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Trupanion, Inc.

TRUP Financial Insurance Property & Casualty

Trupanion, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 11.9% from fiscal 2024.

Revenue
+10.5%
EPS
+50.0%
Free cash flow
+18.9%
Total debt
−8.79%

Quarter to September 2026, against a year earlier

34.55 0.87 +2.58%
Market cap
$1.5B
P/E
56.6×
Fwd P/E
50.0×
Dividend yield
—
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 1 4 2 1 3 2 1 4 2 2 —
Insider Ownership 29.61%

Capital & Financial Ratios $m

Size
Market Cap 1,520.00
Revenue ttm 1,559.43
Net income ttm 26.62
Free cash flow ttm 86.71
Net debt Q (292.36)
Valuation
P/E 56.64 (above 35: high)
Forward P/E 50.00 (above 35: high)
Price / sales 0.97
Forward P/S Powerpack
Price / FCF 17.37
Price / book 3.77
Financial health
Current ratio Q 1.74
Debt / equity Q 0.26
Interest coverage Q 0.00
Growth
Revenue growth Q +10.54% (above 0%: growing)
Operating income growth Q +62.88% (above 0%: growing)
EPS, this year +42.96% (at or above 15%: strong)
EPS, next year A +10.62%
Revenue, next year A +10.61% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +8.67%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 10.08%
10-year low 10-year high
P/B against its own 10 years 12.43%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 277 307 371 397
Receivables 268 274 302 297
Inventory — — — —
Other — — — —
562 597 691 714
2023 2024 2025 Q'26
Payables 11 12 16 16
ST’ Debt 1 1 10 10
Other 63 52 56 47
344 350 410 410

Compound Annual Growth %

10y 5y 3y
Sales 25.63% 23.45% 16.72%
Cash Flow 0.00% 32.95% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 23.81% 2.46% 7.94%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.11 Actual 0.16

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.06 0.13 Beat by 0.07
Q4 FY25 0.14 0.13 Miss by 0.01
Q1 FY26 0.07 0.11 Beat by 0.04
Q2 FY26 0.11 0.16 Beat by 0.05
Q3 FY26 0.16 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.11 0.16 0.21 — —
’25 (0.03) 0.22 0.13 0.13 0.45
’24 (0.16) (0.14) 0.03 0.04 (0.23)
’23 (0.60) (0.33) (0.10) (0.05) (1.08)
’22 (0.22) (0.33) (0.32) (0.23) (1.10)
’21 (0.31) (0.23) (0.17) (0.17) (0.89)
’20 (0.03) 0.04 (0.07) (0.09) (0.16)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 384 393 406 — —
’25 342 354 367 377 1,439
’24 306 315 327 337 1,286
’23 256 271 286 296 1,109
’22 206 219 234 246 905
’21 155 168 182 194 699
’20 111 118 130 143 502
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 15 21 31 — —
’25 16 15 29 29 89
’24 2 7 15 24 48
’23 (7) (3) 11 18 19
’22 (4) (3) (2) 1 (8)
’21 (2) (2) 6 5 7
’20 3 5 10 4 22
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 14 19 28 — —
’25 14 12 24 25 75
’24 (1) 4 13 22 39
’23 (12) (8) 7 14 0
’22 (7) (7) (6) (4) (25)
’21 (5) (5) 3 1 (5)
’20 1 3 9 1 14
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 188 243 304 384 502 699 905 1,109 1,286 1,439 1,559 +25.4% 1,592 1,726 1,863 +9.0%
Gross margin, % 17.68 17.74 16.90 16.91 16.31 14.93 13.50 11.82 13.91 16.05 16.75 (1.6) pt
EBT (7) (2) (1) (2) (6) (35) (44) (45) (10) 22 30 n/m
EBT margin, % (3.64) (0.80) (0.31) (0.43) (1.14) (5.04) (4.88) (4.06) (0.75) 1.53 1.92 +5.2 pt
Net income (7) (2) (1) (2) (6) (36) (45) (45) (10) 19 27 n/m
Per share, $
Per share, $ Revenue 6.60 8.20 9.51 11.08 14.00 17.41 22.20 26.75 30.50 33.50 35.77 +19.8%
Earnings (0.24) (0.05) (0.03) (0.05) (0.16) (0.89) (1.10) (1.08) (0.23) 0.45 0.61 n/m
Cash flow 0.18 0.33 0.40 0.47 0.60 0.19 (0.20) 0.45 1.15 2.08 2.19 +31.6%
Capex (0.07) (0.11) (1.78) (0.16) (0.21) (0.31) (0.42) (0.44) (0.23) (0.33) (0.20) +19.1%
Free cash flow 0.11 0.22 (1.38) 0.31 0.39 (0.12) (0.62) 0.01 0.91 1.75 1.99 +36.4%
Book value 1.57 1.64 4.04 3.95 9.48 8.28 7.49 7.33 7.67 8.94 9.16 +21.3%
Shares, m 29 30 32 35 36 40 41 41 42 43 43 +4.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 81.24 56.64 8.1
P/S 2.38 3.53 2.68 3.38 8.55 7.58 2.05 1.15 1.58 1.12 0.97 3.4
P/B 10.01 17.68 6.30 9.49 12.63 15.95 6.09 4.20 6.29 4.18 3.77 9.3
EV/Sales 2.12 3.31 2.45 3.19 8.09 7.28 1.89 1.02 1.44 0.94 — 3.2
EV/FCF 130.23 122.77 (16.84) 113.59 288.36 (1,038.76) (68.03) 3,146.27 48.06 17.87 — 274.4
Cash, $m
Cash, $m Operating cash flow 5 10 13 16 22 7 (8) 19 48 89 96 +37.8%
Capex (2) (3) (57) (5) (7) (12) (17) (18) (10) (14) (9) +24.7%
Free cash flow 3 7 (44) 11 14 (5) (25) 0 39 75 87 +42.7%
Balance, $m
Balance, $m Working capital 35 41 55 67 187 167 179 218 248 281 304 +26.1%
Net debt (48) (54) (68) (73) (229) (213) (153) (148) (178) (259) (292) +20.5%
Shareholders’ equity 45 48 129 137 340 332 305 304 323 384 399 +27.0%
Returns, %
Returns, % ROA (9.00) (1.60) (0.59) (0.78) (1.55) (6.70) (7.24) (6.15) (1.21) 2.26 2.96 +11.3 pt
ROIC 0.00 0.00 (1.07) (1.88) (2.77) (18.39) (17.64) (16.34) (4.11) 6.92 16.28 +6.9 pt
ROE (15.31) (3.23) (1.04) (1.36) (2.45) (10.57) (14.01) (14.68) (3.07) 5.50 6.94 +20.8 pt
People
People Employees 450 523 586 738 911 1,131 1,187 1,142 1,130 1,121 — +10.7%
Revenue/emp, $m 0.42 0.46 0.52 0.52 0.55 0.62 0.76 0.97 1.14 1.28 — +13.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Trupanion, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HMN Horace Mann Educators Corporation $2.2B 12.1× 11.2× +0.16% (above 0%: growing) +0.73% (above 0%: growing) +70.37% (above 0%: growing) 50.05% 18.72% Compare
SAFT Safety Insurance Group, Inc. $1.5B 22.4× — (loss-making) +2.95% (above 0%: growing) +21.03% (above 0%: growing) +16.88% (above 0%: growing) 14.33% 13.69% Compare
TRUP Trupanion, Inc. $1.5B 56.6× 50.0× +10.54% (above 0%: growing) +50.00% (above 0%: growing) +18.93% (above 0%: growing) 17.14% 0.00%
STC Stewart Information Services Corporation $1.5B 12.2× 10.7× +13.02% (above 0%: growing) −36.77% (below 0%: shrinking) −12.37% (below 0%: shrinking) 64.58% 8.51% Compare
UVE UNIVERSAL INSURANCE HOLDINGS INC $1.3B 5.7× 7.5× +9.56% (above 0%: growing) +32.87% (above 0%: growing) +34.17% (above 0%: growing) 24.43% 16.44% Compare
UFCS United Fire Group, Inc $1.2B 9.0× 11.5× +10.62% (above 0%: growing) −10.07% (below 0%: shrinking) +67.57% (above 0%: growing) 33.79% 11.44% Compare
ASIC Ategrity Specialty Insurance Company Holdings $1.2B 12.0× 11.8× +8.18% (above 0%: growing) −36.17% (below 0%: shrinking) +80.75% (above 0%: growing) 0.00% 11.63% Compare
BOW Bowhead Specialty Holdings Inc. $1.1B 19.1× 17.0× +19.34% (above 0%: growing) −12.71% (below 0%: shrinking) +68.59% (above 0%: growing) 29.41% 13.72% Compare
HRTG Heritage Insurance Holdings, Inc. $998.3M 4.8× 6.7× +2.96% (above 0%: growing) +32.90% (above 0%: growing) +237.57% (above 0%: growing) 50.25% 39.15% Compare
Median of peers $1.3B 12.1× 11.2× +8.87% −4.67% +68.08% 31.60% 13.71%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 27 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.11m 2.58m 31.22
2023 321.90k (231.46k) 83.00
2022 1.66m (4.04m) 129.30
2021 4.96m 5.89m 359.17

Ownership

Directors and executive officers, together 5.58%
BlackRock, Inc. 11.86%
Felix Holdings BV 9.85%
Capital World Investors 9.45%
Aflac Incorporated 8.34%
Vanguard subsidiaries or divisions 8.04%
Nielsen Capital Management 6.66%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Trupanion, Inc. (TRUP) Latest News

6 Nov

Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · GlobeNewswire

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · StockStory

20 Oct

Impact 3 · · GlobeNewswire

8 Oct

Impact 3 · · GlobeNewswire

1 Oct

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21 Sep

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13 Aug

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12 Aug

Impact 4 · · The Motley Fool transcript

9 Aug

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8 Aug

Impact 3 ·

7 Aug

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6 Aug

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Impact 3 · · Moby transcript
Impact 3 · · MarketBeat

5 Aug

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Impact 3 ·
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4 Aug

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29 Jul

Impact 3 · · MarketBeat transcript

16 Jul

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30 Jun

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3 May

Impact 4 · · Simply Wall St.

2 May

Impact 4 ·

1 May

Impact 4 · · GuruFocus.com

30 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby
stockrow.com/TRUP · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com