NP (Neptune Insurance Holdings) Beneish M-Score: -3.31 (As of Aug. 22, 2026)

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NP Neptune Insurance Holdings Inc NP
19 GF Score
Price $33.36
! 3 Warning Signs
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What is Neptune Insurance Holdings Beneish M-Score?

Neptune Insurance Holdings NP +2.46% 19 Beneish M-Score is -3.31 as of Aug. 22, 2026. GuruFocus rates NP with a GF Score™ of 19/100. The stock has 3 warning signs investors should review. Among 403 Insurance companies, Neptune Insurance Holdings ranks better than 89.83% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Neptune Insurance Holdings's Beneish M-Score or its related term are showing as below:

NP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31   Med: -3.31   Max: -3.31
Current: -3.31

During the past 3 years, the highest Beneish M-Score of Neptune Insurance Holdings was -3.31. The lowest was -3.31. And the median was -3.31.

Neptune Insurance Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Neptune Insurance Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Neptune Insurance Holdings Beneish M-Score Chart

Neptune Insurance Holdings Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00

Neptune Insurance Holdings Quarterly Data
Dec23 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 -3.31

NP vs ARX, CRVL, BWIN: Beneish M-Score Comparison

For the Insurance Brokers subindustry, Neptune Insurance Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Neptune Insurance Holdings Beneish M-Score vs Insurance Industry

For the Insurance industry and Financial Services sector, Neptune Insurance Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Neptune Insurance Holdings's Beneish M-Score falls into.


NP
19GF Score
Neptune Insurance Holdings Inc NP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Neptune Insurance Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Neptune Insurance Holdings for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.953+0.528 * 1.2587+0.404 * 0.8006+0.892 * 1.3295+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7637+4.679 * -0.270726-0.327 * 0.7143
=-3.31

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was $11.2 Mil.
Revenue was 55.872 + 37.795 + 43.767 + 44.365 = $181.8 Mil.
Gross Profit was 30.919 + 18.025 + 18.042 + 28.752 = $95.7 Mil.
Total Current Assets was $89.0 Mil.
Total Assets was $102.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.9 Mil.
Selling, General, & Admin. Expense(SGA) was $12.3 Mil.
Total Current Liabilities was $84.5 Mil.
Long-Term Debt & Capital Lease Obligation was $240.0 Mil.
Net Income was 15.796 + 7.349 + 4.343 + 11.511 = $39.0 Mil.
Non Operating Income was 0 + 0 + -0.473 + -4.966 = $-5.4 Mil.
Cash Flow from Operations was 26.713 + 16.691 + 12.75 + 15.956 = $72.1 Mil.
 Total Receivables was $8.8 Mil.
Revenue was 42.066 + 29.353 + 31.503 + 33.82 = $136.7 Mil.
Gross Profit was 27.802 + 19.008 + 21.307 + 22.522 = $90.6 Mil.
Total Current Assets was $67.9 Mil.
Total Assets was $80.9 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.4 Mil.
Selling, General, & Admin. Expense(SGA) was $12.1 Mil.
Total Current Liabilities was $82.4 Mil.
Long-Term Debt & Capital Lease Obligation was $277.3 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(11.196 / 181.799) / (8.836 / 136.742)
=0.061584 / 0.064618
=0.953

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(90.639 / 136.742) / (95.738 / 181.799)
=0.662847 / 0.526615
=1.2587

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (89.015 + 0) / 102.214) / (1 - (67.891 + 0) / 80.947)
=0.129131 / 0.161291
=0.8006

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=181.799 / 136.742
=1.3295

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(3.389 / (3.389 + 0)) / (3.948 / (3.948 + 0))
=1 / 1
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(12.321 / 181.799) / (12.135 / 136.742)
=0.067773 / 0.088744
=0.7637

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((240 + 84.455) / 102.214) / ((277.349 + 82.367) / 80.947)
=3.174272 / 4.443846
=0.7143

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(38.999 - -5.439 - 72.11) / 102.214
=-0.270726

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Neptune Insurance Holdings has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.31 mean?
Neptune Insurance Holdings (NP) has a Beneish M-Score of -3.31 as of Aug. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neptune Insurance Holdings and its competitors. According to the industry distribution chart, Neptune Insurance Holdings ranks #41 out of 403 companies in the Insurance industry, placing it in the top 10.2%.
Is Neptune Insurance Holdings' Beneish M-Score too high?
Neptune Insurance Holdings' current Beneish M-Score is -3.31. Based on the distribution chart, Neptune Insurance Holdings ranks #41 out of 403 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Neptune Insurance Holdings has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Neptune Insurance Holdings' Beneish M-Score compare to ARX and CRVL?
According to the Insurance industry distribution chart, Neptune Insurance Holdings ranks #41 out of 403 companies for Beneish M-Score. This places Neptune Insurance Holdings in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neptune Insurance Holdings and its competitors. Neptune Insurance Holdings's current Beneish M-Score is -3.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neptune Insurance Holdings stock overvalued right now?
Neptune Insurance Holdings (NP) has a current Beneish M-Score of -3.31. The current Beneish M-Score is -3.31. Neptune Insurance Holdings' overall GF Score™ is 19/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Neptune Insurance Holdings (NP), the current Beneish M-Score is -3.31 as of Aug. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Neptune Insurance Holdings Business Description

Address 400 6th Street South, Suite 2, Saint Petersburg, FL, USA, 33701
Neptune Insurance Holdings Inc is a high-growth, profitable, data-driven MGA that offers residential and commercial insurance products, including primary flood insurance, excess flood insurance and parametric earthquake insurance, distributed through a nationwide network of agencies in the United States. The company underwrites and administers the issuance of insurance policies on behalf of a diverse panel of insurance and reinsurance companies and does not take any balance sheet insurance risk or have claims handling responsibility relating to the policies it sells.
19GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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