Palomar Holdings Inc

plmr.com

What Do They Do?

Sells specialty property and casualty insurance, including earthquake, casualty and other property coverage, to individuals and businesses.

How Do They Make Money?

Customers pay premiums for insurance coverage, which Palomar earns over the policy’s coverage period. It also earns commissions and fees when third-party policies take effect.

FY2025 revenue

Who Are Their Customers?

Individuals generally obtain personal coverage through retail agents, while businesses generally access commercial coverage through wholesale brokers. Program administrators and insurance-company partners also distribute or place policies.

Do Revenues Turn Into Profits?

Yes. It kept 22 cents of every revenue dollar as net income in FY2025 and turned 47 cents into free cash flow.

Net income, FY2025

22% of revenue

▲ +68% vs FY2024 ($117.6M, 21%)

Free cash flow, FY2025

47% of revenue

▲ +57% vs FY2024 ($260.9M, 47%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +55%; vs $203.3M in Q2 FY2025
Net income: ▲ +13%; vs $46.5M in Q2 FY2025

Aug 4, 2026 Raises 2026 adjusted net income guidance The outlook is $270 million to $280 million.
May 29, 2026 Raises full-year adjusted net income guidance The revised range was $266M - $280M.
May 6, 2026 Sets 2026 adjusted net income outlook The outlook is $262 million to $278 million.

Growing. Revenue grew 3.5x in 4 years, from $247.8M in FY2021 to $876M in FY2025, about 37% a year.

Broader product range The portfolio has expanded beyond the older report’s earthquake, fronting, inland marine and casualty focus to include Crop and Surety among its product offerings.

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