Palomar Holdings, Inc.PLMR

Palomar Holdings’ latest 10-Q for the quarter ended 31 March 2026 shows a business that is profitable but not lavish: revenues of $278.9 million, net income of $42.9 million, and earnings per share of $1.57 on a diluted share count of 27.3 million. The insurer’s assets stood at $3.61 billion and liabilities at $2.65 billion as of the same quarter, leaving shareholders’ equity at $959 million. Cash and cash equivalents were a modest $56.5 million, and operating cash flow clocked in at $47 million for the period.

Palomar is a specialty property and casualty insurer that writes catastrophe-focused policies for households and businesses, with product pages advertising ‘affordable solutions in disaster protection,’ ‘resilient life and property coverage,’ and ‘creative approaches to rebuilding lives after natural disasters.’ Its lines include residential and commercial specialty insurance, healthcare liability excess coverage for hospitals and managed-care outfits, and inland marine insurance for moveable property in construction and transport. The company markets itself as distinct from run-of-mill catastrophe insurers, but the filings show no inventory of physical claim-response assets beyond cash.

The 10-Q confirms revenues of $278.9 million, net income of $42.9 million, and diluted EPS of $1.57 for the quarter ended 31 March 2026, with 27.3 million diluted shares outstanding; assets totalled $3.61 billion, liabilities $2.65 billion, and shareholders’ equity $959 million; cash and cash equivalents were $56.5 million, and operating cash flow was $47 million (source: SEC EDGAR 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1761312/000121465926008828/xslF345X06/marketforms-73626.xml).

On the ground, Palomar’s product pages describe ‘resilient life and property coverage,’ ‘healthcare liability excess protection,’ and ‘inland marine insurance for moveable property,’ while the 10-Q shows zero dollars spent on property, plant, and equipment in the quarter (source: SEC EDGAR 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1761312/000121465926008828/xslF345X06/marketforms-73626.xml). A series of SEC filings in July-multiple Forms 4 and 144-suggest insider selling cadence rather than a quiet disclosure cycle (source: SEC EDGAR filings July 2026, https://www.sec.gov/edgar/browse/?CIK=1761312).

The company’s own marketing imagery includes an ‘excellent white web’ and photos of smiling executives, but the balance sheet is the honest document: $42.9 million net profit against $2.65 billion in liabilities and only $56.5 million in cash (source: SEC EDGAR 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1761312/000121465926008828/xslF345X06/marketforms-73626.xml).

For chart context, Palomar trades on Nasdaq under the symbol PLMR; the official exchange route for price and volume is https://www.nasdaq.com/market-activity/stocks/plmr. The renderer carries a TradingView embed for PLMR; no chart levels are implied or stated here.

What changed this week: a flurry of SEC Forms 4 and 144 in July signals insider liquidity events rather than new capital raising. The 10-Q’s lack of capex spend underscores a capital-light, rent-heavy operating model. The company’s product pages remain aspirational while the filings stay concrete. What remains unproven is whether Palomar’s ‘creative approaches’ can scale net income and cash beyond a single profitable quarter, especially when its liabilities exceed equity by more than two-to-one. A deeper test would be a major catastrophe claim, a step-change in premium growth, or sustained investment in loss-mitigation infrastructure rather than marketing imagery.