Palomar Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	197.07	117.57	79.2	52.17	45.85
Depreciation & Amortization	4.93	1.71	1.7	1.52	1.44
Other Amortization	4	3.4	2.8	2.6	2.1
Gain (Loss) on Sale of Assets	0.03	-	-	-	-
Gain (Loss) on Sale of Investments	-11.89	-5.51	-2.95	9.37	1.15
Stock-Based Compensation	21.01	16.69	14.91	11.62	5.58
Change in Accounts Receivable	-147.07	-43.75	-99.11	-74.85	-39.17
Reinsurance Recoverable	-73.54	-118.37	-83.18	-36.3	-52.59
Change in Accounts Payable	-6.89	29.18	15.67	5.43	-0.95
Change in Unearned Revenue	240.86	144.59	125.79	186.65	101.18
Change in Income Taxes	-	-7.26	7.26	-	-
Change in Insurance Reserves / Liabilities	178.06	161.11	110.86	58.05	44.33
Change in Other Net Operating Assets	-56.44	-29.29	-88.11	-150.84	-22.87
Other Operating Activities	-8.06	2.11	-2.83	-3.52	0.64
Operating Cash Flow	409.12	261.16	116.11	169.58	87.81
Operating Cash Flow Growth	56.66%	124.93%	-31.53%	93.12%	52.74%
Capital Expenditures	-0.14	-0.24	-0.02	-0.31	-0.02
Sale of Property, Plant & Equipment	0.35	-	-	-	-
Purchase / Sale of Intangible Assets	-7	-8.29	-6.74	-5.62	-4.84
Cash Acquisitions	-58.59	-	-5.53	-0.02	-0.01
Investment in Securities	-287.58	-296.24	-117.14	-149.91	-54.82
Other Investing Activities	-1.03	-1.48	0.95	-0.95	1.5
Investing Cash Flow	-353.98	-306.24	-128.48	-156.81	-58.19
Long-Term Debt Issued	15	-	16.2	36.4	-
Total Debt Repaid	-15	-52.6	-	-	-
Net Debt Issued (Repaid)	-	-52.6	16.2	36.4	-
Issuance of Common Stock	4.92	123.62	2.04	3.03	2.81
Repurchases of Common Stock	-37.28	-	-22.27	-34.42	-15.85
Other Financing Activities	-0.14	-	-	-	-
Financing Cash Flow	-28.79	73.77	-3.94	5.02	-13.04
Net Cash Flow	26.35	28.69	-16.31	17.79	16.59
Free Cash Flow	408.98	260.91	116.09	169.27	87.8
Free Cash Flow Growth	56.75%	124.75%	-31.42%	92.80%	53.06%
Free Cash Flow Margin	46.69%	47.11%	30.88%	51.75%	35.43%
Free Cash Flow Per Share	14.88	9.95	4.58	6.56	3.36
Cash Interest Paid	0.29	1.05	3.68	0.7	-
Cash Income Tax Paid	1.12	0.64	0.48	18.89	2.1
Levered Free Cash Flow	353.89	291.71	192.26	325.19	88.17
Unlevered Free Cash Flow	354.14	292.42	194.62	325.74	88.19
Change in Working Capital	202.03	125.2	23.27	95.82	31.05

Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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