Neptune achieved a 28.8% year-over-year revenue increase in 2026Q1, supported by a robust 70.0% gross margin that reflects the structural efficiency of its asset-light MGA model.
| Sales/Revenue | 123.63M | 159.55M | 119.3M | 84.87M |
| Revenue Growth % | - | 33.74% | 40.57% | - |
| Cost of Goods Sold | 43.19M | 56.49M | 40.07M | 30.36M |
| COGS % of Revenue | - | 35.41% | 33.59% | 35.77% |
| Gross Profit | 80.44M | 103.06M | 79.23M | 54.51M |
| Gross Margin % | 65.06% | 64.59% | 66.41% | 64.23% |
| Gross Profit Growth % | - | 30.08% | 45.35% | - |
| Operating Expenses | 11.2M | 23.19M | 10.78M | 9.08M |
| OpEx % of Revenue | - | 14.54% | 9.04% | 10.7% |
| Selling, General & Admin | 4.18M | 10.02M | 7.76M | 6.9M |
| SG&A % of Revenue | - | 6.28% | 6.5% | 8.13% |
| Research & Development | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 2M | 13.17M | 3.03M | 2.18M |
| Operating Income | 69.24M | 79.87M | 68.45M | 45.43M |
| Operating Margin % | 56.01% | 50.06% | 57.37% | 53.53% |
| Operating Income Growth % | - | 16.69% | 50.66% | - |
| EBITDA | 73.08M | 83.58M | 71.47M | 47.61M |
| EBITDA Margin % | 59.12% | 52.39% | 59.91% | 56.1% |
| EBITDA Growth % | - | 16.94% | 50.11% | - |
| D&A (Non-Cash Add-back) | 3.84M | 3.71M | 3.03M | 2.18M |
| EBIT | 74.37M | 71.88M | 63.9M | 45.18M |
| Net Interest Income | -18.45M | -17.32M | -16.64M | -21.02M |
| Interest Income | 919K | 923K | 880K | 308K |
| Interest Expense | 19.37M | 18.24M | 17.52M | 21.33M |
| Other Income/Expense | -18.93M | -26.23M | -22.07M | -21.57M |
| Pretax Income | 50.31M | 53.63M | 46.38M | 23.86M |
| Pretax Margin % | 40.7% | 33.62% | 38.88% | 28.11% |
| Income Tax | 15.49M | 16.22M | 11.79M | 5.97M |
| Effective Tax Rate % | 30.79% | 30.25% | 25.42% | 25.03% |
| Net Income | 34.82M | 37.41M | 34.59M | 17.89M |
| Net Margin % | 28.17% | 23.45% | 29% | 21.07% |
| Net Income Growth % | - | 8.16% | 93.4% | - |
| Net Income (Continuing) | 34.82M | 37.41M | 34.59M | 17.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.24 | -0.20 | 1.58 | 1.04 |
| EPS Growth % | - | -112.66% | 51.92% | - |
| EPS (Basic) | - | -0.20 | 1.58 | 1.04 |
| Diluted Shares Outstanding | 145.76M | 138.15M | 9.34M | 9.35M |
| Basic Shares Outstanding | 138.24M | 138.15M | 9.34M | 9.35M |
| Dividend Payout Ratio | - | 467.75% | - | 1895.47% |
Thin liquidity and reinsurance dependence
As reported in recent financial filings, Neptune Insurance Holdings Inc. achieved a 28.8% year-over-year revenue growth in 2026Q1, suggesting that the company is successfully capturing market share as federal flood insurance pricing adjustments drive demand toward more competitive, data-driven private alternatives like the Triton underwriting engine.
The consistent top-line expansion indicates that the company's API-first distribution model is effectively penetrating the agent network. Investors should monitor whether this growth trajectory remains sustainable if the NFIP's Risk Rating 2.0 pricing delta narrows or if housing market volatility impacts new policy originations.
Based on the provided income statement data, Neptune maintains a robust gross margin profile, peaking at 70.0% in 2026Q1, which underscores the structural efficiency of its MGA model where the company avoids the direct capital burden of underwriting insurance claims through its reinsurance partnerships.
These elevated margins appear to be a direct result of the company's ability to offload catastrophe risk, effectively functioning as a technology-enabled intermediary. However, the sustainability of these margins may be challenged if reinsurance partners demand higher ceding commissions in response to increased climate-related loss volatility.
According to the quarterly income statement, Neptune demonstrated significant operating leverage in 2025Q2 with an operating margin of 50.6%, suggesting that the automated nature of the Poseidon platform allows for incremental revenue growth without a proportional increase in fixed overhead or manual underwriting expenses.
The ability to maintain such high operating margins implies that the company's cost structure is highly scalable. Analysts should investigate whether the recent compression in operating margins to 35.6% in 2026Q1 represents a permanent shift in cost structure or merely temporary fluctuations in operational spending.
Analysis of the reported figures reveals that stock-based compensation reached $6.9 million in 2026Q1, a significant increase from prior periods, which warrants careful scrutiny regarding the quality of earnings and the potential for future dilution of shareholder value despite the company's reported net income profitability.
The substantial rise in non-cash compensation expenses suggests that management may be utilizing equity to preserve cash, which is currently limited. Investors should evaluate whether this trend in compensation is aligned with long-term performance targets or if it masks underlying pressure on cash-based profitability.
As indicated by the company's financial statements, the $8.03 million cash position relative to $159 million in annual revenue suggests a precarious liquidity profile that may limit Neptune's ability to navigate unexpected operational shocks or sudden shifts in the reinsurance market's appetite for catastrophe risk.
This tight working capital cycle implies that the company is highly dependent on the timely receipt of commissions and fees to fund ongoing operations. The lack of a significant cash buffer may force management to prioritize short-term cash preservation over long-term strategic investments, potentially hindering future growth.
Quick answers to the most common questions about buying NP stock.
For fiscal year 2025, Neptune Insurance Holdings Inc. (NP) reported total revenue of $159.6M. This represents a 88.0% increase compared to $84.9M in 2023.
Neptune Insurance Holdings Inc. (NP) is profitable, generating $37.4M in net income for the fiscal year ending 2025 with a net profit margin of 23.4%.
Neptune Insurance Holdings Inc. (NP) reported an operating income of $79.9M, resulting in an operating profit margin of 50.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Neptune Insurance Holdings Inc. (NP) generated $103.1M in gross profit for the year, representing a gross profit margin of 64.6%. This demonstrates the company's core pricing power and production efficiency.