# Neptune Insurance Holdings Inc. (NP)

**Exchange:** NYSE  
**Sector:** Financial Services  
**Market cap:** $2.86B  
**Price:** $27.32 (+1.37%)

> Neptune Insurance Holdings Inc. is a high-growth, data-driven managing general agent (MGA) revolutionizing flood risk protection for homeowners and businesses across the United States. Founded in 2017 and headquartered in St. Petersburg, Florida, the company specializes in residential and commercial insurance products, including primary flood insurance, excess flood insurance, and parametric earthquake insurance, distributed through a nationwide network of agencies. Operating without balance sheet risk or claims handling, Neptune underwrites and administers policies on behalf of diverse insurance and reinsurance capacity providers using advanced AI, machine learning algorithms, and proprietary platforms like Triton for underwriting and Poseidon for policy management. This technology-driven approach has delivered superior risk selection, a lifetime written loss ratio of 24.7% through June 2025, robust margins such as 29.0% net income and 60.4% Adjusted EBITDA for 2024, and strong organic revenue growth. By addressing inefficiencies in the traditional flood insurance market dominated by the National Flood Insurance Program, Neptune enhances accessibility and innovation in the property and casualty insurance sector.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $160M | — | $71M | $37M | — |
| 2024 | $119M | — | $68M | $35M | — |
| 2023 | $85M | — | $45M | $18M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $65M | $293M | -$227M | $8M | — |
| 2024 | $48M | $174M | -$366M | $7M | $125M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $52M | — | — |
| 2024 | $50M | — | — |
| 2023 | $19M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/NP)