# 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.

## Reported holder observations

- [Josh Tarasoff](https://gigainvestors.com/GLC): 776,490 TRUP shares; USD 19,234,000 reported position value; 5.28% of portfolio; hold; quarter 2026 Q2.

# TRUP — Trupanion Inc.

Held by 1 investor · USD 19,234,000 total · 2026 Q2 · reported price USD 24.77 (split-adjusted).
Page: https://gigainvestors.com/s/TRUP

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Josh Tarasoff (https://gigainvestors.com/GLC) | USD 19,234,000 | 5.3% | hold |
| Steven Check (https://gigainvestors.com/CHE) | USD 1,042,199 | 0.0% | sold |

## Total held by quarter

- 2018 Q4: USD 27,663,792 · 2 holders · USD 11.68
- 2019 Q1: USD 39,496,619 · 2 holders · USD 15.02
- 2019 Q2: USD 45,699,575 · 3 holders · USD 16.58
- 2019 Q3: USD 36,300,726 · 3 holders · USD 11.66
- 2019 Q4: USD 61,954,593 · 3 holders · USD 17.19
- 2020 Q1: USD 44,250,714 · 3 holders · USD 11.94
- 2020 Q2: USD 73,667,060 · 3 holders · USD 19.59
- 2020 Q3: USD 99,477,120 · 3 holders · USD 36.20
- 2020 Q4: USD 102,722,912 · 3 holders · USD 54.93
- 2021 Q1: USD 41,290,578 · 2 holders · USD 34.97
- 2021 Q2: USD 62,795,683 · 2 holders · USD 52.81
- 2021 Q3: USD 42,374,810 · 2 holders · USD 35.64
- 2021 Q4: USD 51,296,266 · 3 holders · USD 60.58
- 2022 Q1: USD 36,203,034 · 3 holders · USD 40.89
- 2022 Q2: USD 23,847,325 · 3 holders · USD 27.65
- 2022 Q3: USD 19,763,388 · 3 holders · USD 27.27
- 2022 Q4: USD 5,408,902 · 2 holders · USD 21.81
- 2023 Q1: USD 6,890,672 · 2 holders · USD 19.68
- 2023 Q2: USD 6,424,930 · 2 holders · USD 19.68
- 2023 Q3: USD 9,206,454 · 2 holders · USD 28.20
- 2023 Q4: USD 9,912,034 · 2 holders · USD 30.52
- 2024 Q1: USD 12,629,181 · 2 holders · USD 27.61
- 2024 Q2: USD 33,526,988 · 2 holders · USD 29.41
- 2024 Q3: USD 47,410,538 · 2 holders · USD 41.98
- 2024 Q4: USD 46,973,237 · 2 holders · USD 48.21
- 2025 Q1: USD 35,411,853 · 2 holders · USD 37.27
- 2025 Q2: USD 44,676,705 · 2 holders · USD 55.35
- 2025 Q3: USD 34,844,056 · 2 holders · USD 43.29
- 2025 Q4: USD 30,541,380 · 2 holders · USD 37.37
- 2026 Q1: USD 20,928,108 · 2 holders · USD 25.61
- 2026 Q2: USD 19,234,000 · 1 holder · USD 24.77