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TRUP

Trupanion, Inc.

TRUP

Trupanion, Inc. • NASDAQ
$35.29 ▲ 0.60% (+0.21)
Market Cap $1.52 B
52w High $57.88
52w Low $31.00
Dividend Yield 0%
P/E 98.03
Volume 231.38K
Outstanding Shares 43.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $366.92M ▲ $54.195M ▲ $5.873M ▼ 1.601% ▼ $0.14 ▼ $13.44M ▼
Q2-2025 $353.557M ▲ $52.513M ▼ $9.413M ▲ 2.662% ▲ $0.22 ▲ $18.19M ▲
Q1-2025 $341.975M ▲ $52.576M ▲ $-1.483M ▼ -0.434% ▼ $-0.035 ▼ $5.558M ▼
Q4-2024 $337.307M ▲ $52.575M ▲ $1.656M ▲ 0.491% ▲ $0.039 ▲ $9.045M ▼
Q3-2024 $327.456M $47.633M $1.425M 0.435% $0.034 $9.665M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $348.534M ▲ $880.173M ▲ $511.611M ▲ $368.562M ▲
Q2-2025 $319.596M ▼ $847.789M ▲ $492.335M ▼ $355.454M ▲
Q1-2025 $321.816M ▲ $837.162M ▲ $503.489M ▲ $333.673M ▲
Q4-2024 $307.384M ▲ $806.853M ▼ $483.585M ▼ $323.268M ▲
Q3-2024 $293.057M $816.118M $495.943M $320.175M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.873M ▼ $29.237M ▲ $-2.321M ▲ $-1.441M ▲ $24.438M ▲ $23.935M ▲
Q2-2025 $9.413M ▲ $15.025M ▼ $-42.467M ▼ $-15.887M ▼ $-41.539M ▼ $12.049M ▼
Q1-2025 $-1.483M ▼ $15.964M ▼ $-8.973M ▼ $-459K ▲ $6.48M ▼ $14.036M ▼
Q4-2024 $1.656M ▲ $23.702M ▲ $18.457M ▲ $-1.674M ▼ $38.659M ▲ $21.844M ▲
Q3-2024 $1.425M $15.295M $-1.46M $-1.039M $13.278M $13.382M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Operating Segment
Other Operating Segment
 $320.00M ▲$110.00M ▼$110.00M ▲$110.00M ▲
Subscription business
Subscription business
 $440.00M ▲$230.00M ▼$240.00M ▲$250.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Trupanion’s top line has grown strongly over the past five years, with revenue now several times what it was at the start of the period. The company is clearly still in “build and scale” mode rather than “maximize profit” mode. Gross profit has risen steadily, showing the core business is adding value, but operating and net results have stayed in the red. The good news is that losses have narrowed recently and earnings before interest, taxes, and depreciation have moved close to or just above break-even. Overall, this is a classic growth profile: strong sales expansion, improving but still negative bottom line, and a business model that has yet to fully convert scale into consistent profits.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown while keeping its finances relatively balanced. Total assets have climbed each year, and cash on hand is meaningfully higher than a couple of years ago, giving some cushion to support operations and growth initiatives. Debt has been introduced but remains modest compared with the size of the business, suggesting leverage is being used cautiously rather than aggressively. Shareholders’ equity has stayed fairly steady, which implies that cumulative losses have not yet eroded the capital base in a severe way. Overall, the financial position looks reasonably sound for a growth-oriented insurer, though not without the usual sensitivity to ongoing performance.

Cash Flow

Cash Flow Cash flow trends are more encouraging than the accounting earnings alone. Operating cash flow has shifted from slightly negative to consistently positive, and free cash flow has followed a similar path, recently turning positive as well. This means the business is starting to fund its own growth rather than relying entirely on outside capital. Capital spending needs appear modest and stable, so the company isn’t heavily tied up in fixed investments. The main watchpoint is whether this positive cash flow can be maintained and strengthened while the company continues to invest in acquiring new customers and expanding its footprint.

Competitive Edge

Competitive Edge Trupanion occupies a focused niche within pet insurance, and its position is built around three main strengths: veterinarian relationships, data, and technology. Its direct-to-vet payment system makes life easier for clinics and pet owners, which encourages vets to recommend its plans and deepens loyalty over time. The company’s long history of claims data gives it an edge in understanding pet health risks and pricing policies. As more clinics use its software and more pet owners sign up, the network becomes more valuable and harder for new entrants to replicate. That said, pet insurance is an increasingly crowded and visible market, so competitive pressure from both traditional insurers and newer tech-driven players remains a key ongoing risk.

Innovation and R&D

Innovation and R&D Innovation is central to Trupanion’s strategy. Its claims platform, Trupanion Express, uses automation and AI to approve and pay many claims in near real time, a clear upgrade over traditional reimbursement models. The company is also experimenting with a multi-brand approach, white-label partnerships (such as with large pet retailers), and tools that provide insight to vets and pet owners. Beyond pure insurance, Trupanion is testing broader pet health offerings like specialty pet food and wearables, aiming to become part of a wider pet wellness ecosystem. Continued investment in AI, data analytics, and international expansion—all under new leadership—are key themes, but they also require disciplined execution to avoid spreading resources too thin.

Summary

Trupanion is a fast-growing, still-unprofitable pet insurer that appears to be gradually tightening the gap between growth and profitability. Revenue and gross profit have risen strongly, and cash generation has improved, even though net income remains negative. The balance sheet looks reasonably healthy for a growth company, with rising assets, more cash than a few years ago, and only moderate use of debt. Its edge comes from deep ties with veterinarians, a rich data set, and a proprietary direct-pay platform that improves the customer and clinic experience. At the same time, the company operates in a competitive, evolving market and is pursuing multiple strategic initiatives—international expansion, tech upgrades, and broader pet health offerings—under new leadership. The central questions going forward are how effectively it can convert its competitive advantages into durable profitability and how well it can balance rapid growth with underwriting discipline and cost control.

NEWS

November 17, 2025 · 10:00 AM UTC

Trupanion's Commitment to Mission Highlighted as CEO Named 'Woman of Influence' by Puget Sound Business Journal

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November 6, 2025 · 4:05 PM UTC

Trupanion Reports Strong Third Quarter 2025 Results and Secures New Credit Facility

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November 4, 2025 · 10:00 AM UTC

Doubling Down for Canada's Pups: The Canadian Kennel Club and the Nation's Top Pet Insurer, Trupanion, Reaffirms Alliance to Give Puppies the Best Start

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October 30, 2025 · 4:15 PM UTC

Trupanion Appoints Bradley Powell to Board of Directors

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October 29, 2025 · 4:15 PM UTC

Trupanion Publishes 2025 Corporate Social Responsibility Report

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