Palomar Holdings
PLMR on Nasdaq. Palomar sells property and casualty insurance to individuals and businesses. Market value $3.4bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 19 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.40.
Profit per $100 you pay: $6.08.
Quality score: 100 of 100. Price score: 38 of 100. Our list needs 70 on quality and 60 on price.
$126.88 a share, 26% above its 1-year low
Over the past year the price has ranged from $100.81 to $147.62.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $248m | $327m | $376m | $554m | $876m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.02bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 39.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $314 million last quarter, up 55% on a year ago.
- Profit: $53 million, up 13% on a year ago.
- Spare cash over the past 12 months: $408 million, up from $375 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $149m |
| December 2024 | $156m |
| March 2025 | $175m |
| June 2025 | $203m |
| September 2025 | $245m |
| December 2025 | $253m |
| March 2026 | $279m |
| June 2026 | $314m |
| Quarter to | Amount |
|---|---|
| September 2024 | $30m |
| December 2024 | $35m |
| March 2025 | $43m |
| June 2025 | $47m |
| September 2025 | $51m |
| December 2025 | $56m |
| March 2026 | $43m |
| June 2026 | $53m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 341 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $653,436 | <0.1% | Cut |
Largest holders overall
- BlackRock$556m
- Vanguard Portfolio Management$156m
- Vanguard Capital Management$151m
- State Street$142mAdded
- Jupiter Topco$132m
- American Century Companies$97mAdded
- Stephens Investment Management Group$93mAdded
- Geode Capital Management$90mAdded
- Sumitomo Mitsui Trust Group$90m
- Hood River Capital Management$86mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor14.7%Since 31 March 2025
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.7% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $135 of shares on the open market. 7 sold $22m, $8m of it under preset trading plans.
- Armstrong MacCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 3,500
- Price
- $134.98
- Value
- $472,445
- Bradley DarylDirectorBought
- Date
- 2 September 2026
- Shares
- 1
- Price
- $131.96
- Value
- $135
- Armstrong MacCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 3,500
- Price
- $130.60
- Value
- $457,111
- Knutzen JonathanChief Risk OfficerSold
- Date
- 18 August 2026
- Shares
- 296
- Price
- $127.75
- Value
- $37,813
- Uchida T ChristopherChief Financial OfficerSold
- Date
- 18 August 2026
- Shares
- 791
- Price
- $127.74
- Value
- $101,043
- Christianson JonPresidentSold
- Date
- 18 August 2026
- Shares
- 528
- Price
- $127.75
- Value
- $67,450
- Herve RodolpheChief Operating OfficerSold
- Date
- 31 July 2026
- Shares
- 1,207
- Price
- $135.35
- Value
- $163,367
- Armstrong MacCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 21 July 2026
- Shares
- 3,500
- Price
- $137.26
- Value
- $480,424
- Christianson JonPresidentSoldunder a preset trading plan
- Date
- 20 July 2026
- Shares
- 3,000
- Price
- $139.50
- Value
- $418,500
- Armstrong MacCEO and Chairman, DirectorSold
- Date
- 15 July 2026
- Shares
- 60,741
- Price
- $131.66
- Value
- $8m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Armstrong Mac CEO and Chairman, Director | Sold under a preset trading plan | 3,500 | $134.98 | $472,445 |
| 2 September 2026 | Bradley Daryl Director | Bought | 1 | $131.96 | $135 |
| 21 August 2026 | Armstrong Mac CEO and Chairman, Director | Sold under a preset trading plan | 3,500 | $130.60 | $457,111 |
| 18 August 2026 | Knutzen Jonathan Chief Risk Officer | Sold | 296 | $127.75 | $37,813 |
| 18 August 2026 | Uchida T Christopher Chief Financial Officer | Sold | 791 | $127.74 | $101,043 |
| 18 August 2026 | Christianson Jon President | Sold | 528 | $127.75 | $67,450 |
| 31 July 2026 | Herve Rodolphe Chief Operating Officer | Sold | 1,207 | $135.35 | $163,367 |
| 21 July 2026 | Armstrong Mac CEO and Chairman, Director | Sold under a preset trading plan | 3,500 | $137.26 | $480,424 |
| 20 July 2026 | Christianson Jon President | Sold under a preset trading plan | 3,000 | $139.50 | $418,500 |
| 15 July 2026 | Armstrong Mac CEO and Chairman, Director | Sold | 60,741 | $131.66 | $8m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.