Palomar Holdings, Inc. (PLMR) vs White Mountains Insurance Group, Ltd. (WTM)

Palomar Holdings, Inc. and White Mountains Insurance Group, Ltd. are both Insurance Property & Casualty companies. White Mountains Insurance Group, Ltd. is the larger, with a market value of $4.8B against $3.3B — 1.5× the size. White Mountains Insurance Group, Ltd. trades at the lower P/E: 4.6× against 16.2×. Palomar Holdings, Inc. grew revenue faster over the last twelve months: 60.0% against 55.5%. White Mountains Insurance Group, Ltd. has the higher net margin (29.3% vs 18.6%) and the lower return on invested capital (13.4% vs 13.5%). Across the 22 metrics below, White Mountains Insurance Group, Ltd. leads on 13 and Palomar Holdings, Inc. on 9.

Valuation

Metric PLMR WTM Insurance Property & Casualty median
P/E 16.17 4.62 10.29
P/S 2.99 1.28 1.17
P/B 3.33 0.80 1.83
Price to free cash flow 8.00 12.62 7.48
EV/EBITDA 13.05 3.54 7.49
EV/Sales 3.25 1.49 1.13
Earnings yield 6.19% 21.66% 9.50%
Free cash flow yield 12.50% 7.93% 13.29%

Profitability

Metric PLMR WTM Insurance Property & Casualty median
Gross margin 24.87% 59.35% 41.16%
Operating margin 24.87% 40.83% 15.09%
Net margin 18.61% 29.29% 11.51%
Free cash flow margin 37.41% 10.13% 17.59%
Return on equity 22.23% 19.58% 18.19%
Return on assets 5.98% 8.77% 3.74%
Return on invested capital 13.54% 13.42% 12.06%

Growth

Metric PLMR WTM Insurance Property & Casualty median
Revenue growth (TTM) 59.98% 55.45% 8.69%
EPS growth (last fiscal year) 60.04% 379.05% —
Revenue growth, 5-year CAGR 39.06% 33.06% 9.23%
Net income growth, 5-year CAGR 99.37% 9.32% 10.09%

Health

Metric PLMR WTM Insurance Property & Casualty median
Debt to equity 0.30 0.15 0.25
Current ratio 0.50 0.56 0.42
Net debt to EBITDA (0.41) 0.41 0.08

Dividend

Metric PLMR WTM Insurance Property & Casualty median
Dividend yield — 0.06% 2.79%
Payout ratio 0.00 0.01 0.27

Size

Metric PLMR WTM Insurance Property & Casualty median
Market cap 3.31b 4.84b 2.44b

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