Trupanion, Inc.
- Open
- 27.93
- Day high
- 28.95
- Day low
- 27.80
- Prev close
- 27.88
- Volume
- 304K
- Mkt cap
- $1.2B
- P/E (TTM)
- 53.3
- EPS (TTM)
- $0.53
- P/B
- 3.0
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$396K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Trupanion, Inc. (TRUP) is a Financial Services company listed on NASDAQ. The stock is down 36% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4). Drillr has 1 published research article covering TRUP.
Trupanion, Inc. (TRUP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TRUP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.11 | $0.16 | +41.2% | $393M | +0.7% |
| Apr 30, 2026 | $0.07 | $0.11 | +57.1% | $384M | +1.1% |
| Feb 12, 2026 | $0.14 | $0.13 | -7.1% | $377M | -1.5% |
| Nov 6, 2025 | $0.89 | $0.13 | -85.4% | $367M | +1.4% |
| Aug 7, 2025 | $-0.03 | $0.22 | +833.3% | $354M | +1.8% |
| May 1, 2025 | $-0.04 | $-0.03 | +25.0% | $342M | -1.4% |
| Feb 19, 2025 | $0.06 | $0.04 | -33.3% | $337M | +0.4% |
| Oct 30, 2024 | $-0.06 | $0.03 | +150.0% | $327M | -2.0% |
| Aug 8, 2024 | $-0.18 | $-0.14 | +22.2% | $315M | +1.5% |
| May 2, 2024 | $-0.18 | $-0.16 | +11.1% | $306M | +1.6% |
| Feb 15, 2024 | $-0.18 | $-0.05 | +72.2% | $296M | +1.8% |
| Nov 2, 2023 | $-0.31 | $-0.10 | +67.7% | $286M | +3.6% |
TRUP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | MCGIBNEY BRENNAofficer: Chief Administration Officer | Tax | 180 | $31.84 |
| Aug 26, 2026 | WEINRAUCH STEVEofficer: EVP, North Am & Vet Strategy | Tax | 9 | $31.84 |
| Aug 26, 2026 | BEARMAN ASHERofficer: Chief Legal Officer | Option | 125 | — |
| Aug 26, 2026 | WHEELER SIMONofficer: EVP, Trupanion International | Tax | 161 | $31.84 |
| Aug 26, 2026 | BEARMAN ASHERofficer: Chief Legal Officer | Option | 9 | — |
| Aug 26, 2026 | RUBIN HOWARD Edirector | Grant | 140 | — |
| Aug 26, 2026 | BEARMAN ASHERofficer: Chief Legal Officer | Tax | 2 | $31.76 |
| Aug 26, 2026 | BEARMAN ASHERofficer: Chief Legal Officer | Tax | 590 | $31.76 |
| Aug 26, 2026 | Tooth Margaretdirector, officer: CEO | Option | 1,250 | — |
| Aug 26, 2026 | Qureshi Fawwadofficer: Chief Financial Officer | Tax | 2,095 | $31.76 |
| Aug 26, 2026 | Tooth Margaretdirector, officer: CEO | Option | 3,042 | — |
| Aug 26, 2026 | Qureshi Fawwadofficer: Chief Financial Officer | Tax | 124 | $31.76 |
| Aug 26, 2026 | POWELL BRADLEY Sdirector | Option | 1,640 | — |
| Aug 26, 2026 | Qureshi Fawwadofficer: Chief Financial Officer | Tax | 1,497 | $31.84 |
| Aug 26, 2026 | RUBIN HOWARD Edirector | Option | 140 | — |
Source: TRUP SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full TRUP insider & 13F page →TRUP research & analysis
Trupanion, Inc. company profile
Overview
Trupanion, Inc. (NASDAQ:TRUP) is a Seattle-based pet insurance company founded in 2000 that provides medical insurance coverage for cats and dogs on a monthly subscription basis. Originally known as Vetinsurance International, Inc., the company rebranded to Trupanion in 2013 and went public in July 2014. The company has grown to become a leading player in the North American pet insurance market, protecting over 1 million pets and having paid out more than $3 billion in veterinary invoices throughout its history. Trupanion operates primarily in the United States and Canada, with recent expansion into Puerto Rico, Australia, and select European markets including Germany and Switzerland.
Business
Trupanion operates in the pet insurance industry, a specialized segment within the broader insurance sector that provides medical coverage for companion animals. The pet insurance market has experienced significant growth as pet ownership has increased and veterinary care costs have risen substantially over the past decade. The company's core offering is Trupanion pet insurance, a comprehensive medical insurance product that covers cats and dogs for unexpected illnesses and injuries. Unlike human health insurance, pet insurance typically operates on a reimbursement model where pet owners pay veterinary bills upfront and then receive reimbursement from the insurance company. Trupanion's policies cover up to 90% of eligible veterinary costs with no annual or lifetime payout limits, distinguishing it from many competitors who cap their coverage. The company operates through two primary business segments. The Subscription Business represents approximately 65-70% of total revenue and consists of monthly premium payments from pet owners for insurance coverage. This segment generated $863 million in 2024, growing 20% year-over-year. The Other Business segment accounts for roughly 30-35% of revenue and includes third-party insurance administration services, where Trupanion manages insurance programs for other companies and organizations. This segment contributed $423 million in 2024. Trupanion's insurance model is built around the concept of lifetime coverage, meaning pets can remain insured throughout their lives without policy cancellation due to age or medical conditions. The company emphasizes its direct payment system at veterinary hospitals, allowing eligible claims to be paid directly to veterinarians rather than requiring pet owners to pay upfront and wait for reimbursement.
Revenue model
Trupanion generates revenue through two distinct business models. The primary revenue stream comes from monthly subscription premiums paid by pet owners for insurance coverage. Pet owners typically pay between $50-$100 per month depending on factors such as pet age, breed, location, and coverage level. The company collects these premiums monthly and uses actuarial science to price policies based on expected veterinary costs and desired profit margins. The secondary revenue stream operates as a third-party administrator (TPA) model, where Trupanion provides insurance administration services to other organizations offering pet insurance benefits. This includes claims processing, customer service, and policy management for corporate employee benefits programs and other insurance distributors. The company earns fees based on the volume of policies administered and claims processed. Several factors significantly impact Trupanion's profitability margins. Veterinary inflation represents the most critical challenge, as the company has assumed 15% annual increases in veterinary costs when pricing policies. When actual veterinary cost inflation exceeds expectations, margins compress until pricing adjustments can be implemented. Pet acquisition costs also heavily influence profitability, as the company invests substantial amounts in marketing and lead generation to attract new subscribers. The company targets a 30-40% internal rate of return on these investments. Regulatory approval processes for rate increases can create timing mismatches between rising costs and pricing adjustments. The company must obtain approval from state insurance regulators before implementing price increases, which can take several months. Member retention rates directly impact lifetime value calculations, as higher retention reduces the need to constantly acquire new customers to replace those who cancel. The company's loss ratio - the percentage of premiums paid out as claims - is a key profitability metric that fluctuates based on claims frequency and severity trends.
Risks & safety
Trupanion presents a moderate margin of safety with solid liquidity but elevated valuation metrics that warrant caution. • Liquidity and Solvency: Strong cash position of $166 million with positive operating cash flow of $48 million annually. Current ratio of 1.70 indicates adequate short-term liquidity. Debt-to-equity ratio of 0.39 represents manageable leverage levels. • Profitability Trends: Company achieved positive net income in recent quarters after periods of losses. EBITDA of $21 million for 2024 shows improving operational performance, though margins remain thin. • Valuation Concerns: EV/EBITDA ratio of 70x appears extremely elevated, suggesting significant premium pricing. Price-to-book ratio of 4.8x indicates shares trade well above tangible book value. • Capital Requirements: As an insurance company, Trupanion must maintain regulatory capital reserves. The company noted being "over 3x overcapitalized" relative to requirements, providing buffer but also suggesting inefficient capital deployment. • Growth Dependency: Business model requires continuous customer acquisition investment, with company spending $80+ million annually on pet acquisition costs that must generate sufficient lifetime value returns.
Recent development
Over the past several years, Trupanion has undergone significant strategic evolution focused on margin expansion and operational efficiency. The company shifted from aggressive growth-at-all-costs to prioritizing profitability, reducing pet acquisition spending from over $80 million annually to more selective investments while achieving record subscription operating margins of 15.3% by Q4 2024. A major strategic initiative has been pricing optimization and regulatory navigation. The company implemented substantial rate increases, with over 50% of members experiencing increases above 20% to address veterinary inflation. Despite these significant price hikes, Trupanion maintained strong retention rates above 90%, demonstrating pricing power. The company successfully obtained regulatory approvals in key markets like California, expanding its addressable market to over 85% of the North American pet population. International expansion represents another key development, with Trupanion launching its first European operations in Germany and Switzerland under the Trupanion brand. The company also completed strategic acquisitions in Continental Europe to establish its international footprint. Additionally, Trupanion expanded distribution channels through partnerships with Chewy and Aflac, diversifying beyond its traditional veterinary channel focus. The company made significant operational improvements including completing a major claims system migration, improving automation and service levels, and addressing previously identified material weaknesses in internal controls. Trupanion also benefited from regulatory changes by the National Association of Insurance Commissioners (NAIC) that recognized pet insurance as a separate business line, reducing capital requirements. Looking forward, the company is transitioning to a wholly-owned underwriting entity in Canada and gradually increasing pet acquisition investments as margins stabilize.
TRUP company profile · for informational purposes only — not investment advice.
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