The company maintains a precarious capital structure characterized by $227 million in total debt against only $85.3 million in total assets, resulting in a persistent negative equity position of -$213.4 million.
| Total Current Assets | 71.23M | 52.46M | 35.23M | 29.86M |
| Cash & Short-Term Investments | 60.39M | 8.04M | 7.09M | 8.13M |
| Cash Only | 60.39M | 8.04M | 7.09M | 8.13M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.84M | 10.61M | 6.71M | 4.88M |
| Days Sales Outstanding | 34.62 | 24.26 | 20.52 | 20.97 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 0 | 33.82M | 21.42M | 16.85M |
| Total Non-Current Assets | 14.07M | 12.84M | 12.93M | 11.81M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - |
| Goodwill | 0 | 3.79M | 3.79M | 3.79M |
| Intangible Assets | 10.38M | 466K | 6.23M | 5.54M |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.89M | 7.78M | 99K | 279K |
| Total Assets | 85.3M | 65.3M | 48.15M | 41.67M |
| Asset Turnover | 1.54x | 2.44x | 2.48x | 2.04x |
| Asset Growth % | 5.37% | 35.61% | 15.56% | - |
| Total Current Liabilities | 0 | 52.79M | 48.57M | 29.11M |
| Accounts Payable | 0 | 10.14M | 9.69M | 7.4M |
| Days Payables Outstanding | 84.09 | 65.52 | 88.3 | 88.91 |
| Short-Term Debt | 0 | 0 | 8.55M | 1.9M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 42.65M | 11.81M | 8.4M |
| Current Ratio | - | 0.99x | 0.73x | 1.03x |
| Quick Ratio | - | 0.99x | 0.73x | 1.03x |
| Cash Conversion Cycle | -49.46 | - | - | - |
| Total Non-Current Liabilities | 298.65M | 240M | 365.57M | 400.16M |
| Long-Term Debt | 227M | 240M | 125.1M | 172.96M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 71.65M | 0 | 240.47M | 227.2M |
| Total Liabilities | 298.65M | 292.79M | 414.14M | 429.27M |
| Total Debt | 227M | 240M | 133.65M | 174.86M |
| Net Debt | 166.61M | 231.96M | 126.56M | 166.73M |
| Debt / Equity | -1.06x | - | - | - |
| Debt / EBITDA | 3.11x | 2.87x | 1.87x | 3.67x |
| Net Debt / EBITDA | 2.28x | 2.78x | 1.77x | 3.50x |
| Interest Coverage | 3.84x | 3.94x | 3.65x | 2.12x |
| Total Equity | -213.36M | -227.49M | -365.99M | -387.6M |
| Equity Growth % | 23.46% | 37.84% | 5.58% | - |
| Book Value per Share | -1.46 | -1.65 | -39.21 | -41.44 |
| Total Shareholders' Equity | -213.36M | -227.49M | -365.99M | -387.6M |
| Common Stock | 1K | 1K | 0 | 0 |
| Retained Earnings | -507M | -514.35M | -366.32M | -387.64M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Negative equity and liquidity
As reported in recent financial statements, Neptune's equity position remains deeply negative at -$213.4 million in 2026Q1, reflecting a multi-quarter trend of accumulated deficits that suggests the company's capital structure is currently unable to support its operational scale without significant reliance on external financing or future earnings.
The persistent negative equity indicates that historical losses have eroded the company's book value, which warrants caution regarding long-term solvency. While revenue growth remains strong, the inability to turn the corner on retained earnings suggests that the business model may be prioritizing market share acquisition over the accumulation of tangible shareholder equity.
Based on the 2026Q1 balance sheet, Neptune carries $227 million in total debt against only $85.3 million in total assets, a ratio that highlights a significant reliance on debt financing to sustain operations despite the company's asset-light MGA business model.
The high debt-to-asset ratio suggests that the company is operating with a capital structure that is heavily skewed toward liabilities, potentially limiting its financial flexibility. Investors should monitor whether this leverage is being used to fund necessary technology infrastructure or if it represents a structural necessity to maintain liquidity in the face of ongoing operational cash requirements.
According to the 2026Q1 data, Neptune holds $60.4 million in cash, a notable improvement from the $8.0 million reported in 2025Q4, yet the company's current ratio remains constrained, suggesting that liquidity buffers are highly sensitive to the timing of reinsurance commission receipts and operational outflows.
While the recent cash injection provides a temporary cushion, the historical volatility in cash balances suggests that the company's liquidity profile is fragile. The reliance on external capital to bolster cash reserves implies that internal cash generation may not yet be sufficient to cover both debt service and the aggressive growth strategy.
Analysis of the balance sheet reveals that Neptune's total liabilities of $298.7 million significantly outweigh its asset base, a distortion that makes headline growth figures appear more robust than the underlying financial stability of the entity might otherwise suggest to a conservative observer.
The discrepancy between the company's high-growth revenue profile and its negative equity position warrants further investigation into the sustainability of its current funding model. The reliance on debt to bridge the gap between operational cash flow and capital requirements may expose the company to refinancing risks if market conditions for tech-enabled insurance intermediaries tighten.
Quick answers to the most common questions about buying NP stock.
As of 2025, Neptune Insurance Holdings Inc. (NP) had total assets of $65.3M including $52.5M in current assets.
Neptune Insurance Holdings Inc. (NP) carries total debt of $240.0M, offset by $8.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Neptune Insurance Holdings Inc. (NP) has total shareholders' equity (book value) of $-227.5M ($-1.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Neptune Insurance Holdings Inc. (NP) reported a current ratio of 0.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.