Palomar Holdings Financials
Palomar Holdings (PLMR) reported $876.0M in revenue for fiscal year 2025, up 58.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A cash-converting, low-capex engine is scaling on a liability-funded balance sheet without meaningful borrowing friction.
From FY2023 to FY2025, operating cash flow expanded from$116.1M to$409.1M while staying above net income in each year. Because capex remained negligible, free cash flow was almost identical to operating cash, meaning the company can enlarge the balance sheet and still keep most incremental earnings as deployable cash rather than tying them up in ongoing reinvestment.
FY2025 shows long-term debt at
Net profit margin improved from
Financial Health Signals
Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Palomar Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Palomar Holdings, and counted as zero in the overall score.
Palomar Holdings passes 6 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Palomar Holdings generates $2.08 in operating cash flow ($409.1M OCF vs $197.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Palomar Holdings generated $876.0M in revenue in fiscal year 2025. This represents an increase of 58.2% from the prior year.
Palomar Holdings reported $197.1M in net income in fiscal year 2025. This represents an increase of 67.6% from the prior year.
Palomar Holdings earned $7.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 60.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Palomar Holdings generated $409.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 56.8% from the prior year.
Palomar Holdings held $106.9M in cash against $0 in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Palomar Holdings's net profit margin was 22.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.
Palomar Holdings's ROE was 20.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Palomar Holdings spent $37.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Palomar Holdings invested $137K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.6% from the prior year.
Not reported for fiscal year 2025.
PLMR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $876.0M+58.2% | $553.9M+47.3% | $375.9M+14.9% | $327.1M+32.0% | $247.8M+47.1% | $168.5M+48.7% | $113.3M+55.3% | $73.0M+22.7% | $59.5M |
| Interest Expense | $8.3M | $392K-65.6% | $1.1M-69.9% | $3.8M+332.4% | $873K+2082.5% | $40K | N/A | $1.1M-53.6% | $2.3M+32.0% | $1.7M |
| Income Tax | $59.9M | $56.3M+67.5% | $33.6M+37.6% | $24.4M+58.9% | $15.4M+36.2% | $11.3M+33308.8% | -$34K-100.5% | $7.5M+124366.7% | -$6K-100.5% | $1.1M |
| Net Income | $203.2M | $197.1M+67.6% | $117.6M+48.4% | $79.2M+51.8% | $52.2M+13.8% | $45.8M+632.7% | $6.3M-41.1% | $10.6M-41.7% | $18.2M+381.6% | $3.8M |
| EPS (Diluted) | — | $7.17+60.0% | $4.48+43.1% | $3.13+55.0% | $2.02+14.8% | $1.76+633.3% | $0.24-51.0% | $0.49-54.2% | $1.07+386.4% | $0.22 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PLMR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.1B+34.9% | $2.3B+32.4% | $1.7B+30.7% | $1.3B+41.1% | $925.7M+27.0% | $729.1M+84.4% | $395.5M+71.1% | $231.1M | N/A |
| Cash & Equivalents | $106.9M+32.9% | $80.4M+56.1% | $51.5M-24.3% | $68.1M+35.4% | $50.3M+49.9% | $33.5M+1.3% | $33.1M+247.7% | $9.5M-12.9% | $10.9M |
| Goodwill | $30.5M+711.3% | $3.8M0.0% | $3.8M | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.1B+37.5% | $1.5B+24.0% | $1.2B+34.2% | $921.7M+73.4% | $531.6M+45.5% | $365.4M+106.5% | $176.9M+31.2% | $134.8M | N/A |
| Long-Term Debt | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $942.7M+29.3% | $729.0M+54.7% | $471.3M+22.5% | $384.8M-2.4% | $394.2M+8.4% | $363.7M+66.4% | $218.6M+127.0% | $96.3M+22.8% | $78.4M |
| Retained Earnings | $422.0M+60.9% | $262.2M+81.3% | $144.6M+64.9% | $87.7M+25.4% | $70.0M+75.1% | $40.0M+18.0% | $33.9M+19.4% | $28.4M+786.1% | $3.2M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
PLMR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $415.3M | $409.1M+56.7% | $261.2M+124.9% | $116.1M-31.5% | $169.6M+93.1% | $87.8M+52.7% | $57.5M+29.2% | $44.5M+95.2% | $22.8M+12.6% | $20.2M |
| Capital Expenditures | $489K | $137K-43.6% | $243K+1520.0% | $15K-95.2% | $313K+1638.9% | $18K-86.4% | $132K+14.8% | $115K-65.4% | $332K+388.2% | $68K |
| Free Cash Flow | $414.8M | $409.0M+56.8% | $260.9M+124.7% | $116.1M-31.4% | $169.3M+92.8% | $87.8M+53.1% | $57.4M+29.2% | $44.4M+97.5% | $22.5M+11.4% | $20.2M |
| Investing Cash Flow | -$634.4M | -$354.0M-15.6% | -$306.2M-138.4% | -$128.5M+18.1% | -$156.8M-169.5% | -$58.2M+68.6% | -$185.4M-122.3% | -$83.4M-228.7% | -$25.4M-32.6% | -$19.1M |
| Financing Cash Flow | $200.5M | -$28.8M-139.0% | $73.8M+1972.4% | -$3.9M-178.5% | $5.0M+138.5% | -$13.0M-110.2% | $128.3M+106.0% | $62.3M+3921.4% | $1.5M | N/A |
| Share Buybacks | $101.4M | $37.3M | $0-100.0% | $22.3M-35.3% | $34.4M+117.1% | $15.9M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PLMR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 22.5%+1.3pp | 21.2%+0.2pp | 21.1%+5.1pp | 16.0%-2.5pp | 18.5%+14.8pp | 3.7%-5.7pp | 9.4%-15.6pp | 25.0%+18.6pp | 6.4% |
| Return on Equity | 20.9%+4.8pp | 16.1%-0.7pp | 16.8%+3.3pp | 13.6%+1.9pp | 11.6%+9.9pp | 1.7%-3.1pp | 4.9%-14.1pp | 18.9%+14.1pp | 4.8% |
| Return on Assets | 6.5%+1.3pp | 5.2%+0.6pp | 4.6%+0.6pp | 4.0%-1.0pp | 5.0%+4.1pp | 0.9%-1.8pp | 2.7%-5.2pp | 7.9% | N/A |
| Debt-to-Equity | 0.00-2.1x | 2.10-0.5x | 2.62+0.2x | 2.40+1.0x | 1.35+0.3x | 1.00+0.2x | 0.81-0.6x | 1.40 | N/A |
| FCF Margin | 46.7%-0.4pp | 47.1%+16.2pp | 30.9%-20.9pp | 51.7%+16.3pp | 35.4%+1.4pp | 34.1%-5.1pp | 39.2%+8.4pp | 30.8%-3.1pp | 33.9% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
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Where Palomar Holdings Ranks
Frequently Asked Questions
What is Palomar Holdings's annual revenue?
Palomar Holdings (PLMR) reported $876.0M in total revenue for fiscal year 2025. This represents a 58.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Palomar Holdings's revenue growing?
Palomar Holdings (PLMR) revenue grew by 58.2% year-over-year, from $553.9M to $876.0M in fiscal year 2025.
Is Palomar Holdings profitable?
Yes, Palomar Holdings (PLMR) reported a net income of $197.1M in fiscal year 2025, with a net profit margin of 22.5%.
How much debt does Palomar Holdings have?
As of fiscal year 2025, Palomar Holdings (PLMR) had $106.9M in cash and equivalents against $0 in long-term debt.
What is Palomar Holdings's net profit margin?
Palomar Holdings (PLMR) had a net profit margin of 22.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Palomar Holdings's return on equity (ROE)?
Palomar Holdings (PLMR) has a return on equity of 20.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Palomar Holdings's free cash flow?
Palomar Holdings (PLMR) generated $409.0M in free cash flow during fiscal year 2025. This represents a 56.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Palomar Holdings's operating cash flow?
Palomar Holdings (PLMR) generated $409.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Palomar Holdings's total assets?
Palomar Holdings (PLMR) had $3.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Palomar Holdings's capital expenditures?
Palomar Holdings (PLMR) invested $137K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Palomar Holdings's debt-to-equity ratio?
Palomar Holdings (PLMR) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Palomar Holdings's return on assets (ROA)?
Palomar Holdings (PLMR) had a return on assets of 6.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Palomar Holdings's Piotroski F-Score?
Palomar Holdings (PLMR) has a Piotroski F-Score of 6 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Palomar Holdings's earnings high quality?
Palomar Holdings (PLMR) has an earnings quality ratio of 2.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Palomar Holdings?
Palomar Holdings (PLMR) scores 67 out of 100 on our Financial Health Score, indicating strong standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.