Neptune Insurance Holdings Inc. (NP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+7.3%

$31.68

vs $29.54 price

Levered DCF

$43.98

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.5

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	108×	15.7×	23.85×
P/B	-17.71×	-0.63×	-0.6×
P/S	25.25×	1.94×	2.73×
EV / EBITDA	56.36×	5.35×	8.42×
Gross margin	64.6%	66.4%	64.2%
Operating margin	50.1%	57.4%	53.5%
Net margin	23.4%	29.0%	21.1%
Current ratio	0.99×	0.73×	1.03×
Debt / equity	-1.05×	-0.37×	-0.45×
Interest coverage	4.38×	3.91×	2.13×
Dividend yield	4.3%	0.0%	146.2%
Payout ratio	467.8%	0.0%	1895.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-16.4%	-9.5%	-4.6%
Return on invested capital	445.5%	627.5%	235.5%
Return on assets	57.3%	71.8%	42.9%
Free cash flow yield	1.2%	20.0%	6.3%
Earnings yield	0.9%	14.9%	7.7%
Enterprise value	$4.3B	$358.1M	$398.7M
Net debt / EBITDA	3.07×	1.89×	3.52×
Cash conversion cycle (days)	-41	-68	-68