A Business at a Glance
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TRUPANION, INC.
TRUP
$1.0B
Mkt Cap
$23.99
+2.09%
TRUPANION, INC. (TRUP) has a current P/E ratio of 53.3, compared to its historical median P/E of 83.9. The stock is currently considered Cheap based on its historical valuation range.
TRUPANION, INC. (TRUP) has a 5-year average return on invested capital (ROIC) of -6.5%. This is below average and may indicate limited pricing power.
TRUPANION, INC. (TRUP) has a market capitalization of $1.0B. It is classified as a small-cap stock.
TRUPANION, INC. (TRUP) does not currently pay a regular dividend.
Based on historical P/E analysis, TRUPANION, INC. (TRUP) appears cheap. The current P/E of 53.3 is 36% below its historical median of 83.9.
TRUPANION, INC. (TRUP) operates in the Hospital & Medical Service Plans industry, within the Financials sector.
TRUPANION, INC. (TRUP) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
PART I Our Mission Our mission is to help loving, responsible pet parents budget and care for their pets. Company Overview 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.4B | 1.3B | 1.1B | 905M | 699M |
| Net Income | 26M | 19M | -9.6M | -45M | -45M | -36M |
| EPS | $0.60 | $0.45 | $-0.23 | $-1.08 | $-1.10 | $-0.89 |
| Free Cash Flow | 75M | 75M | 39M | 358K | -25M | -4.9M |
| ROIC | 7.6% | 4.2% | -2.2% | -11.1% | -12.7% | -10.6% |
| Gross Margin | - | 16.1% | 13.9% | 11.8% | 13.5% | 14.9% |
| Debt/Equity | 0.56 | 0.58 | 0.81 | 0.86 | 0.47 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 20M | 14M | -9.5M | -41M | -43M | -35M |
| Operating Margin | 1.4% | 1.0% | -0.7% | -3.7% | -4.8% | -5.0% |
| ROE | 6.5% | 5.5% | -3.1% | -14.7% | -14.0% | -10.6% |
| Shares Outstanding | 44M | 43M | 42M | 41M | 41M | 40M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 116M | 147M | 188M | 243M | 304M | 384M | 502M | 699M | 905M | 1.1B | 1.3B | 1.4B | 1.5B |
| Gross Margin | 17.1% | 17.2% | 17.7% | 17.7% | 16.9% | 16.9% | 16.3% | 14.9% | 13.5% | 11.8% | 13.9% | 16.1% | N/A |
| R&D | 9.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 14M | 16M | 15M | 17M | 17M | 18M | 22M | 32M | 39M | 60M | 64M | 77M | 76M |
| EBIT | -16M | -17M | -6.7M | -2.6M | -1.0M | -1.9M | -4.9M | -35M | -43M | -41M | -9.5M | 14M | 20M |
| Op. Margin | -13.8% | -11.4% | -3.6% | -1.1% | -0.3% | -0.5% | -1.0% | -5.0% | -4.8% | -3.7% | -0.7% | 1.0% | 1.4% |
| Net Income | -21M | -17M | -6.9M | -1.5M | -927K | -1.8M | -5.8M | -36M | -45M | -45M | -9.6M | 19M | 26M |
| Net Margin | -18.3% | -11.7% | -3.7% | -0.6% | -0.3% | -0.5% | -1.2% | -5.1% | -4.9% | -4.0% | -0.7% | 1.4% | 1.7% |
| Non-Recurring | -111K | -20K | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.3M | 1.1M | 1.1M |
| Returns on Capital | |||||||||||||
| ROIC | -63.8% | -28.8% | -14.5% | -2.8% | -0.9% | -1.2% | -2.3% | -10.6% | -12.7% | -11.1% | -2.2% | 4.2% | 7.6% |
| ROE | -161.2% | -32.9% | -15.3% | -3.2% | -1.0% | -1.4% | -2.5% | -10.6% | -14.0% | -14.7% | -3.1% | 5.5% | 6.5% |
| ROA | -28.2% | -20.3% | -9.0% | -1.6% | -0.6% | -0.8% | -1.5% | -6.7% | -7.2% | -6.1% | -1.2% | 2.3% | 2.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -11M | -10M | 5.0M | 9.7M | 13M | 16M | 22M | 7.5M | -8.0M | 19M | 48M | 89M | 88M |
| Free Cash Flow | -16M | -15M | 3.1M | 6.5M | -44M | 11M | 14M | -4.9M | -25M | 358K | 39M | 75M | 75M |
| Owner Earnings | -17M | -16M | -1.8M | 2.0M | 3.4M | 3.7M | 5.6M | -33M | -52M | -27M | -1.6M | 35M | 35M |
| CapEx | 5.6M | 4.9M | 1.9M | 3.1M | 57M | 5.4M | 7.5M | 12M | 17M | 18M | 9.7M | 14M | 13M |
| Maint. CapEx | 1.7M | 2.5M | 3.8M | 4.2M | 4.5M | 5.6M | 7.1M | 12M | 11M | 12M | 16M | 16M | 16M |
| Growth CapEx | 4.0M | 2.4M | 0 | 0 | 52M | 0 | 380K | 390K | 6.2M | 5.8M | 0 | 0 | 0 |
| D&A | 1.7M | 2.5M | 3.8M | 4.2M | 4.5M | 5.6M | 7.1M | 12M | 11M | 12M | 16M | 16M | 16M |
| CapEx/OCF | N/A | N/A | 38.8% | 32.4% | 449.0% | 33.3% | 34.6% | 165.7% | N/A | 98.1% | 20.1% | 15.8% | 14.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.8M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.1M | 3.0M | 2.9M | 3.4M | 4.8M | 6.8M | 8.9M | 28M | 33M | 33M | 33M | 38M | 37M |
| Debt Repayment | 15M | 15M | 0 | 0 | 10M | 0 | 32M | 0 | 571K | 1.7M | 1.4M | 134M | 134M |
| Balance Sheet | |||||||||||||
| Net Debt | -61M | -23M | -18M | -44M | -55M | -47M | -230M | -213M | -78M | -15M | -47M | -146M | -164M |
| Cash & Equiv. | 53M | 18M | 24M | 26M | 27M | 29M | 140M | 87M | 66M | 148M | 160M | 138M | 384M |
| Long-Term Debt | 15M | 0 | 4.8M | 9.3M | 13M | 26M | 0 | 0 | 68M | 128M | 128M | 102M | 99M |
| Debt/Equity | 0.25 | 0.44 | 0.78 | 0.39 | 0.20 | 0.38 | 0.00 | 0.00 | 0.47 | 0.86 | 0.81 | 0.58 | 0.56 |
| Interest Coverage | -2.4 | -51.6 | -30.7 | -5.0 | -0.9 | -1.4 | -3.6 | -3519.6 | -10.1 | -3.4 | -0.7 | 1.0 | 1.6 |
| Equity | 59M | 45M | 45M | 48M | 129M | 137M | 340M | 332M | 305M | 304M | 323M | 384M | 395M |
| Total Assets | 98M | 71M | 82M | 106M | 208M | 257M | 498M | 563M | 672M | 783M | 807M | 915M | 922M |
| Total Liabilities | 39M | 26M | 38M | 57M | 78M | 120M | 158M | 230M | 366M | 479M | 484M | 531M | 527M |
| Intangibles | 4.8M | 4.9M | 4.9M | 5.0M | 8.1M | 7.7M | 27M | 23M | 24M | 19M | 13M | 24M | 24M |
| Retained Earnings | -57M | -74M | -81M | -83M | -84M | -86M | -91M | -127M | -172M | -216M | -226M | -206M | -202M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.76 | -0.62 | -0.24 | -0.05 | -0.03 | -0.05 | -0.16 | -0.89 | -1.10 | -1.08 | -0.23 | 0.45 | 0.60 |
| Owner EPS | -0.59 | -0.58 | -0.06 | 0.07 | 0.11 | 0.10 | 0.15 | -0.82 | -1.29 | -0.65 | -0.04 | 0.82 | 0.80 |
| Book Value | 2.13 | 1.63 | 1.56 | 1.61 | 4.18 | 3.78 | 9.31 | 8.32 | 7.52 | 7.34 | 7.72 | 8.89 | 9.05 |
| Cash Flow/Share | -0.39 | -0.38 | 0.17 | 0.32 | 0.41 | 0.45 | 0.59 | 0.19 | -0.20 | 0.45 | 1.15 | 2.07 | 0.95 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 27.8M | 27.8M | 28.7M | 30.1M | 30.9M | 36.2M | 36.5M | 39.9M | 40.6M | 41.4M | 41.9M | 43.2M | 43.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 83.9 | 40.2 |
| P/FCF | N/A | N/A | 146.7 | 136.8 | N/A | 122.2 | 310.4 | N/A | N/A | N/A | 54.0 | 21.6 | 13.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 99.8 | 43.9 |
| Price/Book | 3.3 | 5.9 | 10.1 | 18.5 | 6.0 | 9.6 | 12.9 | 15.9 | 6.2 | 4.2 | 6.4 | 4.2 | 2.7 |
| Price/Sales | 1.9 | 1.5 | 2.0 | 2.6 | 3.3 | 2.8 | 3.9 | 5.8 | 3.2 | 1.3 | 1.2 | 1.3 | 0.7 |
| FCF Yield | -8.4% | -5.7% | 0.7% | 0.7% | -5.7% | 0.8% | 0.3% | -0.1% | -1.3% | 0.0% | 1.9% | 4.6% | 7.2% |
| Market Cap | 195M | 269M | 450M | 894M | 777M | 1.3B | 4.4B | 5.3B | 1.9B | 1.3B | 2.1B | 1.6B | 1.0B |
| Avg. Price | 7.80 | 7.86 | 13.33 | 21.34 | 32.15 | 29.91 | 53.88 | 101.14 | 70.87 | 34.42 | 36.20 | 43.29 | 23.99 |
| Year-End Price | 6.86 | 9.70 | 15.65 | 29.75 | 25.14 | 36.41 | 119.84 | 132.19 | 46.47 | 30.60 | 49.73 | 37.75 | 23.99 |
TRUPANION, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
TRUPANION, INC. trades at 53.3x trailing earnings, compared to its 15-year median P/E of 83.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 13.8x vs a median of 37.8x. The company's 5-year average gross margin is 14.0%. At current prices, the estimated annualized return to fair value is +25.2%.
TRUPANION, INC. (TRUP) has a net profit margin of 1.4%. This is a modest margin.
TRUPANION, INC. (TRUP) generated $75 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TRUPANION, INC. (TRUP) has a debt-to-equity ratio of 0.58. This indicates moderate leverage.
TRUPANION, INC. (TRUP) reported earnings per share (EPS) of $0.45 in its most recent fiscal year.
TRUPANION, INC. (TRUP) has a return on equity (ROE) of 5.5%. This indicates moderate shareholder returns.
TRUPANION, INC. (TRUP) has a 5-year average gross margin of 14.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 14 years of financial data for TRUPANION, INC. (TRUP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TRUPANION, INC. (TRUP) has a book value per share of $8.89, based on its most recent annual SEC filing.