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what it is
Trupanion sells pet insurance for cats and dogs and pays most covered vet bills.
how it gets paid
Last year Trupanion made $1.4B in revenue. Pet insurance plans was the main engine at $1.00B, or 71% of sales.
why it's growing
Revenue grew about 12% last year. Q4 2025 revenue was about $377M (not the full-year $1.4B run rate), and EPS improved materially vs. prior year.
what just happened
Trupanion posted $0.32 EPS in the latest quarter, a cleaner profit line than the market expected.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
58.8x trailing p/e — you're paying up for this one
5.4% return on capital — nothing to write home about
$0.45 fy2025 eps est
xvary composite: 42/100 — below average
What they do
Trupanion sells pet insurance for cats and dogs and pays most covered vet bills.
It pays 90% of covered vet costs. That is expensive for the insurer and sticky for you. Leaving means resetting coverage, and the company’s 1,121 employees plus a national Territory Partner network keep the machine in the vet office.
How they make money
$1.4B
annual revenue · their business grew +11.9% last year
Pet insurance plans
$1.00B
Subscription revenue
$0.18B
Direct pay service
$0.10B
Canada policies
$0.07B
Other revenue
$0.05B
The products that matter
medical pet insurance
Trupanion Pet Insurance
$1.0B+ subscription revenue · 71% of sales
this is the core business. it generated more than $1.0B in subscription revenue last year, and the policy covers 90% of eligible vet bills paid directly to the clinic.
71% of revenue
ancillary pet services
Other Products & Services
$0.4B · 29% of sales
this segment contributed about $0.4B of the company's roughly $1.4B revenue last year. it's meaningful, but the investment case still lives or dies with insurance execution.
29% of revenue
Key numbers
$1.4B
ttm revenue
That is the scale of the business. It also means every 1% move in sales is about $14M.
2.2%
operating margin
That is the profit slice left after the bills. It is tiny, so small mistakes matter.
58.8x
trailing p/e
You are paying almost 59 years of trailing earnings upfront. That demands clean execution.
$102M
long-term debt
That is not crushing leverage, but it is real cash that has to be serviced.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $102M (9% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TRUP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Trupanion posted $0.32 EPS in the latest quarter, a cleaner profit line than the market expected.
Q4 2025 revenue was about $377M on a full-year base near $1.44B — the quarterly figure is a slice of the annual total, not another billion-dollar line. Gross margin was near 16% in the same print.
~$377M
q4 revenue
$0.32
eps
16.0%
gross margin
the number that mattered
EPS of $0.32 mattered most because it showed profit improvement in a business that still runs on a 2.2% operating margin.
source: company earnings report, 2026
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What could go wrong
the #1 risk is first-profit fragility at a 58.8x earnings multiple.
med
the stock trend is still broken
TRUP is down 33.7% in six months and 45.25% over 120 days. It sits near the low end of a $24–$58 52-week range, and its price stability score is 5/100.
That tells you investors are not giving management the benefit of the doubt yet. A weak quarter in a stock like this does not get a gentle reaction.
med
the valuation assumes profit sticks
The stock trades at 58.8x trailing earnings after its first profitable year. That's a premium multiple on a result that has not survived many cycles or many quarters.
If earnings wobble, the market does not need a disaster to re-rate the shares. It only needs proof that the first profit was a one-off.
med
there is no obvious moat to hide behind
This is a roughly $1.4B revenue business with a B+ balance sheet and a differentiated payment model, but not a category monopoly. Execution is the story because structural protection is thin.
If retention or pet acquisition slows, you are left owning a premium multiple without a premium competitive position.
A 58.8x p/e on $0.45 estimated EPS leaves little room for a stumble. If growth slips off the $1.55B–$1.58B 2026 path, the stock can reprice faster than the business changes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
the $1.55B–$1.58B revenue path
This is the number that matters now. A company on 58.8x earnings does not get to miss its own growth path without consequences.
calendar
Q1 2026 earnings report
Expected on or around Apr. 30, 2026. You want to see whether revenue and retention keep the full-year guide believable after the first profitable year.
trend
whether the stock can leave the $24 area behind
The shares are near the bottom of a $24–$58 52-week range. Price is not the business, but it does tell you how much trust the market has left.
risk
proof that profit is repeatable
One profitable year changed the narrative. It did not settle it. Watch whether management can hold profit while still growing around the 12% pace implied by recent results.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not see a smooth earnings story yet.
balance sheet
B+
good enough to operate, not strong enough to erase execution risk.
price stability
5 / 100
the stock moves like a name still earning credibility.
source: institutional data
Institutional activity
institutional ownership data for TRUP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$26
current price
n/a
target midpoint · n/a from current
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