# Trupanion (TRUP.US)

Canonical: https://gigainvestors.com/s/TRUP

Analysis as of: 2026-10-16T07:32:32.325Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $27.86 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 1

- Required profitable years: 8

Chart: Net income; fiscal year observations.

- FY2016: -$6.9M

- FY2017: -$1.5M

- FY2018: -$927K

- FY2019: -$1.8M

- FY2020: -$5.8M

- FY2021: -$36M

- FY2022: -$45M

- FY2023: -$45M

- FY2024: -$9.6M

- FY2025: $19M

### moat: fail

- Common book per share

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: -3.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -18.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -17.3%

- FY2017: -3.5%

- FY2018: -0.8%

- FY2019: -1.4%

- FY2020: -2.1%

- FY2021: -12.8%

- FY2022: -18.7%

- FY2023: -18.5%

- FY2024: -3.5%

- FY2025: 6.1%

### economics: pass

- Common book per share

- Book value per share + reinvested dividends, annualized return: 22.4%

- Book return interval: 10 years

- Starting book value per share: $1.64

- Ending book value per share: $8.81

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -4.5%

- FY2017: 4.4%

- FY2018: 179.5%

- FY2019: 9.2%

- FY2020: 148.8%

- FY2021: -12.7%

- FY2022: -7.5%

- FY2023: 2.7%

- FY2024: 4.6%

- FY2025: 15.0%

### management: fail

- Common book per share

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 4.7%

- Diluted shares, 5-year annual growth: 4.0%

- Share growth excluding flagged crisis recapitalisations: 4.7%

- Five-year share growth excluding flagged crisis recapitalisations: 4.0%

- Flagged crisis recapitalisations: 0

- Book value created per share: $7.17

- Earnings retained per share after dividends and buybacks: -$5.99

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Josh Tarasoff](https://gigainvestors.com/GLC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 79% since Dec 2021 · net income USD 19.4M

Story as of 2026-10-16T09:59:43.623Z; price observation 2026-10-15.

- 2026-08-05: Trupanion’s (NASDAQ:TRUP) Q2 CY2026: Beats On Revenue, Stock Soars ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/trupanion-nasdaq-trup-q2-cy2026-210930641.html))

### Net income · FY2025

net income USD 19.4M; source https://www.sec.gov/Archives/edgar/data/1371285/000137128526000018/trup-20251231.htm; observed 2026-02-13.

- FY2016: -$6.9M 

- FY2017: -$1.5M 

- FY2018: -$927K 

- FY2019: -$1.8M 

- FY2020: -$5.8M 

- FY2021: -$36M 

- FY2022: -$45M 

- FY2023: -$45M 

- FY2024: -$9.6M 

- FY2025: $19M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 1.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1371285/000137128526000018/trup-20251231.htm#000137128526000018 (filed 2026-02-13); FY2025: revenue 1439305000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TRUP.US: Trupanion, Inc., together with its subsidiaries, provides medical insurance for cats and dogs on subscription basis in the United States, Canada, and Continental Europe. The company operates in two segments, Subscription Business and Other Business. It serves pet owners and veterinarians. The company was formerly known as Vetinsurance International, Inc. and changed its name to Trupanion, Inc. in 2013. Trupanion, Inc. was founded in 2000 and is headquartered in Seattle, Washington.

### Why customers stay

It lost 3.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on tangible equity observations [[2016,-0.17324456726541893],[2017,-0.03458193364318255],[2018,-0.00765470429885551],[2019,-0.014020104007626193],[2020,-0.02087503574492422],[2021,-0.12834684352738884],[2022,-0.1866910729136629],[2023,-0.18524520856820745],[2024,-0.035270210896309315],[2025,0.060642467514635576]]; median -0.034926072269745936. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 3.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,0],[2017,0],[2018,17032000],[2019,16149000],[2020,12226000],[2021,0],[2022,6942000],[2023,14837000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1371285/000137128526000018/trup-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 3712000 USD.

### Are managers owners

Insiders own 15.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TRUP.US SharesStats.PercentInsiders = 15.692 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Closing price 27.86 USD; reporting-to-trading FX 1; FY2025 annual sales per share 33.045018670726556; price multiple 0.8430922759526298. FY2025 cash earnings/share 0.4853534828956749. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $16.19 per share

- 2016-11: $16.65 per share

- 2016-12: $15.52 per share

- 2017-01: $15.99 per share

- 2017-02: $15.55 per share

- 2017-03: $14.22 per share

- 2017-04: $15.89 per share

- 2017-05: $20.34 per share

- 2017-06: $22.38 per share

- 2017-07: $23.82 per share

- 2017-08: $21.88 per share

- 2017-09: $26.41 per share

- 2017-10: $28.16 per share

- 2017-11: $29.78 per share

- 2017-12: $29.27 per share

- 2018-01: $34.92 per share

- 2018-02: $29.63 per share

- 2018-03: $29.89 per share

- 2018-04: $26.28 per share

- 2018-05: $31.77 per share

- 2018-06: $38.60 per share

- 2018-07: $41.60 per share

- 2018-08: $38.19 per share

- 2018-09: $35.73 per share

- 2018-10: $25.26 per share

- 2018-11: $29.93 per share

- 2018-12: $25.46 per share

- 2019-01: $26.55 per share

- 2019-02: $30.35 per share

- 2019-03: $32.74 per share

- 2019-04: $32.80 per share

- 2019-05: $29.33 per share

- 2019-06: $36.13 per share

- 2019-07: $32.16 per share

- 2019-08: $24.09 per share

- 2019-09: $25.42 per share

- 2019-10: $23.70 per share

- 2019-11: $34.08 per share

- 2019-12: $37.46 per share

- 2020-01: $31.92 per share

- 2020-02: $30.74 per share

- 2020-03: $26.03 per share

- 2020-04: $29.91 per share

- 2020-05: $30.12 per share

- 2020-06: $42.69 per share

- 2020-07: $50.57 per share

- 2020-08: $62.73 per share

- 2020-09: $78.90 per share

- 2020-10: $71.54 per share

- 2020-11: $101.38 per share

- 2020-12: $119.71 per share

- 2021-01: $112.20 per share

- 2021-02: $96.76 per share

- 2021-03: $76.21 per share

- 2021-04: $81.10 per share

- 2021-05: $90.17 per share

- 2021-06: $115.10 per share

- 2021-07: $115.02 per share

- 2021-08: $91.58 per share

- 2021-09: $77.67 per share

- 2021-10: $102.40 per share

- 2021-11: $123.32 per share

- 2021-12: $132.03 per share

- 2022-01: $95.25 per share

- 2022-02: $89.63 per share

- 2022-03: $89.12 per share

- 2022-04: $63.62 per share

- 2022-05: $66.88 per share

- 2022-06: $60.26 per share

- 2022-07: $63.03 per share

- 2022-08: $70.58 per share

- 2022-09: $59.43 per share

- 2022-10: $50.47 per share

- 2022-11: $52.27 per share

- 2022-12: $47.53 per share

- 2023-01: $59.02 per share

- 2023-02: $59.38 per share

- 2023-03: $42.89 per share

- 2023-04: $35.11 per share

- 2023-05: $22.47 per share

- 2023-06: $19.68 per share

- 2023-07: $30.85 per share

- 2023-08: $29.73 per share

- 2023-09: $28.20 per share

- 2023-10: $20.60 per share

- 2023-11: $25.72 per share

- 2023-12: $30.51 per share

- 2024-01: $27.20 per share

- 2024-02: $26.75 per share

- 2024-03: $27.61 per share

- 2024-04: $22.50 per share

- 2024-05: $29.87 per share

- 2024-06: $29.40 per share

- 2024-07: $37.06 per share

- 2024-08: $45.73 per share

- 2024-09: $41.98 per share

- 2024-10: $54.78 per share

- 2024-11: $53.31 per share

- 2024-12: $48.20 per share

- 2025-01: $47.44 per share

- 2025-02: $34.54 per share

- 2025-03: $37.27 per share

- 2025-04: $36.60 per share

- 2025-05: $47.19 per share

- 2025-06: $55.35 per share

- 2025-07: $47.41 per share

- 2025-08: $46.36 per share

- 2025-09: $43.28 per share

- 2025-10: $39.99 per share

- 2025-11: $35.29 per share

- 2025-12: $37.37 per share

- 2026-01: $31.99 per share

- 2026-02: $26.54 per share

- 2026-03: $25.61 per share

- 2026-04: $23.99 per share

- 2026-05: $21.82 per share

- 2026-06: $24.77 per share

- 2026-07: $24.49 per share

- 2026-08: $29.15 per share

- 2026-09: $23.36 per share

- 2026-10: $27.86 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1371285/000137128526000018/trup-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.