Neptune Insurance Holdings Inc. NP
Neptune is a leading, high-growth, highly profitable, data-driven MGA that is revolutionizing the way homeowners and businesses protect against the growing risks of flooding. We offer a range of easy-to-purchase residential and commercial insurance products - including primary flood insurance, excess flood insurance, and parametric earthquake insurance - distributed through a nationwide network of agencies. Neptune does not take any balance sheet insurance risk or have claims handling responsibility relating to the policies we sell. We underwrite and administer the issuance of insurance policies on behalf of a diverse panel of insurance and reinsurance companies, whom we refer to as capacity providers, that manage both this risk and the associated claims handling. From day one, we have built our business on a foundation of advanced data science and AI, leveraging proprietary ML algorithms, which has led to superior underwriting results, outsized growth, recurring revenue, and robust margins, including delivering a lifetime written loss ratio of just 24.7% to our capacity providers from our inception through June 30, 2025. In addition, for the year ended December 31, 2025, we achieved 33.7% organic revenue growth, 23.4% net income margin and 59.5% Adjusted EBITDA margin.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $159.6M | $119.3M | $84.9M | — |
| SG&A | $10.0M | $7.8M | $6.9M | — |
| Total operating expenses | $88.6M | $50.9M | $39.4M | — |
| Operating income | $71.0M | $68.4M | $45.4M | — |
| Interest expense | $18.2M | $17.5M | $21.3M | — |
| Pre-tax income | $53.6M | $46.4M | $23.9M | — |
| Income tax | $16.2M | $11.8M | $6.0M | — |
| Net income | $37.4M | $34.6M | $17.9M | — |
| EPS, basic | -0.26 | 0.16 | 0.10 | — |
| EPS, diluted | -0.26 | 0.16 | 0.10 | — |
| Shares, diluted (wtd. avg.) | 104.5M | 93.3M | 93.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $8.0M | $7.1M | $24.3M | $19.6M |
| Total current assets | $52.5M | $35.2M | — | — |
| Goodwill | $3.8M | $3.8M | — | — |
| Other intangibles | $466.0K | $476.0K | — | — |
| Total assets | $65.3M | $48.2M | — | — |
| Accounts payable | $10.1M | $7.2M | — | — |
| Short-term debt | $0 | $8.6M | — | — |
| Total current liabilities | $52.8M | $48.6M | — | — |
| Long-term debt | $0 | $125.1M | — | — |
| Total liabilities | $292.8M | $173.7M | — | — |
| Retained earnings | -$514.4M | -$366.3M | — | — |
| Total equity | -$227.5M | -$366.0M | -$387.6M | -$58.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $51.7M | $49.9M | $18.6M | — |
| Stock-based compensation | $11.4M | $296.0K | $41.0K | — |
| Investing cash flow | -$4.0M | -$3.7M | -$4.0M | — |
| Financing cash flow | -$35.2M | -$42.5M | -$9.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002067129-26-000007.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $84.9M | $119.3M | $159.6M |
| Gross profit | — | — | — | — |
| Net income | — | $17.9M | $34.6M | $37.4M |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6411
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MRSH | MARSH & MCLENNAN COMPANIES, INC. | $94.24B | 23.4x | 10.3% |
| AJG | Arthur J. Gallagher & Co. | $68.70B | 46.7x | 20.7% |
| AON | Aon plc | $64.38B | 17.8x | 9.4% |
| WTW | WILLIS TOWERS WATSON PLC | $30.18B | 20.0x | -2.3% |
| BRO | BROWN & BROWN, INC. | $24.42B | 23.1x | 22.8% |
| EQH | Equitable Holdings, Inc. | $14.40B | — | -6.1% |
| ACT | Enact Holdings, Inc. | $6.58B | 10.6x | 2.8% |
| ARX | Accelerant Holdings | $4.32B | — | 51.5% |