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NP

Neptune Insurance Holdings Inc.

NP

Neptune Insurance Holdings Inc. • NYSE
$23.32 ▼ -6.68% (-1.67)
Market Cap $2.21 B
52w High $33.23
52w Low $22.00
Dividend Yield 17.52%
P/E -122.74
Volume 163.80K
Outstanding Shares 94.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $-22.473M $11.511M 0% $1.23 $20.981M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.184M ▲ $89.627M ▲ $348.299M ▼ $-258.672M ▲
Q2-2025 $11.697M ▲ $80.947M ▲ $607.038M ▲ $-526.091M ▼
Q4-2024 $7.094M $48.152M $414.14M $-365.988M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Revenue by Products

Product Q2-2021Q3-2021Q4-2021Q1-2022
Fine Paper And Packaging
Fine Paper And Packaging
 $90.00M ▲$100.00M ▲$0 ▼$100.00M ▲
Technical Products
Technical Products
 $180.00M ▲$170.00M ▼$170.00M ▲$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Neptune’s income statement shows a small but fast‑growing business that is already profitable. Revenue has been climbing at a healthy pace, and both operating profit and net profit have improved year over year. That suggests the tech‑driven, capital‑light model is translating into strong efficiency and attractive margins for a company at this early stage. The flip side is that the overall scale is still limited, so earnings could be more volatile than those of a mature insurer, and per‑share figures will likely move around as the post‑IPO share base settles in.

Balance Sheet

Balance Sheet The balance sheet is clearly the weak spot. Assets are relatively modest, cash is not especially large, and debt still sits noticeably above the asset base, leaving shareholder equity in negative territory, even though it is slowly improving. This points to a company that has grown by leaning on external capital and partners rather than building a large, self‑funded balance sheet. While this fits the managing general agent model, it also means Neptune is more sensitive to lenders, reinsurers, and capital market conditions than a heavily capitalized traditional insurer.

Cash Flow

Cash Flow Cash flow looks stronger than the balance sheet. Operating cash generation has improved meaningfully, and because the business requires very little spending on physical assets, most of that cash drops through as free cash flow. This is consistent with a software‑ and data‑driven MGA model. The key watchpoint is that the cash base is still relatively thin, so large swings in claims experience, growth investments, or reinsurance terms could have an outsized impact on near‑term liquidity.

Competitive Edge

Competitive Edge Neptune occupies a focused niche at the intersection of insurance and technology, with particular strength in private flood insurance and parametric earthquake coverage. Its AI‑driven underwriting, fast quote and bind times, and more granular risk assessment give it a clear edge versus slower, paper‑heavy incumbents. The MGA structure, broad reinsurer panel, and nationwide footprint further reinforce its position. However, it operates in a highly regulated, catastrophe‑exposed segment where bad event years, shifting reinsurance appetite, and competitive responses from large insurers and other insurtechs could test that advantage.

Innovation and R&D

Innovation and R&D Innovation is the centerpiece of Neptune’s strategy. Its proprietary AI underwriting engine, deep use of geospatial and predictive data, and acquisitions in data science and parametric insurance show a consistent push to build and extend a technology moat. Creating a dedicated data science arm and expanding into adjacent risk products suggest an R&D mindset focused on continuous improvement rather than one‑off wins. The main risk is that maintaining this edge requires ongoing investment and talent, while competitors are also accelerating their own AI and analytics efforts.

Summary

Overall, Neptune presents the profile of a young, tech‑first insurance platform: rapid growth, attractive profitability and cash generation for its size, and a compelling technology and data story, set against a very light and leveraged balance sheet. Its success so far rests on underwriting discipline, strong reinsurer relationships, and an early lead in AI‑driven catastrophe risk pricing. As a newly public company, its future will likely hinge on how well it can scale responsibly in a volatile risk category while preserving its technology lead and strengthening its financial foundation over time.

NEWS

November 12, 2025 · 4:15 PM UTC

Neptune Insurance Holdings Inc. Reports Third Quarter 2025 Results

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November 4, 2025 · 4:05 PM UTC

Neptune Insurance Holdings to Announce Third Quarter 2025 Financial Results

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