| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 3 | 91.2x | 17.3x | Bottom tier | |
Growth | 95 | 31.7% | 7.1% | Top tier | |
Quality | 53 | — | — | Around median | |
Safety | 1 | — | — | Bottom tier | |
Capital Return | 42 | 0.00% | 0.06% | Around median | |
Momentum | 64 | 2.7% | -1.6% | Around median | |
Sentiment | 44 | 11 | 3 | Around median |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Neptune Insurance Holdings Inc. operates a technology platform for distributing flood insurance in the United States, with 98% of its policies sold through insurance agents. The company relies on its Triton pricing and underwriting software to make risk acceptance and pricing decisions, while capacity providers bear the underwriting risk; therefore, policy growth does not require a corresponding increase in capital or employees. It also receives fees paid by policyholders when new business is issued and at each renewal, and supports distribution with its agent-focused Atlas+ tools, while recently expanding its products to include commercial earthquake and condominium insurance.
In fiscal Q2 2026, the company reported revenue of $55.9 million, up 32.8% year over year, net income of $15.8 million, and earnings per share of $0.11. Adjusted EBITDA was $34.5 million, up 36%, with a margin of 61.7%, an increase of approximately 165 basis points. Premium in force reached $419 million, up 32%, and policies in force exceeded 316,000, up 29%, while renewal retention improved to 86%.
The business mix reveals expansion beyond traditional mandatory demand: more than 55% of new business in fiscal Q2 2026 came from properties outside FEMA special flood hazard areas, and more than 75% came from voluntary purchases not required by banks. According to EDGAR data, reported trailing-twelve-month revenue in 2026 was approximately $180.1 million and net income was $46.3 million, compared with revenue of $159.6 million and net income of $37.4 million in fiscal 2025.
The average analyst price target is $33.86, within a wide range of $26 to $39, with a consensus rating of “Buy”; the average is close to the upper end of the 52-week range of $35.15, while the highest target exceeds that level. No displayed price-to-earnings ratio is available for comparing valuation with earnings, so the stock's valuation depends more heavily on the sustainability of fiscal Q2 2026 revenue growth of 32.8% and the adjusted EBITDA margin of 61.7%, weighed against weather risks, tougher comparisons, and uncertainty regarding FEMA.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Neptune distributes flood insurance policies through a network of agents, who sell 98% of its policies, and uses Triton to automate pricing and underwriting. Capacity providers bear the underwriting risk instead of Neptune, so policy growth does not require a similar increase in capital. Policyholders also pay fees when new business is issued and at each renewal, and an increased share of commercial business and sales in states without fee restrictions contributed to higher fee income in fiscal Q2 2026.
Neptune generated revenue of $55.9 million in fiscal Q2 2026, up 32.8% year over year, and net income of $15.8 million. Adjusted EBITDA was $34.5 million, up 36%, with a margin of 61.7%. Premium in force reached $419 million, policies in force exceeded 316,000, and renewal retention improved to 86%.
Atlas+ is an assistant embedded in the pricing screen that answers agent questions, drafts follow-up messages, and explains the need for additional flood coverage. As of the end of fiscal Q2 2026, approximately 3,700 agents had exchanged 33,000 messages through the tool, out of more than 55,000 verified agent accounts on the platform. During fiscal Q3 2026, Neptune plans to add a ranked task list that places the highest-value activity first, aiming to increase the productivity and sales of its distribution network.
Automated analysis for informational purposes only — not investment advice.
Neptune raised its building coverage limit to $15 million for all property types, compared with a $500,000 limit for an NFIP policy covering a multi-unit residential building, as stated on the July 22, 2026 call. The company also offers loss-of-rents coverage of up to $1 million, strengthening its offering for multi-unit properties and condominium buildings. Management said the company was selling a new policy with a $15 million limit on most days after it became available and that higher limits could increase the average premium.
Fiscal 2026 guidance does not include any acceleration from future FEMA initiatives or broader NFIP changes; the company is targeting revenue of $199 million and an adjusted EBITDA margin between 60% and 61% from its existing business. Management estimated on July 22, 2026 that a map update could increase the number of mandatory policies from approximately 3 million to 8 million, but this estimate is conditional on assuming a constant compliance rate. Management emphasized that it does not know the timing of the decision or the likelihood of its implementation, and that reduced staffing at FEMA could affect the agency's ability to prioritize it.
Neptune ended fiscal Q2 2026 with $240 million drawn from a $260 million credit facility, equivalent to approximately 2.1 times trailing adjusted EBITDA, then reduced the balance to $233 million after quarter-end. Sales remain sensitive to storms and government shutdowns, with a tougher comparison in fiscal Q4 2026 if the impact of the government shutdown recorded in fiscal Q4 2025 does not recur. The implementation of FEMA recommendations also remains uncertain, and net insider sales totaled $119.4 million during the three months ended August 13, 2026, with the possibility that these sales were prearranged.