Neptune Insurance
Manages flood and parametric earthquake underwriting through a nationwide agency network.
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Profile
Operates as a managing general agent offering primary and excess flood coverage alongside a smaller parametric earthquake line. Insurance and reinsurance capacity providers retain policy risk and claims handling.
Primary flood, excess flood, and parametric earthquake coverage make up the portfolio. Policies are distributed through a nationwide agency network, and the earthquake line came from the Jumpstart acquisition as a smaller business.
An AI, data-science, and technology platform helps insurers deploy capacity and lets agents and policyholders access coverage quickly. The public parent holds the operating company, Neptune Flood.
As a managing general agent, Neptune administers underwriting and policy issuance rather than retaining insurance risk. Insurance and reinsurance capacity providers take the policy risk and handle claims, making those relationships fundamental to the model.
Company facts
Key statistics
Year to date +21.8% · Average volume (30d) 624.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Upgrade | Equal Weight | Overweight | $31 | $36 |
| Jul 30, 2026 | BMO Capital | Downgrade | Outperform | Market Perform | $20 | $32 |
| Jul 23, 2026 | Morgan Stanley | Target | $29 | $31 | ||
| Jul 22, 2026 | Deutsche Bank | Reiterate | Buy | $31 | $33 | |
| Jul 22, 2026 | Evercore ISI | Reiterate | Outperform | $30 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $0.14 | $0.15 | +3.5% | $52.4M | $55.9M | +6.7% | −1.12% |
| Apr 22, 2026Q1 FY26 | $0.09 | $0.09 | −0.9% | $37.1M | $37.8M | +1.9% | −3.17% |
| Feb 18, 2026Q4 FY25 | $0.10 | $0.11 | +11.5% | $39.4M | $43.8M | +11.0% | +12.74% |
| Nov 12, 2025Q3 FY25 | $0.11 | $0.11 | −0.7% | $42.5M | $44.4M | +4.3% | −1.15% |
Financial highlights
| 6 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $29.4M | $42.1M | $0 | $43.8M | $37.8M | $55.9M | |
| Gross profit | $18.7M | $27.5M | −$1.8M | $28.3M | $26.4M | $39.3M | |
| Operating income | $15.6M | $21.3M | $20.7M | $13.8M | $13.4M | $26.4M | |
| Net income | $9.9M | $11.6M | $11.5M | $4.3M | $7.3M | $15.8M | |
| Diluted EPS | $0.07 | $0.08 | $1.18 | $0.03 | $0.05 | $0.11 | |
| Gross margin | 63.6% | 65.4% | — | 64.6% | 70.0% | 70.4% | |
| Operating margin | 53.2% | 50.6% | — | 31.6% | 35.6% | 47.3% |
Fiscal years (4-quarter sums)FY25 $115.2M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $72.0M · Total debt $240.0M · Total assets $102.2M · Shareholders' equity −$222.2M
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 12, 2022 | May 13 | Jun 2 | $0.475 | |
| Feb 17, 2022 | Feb 18 | Mar 2 | $0.475 | |
| Nov 10, 2021 | Nov 12 | Dec 2 | $0.475 |
Ownership
Shares outstanding 93.80M · Float 22.20M · 23.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FTV Management Company, L.P. | 22.35M | 23.83% | 13F | May 15, 2026 |
| Bregal Sagemount Iv General Partner Jersey Ltd | 19.53M | 20.82% | 13F | May 12, 2026 |
| FTV Vii, L.P. · 10 percent owner | 14.44M | 15.40% | Form 4 | Jul 31, 2026 |
| BSIV Hold 101, LP · 10 percent owner | 12.62M | 13.46% | Form 4 | Jul 31, 2026 |
| Jonathan Winant Carlon · director | 5.76M | 6.14% | Form 4 | Nov 14, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | James Steiner | director, officer: Chief Financial Officer | −57,012 | $31.71 |
| Aug 12, 2026 | James Steiner | director, officer: Chief Financial Officer | −42,988 | $31.08 |
| Jul 29, 2026 | Vii L.p. Ftv | 10 percent owner | −1,867,840 | $33.22 |
| Jul 29, 2026 | BSIV Hold 101, LP | 10 percent owner | −1,632,160 | $33.22 |
| May 19, 2026 | Vii L.p. Ftv | 10 percent owner | −787,806 | $26.40 |
Peers
- Brown & Brown
Wright NFIP and private-market excess flood distribution
- Chubb
Private personal and excess flood for high-value homes
- Ryan Specialty
Flood placement and MGA/MGU underwriting for specialty markets
- Goosehead Insurance
Personal-lines flood distribution through corporate and franchise agents
- TWFG
Personal and commercial flood distribution with an MGA channel
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Neptune Insurance | $34.00 | +0.41% | $3.18B | 24.7 | 55.9 | 23.1 | — |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Goosehead Insurance | $71.26 | +0.02% | $2.66B | 52.0 | 32.0 | 6.6 | +20.6% |
| TWFG | $30.01 | +0.44% | $390.0M | 81.5 | 27.5 | 1.4 | +51.2% |
| Median | 52.0 | 19.2 | 2.1 | +20.6% |