Trupanion, Inc.
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Range $29 – $42
Price Chart
About the company
Trupanion, Inc. provides monthly subscription-based medical insurance for canine and feline companions across the United States, Canada, Puerto Rico, and Australia. The company's operations are divided into two main categories: Subscription Business and Other Business, serving both pet owners and veterinary professionals.
- CEO
- Margaret Rosemary Maria Tooth
- IPO
- 2014
- Employees
- 1,121
- HQ
- Seattle, WA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.34B
- P/E
- 57.90
- Fwd P/E
- 50.07
- PEG
- 0.56
- P/S
- 0.88
- P/B
- 3.28
- EV/EBITDA
- 24.80
- Div Yield
- 0.00%
- Gross Margin
- 22.48%
- Op Margin
- 1.61%
- Net Margin
- 1.53%
- ROE
- 5.96%
- ROIC
- 4.29%
Latest fiscal year · YoY change
- Revenue
- $1.44B+11.9%
- Gross Profit
- $410.33M+129.5%
- Op Income
- $21.99M
- Net Income
- $19.43M+301.7%
- EPS
- $0.45+295.7%
- OCF Growth
- +85.3%
- FCF Growth
- +95.4%
- 52W High
- $48.48
- 52W Low
- $21.16
- 50D MA
- $25.93
- 200D MA
- $29.21
- Beta
- 1.43
- RSI (14)
- 64
- Avg Volume
- 444.82K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Trupanion posted a strong Q2 with 24% subscription AOI growth, higher net pet adds, and raised/ narrowed full-year guidance while announcing a $100 million buyback.· August 5, 2026
- Total revenue rose 11% year over year to $392.9 million; subscription revenue rose 14% to $276.7 million.
- Subscription adjusted operating income increased 24% to $41.4 million, with total adjusted operating income up 24% to $43.3 million.
- Net subscription pets added were about 18,800, up 39% year over year, helped by a 9% increase in gross pet adds and stable retention.
- Management said new deductible/coinsurance options are improving affordability and conversion, and rollout across North America is about 50% complete.
- Full-year 2026 guidance was tightened, and the company announced a $100 million share repurchase authorization after receiving a $44 million dividend from APIC.
Q2 2026 total revenue was $392.9 million, up 11% year over year. Subscription revenue was $276.7 million, up 14%, and other business revenue was $116.2 million, up 4%. Total monthly average revenue per pet was $87.44, up 9%. Total subscription pets were 1,125,000 as of June 30, up 5% year over year, and trailing 12-month retention was 98.37% versus 98.29% a year ago. Subscription business cost of paying veterinary invoices was $194.3 million, with value proposition at 70.2% versus 71.1% last year. Subscription adjusted operating income was $41.4 million, up 24%, and total adjusted operating income was $43.3 million, also up 24%; subscription AOI margin was 15% versus 13.8%. Net income was $6.8 million, or $0.16 per diluted share, versus $9.4 million, or $0.22 last year, noting last year included a one-time $7.8 million gain. Operating cash flow was $21 million, capex was $1.8 million, and free cash flow was $19.2 million; cash and short-term investments ended at $398.5 million and debt at $106.9 million. For 2026, management now expects total revenue of $1.584 billion to $1.601 billion, subscription revenue of $1.124 billion to $1.133 billion, and total adjusted operating income of $176 million to $184 million. Third-quarter 2026 guidance is total revenue of $399 million to $405 million, subscription revenue of $284 million to $287 million, and total adjusted operating income of $44 million to $47 million.
Margi Tooth said the quarter showed the earnings power of Trupanion’s model, with AOI and cash generation funding growth investments. She emphasized that pet acquisition, conversion, retention, product enhancements, and technology investments are all aimed at building long-term value, including a new digital offering planned for the first half of the current strategic plan. Her tone was confident and disciplined, with repeated references to strong execution, operating leverage, and the company’s ability to invest across the highest-return opportunities.
Fawwad Qureshi walked through the quarter’s financial improvement, including 11% revenue growth, 24% subscription AOI growth, and free cash flow of $19.2 million. He highlighted lower spending ratios in the subscription business, with variable expenses at 9% of subscription revenue and fixed expenses at 5.8%, and noted strong balance-sheet flexibility with $398.5 million in cash and short-term investments against $106.9 million of debt. He also pointed to the $44 million dividend from APIC, bringing total excess capital unlocked to about $130 million over three years, and tied that strength to the $100 million buyback authorization and continued debt paydown.
Analysts focused on veterinary inflation, the use and intent of the share repurchase authorization, and how much of the gross-add strength came from the flagship product versus partner channels. Management said veterinary inflation remains in the double-digit range, though it has come down from prior years and is still feeding into pricing. On capital allocation, management said the buyback is another tool alongside growth investment, debt reduction, and use of surplus capital, while on product mix they said gross-add strength came mainly from the core product and that the new deductible/coinsurance rollout is still early but already improving conversion and affordability.
The bull case from this call is that Trupanion is showing stronger unit economics and still has room to reinvest: lifetime value per enrolled pet rose 25%, gross adds were up 9%, and net subscription pets rose 39%. Management sounded confident that conversion improvements, expanded pricing options, and a planned new digital offering can extend growth while keeping adjusted operating income on track to rise again this year.
The main risks discussed were continued veterinary inflation at still-elevated double-digit levels, which is pressuring pricing and the cost of paying claims, and a broader industry slowdown in vet visits. Management also said some of the new product changes are still early and not yet fully rolled out across North America, so the full benefits may take time to show up. The company also noted that the Pets Best relationship will end after the third quarter of 2028, which may affect future other-business revenue.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 76.3%
- Shares Outstanding
- 43.62M
- Float Shares
- 33.26M
of shares held by institutions
206 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for TRUP, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Bradley S. SchneiderHouse · IL10 | Sell | Feb 8, 21 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Dec 7, 21 | Filing → |
| Bradley S. SchneiderHouse · IL10 | — | Dec 10, 21 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Dec 10, 21 | Filing → |
| Marie NewmanHouse · IL03 | Sell | Jul 16, 21 | Filing → |
| Marie NewmanHouse · Il03 | Sell | May 21, 21 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Dec 17, 20 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Aug 12, 20 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Aug 12, 20 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Dec 17, 20 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Aug 12, 20 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Oct 10, 18 | Filing → |
| Bradley S. SchneiderHouse · IL10 | Sell | Oct 30, 18 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 5.44M | ▼ 2.11K |
| Capital World Investors | 3.84M | ▲ 58.63K |
| Aflac Inc | 3.64M | 0 |
| Vanguard Group Inc | 3.51M | ▼ 48.59K |
| Polar Capital Holdings PLC | 1.75M | ▲ 125.00K |
| Vanguard Capital Management LLC | 1.49M | ▲ 33.22K |
| State Street Corp | 1.37M | ▲ 48.22K |
| Fmr LLC | 1.04M | ▼ 314.00K |
| Morgan Stanley | 901.22K | ▲ 203.34K |
| Geode Capital Management, LLC | 875.84K | ▼ 2.23K |
| Greenlea Lane Capital Management, LLC | 776.49K | 0 |
| Bank Of America Corp | 575.76K | ▼ 14.97K |
Held by 285 ETFs
Biggest fund positions in TRUP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 11, 26 | Tooth Margaret | sell | 978 |
| Aug 3, 26 | Seawell Katherine | other | 0 |
| Jul 28, 26 | GALLAGHER JOHN R | sell | 431 |
| Jun 29, 26 | GALLAGHER JOHN R | sell | 431 |
| Jun 5, 26 | WEINRAUCH STEVE | other | 8,500 |
| Jun 5, 26 | WEINRAUCH STEVE | sell | 6,674 |
| Jun 5, 26 | WEINRAUCH STEVE | other | 8,500 |
| Feb 22, 26 | WHEELER SIMON | other | 1,526 |
| May 22, 26 | WHEELER SIMON | other | 937 |
| May 28, 26 | GALLAGHER JOHN R | sell | 3,603 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our TRUP coverage
Recent articles, reports, and earnings notes.
Want a deeper read on TRUP?
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Trupanion: Profitable At Last, But Still Too Expensive To Buy (Upgrade)
seekingalpha.com · Aug 14
California State Teachers Retirement System Buys 16,930 Shares of Trupanion, Inc. $TRUP
defenseworld.net · Aug 14
Trupanion Partners with Home To Home® to Help More Pets Transition Directly from One Loving Home to Another
globenewswire.com · Aug 13
4 Accident & Health Insurers to Watch Amid Elevated Healthcare Costs
zacks.com · Aug 11
Dimensional Fund Advisors LP Boosts Stock Holdings in Trupanion, Inc. $TRUP
defenseworld.net · Aug 8
Should You Buy, Sell or Hold Trupanion Stock Post Q2 Earnings?
zacks.com · Aug 7
Trupanion, Inc. (TRUP) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
Trupanion Q2 Earnings Call Highlights
marketbeat.com · Aug 6
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
