Forensic Analysis · General / Diversified · as of Jun 27, 2026
Neptune Insurance Holdings Inc. (NP)
A forensic read on Neptune Insurance Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Distress
Financial health
-19.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-2.9%
ROE
$4.1B
Market cap
5.68%
Dividend yield
Neptune Insurance Holdings Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is -19.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+5.9%/yrShare-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.9%/yr). The count is GROWING — existing holders are being diluted. That's ~5.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~12%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $10M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
7% of revStock-based comp load.Stock-based compensation ran 7% of revenue and 22% of free cash flow in FY2025 — about $0.11 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin23.4%
Latest Revenue$159.6M
Revenue Growth YoY+33.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Neptune Insurance Holdings Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NP's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown