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Side-by-side financial comparison of Palomar Holdings, Inc. (PLMR) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Palomar Holdings, Inc. is the larger business by last-quarter revenue ($253.4M vs $192.7M, roughly 1.3× SPS COMMERCE INC). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 12.7%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $38.2M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% CAGR vs 13.5%).
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
PLMR vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $253.4M | $192.7M |
| Net Profit | — | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 28.7% | 18.0% |
| Net Margin | — | 13.4% |
| Revenue YoY | 62.7% | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $2.05 | $0.69 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $253.4M | $192.7M | ||
| Q3 25 | $244.7M | $189.9M | ||
| Q2 25 | $203.3M | $187.4M | ||
| Q1 25 | $174.6M | $181.5M | ||
| Q4 24 | $155.8M | $170.9M | ||
| Q3 24 | $148.5M | $163.7M | ||
| Q2 24 | $131.1M | $153.6M | ||
| Q1 24 | $118.5M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $51.5M | $25.6M | ||
| Q2 25 | $46.5M | $19.7M | ||
| Q1 25 | $42.9M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $30.5M | $23.5M | ||
| Q2 24 | $25.7M | $18.0M | ||
| Q1 24 | $26.4M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | 28.7% | 18.0% | ||
| Q3 25 | 27.4% | 16.4% | ||
| Q2 25 | 29.5% | 14.1% | ||
| Q1 25 | 30.8% | 14.3% | ||
| Q4 24 | 28.9% | 14.5% | ||
| Q3 24 | 25.9% | 15.6% | ||
| Q2 24 | 25.5% | 15.1% | ||
| Q1 24 | 29.0% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | 21.0% | 13.5% | ||
| Q2 25 | 22.9% | 10.5% | ||
| Q1 25 | 24.6% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 20.5% | 14.3% | ||
| Q2 24 | 19.6% | 11.7% | ||
| Q1 24 | 22.3% | 12.0% |
| Q4 25 | $2.05 | $0.69 | ||
| Q3 25 | $1.87 | $0.67 | ||
| Q2 25 | $1.68 | $0.52 | ||
| Q1 25 | $1.57 | $0.58 | ||
| Q4 24 | $1.29 | $0.46 | ||
| Q3 24 | $1.15 | $0.62 | ||
| Q2 24 | $1.00 | $0.48 | ||
| Q1 24 | $1.04 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $106.9M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $942.7M | $973.9M |
| Total Assets | $3.1B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.9M | $151.4M | ||
| Q3 25 | $111.7M | $133.7M | ||
| Q2 25 | $81.3M | $107.6M | ||
| Q1 25 | $119.3M | $94.9M | ||
| Q4 24 | $80.4M | $241.0M | ||
| Q3 24 | $86.5M | $205.8M | ||
| Q2 24 | $47.8M | $271.8M | ||
| Q1 24 | $61.4M | $290.8M |
| Q4 25 | $942.7M | $973.9M | ||
| Q3 25 | $878.1M | $958.9M | ||
| Q2 25 | $847.2M | $949.8M | ||
| Q1 25 | $790.4M | $920.9M | ||
| Q4 24 | $729.0M | $854.7M | ||
| Q3 24 | $703.3M | $829.4M | ||
| Q2 24 | $532.6M | $703.4M | ||
| Q1 24 | $501.7M | $683.0M |
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.8B | $1.1B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.3B | $1.0B | ||
| Q2 24 | $2.0B | $854.5M | ||
| Q1 24 | $1.9B | $839.8M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $409.1M | $45.9M |
| Free Cash FlowOCF − Capex | $409.0M | $38.2M |
| FCF MarginFCF / Revenue | 161.4% | 19.8% |
| Capex IntensityCapex / Revenue | 0.1% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $700.6M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $409.1M | $45.9M | ||
| Q3 25 | $83.6M | $60.6M | ||
| Q2 25 | $120.9M | $32.3M | ||
| Q1 25 | $87.2M | $40.0M | ||
| Q4 24 | $261.2M | $40.6M | ||
| Q3 24 | $100.3M | $53.3M | ||
| Q2 24 | $55.1M | $29.4M | ||
| Q1 24 | $33.1M | $34.1M |
| Q4 25 | $409.0M | $38.2M | ||
| Q3 25 | $83.6M | $54.6M | ||
| Q2 25 | $120.8M | $25.7M | ||
| Q1 25 | $87.1M | $33.8M | ||
| Q4 24 | $260.9M | $34.3M | ||
| Q3 24 | $100.1M | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | 161.4% | 19.8% | ||
| Q3 25 | 34.2% | 28.7% | ||
| Q2 25 | 59.4% | 13.7% | ||
| Q1 25 | 49.9% | 18.6% | ||
| Q4 24 | 167.5% | 20.1% | ||
| Q3 24 | 67.4% | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | 0.1% | 4.0% | ||
| Q3 25 | 0.0% | 3.2% | ||
| Q2 25 | 0.0% | 3.6% | ||
| Q1 25 | 0.0% | 3.4% | ||
| Q4 24 | 0.2% | 3.6% | ||
| Q3 24 | 0.1% | 3.2% | ||
| Q2 24 | 0.0% | 3.3% | ||
| Q1 24 | 0.0% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | 1.63× | 2.37× | ||
| Q2 25 | 2.60× | 1.64× | ||
| Q1 25 | 2.03× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 3.29× | 2.27× | ||
| Q2 24 | 2.14× | 1.63× | ||
| Q1 24 | 1.26× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLMR
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
