Neptune Insurance Holdings Inc. (NP) Balance Sheet
NP balance sheet, 2025
December 31, 2025 · U.S. dollars$65.3M assets = $292.8M liabilities + −$227.5M equity
Liabilities exceed assets: shareholders’ equity is negative (−$227.5M).
Both columns are drawn to the same scale: what NP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NP financial health
Descriptive bands, not a rating. Fiscal 2025.
NP balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $41.7M2023 | $65.3M2025 | +25.2%/yr | |
| Total liabilities | $429.3M2023 | $292.8M2025 | −17.4%/yr | |
| Shareholders’ equity | −$387.6M2023 | −$227.5M2025 | — | |
| Cash & short-term investments | $8.1M2023 | $8.0M2025 | −0.6%/yr | |
| Total debt | $174.9M2023 | $240.0M2025 | +17.2%/yr | |
| Net cash (debt) | −$166.7M2023 | −$232.0M2025 | −$65.2M | |
| Working capital | $752,0002023 | −$331,0002025 | −$1.1M | |
| Book value per share | −$2.872023 | −$1.652025 | — | |
| Shares outstanding | 135.2M2023 | 138.2M2025 | +1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NP assets
NP liabilities and equity
NP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NP balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $8.0M | $7.1M | $8.1M |
| Cash & equivalents | $8.0M | $7.1M | $8.1M |
| Receivables | $10.6M | $6.7M | $4.9M |
| Inventory | $0 | $0 | $0 |
| Other current assets | $33.8M | $21.4M | $16.9M |
| Total current assets | $52.5M | $35.2M | $29.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 |
| Goodwill & intangible assets | $4.3M | $10.0M | $9.3M |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $8.6M | $2.9M | $2.5M |
| Total assets | $65.3M | $48.2M | $41.7M |
| Liabilities | |||
| Accounts payable | $10.1M | $9.7M | $7.4M |
| Short-term debt | — | $8.6M | $1.9M |
| Total current liabilities | $52.8M | $48.6M | $29.1M |
| Long-term debt | $240.0M | $125.1M | $173.0M |
| Other long-term liabilities | $0 | $240.5M | $227.2M |
| Total liabilities | $292.8M | $414.1M | $429.3M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$514.4M | −$366.3M | −$387.6M |
| Total shareholders' equity | −$227.5M | −$366.0M | −$387.6M |
| Key figures | |||
| Total debt | $240.0M | $133.7M | $174.9M |
| Net cash (debt) | −$232.0M | −$126.6M | −$166.7M |
| Working capital | −$331,000 | −$13.3M | $752,000 |
| Tangible book value | −$231.8M | −$376.0M | −$396.9M |
| Book value per share | −$1.65 | −$2.71 | −$2.87 |
| Shares outstanding | 138.2M | 135.2M | 135.2M |
| Current ratio | 0.99 | 0.73 | 1.03 |
| Quick ratio | 0.35 | 0.28 | 0.45 |
| Equity / assets | −348.4% | −760.1% | −930.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $72.0M | $60.4M | $8.0M | $12.2M | $11.7M | $11.7M | $7.1M |
| Cash & equivalents | $72.0M | $60.4M | $8.0M | $12.2M | $11.7M | $11.7M | $7.1M |
| Receivables | $11.2M | $10.8M | $10.6M | $3.7M | $8.8M | $3.2M | $6.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $33.8M | $60.5M | $47.4M | $53.0M | $21.4M |
| Total current assets | $83.2M | $71.2M | $52.5M | $76.3M | $67.9M | $67.9M | $35.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $14.2M | $14.2M | $4.3M | $4.3M | $10.1M | $10.1M | $10.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.7M | $0 | $8.6M | $9.0M | $2.9M | $2.9M | $2.9M |
| Total assets | $102.2M | $85.3M | $65.3M | $89.6M | $80.9M | $80.9M | $48.2M |
| Liabilities | |||||||
| Accounts payable | $17.1M | $13.3M | $10.1M | $11.2M | $13.4M | $8.5M | $9.7M |
| Short-term debt | — | — | — | $15.1M | $15.1M | $15.1M | $8.6M |
| Total current liabilities | $84.5M | $71.7M | $52.8M | $85.1M | $82.4M | $82.4M | $48.6M |
| Long-term debt | $240.0M | $227.0M | $240.0M | $247.6M | $277.3M | $0 | $125.1M |
| Other long-term liabilities | $84.5M | $71.7M | $0 | $15.6M | $247.3M | $277.3M | $240.5M |
| Total liabilities | $324.5M | $298.7M | $292.8M | $348.3M | $607.0M | $359.7M | $414.1M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | — |
| Retained earnings (deficit) | −$491.2M | −$507.0M | −$514.4M | −$518.7M | −$526.6M | −$526.6M | −$366.3M |
| Total shareholders' equity | −$222.2M | −$213.4M | −$227.5M | −$258.7M | −$526.1M | −$278.8M | −$366.0M |
| Key figures | |||||||
| Total debt | $240.0M | $227.0M | $240.0M | $15.1M | $292.4M | $292.4M | $133.7M |
| Net cash (debt) | −$168.0M | −$166.6M | −$232.0M | −$2.9M | −$280.7M | −$280.7M | −$126.6M |
| Working capital | −$1.2M | −$425,000 | −$331,000 | −$8.8M | −$14.5M | −$14.5M | −$13.3M |
| Tangible book value | −$236.5M | −$227.5M | −$231.8M | −$263.0M | −$536.2M | −$288.9M | −$376.0M |
| Book value per share | −$1.52 | −$1.46 | −$1.65 | −$1.91 | −$3.89 | −$2.02 | −$2.71 |
| Shares outstanding | 146.2M | 145.8M | 138.2M | 135.2M | 135.2M | 138.0M | 135.2M |
| Current ratio | 0.99 | 0.99 | 0.99 | 0.90 | 0.82 | 0.82 | 0.73 |
| Quick ratio | 0.99 | 0.99 | 0.35 | 0.19 | 0.25 | 0.18 | 0.28 |
| Equity / assets | −217.4% | −250.1% | −348.4% | −288.6% | −649.9% | −344.4% | −760.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NP financial position
At the end of fiscal 2025 (December 31, 2025), Neptune Insurance had total assets of $65.3 million (up 35.6% from a year earlier), total liabilities of $292.8 million and shareholders' equity of -$227.5 million. It held $8.0 million in cash and short-term investments against $240.0 million of debt, net debt of $232.0 million. Its current ratio was 0.99. In the latest quarter (ended June 30, 2026) total assets were $102.2 million and equity -$222.2 million.
Related: NP income statement, NP cash flow statement, NP key metrics. See the NP stock overview for the latest quote and news.
NP balance sheet FAQ
What are Neptune Insurance's total assets?
Neptune Insurance reported total assets of $65.3 million at the end of fiscal 2025 (December 31, 2025), compared with $48.2 million a year earlier.
How much debt does Neptune Insurance have?
Neptune Insurance had $240.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Neptune Insurance have?
Neptune Insurance held $8.0 million in cash and short-term investments at the end of fiscal 2025; with $240.0 million of debt that is net debt of $232.0 million.
What is Neptune Insurance's book value?
Neptune Insurance's shareholders' equity (book value) was -$227.5 million at the end of fiscal 2025, or −$1.65 per share.
What is Neptune Insurance's current ratio?
Neptune Insurance had current assets of $52.5 million and current liabilities of $52.8 million, a current ratio of 0.99 (current liabilities exceed current assets).
How much goodwill does Neptune Insurance have?
Neptune Insurance carried $4.3 million of goodwill and intangible assets, 6.5% of total assets, at the end of fiscal 2025.