At a glance
Trupanion Inc is worth $1.30B, about 66 times its fiscal 2025 earnings. Revenue grew 11.9% to $1.44B in fiscal 2025, with 1.4% kept as profit; over 5 years it has grown 23.4% a year. It pays no dividend; it spent $5.8M buying back its shares over FY2021–FY2025. The stock returned −31.1% over the past year with dividends reinvested and −21.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.4% in the 2020 crash (S&P 500: 33.7%) and 60.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Trupanion sells medical insurance for cats and dogs in the United States, Canada and parts of Continental Europe. Owners pay premiums, which the company calls subscription payments. Each pet's price depends on its breed, age, location and chosen deductible. The company aims to pay 71% of the premiums it collects back to members by covering their vet bills. Its patented software lets vet hospitals get paid directly in seconds, so owners pay only their deductible or co-payment for covered care.
The subscription business brought in $989.3 million in fiscal 2025. That was 68.7% of the company's $1.44 billion in revenue, and the segment covered 1,096,173 pets at year-end. It also includes “Powered by Trupanion” plans sold by partner companies, lower-priced Furkin and PHI Direct plans in Canada, and a Trupanion plan in Germany and Switzerland. Many new members come through veterinarians, who are courted by independent contractors called Territory Partners. Others come through referrals from existing members.
The other business segment supplied the remaining $450.0 million, or 31.3%. Here Trupanion underwrites policies for other firms, meaning it takes on the insurance risk. Its main partner is Pets Best, which it has worked with since 2015. This work earns far lower margins, and the company expects Pets Best enrollment to keep falling as Pets Best moves to other underwriters. The segment also includes a U.S. Department of Veterans Affairs program and some employer-sponsored plans.
Price history
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TRUP -31.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Subscription business | $989.3M | 68.7% |
| Other Operating Segment | $450.0M | 31.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $392.9M, up 11.1% from a year earlier, and net income was $6.8M (-27.4%).
- For fiscal 2025, revenue was $1.44B (+11.9% year over year; +23.4% a year from FY2020 to FY2025) with a 1.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.4% good |
|---|---|
| Operating margin | 1% weak |
| Free cash flow margin | 5.2% watch |
| Return on equity (FY2025) | 5.1% weak |
| Return on assets (FY2025) | 2.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $502.0M | $-5.8M | $14.1M |
| FY2021 | $699.0M | $-35.5M | $-4.9M |
| FY2022 | $905.2M | $-44.7M | $-25.1M |
| FY2023 | $1.11B | $-44.7M | $358K |
| FY2024 | $1.29B | $-9.6M | $38.6M |
| FY2025 | $1.44B | $19.4M | $75.4M |
Valuation snapshot
| Market value | $1.30B |
|---|---|
| P/E ratio | 65.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Trupanion’s market value went from $454.0M at the end of 2016 to $1.30B on Oct 28, 2026, about 2.9 times as much; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.30B | -19.8% |
| 2025 | $1.61B | -20.9% |
| 2024 | $2.04B | +61.0% |
| 2023 | $1.27B | -34.8% |
| 2022 | $1.94B | -63.5% |
| 2021 | $5.33B | +25.1% |
| 2020 | $4.26B | +225.3% |
| 2019 | $1.31B | +53.9% |
| 2018 | $850.9M | -3.2% |
| 2017 | $879.3M | +93.7% |
| 2016 | $454.0M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TRUP price data to Oct 28, 2026 | -21.0% | -31.1% | +12.6% | -21.9% | +6.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.0% |
| 2025 | -22.5% |
| 2024 | +58.0% |
| 2023 | -35.8% |
| 2022 | -64.0% |
| 2021 | +10.3% |
| 2020 | +219.6% |
| 2019 | +47.1% |
| 2018 | -13.0% |
| 2017 | +88.6% |
| 2016 | +59.0% |
| 2015 | +40.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.8% over that stretch · deepest drop along the way 29.4%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 59% over that stretch · deepest drop along the way 60.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 13 sales ($665K), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 26, 2026 | Fawwad Qureshi Chief Financial Officer | sell | $183K |
| Jun 5, 2026 | Steve Weinrauch EVP, North Am & Vet Strategy | sell | $147K |
| Aug 28, 2026 | John R Gallagher Chief Operating Officer | sell (plan) | $107K |
| May 28, 2026 | John R Gallagher Chief Operating Officer | sell (plan) | $78K |
| Aug 11, 2026 | Margaret Tooth CEO, Director | sell (plan) | $28K |
Who owns it
Large shareholders (13G filings)
| FELIX HOLDINGS BV | 9.89% | Feb 17, 2026 |
| Wellington Management Group LLP | 4.8% | Jun 30, 2025 |
ETFs with the most weight in TRUP
| PAWZ ProShares Pet Care ETF | 4.48% |
| WCEO Hypatia Women CEO ETF | 0.8% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.54% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.39% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.21% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.2% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.2% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.17% |
What could go wrong
- Vet bills could outrun premium pricing. Prices are based on estimates of future vet costs, which have been rising faster than inflation. If claims exceed those estimates, or regulators don't approve needed rate increases, margins could shrink.
- Steep price increases could drive members away. To keep pace with vet costs, Trupanion raises prices, and some members face increases above 20% a year. Growth depends on keeping members. More cancellations would cut revenue and waste money spent signing them up.
- Pets Best business is expected to shrink. The lower-margin other business segment, mainly underwriting for Pets Best, supplied 31.3% of fiscal 2025 revenue. Trupanion expects Pets Best enrollment to keep falling as that partner turns to other underwriters.
- Heavy reliance on vets and Territory Partners. Many new members come through veterinarians, reached by Territory Partners, who are independent contractors rather than employees. Weaker vet relationships or problems with this contractor model could slow sign-ups.
- Profits are new and razor-thin. Trupanion lost money every year from fiscal 2020 through 2024. Its fiscal 2025 net margin was 1.4%, and profit in the quarter ended June 30, 2026, fell 27.4% from a year earlier.
- Capital rules and debt limit flexibility. Regulators require Trupanion's insurers to hold minimum capital, which limits how freely cash can move. It owed $106.9 million as of June 30, 2026. Its PNC loan carries covenants, conditions that can restrict operations.
Recent events
- Quarterly results released; Other company announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Major agreement ended; Quarterly results released; New debt or financial obligation
For income and retirement investors
Trupanion pays no dividend, and its annual report says it does not intend to pay one. Any return has to come from the share price, so the stock provides no cash to investors who live on portfolio income. Buybacks, where a company repurchases its own shares, have been small: about $5.8 million over fiscal 2021 to 2025. Shares outstanding rose 8.7% between October 28, 2021, and July 29, 2026. That dilutes, or shrinks, each existing share's slice of the company.
In the 2020 COVID crash, the stock fell 29.4% but got back to its earlier peak by June 3, 2020, about 2.5 months after its low. In the 2022 bear market, a long and broad market decline, it dropped 60.1% between January 3 and June 14, 2022. It had not regained that level as of October 28, 2026. Its deepest fall in about 12 years of price history was 87.3%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Trupanion pay a dividend?
No. Trupanion paid no dividends from fiscal 2021 through 2025. Its annual report for fiscal 2025 says it does not intend to pay dividends on its common stock, so any return for shareholders has to come from the share price. Buybacks, where a company repurchases its own shares, were also small: about $5.8 million over those five years. Investors who need regular cash from their holdings would get none from this stock.
How does Trupanion make money?
Trupanion makes most of its money from premiums for cat and dog medical insurance in the US, Canada and parts of Continental Europe. Its subscription business brought in $989.3 million, or 68.7% of its $1.44 billion in fiscal 2025 revenue. The company aims to pay 71% of premiums back to members by covering their vet bills. The other 31.3% came mainly from taking on the insurance risk for policies sold by Pets Best, which earns much lower margins.
Is Trupanion profitable?
Only barely. In fiscal 2025, Trupanion earned net income of $19.4 million on revenue of $1.44 billion. That is a 1.4% net margin, or $0.45 per diluted share. It followed net losses every year from fiscal 2020 through 2024. As of December 31, 2025, the company had an accumulated deficit, meaning its total losses since it was founded, of $206.5 million. In the quarter ended June 30, 2026, net income fell 27.4% from a year earlier to $6.8 million, while revenue rose 11.1%.
How many pets does Trupanion insure?
Trupanion's subscription business covered 1,096,173 pets as of December 31, 2025. That was up from 31,200 on January 1, 2010, a compound annual growth rate of 25%. Few pets in its markets are insured. The North American Pet Health Insurance Association estimated that under 4% of the roughly 180.7 million household dogs and cats in the US and Canada were insured as of April 22, 2025. The company compares this with about 28% in the United Kingdom and 67% in Sweden.
How has Trupanion stock performed?
Unevenly. As of October 28, 2026, the share price was down 31.1% over one year and 71% over five years. It was up 43% over three years and 84% over ten. Calendar-year results swung widely: up 219.6% in 2020, down 64% in 2022, up 58% in 2024 and down 22.5% in 2025. For 2026 through October 28, it was down 21%. Because there is no dividend, price changes make up the whole return.