PLMRPalomar Holdings, Inc.

Fire, Marine & Casualty Insurance

Revenue: $876M; 58% YoY
Operating margin: —
EBITDA: —
Market cap: $3.7B
Employees: 439; $2M revenue each
Net debt / EBITDA: —; $233M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
208% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 61st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$22M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$248M	$327M	$376M	$554M	$876M	58%
Net income	$46M	$52M	$79M	$118M	$197M	68%
Operating cash flow	$88M	$170M	$116M	$261M	$409M	57%
Capex	$18K	$313K	$15K	$243K	$137K	44%
Stock-based comp	$6M	$12M	$15M	$17M	$21M	26%
Buybacks	$16M	$34M	$22M	$0	$37M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $135 · 1
Open-market sells, 12 mo: $22M · 93
Net: −$22M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$20M	155	154
FY2024	$5M	$19M	122	155
FY2023	$4M	$5M	64	125
FY2022	$3M	−$1M	52	115
FY2021	$19M	$17M	73	113