PLMR

MKT CAP:$3B

Palomar Holdings, Inc.

Market Cap

$3B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NASDAQ

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$126.07-$5.75 (-4.36%)

Apr 24, 2026

Company Details

Palomar Holdings, Inc., an insurance holding company, provides specialty property insurance to residential and commercial customers. The company offers personal and commercial specialty property insurance products, including residential and...

CEO

D. McDonald Armstrong

IPO Date

Apr 17, 2019

Website

plmr.com

Key Metrics TTM

Revenue

$669M

+85.2% YoY

Net Income

$146M

EPS (Diluted)

$5.48

Free Cash Flow

$259M

Revenue / Share

$24.30

Gross Margin

49.3%

Operating Margin

28.2%

Net Margin

21.9%

FCF Margin

38.7%

P/S

5.0x

P/E

23.0x

Earnings Reports

Q4 2025

May 4, 2026

PENDING

FY 2025

Feb 24, 2026

$876M+58.2%EPS $7.17

Q3 2025

Nov 7, 2025

$245MEPS $1.87

Q1 2025

May 6, 2025

$175M+47.3%EPS $1.57

FY 2024

Feb 25, 2025

$554M+47.3%EPS $4.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$26M	$16M	$8M
Q3 19	$30M	$18M	$9M
Q4 19	$35M	$21M	$14M
Q2 20	$43M	$24M	$15M
Q4 20	$42M	$7M	-$2M
Q1 21	$49M	$34M	$20M
Q2 21	$58M	$28M	$16M
Q4 21	$73M	$36M	$21M
Q1 22	$78M	$35M	$19M
Q4 22	$89M	$43M	$25M
Q1 23	$89M	$43M	$23M
Q4 23	$105M	$58M	$33M
Q1 24	$119M	$60M	$34M
Q2 24	$131M	$65M	$33M
Q1 25	$175M	$89M	$54M
Q3 25	$245M	$116M	$67M

Valuation

Quarter	P/S	P/E
Q2 19	40.7x	—
Q3 19	35.7x	870.3x
Q4 19	29.7x	317.0x
Q2 20	25.1x	90.9x
Q4 20	22.4x	118.1x
Q1 21	19.9x	89.4x
Q2 21	17.5x	86.0x
Q4 21	15.1x	76.9x
Q1 22	13.0x	56.0x
Q4 22	11.3x	54.1x
Q1 23	10.2x	50.1x
Q4 23	9.3x	44.0x
Q1 24	8.4x	38.1x
Q2 24	7.6x	35.3x
Q1 25	6.4x	27.8x
Q3 25	5.0x	23.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$14M	$14M
Q3 19	$19M	$19M
Q4 19	$6M	$6M
Q2 20	$3M	$3M
Q4 20	$13M	$9M
Q1 21	-$13M	-$13M
Q2 21	$6M	$6M
Q4 21	$54M	$54M
Q1 22	$48M	$48M
Q4 22	$75M	$75M
Q1 23	$17M	$16M
Q4 23	$22M	$21M
Q1 24	$33M	$33M
Q2 24	$55M	$55M
Q1 25	$87M	$87M
Q3 25	$84M	$84M

Capital Expenditures

Quarter	CapEx
Q2 19	$17.0K
Q3 19	$28.0K
Q4 19	$43.0K
Q2 20	$39.0K
Q4 20	$4M
Q1 21	$0
Q2 21	$18.0K
Q4 21	$0
Q1 22	$7.0K
Q4 22	$6.0K
Q1 23	$2M
Q4 23	$1M
Q1 24	$0
Q2 24	$0
Q1 25	$35.0K
Q3 25	$51.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+30.2%	+34.5%
Q3 19	+61.0%	+21.1%
Q4 19	+121.3%	+75.5%
Q2 20	+93.4%	-23.9%
Q4 20	+63.3%	+156.6%
Q1 21	+61.7%	+38.7%
Q2 21	+66.7%	+108.7%
Q4 21	+69.6%	+86.0%
Q1 22	+84.7%	+32.1%
Q4 22	+80.0%	+118.4%
Q1 23	+54.6%	+57.8%
Q4 23	+44.0%	+38.9%
Q1 24	+51.8%	+42.6%
Q2 24	+48.2%	+53.9%
Q1 25	+95.8%	+81.6%
Q3 25	+132.1%	+146.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$306.0K	1.2%
Q3 19	$410.0K	1.3%
Q4 19	$426.0K	1.2%
Q2 20	$0	0.0%
Q4 20	$710.0K	1.7%
Q1 21	$0	0.0%
Q2 21	$907.0K	1.6%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q4 22	$3M	3.5%
Q1 23	$3M	3.9%
Q4 23	$4M	4.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$5M	2.2%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$47M	$444M	$491M
Q2 22	$36M	$478M	$515M
Q3 22	$29M	$477M	$506M
Q4 22	$68M	$515M	$583M
Q1 23	$80M	$554M	$635M
Q2 23	$58M	$242M	$300M
Q3 23	$53M	$276M	$329M
Q4 23	$52M	$644M	$695M
Q1 24	$61M	$330M	$392M
Q2 24	$48M	$343M	$391M
Q3 24	$86M	$429M	$516M
Q4 24	$80M	$470M	$551M
Q1 25	$119M	$502M	$621M
Q2 25	$81M	$1.1B	$1.2B
Q3 25	$112M	$1.1B	$1.3B
Q4 25	$107M	$618M	$725M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	22M	-1.3%	-1.3%
Q3 19	24M	+7.7%	+6.3%
Q4 19	24M	+0.2%	+6.5%
Q2 20	25M	+4.0%	+10.7%
Q4 20	26M	+1.8%	+14.3%
Q1 21	26M	+3.4%	+9.8%
Q2 21	26M	-0.5%	+9.0%
Q4 21	26M	-0.8%	+3.9%
Q1 22	26M	-0.6%	+1.5%
Q4 22	26M	-0.7%	-2.5%
Q1 23	25M	-1.1%	-3.1%
Q4 23	25M	-0.7%	-3.0%
Q1 24	25M	+0.8%	-1.7%
Q2 24	26M	+0.6%	-0.4%
Q1 25	27M	+7.0%	+7.7%
Q3 25	28M	+0.5%	+8.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q3 19	—	—
Q4 19	$449.6K	77
Q2 20	$560.4K	77
Q4 20	$346.7K	122
Q1 21	$403.6K	122
Q2 21	$473.1K	122
Q4 21	$484.6K	151
Q1 22	$517.3K	151
Q4 22	$464.0K	191
Q1 23	$467.0K	191
Q4 23	$494.8K	213
Q1 24	$556.5K	213
Q2 24	$616.5K	213
Q1 25	$690.2K	253
Q3 25	$967.0K	253

Revenue / Employee