ERIE vs NP: Erie Indemnity and Neptune Insurance compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Erie Indemnity is the larger company, worth $12.2B, about 3.1 times Neptune Insurance.
- Neptune Insurance grew revenue faster over the last year (+32.8% vs +2.8%).
- Neptune Insurance's price assumes faster free cash flow growth: about 24% a year, against 6% for Erie Indemnity (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ERIE | NP |
|---|---|---|
| Market cap | $12.2B | $3.9B |
| Share price | $222.04 | $28.74 |
| Revenue (last fiscal year) | $4.1B | $160M |
| Free cash flow (last fiscal year) | $571M | $48M |
| Revenue growth, last year | +2.8% | +32.8% |
| Revenue growth per year, last 5 fiscal years | +11.5% | +37.1% |
| Operating margin | 17.9% | — |
| Net margin | 14.0% | — |
| Return on equity | 23.4% | — |
| P/E (trailing) | 21.3x | — |
| Price / free cash flow | 21.3x | 81.2x |
| EV / EBITDA | — | 59.2x |
| FCF growth the price implies | 5.8% | 23.5% |
| Dividend yield | 2.4% | — |
| Debt / equity | 0.44x | — |
| Fundamental grade | C | B |
| Superinvestors holding it | 2 | 1 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Erie Indemnity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $254M | 12.1% |
| 2022 | $2.8B | $299M | 13.2% |
| 2023 | $3.3B | $289M | 15.9% |
| 2024 | $3.8B | $486M | 17.8% |
| 2025 | $4.1B | $571M | 17.6% |
Neptune Insurance
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $85M | $15M | 53.5% |
| 2024 | $119M | $46M | 57.4% |
| 2025 | $160M | $48M | 44.5% |
Where the revenue comes from
Erie Indemnity · by products, 2025
Management fee revenue - policy issuance and renewal services$3.1B77%
Administrative services reimbursement revenue$837M21%
Management fee revenue - administrative services$74M2%
Service agreement revenue$25M1%
Neptune Insurance · by products, 2025
Commission income$122M76%
Fee income$38M24%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ERIE in InvestinglyQuestions
Which is bigger, Erie Indemnity or Neptune Insurance?
Erie Indemnity (ERIE), at $12.2B against $3.9B.
Which grows faster, ERIE or NP?
Neptune Insurance: revenue grew +32.8% over the last year, against +2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.