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Insurance brokers · Financial Services · Fiscal year ends Dec 31
Neptune Insurance reported revenue of $160M in the fiscal year ended Dec 2025, up 33.7% from the year before. Operating income was $71M, an operating margin of 44.5%, and net income was $37M. It held more cash than debt (net cash $8M).
Ranks among the 15 insurance brokers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 84.9 | 119 | 160 |
| Operating income | 45.4 | 68.4 | 71.0 |
| Interest expense | 21.3 | 17.5 | 18.2 |
| Pre-tax income | 23.9 | 46.4 | 53.6 |
| Income tax | 6.0 | 11.8 | 16.2 |
| Net income | 17.9 | 34.6 | 37.4 |
| Diluted EPS | 0.10 | 0.16 | −0.26 |
| Diluted shares | 93.5 | 93.4 | 105 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 24.3 | 7.1 | 8.0 |
| Current assets | – | 35.2 | 52.5 |
| Goodwill | – | 3.8 | 3.8 |
| Total assets | – | 48.2 | 65.3 |
| Payables | – | 7.2 | 10.1 |
| Deferred revenue | – | 11.8 | 18.9 |
| Current liabilities | – | 48.6 | 52.8 |
| Short-term debt | – | 8.6 | 0.0 |
| Long-term debt | – | 125 | 0.0 |
| DepositsBanks | – | 11.8 | – |
| Total liabilities | – | 174 | 293 |
| Shareholders' equity | −388 | −366 | −227 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 18.6 | 49.9 | 51.7 |
| Stock-based compensation | 0.0 | 0.3 | 11.4 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 40.6% | 33.7% |
| Operating income growth (YoY) | – | 50.7% | 3.7% |
| EPS growth (YoY) | – | 60.0% | −262.5% |
| Operating margin | 53.5% | 57.4% | 44.5% |
| Net margin | 21.1% | 29.0% | 23.4% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −16532.9% | 567.4% |
| Cash conversion (CFO ÷ net income) | 1.04x | 1.44x | 1.38x |
| Interest cover | 2.13x | 3.91x | 3.89x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 127 | −8.0 |
| Current ratio | – | 0.73x | 0.99x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.