Palomar Holdings vs Safety Insurance Group
Safety Insurance Group is the larger business, with $1.26bn of revenue in fiscal 2025 against $876m for Palomar Holdings (1.4 times as much). Palomar Holdings grew faster (58.2% against 12.8%). Palomar Holdings kept more of each dollar of sales as profit: a net margin of 22.5% against 7.9%. Palomar Holdings carries less debt relative to equity (0.0% against 5.6%).
| Latest fiscal year | Palomar HoldingsPLMR, 2025 | Safety Insurance GroupSAFT, 2025 |
|---|---|---|
| Revenue | $876m | $1.26bn |
| Revenue growth | 58.2% | 12.8% |
| Net income | $197m | $99.3m |
| Operating margin | — | — |
| Net margin | 22.5% | 7.9% |
| Return on equity | 23.6% | 11.5% |
| Free cash flow | $409m | $192m |
| Cash | $107m | $73.9m |
| Total debt | $0 | $50.0m |
| Debt to equity | 0.0% | 5.6% |
| Dividend per share | — | $3.64 |
| Dividend yield | — | 3.6% |
| Share buybacks | $37.3m | $20.0m |
| Employees | 439 | 568 |
| Market value | $3.74bn | $1.52bn |
| Price vs our value range | — | — |
| Moat score | 60 (Moderate) | 72 (Strong) |
| Insider trades, 12 months | 1 buys, 95 sales | 0 buys, 15 sales |