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Side-by-side financial comparison of Palomar Holdings, Inc. (PLMR) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $253.4M, roughly 1.5× Palomar Holdings, Inc.). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 61.7%). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
PLMR vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $253.4M | $382.7M |
| Net Profit | — | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 28.7% | 3.7% |
| Net Margin | — | -1.9% |
| Revenue YoY | 62.7% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $2.05 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $244.7M | $347.1M | ||
| Q2 25 | $203.3M | $242.0M | ||
| Q1 25 | $174.6M | $274.2M | ||
| Q4 24 | $155.8M | $236.6M | ||
| Q3 24 | $148.5M | $242.2M | ||
| Q2 24 | $131.1M | $313.1M | ||
| Q1 24 | $118.5M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $51.5M | $-8.9M | ||
| Q2 25 | $46.5M | $-19.8M | ||
| Q1 25 | $42.9M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $30.5M | $-15.0M | ||
| Q2 24 | $25.7M | $14.4M | ||
| Q1 24 | $26.4M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 28.7% | 3.7% | ||
| Q3 25 | 27.4% | 1.8% | ||
| Q2 25 | 29.5% | 2.0% | ||
| Q1 25 | 30.8% | 1.2% | ||
| Q4 24 | 28.9% | 1.1% | ||
| Q3 24 | 25.9% | 2.4% | ||
| Q2 24 | 25.5% | 9.2% | ||
| Q1 24 | 29.0% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 21.0% | -2.6% | ||
| Q2 25 | 22.9% | -8.2% | ||
| Q1 25 | 24.6% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 20.5% | -6.2% | ||
| Q2 24 | 19.6% | 4.6% | ||
| Q1 24 | 22.3% | -5.5% |
| Q4 25 | $2.05 | $-0.57 | ||
| Q3 25 | $1.87 | $-0.71 | ||
| Q2 25 | $1.68 | $-1.67 | ||
| Q1 25 | $1.57 | $-1.89 | ||
| Q4 24 | $1.29 | $-0.72 | ||
| Q3 24 | $1.15 | $-1.18 | ||
| Q2 24 | $1.00 | $1.03 | ||
| Q1 24 | $1.04 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $942.7M | $-240.1M |
| Total Assets | $3.1B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.9M | $112.1M | ||
| Q3 25 | $111.7M | $35.5M | ||
| Q2 25 | $81.3M | $33.4M | ||
| Q1 25 | $119.3M | $33.3M | ||
| Q4 24 | $80.4M | $48.8M | ||
| Q3 24 | $86.5M | $51.0M | ||
| Q2 24 | $47.8M | $80.2M | ||
| Q1 24 | $61.4M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $942.7M | $-240.1M | ||
| Q3 25 | $878.1M | $-233.3M | ||
| Q2 25 | $847.2M | $-224.8M | ||
| Q1 25 | $790.4M | $-204.2M | ||
| Q4 24 | $729.0M | $-180.4M | ||
| Q3 24 | $703.3M | $-163.1M | ||
| Q2 24 | $532.6M | $-149.0M | ||
| Q1 24 | $501.7M | $-184.4M |
| Q4 25 | $3.1B | $950.1M | ||
| Q3 25 | $2.9B | $913.2M | ||
| Q2 25 | $2.8B | $890.9M | ||
| Q1 25 | $2.4B | $868.0M | ||
| Q4 24 | $2.3B | $891.1M | ||
| Q3 24 | $2.3B | $897.2M | ||
| Q2 24 | $2.0B | $898.9M | ||
| Q1 24 | $1.9B | $943.5M |
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 | $101.1M |
| Free Cash FlowOCF − Capex | $409.0M | — |
| FCF MarginFCF / Revenue | 161.4% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $700.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $409.1M | $101.1M | ||
| Q3 25 | $83.6M | $19.2M | ||
| Q2 25 | $120.9M | $40.4M | ||
| Q1 25 | $87.2M | $-14.1M | ||
| Q4 24 | $261.2M | $41.4M | ||
| Q3 24 | $100.3M | $-28.4M | ||
| Q2 24 | $55.1M | $21.5M | ||
| Q1 24 | $33.1M | $-25.4M |
| Q4 25 | $409.0M | — | ||
| Q3 25 | $83.6M | $19.0M | ||
| Q2 25 | $120.8M | — | ||
| Q1 25 | $87.1M | $-18.8M | ||
| Q4 24 | $260.9M | $34.2M | ||
| Q3 24 | $100.1M | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | 161.4% | — | ||
| Q3 25 | 34.2% | 5.5% | ||
| Q2 25 | 59.4% | — | ||
| Q1 25 | 49.9% | -6.9% | ||
| Q4 24 | 167.5% | 14.5% | ||
| Q3 24 | 67.4% | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.2% | 3.0% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.0% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 2.60× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.29× | — | ||
| Q2 24 | 2.14× | 1.49× | ||
| Q1 24 | 1.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLMR
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
