Palomar
Specialty insurer spanning earthquake, property, casualty, crop, and surety coverage.
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Profile
Underwrites specialty property and casualty insurance across earthquake, inland marine and property, casualty, crop, and surety and credit, earning premiums in admitted and excess-and-surplus markets. U.S.-focused distribution spans agents, brokers, program administrators, and carrier partners, while catastrophe exposure and reinsurance remain central to the model.
Underwrites specialty property and casualty coverage for individuals and businesses across earthquake, inland marine and property, casualty, crop, and surety and credit. Policies reach customers through retail agents, program administrators, wholesale brokers, and carrier partnerships in both admitted and excess-and-surplus markets. Granular risk selection, customized pricing, modest net limits, and extensive reinsurance support expansion into underserved niches.
Operates across the United States, with California still the largest premium source and a major catastrophe and regulatory exposure. Earthquake anchors the portfolio, while crop and surety broaden it beyond catastrophe-sensitive property; fronting continues for existing partners but is no longer a standalone growth category. Results depend on underwriting discipline, reinsurance availability and recoverability, distribution relationships, and state insurance regulation, while federally subsidized crop pricing is set by the government.
Company facts
Key statistics
Year to date −0.0% · Average volume (30d) 229.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 15, 2026 | Piper Sandler | Reiterate | Overweight | $119 | $165 | |
| Jul 10, 2026 | Evercore ISI | Target | $134 | $152 | ||
| Oct 1, 2025 | Evercore ISI | Target | $89 | $134 | ||
| Apr 8, 2025 | JP Morgan | Upgrade | Neutral | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $2.19 | $2.36 | +7.8% | $621.5M | $630.5M | +1.4% | −1.55% |
| May 6, 2026Q1 FY26 | $2.17 | $2.31 | +6.5% | $557.8M | $629.8M | +12.9% | +2.55% |
| Feb 11, 2026Q4 FY25 | $2.06 | $2.24 | +8.7% | $481.0M | $492.6M | +2.4% | −3.52% |
| Nov 6, 2025Q3 FY25 | $1.58 | $2.01 | +27.2% | $210.7M | $244.7M | +16.1% | +8.72% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $174.6M | $201.0M | $244.7M | $253.4M | $278.9M | $314.4M | |
| Gross profit | $89.4M | $103.2M | $115.6M | $182.5M | $191.8M | $144.2M | |
| Operating income | $53.7M | $59.9M | $67.1M | $72.7M | $53.5M | $69.8M | |
| Net income | $42.9M | $46.5M | $51.5M | $56.2M | $42.9M | $52.6M | |
| Diluted EPS | $1.57 | $1.68 | $1.87 | $2.06 | $1.57 | $1.94 | |
| Gross margin | 51.2% | 51.3% | 47.2% | 72.0% | 68.8% | 45.9% | |
| Operating margin | 30.8% | 29.8% | 27.4% | 28.7% | 19.2% | 22.2% |
Fiscal years (4-quarter sums)FY21 $247.8M · FY22 $327.1M · FY23 $376.0M · FY24 $553.8M · FY25 $873.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.57B · Total debt $295.8M · Total assets $3.96B · Shareholders' equity $980.9M
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 19, 2026 | Aug 19 | Sep 2 | $0.45 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 26.50M · Float 25.80M · 97.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.40M | 16.61% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 1.23M | 4.66% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.19M | 4.50% | 13F | Aug 13, 2026 |
| State Street Corp | 1.12M | 4.24% | 13F | Aug 7, 2026 |
| Jupiter Topco LLC | 1.05M | 3.94% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Mac Armstrong | director, officer: CEO and Chairman | −3,500 | $130.60 |
| Aug 18, 2026 | Jon Christianson | officer: President | −528 | $127.75 |
| Aug 18, 2026 | T. Christopher Uchida | officer: Chief Financial Officer | −791 | $127.74 |
| Aug 18, 2026 | Jonathan Knutzen | officer: Chief Risk Officer | −296 | $127.75 |
| Jul 31, 2026 | Rodolphe Herve | officer: Chief Operating Officer | −1,207 | $135.35 |
Peers
- Kinsale Capital Group
Pure-play E&S specialty P&C insurer competing across casualty and property lines.
- Arch Capital Group
Global specialty P&C insurer and reinsurer with surety, E&S, and agriculture lines.
- Skyward Specialty
Growing specialty P&C insurer writing E&S, surety, professional, and property lines.
- HCI Group
Florida-focused residential catastrophe insurer writing homeowners, flood, and wind coverage.
- Heritage Insurance
~$1.4B coastal residential property insurer across hurricane-exposed US markets.
- Universal Insurance
Florida-focused personal residential P&C insurer writing homeowners across 19 states.
- James River Group
Wholesale-only E&S casualty insurer focused on small- and mid-market commercial risks.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Palomar | $131.63 | −0.11% | $3.49B | 17.7 | 12.3 | 3.2 | +210.1% |
| Kinsale Capital Group | $385.00 | +1.13% | $8.67B | 15.4 | 18.1 | 4.3 | −3.7% |
| Arch Capital Group | $97.15 | −1.71% | $34.53B | 7.7 | 10.5 | 1.8 | −22.3% |
| Skyward Specialty | $58.29 | −0.03% | $2.36B | 13.6 | 11.3 | 1.4 | +130.9% |
| HCI Group | $186.29 | +0.05% | $2.38B | 7.7 | 9.3 | 2.5 | +11.2% |
| Heritage Insurance | $34.77 | +2.74% | $1.03B | 4.8 | 6.7 | 1.3 | +3.0% |
| Universal Insurance | $43.43 | +0.12% | $1.21B | 5.7 | 9.4 | 0.7 | +55.3% |
| James River Group | $4.14 | −0.12% | $191.4M | 12.0 | 4.6 | 0.3 | −20.5% |
| Median | 7.7 | 9.4 | 1.4 | +3.0% |