Palomar Holdings, Inc. (PLMR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+60.7%

$233.01

vs $145.02 price

Levered DCF

$1,298.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.91

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.21×	22.9×	17.4×	21.82×	35.98×	355.36×	103.04×	23.44×
P/B	3.81×	3.7×	2.92×	2.96×	4.18×	6.08×	4.97×	4.71×
P/S	4.1×	4.87×	3.66×	3.49×	6.65×	13.12×	9.58×	5.89×
EV / EBITDA	13.29×	16.6×	12.32×	15.28×	26.39×	287.88×	54.36×	21.19×
Gross margin	73.9%	48.6%	52.0%	42.1%	44.8%	23.9%	62.2%	52.7%
Operating margin	28.9%	27.3%	27.6%	20.7%	23.1%	3.7%	16.0%	25.0%
Net margin	22.5%	21.2%	21.1%	15.9%	18.5%	3.7%	9.4%	25.0%
Current ratio	0×	0×	0×	1.25×	1.49×	13.62×	270.73×	6.61×
Debt / equity	0.01×	0×	0.11×	0.09×	0.01×	0×	0×	0.21×
Interest coverage	646.4×	132.86×	27.45×	77.38×	1,428.45×	0×	16.93×	7.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	48.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.9%	16.1%	16.8%	13.6%	11.6%	1.7%	4.9%	20.0%
Return on invested capital	8.8%	5.2%	4.5%	12.4%	11.6%	0.6%	2.0%	6.3%
Return on assets	8.9%	5.2%	4.6%	4.0%	5.0%	0.9%	2.7%	7.9%
Free cash flow yield	11.2%	9.7%	7.9%	14.4%	5.0%	2.2%	3.6%	5.2%
Earnings yield	5.5%	4.4%	5.7%	4.6%	2.8%	0.3%	1.0%	4.2%
Enterprise value	$3.5B	$2.6B	$1.4B	$1.1B	$1.6B	$2.2B	$1.1B	$439.2M
Net debt / EBITDA	-0.38×	-0.51×	0.01×	-0.44×	-0.77×	-4.44×	-1.71×	0.46×
Cash conversion cycle (days)	-429	128	69	67	205	210	-724	-548