Loading financials from SEC filings…
Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Palomar reported revenue of $876M in the fiscal year ended Dec 2025, up 58.2% from the year before. Operating income was $254M, an operating margin of 29.0%, and net income was $197M. Operating cash flow of $409M less capital expenditure of $137,000 left free cash flow of $409M. It held more cash than debt (net cash $107M).
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 248 | 327 | 376 | 554 | 876 |
| Operating incomederived: pre-tax income + interest | 57.2 | 68.4 | 107 | 152 | 254 |
| Interest expense | 0.0 | 0.9 | 3.8 | 1.1 | 0.4 |
| Pre-tax income | 57.1 | 67.6 | 104 | 151 | 253 |
| Income tax | 11.3 | 15.4 | 24.4 | 33.6 | 56.3 |
| Net income | 45.8 | 52.2 | 79.2 | 118 | 197 |
| Diluted EPS | 1.76 | 2.02 | 3.13 | 4.48 | 7.17 |
| Diluted shares | 26.1 | 25.8 | 25.3 | 26.2 | 27.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 50.3 | 68.1 | 51.5 | 80.4 | 107 |
| Net PP&E | 0.5 | 0.6 | 0.4 | 0.4 | 2.6 |
| Goodwill | – | 0.0 | 3.8 | 3.8 | 30.5 |
| Total assets | 926 | 1,306 | 1,708 | 2,262 | 3,051 |
| Long-term debt | – | – | – | – | 0.0 |
| Total liabilities | 532 | 922 | 1,237 | 1,533 | 2,108 |
| Shareholders' equity | 394 | 385 | 471 | 729 | 943 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 87.8 | 170 | 116 | 261 | 409 |
| Capital expenditure | 0.0 | 0.3 | 0.0 | 0.2 | 0.1 |
| Free cash flow | 87.8 | 169 | 116 | 261 | 409 |
| Depreciation & amortisation | 3.5 | 4.1 | 4.5 | 5.1 | 8.9 |
| Stock-based compensation | 5.6 | 11.6 | 14.9 | 16.7 | 21.0 |
| Acquisitions | 0.0 | 0.0 | 5.5 | 0.0 | 58.6 |
| Share buybacks | 15.9 | 34.4 | 22.3 | 0.0 | 37.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.0% | 14.9% | 47.3% | 58.2% |
| Operating income growth (YoY) | – | 19.7% | 57.0% | 41.8% | 66.6% |
| EPS growth (YoY) | – | 14.8% | 55.0% | 43.1% | 60.0% |
| Operating margin | 23.1% | 20.9% | 28.6% | 27.5% | 29.0% |
| Net margin | 18.5% | 15.9% | 21.1% | 21.2% | 22.5% |
| Return on equityBlank when equity is negative | 11.6% | 13.6% | 16.8% | 16.1% | 20.9% |
| Free cash flow margin | 35.4% | 51.8% | 30.9% | 47.1% | 46.7% |
| Cash conversion (CFO ÷ net income) | 1.92x | 3.25x | 1.47x | 2.22x | 2.08x |
| Interest cover | 1429x | 78.4x | 28.5x | 134x | 647x |
| Debt ÷ equity | – | – | – | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −107 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.