# Trupanion, Inc. (TRUP)

> Source: Nexqual · https://nexqual.com/TRUP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Trupanion, Inc. (TRUP), nexqual.com/TRUP" · informational, not investment advice.

**Price:** USD 29.91 (+4.95% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 28.5 · day 28.39–30.05 · 52w 21.16–46.98 · market cap $1.30B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.52B, net income $23.2M (1.5% margin), free cash flow $82.2M (SEC filings).
- Valuation: P/E 56.2x (avg 83.8x at the last 1 fiscal year-ends), EV/EBITDA 25.6x, net cash $292M.
- Earnings quality: non-operating income $12.6M vs operating income $24.1M over the last four quarters; P/E excluding non-operating income ≈108.6x (estimate: non-operating income taxed at the company's 11.5% effective rate).
- 1 of 80 tracked superinvestors hold TRUP (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.67 on a 1–5 scale) (6 analysts), mean target USD 33.25 (range 29–42).
- Total return with dividends: 1Y -31.8% vs S&P 500 +14.9%; 5Y -72.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.01, revenue estimate $403M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $699M | $905M | $1.11B | $1.29B | $1.44B | $1.52B |
| Gross profit | $104M | $122M | $131M | $179M | $231M | — |
| Operating income | -$35.2M | -$43.0M | -$40.7M | -$9.5M | $13.8M | $24.1M |
| Net income | -$35.5M | -$44.7M | -$44.7M | -$9.6M | $19.4M | $23.2M |
| EPS (diluted) | -$0.89 | -$1.10 | -$1.08 | -$0.23 | $0.45 | — |
| Free cash flow | -$4.9M | -$25.1M | $358K | $38.6M | $75.4M | $82.2M |
| Gross margin | 14.9% | 13.5% | 11.8% | 13.9% | 16.1% | — |
| Operating margin | -5.0% | -4.8% | -3.7% | -0.7% | 1.0% | 1.6% |
| Net margin | -5.1% | -4.9% | -4.0% | -0.7% | 1.4% | 1.5% |
| Revenue growth | +39.2% | +29.5% | +22.5% | +16.0% | +11.9% | — |
| Cash + short-term investments | $213M | $222M | $277M | $307M | $371M | — |
| Total debt | $0K | $69.5M | $129M | $129M | $112M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 56.2x · P/E ex non-operating (est.) ≈108.6x · P/S 0.9x · EV/EBITDA 25.6x · EV/Sales 0.7x · P/FCF 15.9x · P/B 3.2x · FCF yield 6.30% · Earnings yield 1.78% · Net cash $292M · EV $1.01B
P/E at fiscal year-ends: Dec 2025 83.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TRUP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Josh Tarasoff | Greenlea Lane Capital | 5.28% | $19.2M | Unchanged |

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 6 analysts; mean target USD 33.25 (low 29, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Cantor Fitzgerald | Target lowered | Neutral | $34 → $30 |
| 2026-08-26 | Piper Sandler | Downgrade | Overweight → Neutral | $45 → $32 |
| 2026-08-20 | Stifel | Target raised | Hold | $28 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -31.8% | -72.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -31.9% | -22.5% |
| Volatility (annualized) | 48.0% | 69.6% |
| Max drawdown | -51.0% (Oct 2025→Jun 2026) | -86.3% (Dec 2021→Jun 2023) |

## Peers (Insurance - Property & Casualty)
PRCH (Porch Group, Inc.) USD 17.94 -3.50% · HCI (HCI Group, Inc.) USD 206.68 +1.11% · SKWD (Skyward Specialty Insurance Gro) USD 62.16 +1.24% · SLDE (Slide Insurance Holdings, Inc.) USD 27.75 +2.36% · LMND (Lemonade, Inc.) USD 45.41 +0.29% · PLMR (Palomar Holdings, Inc.) USD 144.53 +3.85%

## More
Full page: https://nexqual.com/TRUP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.01 | $0.98 | +3.1% | $402.5M | 1 |
| Next quarter (ends 2026-12-31) | $1.12 | $1.08 | +3.7% | $412.1M | 1 |
| Current fiscal year (ends 2026-12-31) | $4.04 | $3.92 | +3.1% | $1.59B | 1 |
| Next fiscal year (ends 2027-12-31) | $4.26 | $4.31 | -1.2% | $1.73B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±12.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 54.1% | ±12.2% |
| 2026-12-18 | 56 | 47.6% | ±15.0% |
| 2027-02-19 | 119 | 52.9% | ±23.8% |
| 2027-05-21 | 210 | 54.5% | ±32.1% |