Neptune Insurance Holdings Inc.
NP · Insurance Agents, Brokers & Service · 93.5M shares · EDGAR filings ↗
Net buyback after stock comp: $10M (gross $10M, SBC $41K)
Reference price $26.40 · est. market cap ~$2.5B — last insider sale, 2026-05-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Neptune Insurance Holdings — technology-driven flood-insurance MGA (recent IPO).
Strengths
- Operating margin 44.5% (93rd pct), ROA (100th), net margin (90th); no debt
- Scalable AI-underwriting private-flood platform
Risks
- Negative book equity (buyback/recap) distorts ROE
- Catastrophe (flood) and reinsurance-capacity exposure; low cash (17th)
Notable findings
- Weak liquidityCurrent ratio 0.99 (<1)
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$1M, last 6mo) Form 4 ↗
- Revenue declineRevenue -13.6% YoY
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$299M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
44.5%
Net margin
23.4%
Return on equity
-16.4%
Return on assets
57.3%
Revenue growth (QoQ)
-13.6%
Net-income growth
8.2%
Debt / equity
0.0×
Current ratio
1.0×
Tangible book value
-$232M
Cash & investments
$8M
Stock comp / revenue
7.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | FTV VII, L.P. | Sell | 788K | $26.40 |
| 2026-05-19 | BSIV Hold 101, LP | Sell | 688K | $26.40 |
| 2026-05-15 | FTV VII, L.P. | Sell | 5.3M | $26.40 |
| 2026-05-15 | BSIV Hold 101, LP | Sell | 4.6M | $26.40 |
| 2026-03-13 | Burgess Trevor R | Buy | 50K | $18.71 |
| 2026-02-20 | Vostrizansky Michael Warren | Buy | 23K | $21.50 |
| 2025-10-02 | Burgess Trevor R | Other | 25.0M | — |
| 2025-10-02 | Burgess Trevor R | Other | 17.9M | — |
| 2025-10-02 | Burgess Trevor R | Other | 17.9M | — |
| 2025-10-02 | Burgess Trevor R | Other | 17.9M | — |
| 2025-10-02 | Burgess Trevor R | Other | 511K | — |
| 2025-10-02 | Burgess Trevor R | Other | 511K | — |
| 2025-10-02 | Burgess Trevor R | Other | 511K | — |
| 2025-10-02 | Steiner James | Other | 3.7M | — |
| 2025-10-02 | Steiner James | Other | 3.7M | — |
| 2025-10-02 | Steiner James | Grant | 536K | — |
| 2025-10-02 | Carlon Jonathan Winant | Other | 4.6M | — |
| 2025-10-02 | Carlon Jonathan Winant | Other | 4.6M | — |
| 2025-10-02 | Carlon Jonathan Winant | Other | 511K | — |
| 2025-10-02 | Carlon Jonathan Winant | Other | 511K | — |
| 2025-10-02 | Carlon Jonathan Winant | Other | 575K | — |
| 2025-10-02 | Carlon Jonathan Winant | Other | 575K | — |
| 2025-10-02 | Carlon Jonathan Winant | Grant | 74K | — |
| 2025-10-02 | Duffy Matthew Paul | Other | 1.2M | — |
| 2025-10-02 | Duffy Matthew Paul | Other | 1.2M | — |
| 2025-10-02 | Duffy Matthew Paul | Grant | 792K | — |
| 2025-10-02 | Melej Cristian A | Other | 20K | — |
| 2025-10-02 | Melej Cristian A | Other | 20K | — |
| 2025-10-02 | Melej Cristian A | Grant | 39K | — |
| 2025-10-02 | Burgess Trevor R | Grant | 2.0M | — |
| 2025-10-02 | Steiner James | Buy | 119K | $20.00 |
| 2025-10-02 | Carlon Jonathan Winant | Buy | 5.0K | $20.00 |
| 2025-10-02 | Burgess Trevor R | Buy | 50K | $20.00 |
| 2025-10-02 | Burgess Trevor R | Other | 25.0M | — |
| 2025-10-02 | Burgess Trevor R | Other | 25.0M | — |
| 2025-10-01 | FTV VII, L.P. | Sell | 678K | $18.75 |
| 2025-10-01 | BSIV Hold 101, LP | Sell | 820K | $18.75 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-01 | 2026-05-28 | 0001628280-26-039469 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001628280-26-028418 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001628280-26-026558 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0002067129-26-000007 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0002067129-26-000003 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001213900-25-109336 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001213900-25-109245 ↗ |
| 8-K | 2025-10-07 | 2025-10-02 | 0001213900-25-097037 ↗ |