Latest Ratios: P/E Ratio -149.8x · EV/EBITDA 36.8x · ROE N/A. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $2.8B | $4.0B | — | — |
| Enterprise Value | $3.1B | $4.3B | — | — |
| P/E Ratio → | -149.85 | — | — | — |
| P/S Ratio | 17.83 | 25.25 | — | — |
| P/B Ratio | — | — | — | — |
| P/FCF | 59.63 | 84.47 | — | — |
| P/OCF | 55.04 | 77.97 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 26.70 | — | — |
| EV / EBITDA | 36.80 | 50.97 | — | — |
| EV / EBIT | 38.51 | 59.27 | — | — |
| EV / FCF | — | 89.33 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 64.6% | 64.6% | 66.4% | 64.2% |
| Operating Margin | 50.1% | 50.1% | 57.4% | 53.5% |
| Net Profit Margin | 23.4% | 23.4% | 29.0% | 21.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | — | — | — | — |
| ROA | 66.0% | 66.0% | 77.0% | 42.9% |
| ROIC | 1340.1% | 1340.1% | — | — |
| ROCE | 1321.0% | 1321.0% | 1127.1% | 361.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | — | — | — | — |
| Debt / EBITDA | 2.87 | 2.87 | 1.87 | 3.67 |
| Net Debt / Equity | — | — | — | — |
| Net Debt / EBITDA | 2.78 | 2.78 | 1.77 | 3.50 |
| Debt / FCF | — | 4.86 | 2.74 | 11.41 |
| Interest Coverage | 3.94 | 3.94 | 3.65 | 2.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 0.99 | 0.99 | 0.73 | 1.03 |
| Quick Ratio | 0.99 | 0.99 | 0.73 | 1.03 |
| Cash Ratio | 0.15 | 0.15 | 0.15 | 0.28 |
| Asset Turnover | — | 2.44 | 2.48 | 2.04 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | 24.26 | 20.52 | 20.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | 4.2% | 4.3% | — | — |
| Payout Ratio | 467.8% | 467.8% | — | 1895.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | 1.7% | 1.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 4.2% | 4.3% | — | — |
| Shares Outstanding | — | $138M | $9M | $9M |
Thin liquidity and reinsurance dependence
Based on current market data, Neptune trades at a forward P/E of 56.29 and a P/S of 17.83, suggesting that investors are pricing in aggressive long-term expansion rather than current earnings, which remains a significant departure from the lower multiples observed in traditional specialty insurance peers.
The elevated valuation multiples appear to reflect the market's classification of Neptune as a high-growth software-application entity rather than a traditional insurer. This pricing implies that the Triton underwriting engine will continue to capture significant market share from the NFIP, though such a premium leaves little room for error should growth decelerate or reinsurance capacity tighten.
As reported in recent financial statements, Neptune maintains a robust operating margin of 50.06% in 2025Q2, which underscores the structural efficiency of its MGA model where the company avoids the direct capital burden of underwriting insurance claims through its strategic reinsurance partnerships.
The high operating margin suggests that the Poseidon platform successfully minimizes manual intervention, allowing for significant scalability as policy volume increases. Investors should monitor whether these margins are sustainable or if competitive pressures in the flood insurance market will eventually force a reduction in ceding commissions.
According to the quarterly data, Neptune's asset turnover remains constrained at 0.52x as of 2025Q2, highlighting the company's reliance on efficient cash management to navigate the timing differences between commission receipts and operational outflows inherent in its asset-light business model.
The erratic nature of working capital changes, including significant swings in accounts payable, suggests that liquidity is highly sensitive to the timing of reinsurance settlements. This volatility warrants close investigation, as the company's ability to maintain operations depends heavily on the consistent and timely collection of its fee-based revenue.
Based on the 2026Q1 reported figures, Neptune's interest coverage ratio of 3.85x indicates that while debt service is currently manageable, the company's reliance on leverage to support its operations remains a point of concern given the inherent volatility of catastrophe-exposed insurance markets.
The high debt-to-EBITDA ratio of 15.71x suggests that the company's capital structure is heavily reliant on debt, which may limit financial flexibility during periods of market stress. Investors should remain cautious, as any disruption in the reinsurance market could impair the company's ability to service its existing obligations.
The most commonly misapplied metric for Neptune is the Price-to-Book ratio, which fails to capture the value of the company's proprietary underwriting technology and instead obscures the firm's true earning power by focusing on a negative equity position that is typical for asset-light MGA models.
Because Neptune does not hold the underlying insurance risk on its balance sheet, traditional book value metrics are largely irrelevant and potentially misleading. Analysts should instead focus on commission-based revenue growth and operating margins, which better reflect the company's role as a high-margin data arbitrageur in the flood insurance space.
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Quick answers to the most common questions about buying NP stock.
Neptune Insurance Holdings Inc.'s current P/E ratio is -149.8x. This places it at the 50th percentile of its historical range.
Neptune Insurance Holdings Inc.'s current EV/EBITDA is 36.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 51.0x.
Based on historical data, Neptune Insurance Holdings Inc. is trading at a P/E of -149.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Neptune Insurance Holdings Inc.'s current dividend yield is 4.23% with a payout ratio of 467.8%.
Neptune Insurance Holdings Inc. has 64.6% gross margin and 50.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Neptune Insurance Holdings Inc.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.