7M | $0.5M | $0.6M | $0.4M | $0.4M | $2.6M |
| Goodwill | β | β | β | β | β | $0.0M | $3.8M | $3.8M | $30.5M |
| Intangible assets | β | $0.7M | $0.7M | $11.5M | $9.5M | $8.3M | β | β | β |
| Total assets | β | $231M | $395M | $729M | $926M | $1.3B | $1.7B | $2.3B | $3.1B |
| Total liabilities | β | $135M | $177M | $365M | $532M | $922M | $1.2B | $1.5B | $2.1B |
| Preferred stock | β | β | β | β | β | $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 | β | 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 | β | 22.7% | 55.3% | 48.7% | 47.1% | 32.0% | 14.9% | 47.3% | 58.2% |
| Net income growth | β | 381.6% | β41.7% | β41.1% | 632.7% | 13.8% | 51.8% | 48.4% | 67.6% |
| EPS growth | β | 386.4% | β54.2% | β51.0% | 633.3% | 14.8% | 55.0% | 43.1% | 60.0% |
| FCF growth | β | 11.4% | 97.5% | 29.2% | 53.1% | 92.8% | β31.4% | 124.7% | 56.8% |
| Share count change | β | 0.0% | 28.4% | 17.2% | 2.0% | β1.2% | β1.8% | 3.5% | 4.8% |
| Financial health | |||||||||
| Debt / equity | β | β | β | β | β | β | β | β | 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 | β | β | β | β | 18.1% | 20.3% | 19.2% | 0.0% | 9.1% |
| Quality scores | |||||||||
| Accruals ratio | β | β2.0% | β10.8% | β9.1% | β5.1% | β10.5% | β2.4% | β7.2% | β8.0% |
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 β not investment advice. Check the original filings before relying on any figure.
