Neptune Insurance Holdings Inc. (NP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$197.0M

Net income, last twelve months

$44.7M

Earnings per share

$0.31

Operating margin

41.3%

Net margin

22.7%

Market value

$2.8B

Price to earnings

95.1x

Cash

$17.4M

Debt

$0

Shares outstanding

96.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 20 October 2026.

• Revenue rose 34% to $59.6 million. Total revenues were $59,567 thousand, up 34.3% from $44,365 thousand in the third quarter of 2025.
• Net income up 50% to $17.3 million. Net income was $17,256 thousand against $11,511 thousand a year earlier, up 49.9%. Net income margin was 29.0% against 25.9%.
• Adjusted net income up 52%. Adjusted net income was $24,276 thousand, up 51.8% from $15,996 thousand in the prior-year quarter.
• Adjusted EBITDA up 38% to $36.8M. Adjusted EBITDA was $36,760 thousand, up 37.5% from $26,725 thousand a year earlier. The release highlights round this growth to 38%.
• Nine-month net margin down 2.2 points. For the nine months, net income margin was 26.4% against 28.6%, down 2.2 percentage points. Adjusted EBITDA margin rose to 60.5% from 59.7%.
• Twelve-month adjusted EBITDA margin 60.2%. For the twelve months ended September 30, 2026, adjusted EBITDA margin was 60.2% against 60.0%. Net income margin was 22.7% against 30.3%.
• Basic and diluted EPS of $0.13 and $0.12. Basic EPS was $0.13 and diluted EPS was $0.12, against $0.06 for both in the third quarter of 2025.
• Adjusted diluted EPS $0.17. Adjusted diluted EPS was $0.17 and adjusted basic EPS was $0.18, against $0.11 and $0.12 a year earlier.
• Diluted share count rose. Diluted weighted-average shares were 146,390,991, against 97,262,548 a year earlier, before the preferred stock converted at the IPO.
• Share-based compensation rose sharply. Share-based compensation was $7,009 thousand in the quarter against $111 thousand a year earlier. Nine-month expense was $20,832 thousand against $299 thousand.
• Interest expense fell 38%. Net interest expense was $3,250 thousand against $5,237 thousand, down 37.9%.
• Income tax expense up 89%. Income tax expense was $7,459 thousand against $3,952 thousand, up 88.7%. The tax rate used for adjusted figures was 27.6% against 25.6%.
• Corporate transaction costs fell. Corporate transaction related expenses were $172 thousand, against $4,966 thousand in the prior-year quarter.
• Written premium up 31% to $132.7M. Written Premium was $132.7 million. The company describes it as premium placed with insurance programs, net of return premiums, and the primary driver of commission revenue.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 7 held.

Every filing

The newest filings with the SEC of 42 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

148 funds held it at 30 Jun 2026: 103 added and 24 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Marsh & McLennan Companies, Inc. (MRSH): revenue $28.5B, market value $91.4B
• Aon plc (AON): revenue $17.7B, market value $67.0B
• Arthur J. Gallagher & Co. (AJG): revenue $15.8B, market value $66.8B
• Willis Towers Watson plc (WTW): revenue $10.1B, market value $29.9B
• Brown & Brown, Inc. (BRO): revenue $6.9B, market value $21.5B
• Equitable Holdings, Inc. (EQH): revenue $10.6B, market value $14.9B
• Erie Indemnity Co. (ERIE): revenue $4.1B, market value $12.9B
• Enact Holdings, Inc. (ACT): revenue $1.3B, market value $6.6B
• Hagerty, Inc. (HGTY): revenue –, market value $5.4B
• Corvel Corp. (CRVL): revenue $983.7M, market value $4.1B

What the company does

Neptune Insurance Holdings Inc. is a managing general agent that sells flood insurance through a nationwide network of agencies. It does not take balance sheet insurance risk or handle claims. It underwrites and administers policies on behalf of insurance and reinsurance companies that the filing calls capacity providers. Its products are primary flood insurance, excess flood insurance and parametric earthquake insurance.

How it makes money

Neptune earns revenue from two sources: commissions paid by capacity providers and fees paid by policyholders. Commissions are a negotiated percentage of the premium on each policy. The policyholder fee covers the cost of issuing the policy, and Neptune keeps all of it. It varies by product type, underlying risk and property location. Both are recognised when the policy takes effect.

Each policy runs for one year. Before it expires, the risk is re-underwritten with the current version of Neptune's underwriting system, and eligible policyholders receive a renewal offer. In 2025, 86.1% of eligible policies renewed and 98.0% of eligible premium was retained at renewal. Of premium in force at year end, 68.9% was on policies in a renewal term. The largest expense is agent commissions paid to distribution partners, which vary with the premium they bring in.

What it sells

Residential properties made up 88.0% of premium in force and commercial properties 12.0%. The primary residential flood product alone was 85.7%. Primary flood products for both residential and commercial owners were 97.0%.

Neptune introduced excess flood insurance in February 2024. It was 2.9% of premium in force and is meant to sit on top of existing National Flood Insurance Program (NFIP) coverage. Both flood products are structured around the NFIP form and can supplement or replace NFIP coverage.

Parametric earthquake insurance came with the September 2021 acquisition of Jumpstart. It pays predetermined amounts based on earthquake intensity and is less than 1% of the portfolio. In December 2025 Neptune began a beta test of an indemnity earthquake product with a small group of agencies in California.

How underwriting works

Neptune built two platforms in-house: Triton for underwriting and Poseidon for policy management. Its Neptune Engineering Group and Neptune Data Science Group maintain them. Triton does all of the underwriting with no human underwriters. It handles risk selection, pricing, aggregation management and carrier assignment in less than two seconds.

Triton processes over 20,000 quotes on a typical day and quotes 95% of submissions. Since inception it has provided approximately 32.7 million quotes, underwritten 12.8 million properties and bound 1.3 million policies. Neptune also holds one issued United States patent, on its "disaggregation" method. That method uses radial circles to measure policy concentration around a property in real time. The filing reports a lifetime written loss ratio of 24.7% for policies sold from inception through 30 June 2025.

Who carries the risk

Neptune has 40 capacity providers, including 32 reinsurance providers, supporting 8 distinct insurance programs. It does not contract directly with the reinsurers behind those programs. The largest capacity provider accounted for 15.9% of dollar-one premium risk. All programs are eligible to write policies in all 50 states and Washington D.C.

Who sells it

Agents and brokers drive over 96.7% of policies in force. Cumulatively, 23,412 agency codes have bound a policy through Neptune, and over 99,000 have run a quote. The largest agency partner contributed approximately 8.7% of the policyholder base. Agents use an Agent Portal or API links into their own quoting systems. Neptune's own internal agency accounts for 2.1% of policies in force. Its direct-to-customer channel, offered in select states, accounts for 1.1%.

Over the last three years, more than 60.0% of new policy sales were in non-mandatory flood zones. Florida, Texas and Louisiana together made up 48.9% of policies in force.

Competition and regulation

The NFIP is Neptune's main competitor and the filing puts its market share at approximately 80%. The NFIP introduced a pricing method called Risk Rating 2.0 in 2021. Neptune also competes with other managing general agents, established carriers and startups. Using NAIC data, it estimates it has 8.2% of the United States primary residential flood market.

Neptune operates on an Excess and Surplus lines basis, so it does not file rates and forms for state approval. It must hold licences and pay surplus lines taxes in each jurisdiction where it writes business. Hurricane season runs from 1 June through 30 November, and sales have historically been higher in the second and third quarters.

Its people

Of the 62 employees, 40% work on technology development, and most work remotely. The company says its mantra is "automating everything". It also holds five United States trademark registrations.

*From Neptune's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2067129/000206712926000007/nyse-20251231.htm)*

From the company's 10-K.