Palomar Holdings, Inc. PLMR
We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. We offer coverage in both the admitted and excess and surplus lines ("E&S") markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. Our insurance company subsidiaries, Palomar Specialty Insurance Company ("PSIC"), Palomar Excess and Surplus Insurance Company ("PESIC"), and First Indemnity of America Insurance Co. ("FIA") carry an "A" financial strength rating from A.M. Best Company ("A.M. Best"), a leading rating agency for the insurance industry.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $876.0M | $553.9M | $375.9M | $327.1M | $247.8M | $168.5M | $113.3M | $73.0M | $59.5M | — |
| Interest expense | $392.0K | $1.1M | $3.8M | $873.0K | $40.0K | — | $1.1M | $2.3M | $1.7M | — |
| Pre-tax income | $253.4M | $151.2M | $103.6M | $67.6M | $57.1M | $6.2M | $18.1M | $18.2M | $4.9M | — |
| Income tax | $56.3M | $33.6M | $24.4M | $15.4M | $11.3M | $34.0K | $7.5M | $6.0K | $1.1M | — |
| Net income | $197.1M | $117.6M | $79.2M | $52.2M | $45.8M | $6.3M | $10.6M | $18.2M | $3.8M | — |
| EPS, basic | 7.40 | 4.61 | 3.19 | 2.07 | 1.80 | 0.25 | 0.49 | 1.07 | 0.22 | — |
| EPS, diluted | 7.17 | 4.48 | 3.13 | 2.02 | 1.76 | 0.24 | 0.49 | 1.07 | 0.22 | — |
| Shares, diluted (wtd. avg.) | $27.5M | $26.2M | $25.3M | $25.8M | $26.1M | $25.6M | $21.8M | $17.0M | $17.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $106.9M | $80.4M | $51.5M | $68.1M | $50.3M | $33.8M | $33.3M | $9.9M | $10.9M | $9.8M |
| Property, plant and equipment | $2.6M | $429.0K | $373.0K | $603.0K | $527.0K | $739.0K | $845.0K | $947.0K | — | — |
| Goodwill | $30.5M | $3.8M | $3.8M | $0 | — | — | — | — | — | — |
| Other intangibles | — | — | — | $8.3M | $9.5M | $11.5M | $744.0K | $744.0K | — | — |
| Total assets | $3.05B | $2.26B | $1.71B | $1.31B | $925.7M | $729.1M | $395.5M | $231.1M | — | — |
| Total liabilities | $2.11B | $1.53B | $1.24B | $921.7M | $531.6M | $365.4M | $176.9M | $134.8M | — | — |
| Retained earnings | $422.0M | $262.2M | $144.6M | $87.7M | $70.0M | $40.0M | $33.9M | $28.4M | $3.2M | — |
| Total equity | $942.7M | $729.0M | $471.3M | $384.8M | $394.2M | $363.7M | $218.6M | $96.3M | $78.4M | $73.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $409.1M | $261.2M | $116.1M | $169.6M | $87.8M | $57.5M | $44.5M | $22.8M | $20.2M | — |
| Depreciation and amortisation | $8.9M | $5.1M | $4.5M | $4.1M | $3.5M | $1.3M | $216.0K | $212.0K | $160.0K | — |
| Stock-based compensation | $21.0M | $16.7M | $14.9M | $11.6M | $5.6M | $2.2M | $24.1M | — | — | — |
| Capital expenditure | $137.0K | $243.0K | $15.0K | $313.0K | $18.0K | $132.0K | $115.0K | $332.0K | $68.0K | — |
| Investing cash flow | -$354.0M | -$306.2M | -$128.5M | -$156.8M | -$58.2M | -$185.4M | -$83.4M | -$25.4M | -$19.1M | — |
| Financing cash flow | -$28.8M | $73.8M | -$3.9M | $5.0M | -$13.0M | $128.3M | $62.3M | $1.5M | — | — |
| Buybacks | $37.3M | $0 | $22.3M | $34.4M | $15.9M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002071876-26-000105.
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