Trupanion, Inc. (TRUP) stock analysis

TRUPNasdaqHospital & Medical Service PlansFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 6/3050% above fair value

$34.30−0.06 (-0.17%)

Close on Nov 12, 2026Market cap $1.50BP/E 56.2Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak6 of 30 checks passed

Trupanion passes 6 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 3/6
Past performance: 0/6
Financial health: 3/6
Dividend: 0/6

What stands out

Low debt
Debt is 26.2% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 16.7% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 91.5% of total debt.
Growing faster than the industry
Revenue grew 11.4% over the last twelve months; the Accident and Health Insurance and Medical median is 6.8%.

What to watch

Margin of safety under 20%
The price is 50.3% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $34.36 is above our fair value estimate of $22.86.
Interest not well covered
Operating income covers interest expense 2.9 times; we look for at least 5.
P/E above the industry
Trupanion's P/E of 56.3 is above the Accident and Health Insurance and Medical median of 21.3.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
Trupanion's P/E of 56.3 is above the Accident and Health Insurance and Medical median of 21.3.
P/S above the industry
Trupanion's price-to-sales of 0.97 is above the Accident and Health Insurance and Medical median of 0.80.
P/B above the industry
Trupanion's price-to-book of 3.78 is above the Accident and Health Insurance and Medical median of 2.31.
Trading above fair value
The share price of $34.36 is above our fair value estimate of $22.86.
Margin of safety under 20%
The price is 50.3% above fair value, so there is no margin of safety.

Growth3/6

Revenue growing 10%+ a year
Revenue grew 16.7% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 11.4% over the last twelve months; the Accident and Health Insurance and Medical median is 6.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin improving
Gross margin was 16.7% over the last twelve months, against 15.6% a year earlier.

Past performance0/6

Return on equity
Needs positive equity and five years of results.
Return on assets
Needs net income and total assets.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health3/6

Low debt
Debt is 26.2% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 0.0% five years ago to 26.2%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 91.5% of total debt.
Interest not well covered
Operating income covers interest expense 2.9 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 1.74 times current liabilities.
Bankruptcy risk (Altman Z)
The Altman model does not apply to insurers.

Dividend0/6

No dividend
Trupanion has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$22.86

The share price is 50% above this estimate.

20%+ below

Near fair value

20%+ above

$34.36Price$22.86Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	21.3×	–	21.3×	$13.01	50%
P/B	3.6×	4.9×	2.3×	$32.70	50%
Fair value				$22.86	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Accident and Health Insurance and Medical median 21.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $13.22M
Value traded per 1% price move: $5.34M

Downside

Medium risk

Typical loss in a bad month: 23.4%
Volatility (annualized): 48%
Sharpe ratio, 1 year: -0.36
Beta to the S&P 500 (5Y): 1.84

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

16.1%−0.3 pts over 5 years

Operating margin

1.0%+1.9 pts over 5 years

Net margin

–

Per year	1 year	3 years	5 years	10 years
Revenue	+11.9%	+16.7%	+23.4%	+25.6%
Gross profit	+29.2%	+23.7%	+23.0%	+24.8%
Free cash flow	+95.4%	–	+39.8%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Current ratio	2.15	2.24	1.69
Debt to equity	0.11	0.00	0.29
Net debt to EBITDA	6.83×	-68.19×	-0.88×
Interest coverage	-30.7×	-3.6×	1.0×
Capex to revenue	1.0%	1.5%	1.0%
Diluted shares	29M	36M	44M