TRUPANION, INC. TRUP

Financials SIC 6324 - Hospital & Medical Service Plans NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers derived Nasdaq

Our mission is to help loving, responsible pet parents budget and care for their pets.

We provide medical insurance for cats and dogs in the United States, Canada, and certain countries in Continental Europe. Through our data-driven, vertically-integrated approach, we develop and offer high-value medical insurance products, priced to take into account each pet's unique characteristics and coverage level. Our growing and loyal membership base provides us with highly predictable and recurring revenue.

We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment primarily through insurance premiums, which we refer to as subscription payments, from direct-to-consumer products. We operate our subscription business segment similar to other subscription-based businesses, with a focus on achieving a target margin prior to our new pet acquisition expense and acquiring as many pets as possible at our targeted average estimated internal rate of return. Within our subscription business, we also provide "Powered by Trupanion" pet insurance product offerings marketed by third parties, low and medium average revenue per pet products marketed under the brand names Furkin and PHI Direct in Canada, and a Trupanion branded product in Germany and Switzerland. We either directly underwrite or assume full insurance risk for these products through reinsurance arrangements. We provide a full suite of services and support for these products and they are designed to align with the target margin profile of our subscription business segment. Within this segment we also offer products in certain countries in Continental Europe which are currently underwritten by third parties who pay us commissions that we recognize as revenue.

Last close 29.32 2026-10-23
Market cap $1.29B 2026-06-30 share count
52-week range 21.16 - 46.98

Valuation FY2025 figures against the last close

P/S0.9x
P/E65.2x
P/FCF17.1x
EV/EBITDA34.6x
Dividend yield—
Diluted EPS0.45

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Subscription business
  • Other business
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Subscription business, FY2025: 989.3M (68.7%) 69% Subscription business Other business, FY2025: 450M (31.3%) 31% Other business FY2024 Subscription business, FY2024: 856.5M (66.6%) 67% Other business, FY2024: 429.2M (33.4%) 33% FY2023 Subscription business, FY2023: 712.9M (64.3%) 64% Other business, FY2023: 395.7M (35.7%) 36%
Segment FY2025FY2024FY2023
Subscription business $989.3M $856.5M $712.9M
Other business $450.0M $429.2M $395.7M

As the company reported it, from the “Segments (Details) Business Segment” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.44B$1.29B$1.11B$905.2M$699.0M$502.0M$383.9M$304.0M$242.7M$188.2M
Cost of revenue $1.21B$1.11B$977.6M$783.0M$594.6M$420.1M$319.0M$252.6M——
Gross profit $231.0M$178.8M$131.0M$122.2M$104.3M$81.9M$64.9M$51.4M$43.0M$33.3M
SG&A $76.6M$63.7M$60.2M$39.4M$31.9M$21.8M$18.4M$17.1M$16.8M$15.2M
Total operating expenses $216.9M$188.1M$171.5M$164.9M$139.4M$86.7M$66.5M$52.4M$45.7M$40.0M
Operating income $13.8M-$9.5M-$40.7M-$43.0M-$35.2M-$4.9M-$1.9M-$1.0M-$2.6M-$6.7M
Interest expense $13.8M$14.5M$12.1M$4.3M$10.0K$1.4M$1.3M$1.2M$533.0K$218.0K
Pre-tax income $22.0M-$9.6M-$45.0M-$44.2M-$35.2M-$5.7M-$1.6M-$934.0K-$1.9M-$6.9M
Income tax $2.6M$5.0K$342.0K$476.0K$310.0K$113.0K$169.0K$7.0K$428.0K$38.0K
Net income $19.4M-$9.6M-$44.7M-$44.7M-$35.5M—————
EPS, basic 0.45-0.23-1.08-1.10-0.89-0.16————
EPS, diluted 0.45-0.23-1.08-1.10-0.89-0.16-0.05-0.03-0.05-0.24
Shares, diluted (wtd. avg.) 43.6M42.2M41.4M40.8M40.1M35.9M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $138.0M$160.3M$170.5M$84.6M$100.9M$146.2M$30.6M$28.0M$26.3M$24.2M
Short-term investments $232.7M$147.1M$129.7M$156.8M$126.0M$89.9M$69.7M$54.6M$37.6M$29.6M
Total current assets $691.1M$597.3M$562.1M$469.1M$391.0M$337.0M$158.8M$118.0M$86.6M$65.4M
Property, plant and equipment $104.8M$102.2M$103.7M$90.7M$78.0M$72.6M$70.4M$69.8M$7.9M$8.5M
Goodwill $39.4M$37.0M$43.7M$42.0M$32.7M$31.4M$0———
Other intangibles $24.1M$13.2M$18.7M$24.0M$22.7M$27.1M$7.7M$8.1M$5.0M$4.9M
Total assets $915.0M$806.9M$782.9M$671.6M$562.6M$498.2M$257.2M$207.5M$105.9M$82.3M
Accounts payable $16.4M$11.5M$10.5M$9.5M$9.0M$6.1M$4.1M$2.8M$2.7M$2.0M
Short-term debt $10.0M$1.4M$1.4M$1.1M$0—————
Total current liabilities $409.8M$349.6M$344.5M$289.6M$223.7M$150.4M$91.6M$63.2M$45.9M$30.4M
Long-term debt $101.8M$127.5M$127.6M$68.4M$0$0$26.1M$12.9M$9.3M$4.8M
Total liabilities $531.1M$483.6M$479.2M$366.3M$230.4M$158.3M$120.4M$78.3M$57.4M$37.6M
Retained earnings -$206.5M-$225.9M-$216.3M-$171.6M-$126.9M-$91.4M-$85.5M-$83.7M-$82.8M-$81.3M
Total equity $383.9M$323.3M$303.7M$305.3M$332.2M$339.9M$136.8M$129.2M$48.4M$44.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $89.5M$48.3M$18.6M-$8.0M$7.5M$21.5M$16.2M$12.7M$9.7M$5.0M
Depreciation and amortisation $15.8M$16.5M$12.5M$10.9M$12.0M$7.1M$5.6M$4.5M$4.2M$3.8M
Stock-based compensation $38.3M$33.4M$33.2M$33.4M$28.2M$8.9M$6.8M$4.8M$3.4M$2.9M
Capital expenditure $14.1M$9.7M$18.3M$17.1M$12.4M$7.5M$5.4M$56.9M$3.1M$1.9M
Investing cash flow -$95.9M-$13.5M$7.6M-$67.5M-$51.9M-$76.7M-$28.0M-$81.5M-$13.1M-$6.5M
Financing cash flow -$22.9M-$4.0M$59.1M$60.7M-$1.1M$170.8M$14.0M$71.2M$5.1M$7.7M
Buybacks —$0$0$5.8M$0$78.0K———$600.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001371285-26-000081.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 188.2M Gross profit, FY2016: 33.3M Revenue, FY2017: 242.7M Gross profit, FY2017: 43M Revenue, FY2018: 304M Gross profit, FY2018: 51.4M Revenue, FY2019: 383.9M Gross profit, FY2019: 64.9M Revenue, FY2020: 502M Gross profit, FY2020: 81.9M Revenue, FY2021: 699M Gross profit, FY2021: 104.3M Net income, FY2021: -35.5M Revenue, FY2022: 905.2M Gross profit, FY2022: 122.2M Net income, FY2022: -44.7M Revenue, FY2023: 1.1B Gross profit, FY2023: 131M Net income, FY2023: -44.7M Revenue, FY2024: 1.3B Gross profit, FY2024: 178.8M Net income, FY2024: -9.6M Revenue, FY2025: 1.4B Gross profit, FY2025: 231M Net income, FY2025: 19.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $188.2M $242.7M $304.0M $383.9M $502.0M $699.0M $905.2M $1.11B $1.29B $1.44B
Gross profit $33.3M $43.0M $51.4M $64.9M $81.9M $104.3M $122.2M $131.0M $178.8M $231.0M
Net income — — — — — -$35.5M -$44.7M -$44.7M -$9.6M $19.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Results announced Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6324

TickerCompanyMarket capP/ERevenue growth
UNH UNITEDHEALTH GROUP INC $375.28B 31.6x 11.8%
ELV Elevance Health, Inc. $95.41B 17.5x 12.5%
CI Cigna Group $81.11B 13.8x 11.2%
HUM HUMANA INC $50.67B 42.9x 31.6%
CNC CENTENE CORP $34.66B — 20.0%
MOH MOLINA HEALTHCARE, INC. $10.92B 23.4x 11.7%
OSCR Oscar Health, Inc. $9.37B — 39.0%
CLOV CLOVER HEALTH INVESTMENTS, CORP. /DE $2.41B — 40.3%