Neptune Insurance Holdings Inc.
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Range $24 – $39
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About the company
Neptune Insurance Holdings Inc. functions as a technology-driven managing general agent (MGA) specializing in flood insurance solutions. The company provides a range of offerings, including both primary and excess flood coverage for residential and commercial properties, as well as parametric earthquake policies.
- CEO
- Trevor R. Burgess
- IPO
- 2025
- Employees
- 62
- HQ
- St. Petersburg, FL, US
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- Market Cap
- $3.11B
- P/E
- 23.27
- Fwd P/E
- 60.54
- PEG
- 0.03
- P/S
- 22.62
- P/B
- -20.55
- EV/EBITDA
- 39.69
- Div Yield
- 0.00%
- Gross Margin
- 67.14%
- Op Margin
- 54.13%
- Net Margin
- 28.38%
- ROE
- -16.92%
- ROIC
- 49.08%
Latest fiscal year · YoY change
- Revenue
- $159.55M+33.7%
- Gross Profit
- $103.06M+30.1%
- Op Income
- $79.87M
- Net Income
- $37.41M+8.2%
- EPS
- $0.27-82.9%
- OCF Growth
- +3.5%
- FCF Growth
- +3.2%
- 52W High
- $35.15
- 52W Low
- $14.78
- 50D MA
- $30.82
- 200D MA
- $26.53
- Beta
- -0.20
- RSI (14)
- 58
- Avg Volume
- 802.37K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Neptune reported its best quarter ever, with revenue and adjusted EBITDA up strongly, margins expanding, and management raising full-year 2026 guidance on continued distribution, product, and AI-driven execution.· July 22, 2026
- Revenue was $55.9 million, up 33% year over year; adjusted EBITDA was $34.5 million with a 62% margin, up 165 basis points.
- Premium in force reached $419 million, up 32%, and policies in force topped 316,000, up 29%.
- Lifetime written loss ratio fell to 19.5%, down over 500 basis points from a year ago.
- Management raised 2026 guidance to $199 million of revenue and 60%-61% adjusted EBITDA margin.
- Atlas+ and other AI tools are live and being expanded to help agents sell more efficiently rather than replace them.
Q2 revenue was $55.9 million, up 32.8%-33% year over year. Adjusted EBITDA was $34.5 million, with margin at 61.7% to 62%, up about 165 basis points from a year ago. Premium in force was $419 million, up 32%, policies in force were over 316,000, up 29%, and policy retention at renewal improved to 86%. On a trailing 12-month basis, revenue per employee reached $3 million and adjusted EBITDA per employee reached $1.8 million. The lifetime written loss ratio improved to 19.5%, down more than 500 basis points year over year. For 2026, management raised guidance to $199 million of revenue and an adjusted EBITDA margin of 60%-61%; that outlook does not assume any acceleration from future FEMA actions or broader NFIP changes and incorporates below-average Atlantic hurricane season projections.
Trevor Burgess framed the quarter as Neptune’s strongest ever and emphasized momentum across distribution, product development, and AI. He said the company is using AI to “arm” agents, not replace them, and described Atlas+ as a way to turn agents into “super agents” by giving them real-time help and task prioritization. He also highlighted the FEMA Review Council as a potential catalyst, but stressed the quarter’s results were driven by Neptune’s own execution rather than policy changes.
Jim Steiner highlighted the financial quality of the quarter: $55.9 million of revenue, $34.5 million of adjusted EBITDA, and 61.7% margin, alongside an 86% renewal retention rate. He pointed to the business model as capital-light, with no underwriting risk and growth handled in software, which he said helps margins expand rather than compress. On capital allocation, he said Neptune ended the quarter with $240 million drawn on its $260 million revolver, about 2.1x trailing adjusted EBITDA, paid down $7 million after quarter-end to $233 million, repurchased $26 million in stock tied to a secondary offering and $6 million in the open market, and still has $94 million remaining under its $100 million repurchase authorization.
Analysts focused heavily on whether the FEMA Review Council report and possible flood-map modernization could materially expand Neptune’s addressable market. Management said the biggest near-term impact has been improved agent engagement and demand, but timing and implementation are uncertain and none of it is built into forecasts; they estimated that modernizing maps could eventually add about 5 million mandatory policies if current compliance ratios held. Questions also centered on improved economics from the two largest capacity programs, higher coverage limits, price elasticity, and AI oversight; management said the improved terms were worth about half a point on those programs, the quote-to-bind pricing model is already live and improving new business, and their AI tools are algorithmic rather than the kind of generative AI targeted by the Texas bulletin.
The call showed broad-based operating momentum: stronger agent engagement, record technology delivery, improved retention, and better economics on major capacity programs. Management sounded confident that Atlas+, higher limits, and broader product coverage can keep growing the market beyond mandatory flood zones while maintaining high margins.
Management repeatedly noted that a large part of the second-half setup still depends on weather and storm-driven sales, and they baked a benign hurricane season into guidance. They also said FEMA map modernization, NFIP-related changes, and any benefit from the Review Council report remain uncertain and are not assumed in the outlook, while improved capacity terms are incremental rather than transformational.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 23.7%
- Shares Outstanding
- 93.80M
- Float Shares
- 22.20M
of shares held by institutions
94 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 1.61M | ▲ 1.61M |
| Comerica Bank | 51.67K | ▲ 51.67K |
| California State Teachers Retirement System | 21.63K | ▲ 21.63K |
| Janus Henderson Group PLC | 12.90K | ▲ 12.90K |
| Sandia Investment Management LP | 10.50K | ▲ 10.50K |
Held by 150 ETFs
Biggest fund positions in NP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 12, 26 | Steiner James | sell | 42,988 |
| Aug 13, 26 | Steiner James | sell | 57,012 |
| Jul 29, 26 | BSIV Hold 101, LP | sell | 1,632,160 |
| Jul 29, 26 | FTV VII, L.P. | sell | 1,867,840 |
| May 15, 26 | BSIV Hold 101, LP | sell | 4,589,351 |
| May 19, 26 | BSIV Hold 101, LP | sell | 688,403 |
| May 15, 26 | FTV VII, L.P. | sell | 5,252,044 |
| May 19, 26 | FTV VII, L.P. | sell | 787,806 |
| Mar 13, 26 | Burgess Trevor R | buy | 50,000 |
| Feb 20, 26 | Vostrizansky Michael Warren | buy | 23,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NP coverage
Recent articles, reports, and earnings notes.
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