Trupanion (TRUP) Financials

$24.93 -0.66 (-2.58%)

As of 10:32 AM Eastern

Annual Income Statements for Trupanion

This table shows Trupanion's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-17	-6.90	-1.50	-0.93	-1.81	-5.84	-36	-45	-45	-9.63	19
Consolidated Net Income / (Loss)	-17	-6.90	-1.50	-0.93	-1.81	-5.84	-36	-45	-45	-9.63	19
Net Income / (Loss) Continuing Operations	-17	-6.90	-1.50	-0.93	-1.81	-5.84	-36	-45	-45	-9.63	19
Total Pre-Tax Income	-17	-6.86	-1.93	-0.93	-1.64	-5.73	-35	-44	-45	-9.64	22
Total Operating Income	-17	-6.70	-2.64	-1.05	-1.92	-4.80	-35	-43	-41	-9.51	14
Total Gross Profit	25	33	43	51	65	82	104	122	131	179	231
Total Revenue	147	188	243	304	384	502	699	905	1,109	1,286	1,439
Total Cost of Revenue	122	155	200	253	319	420	595	783	978	1,107	1,208
Operating Cost of Revenue	103	134	200	253	319	420	595	783	978	1,107	1,208
Total Operating Expenses	42	40	46	52	67	87	140	165	172	188	217
Selling, General & Admin Expense	16	15	17	17	18	22	32	39	60	64	77
Marketing Expense	15	15	19	25	35	48	79	90	77	71	85
Research & Development Expense	11	9.53	9.77	5.80	7.03	9.95	17	25	21	31	38
Depreciation Expense	-	-	-	4.51	5.63	7.07	12	11	12	16	16
Other Operating Expenses / (Income)	-	-	0.00	0.00	0.35	-	0.17	0.25	0.22	0.18	0.31
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	5.30	1.13
Total Other Income / (Expense), net	-0.32	-0.16	0.71	0.11	0.28	-0.93	-0.01	-1.20	-4.38	-0.12	8.16
Interest Expense	0.33	0.22	0.53	1.20	1.35	1.38	0.01	4.27	12	14	14
Other Income / (Expense), net	0.01	0.06	1.24	1.31	1.63	0.58	0.00	3.07	7.70	14	22
Income Tax Expense	0.11	0.04	-0.43	-0.01	0.17	0.11	0.31	0.48	-0.34	-0.01	2.56
Basic Earnings per Share	($0.62)	($0.24)	($0.05)	($0.03)	($0.05)	($0.16)	($0.89)	($1.10)	($1.08)	($0.23)	$0.45
Weighted Average Basic Shares Outstanding	27.64M	28.53M	29.59M	31.96M	34.65M	35.86M	40.14M	40.77M	41.44M	42.16M	42.96M
Diluted Earnings per Share	($0.62)	$0.00	$0.00	$0.00	($0.05)	($0.16)	($0.89)	($1.10)	($1.08)	($0.23)	$0.45
Weighted Average Diluted Shares Outstanding	27.64M	0.00	0.00	0.00	34.65M	35.86M	40.14M	40.77M	41.44M	42.16M	43.56M
Weighted Average Basic & Diluted Shares Outstanding	27.64M	28.53M	29.59M	31.96M	34.65M	35.86M	40.14M	82.04M	83.63M	42.49M	43.43M

This table shows Trupanion's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.04	-2.16	-6.85	-5.86	1.43	1.66	-1.48	9.41	5.87	5.63	4.88
Consolidated Net Income / (Loss)	-4.04	-2.16	-6.85	-5.86	1.43	1.66	-1.48	9.41	5.87	5.63	4.88
Net Income / (Loss) Continuing Operations	-4.04	-2.16	-6.85	-5.86	1.43	1.66	-1.48	9.41	5.87	5.63	4.88
Total Pre-Tax Income	-4.08	-2.03	-6.89	-5.91	1.46	1.69	-1.44	11	6.60	6.29	5.96
Total Operating Income	-3.49	0.41	-6.14	-5.47	1.75	0.35	-1.47	2.31	5.86	7.14	4.78
Total Gross Profit	35	40	36	40	49	53	51	55	60	65	61
Total Revenue	286	296	306	315	327	337	342	354	367	377	384
Total Cost of Revenue	251	256	270	275	278	284	291	299	307	312	323
Operating Cost of Revenue	251	256	270	275	278	284	291	299	307	312	323
Total Operating Expenses	39	39	42	46	48	53	53	53	54	58	57
Selling, General & Admin Expense	13	13	15	15	17	17	20	20	18	18	19
Marketing Expense	18	17	17	18	18	18	21	20	22	23	23
Research & Development Expense	5.30	5.97	6.96	8.19	7.93	8.17	8.07	8.59	9.89	11	11
Depreciation Expense	2.99	3.03	3.79	4.38	4.38	3.92	3.79	3.96	4.05	4.03	3.71
Other Operating Expenses / (Income)	-0.00	0.08	0.10	0.05	0.03	-0.00	0.31	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-0.59	-2.44	-0.75	-0.44	-0.28	1.35	0.03	8.23	0.74	-0.84	1.18
Interest Expense	3.05	3.70	3.60	3.66	3.82	3.43	3.21	3.68	2.79	4.08	1.88
Other Income / (Expense), net	2.47	1.26	2.84	3.22	3.54	4.77	3.24	12	3.53	3.23	3.06
Income Tax Expense	-0.04	0.13	-0.04	-0.04	0.04	0.04	0.04	1.13	0.73	0.66	1.08
Basic Earnings per Share	($0.10)	($0.05)	($0.16)	($0.14)	$0.03	$0.04	($0.03)	$0.22	$0.14	$0.12	$0.11
Weighted Average Basic Shares Outstanding	41.54M	41.44M	41.92M	42.08M	42.23M	42.16M	42.78M	42.87M	43.08M	42.96M	43.51M
Diluted Earnings per Share	($0.10)	($0.05)	($0.16)	($0.14)	$0.03	$0.04	($0.03)	$0.22	$0.13	$0.13	$0.11
Weighted Average Diluted Shares Outstanding	41.54M	41.44M	41.92M	42.08M	42.82M	42.16M	42.78M	43.33M	43.56M	43.56M	43.68M
Weighted Average Basic & Diluted Shares Outstanding	41.55M	83.63M	42.02M	42.16M	42.34M	42.49M	42.78M	42.99M	43.20M	43.43M	43.62M

This table details how cash moves in and out of Trupanion's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-35	6.28	2.07	1.65	2.62	116	-45	-16	86	29	-28
Net Cash From Operating Activities	-10	5.01	9.67	-13	16	22	7.46	-8.00	19	48	89
Net Cash From Continuing Operating Activities	-10	4.80	9.67	13	16	22	7.46	-8.00	19	48	89
Net Income / (Loss) Continuing Operations	-17	-6.90	-1.50	-0.93	-1.81	-5.84	-36	-45	-45	-9.63	19
Consolidated Net Income / (Loss)	-17	-6.90	-1.50	-0.93	-1.81	-5.84	-36	-45	-45	-9.63	19
Depreciation Expense	2.54	3.85	4.23	4.51	5.63	7.07	12	11	12	16	16
Non-Cash Adjustments To Reconcile Net Income	3.07	2.84	2.00	4.54	6.95	9.07	26	34	35	37	34
Changes in Operating Assets and Liabilities, net	1.30	5.01	4.94	4.56	5.38	11	4.72	-8.69	16	4.47	20
Net Cash From Investing Activities	-9.92	-6.51	-13	-81	-28	-77	-52	-68	7.64	-13	-96
Net Cash From Continuing Investing Activities	-9.92	-6.51	-13	-81	-28	-77	-52	-68	7.64	-13	-96
Purchase of Property, Plant & Equipment	-4.89	-1.94	-3.13	-57	-5.37	-7.45	-12	-17	-18	-9.72	-14
Acquisitions	-	0.00	0.00	-2.96	0.00	-48	0.00	-15	0.00	0.00	0.00
Purchase of Investments	-25	-32	-32	-56	-70	-65	-96	-273	-166	-133	-256
Sale and/or Maturity of Investments	20	27	23	35	50	44	58	239	190	128	173
Other Investing Activities, net	-	-0.20	-2.78	-1.11	-2.89	0.06	-1.76	-1.60	1.59	2.10	1.66
Net Cash From Financing Activities	-14	7.67	5.08	71	14	171	-1.13	61	59	-3.96	-23
Net Cash From Continuing Financing Activities	-14	7.67	5.08	71	14	171	-1.13	61	59	-3.96	-23
Repayment of Debt	0.00	-0.40	-0.69	-9.64	-0.44	-33	0.00	-0.57	-2.10	-2.19	-135
Issuance of Debt	-15	4.99	4.40	13	13	6.21	0.00	69	60	0.00	114
Other Financing Activities, net	0.69	3.08	1.38	1.76	1.32	4.90	-1.13	-2.07	1.12	-1.77	-2.02
Effect of Exchange Rate Changes	-0.59	0.11	0.38	-0.81	0.42	-0.02	0.25	-1.46	0.42	-1.88	1.19
Cash Interest Paid	0.16	0.15	0.33	1.02	1.19	1.36	0.02	3.35	12	13	13

This table details how cash moves in and out of Trupanion's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	32	1.88	-0.90	-22	13	39	6.48	-43	26	-17	11
Net Cash From Operating Activities	11	18	2.43	6.86	15	24	16	15	29	29	15
Net Cash From Continuing Operating Activities	11	18	2.43	6.86	15	24	16	15	29	29	15
Net Income / (Loss) Continuing Operations	-4.04	-2.16	-6.85	-5.86	1.43	1.66	-1.48	9.41	5.87	5.63	4.88
Consolidated Net Income / (Loss)	-4.04	-2.16	-6.85	-5.86	1.43	1.66	-1.48	9.41	5.87	5.63	4.88
Depreciation Expense	2.99	3.03	3.79	4.38	4.38	3.92	3.79	3.96	4.05	4.03	3.71
Non-Cash Adjustments To Reconcile Net Income	6.34	9.78	7.95	8.53	8.21	12	10	22	-9.80	12	8.79
Changes in Operating Assets and Liabilities, net	6.10	6.86	-2.45	-0.19	1.28	5.82	3.48	-20	29	8.01	-2.78
Net Cash From Investing Activities	-3.30	-17	-2.74	-28	-1.46	18	-8.97	-42	-2.32	-42	0.11
Net Cash From Continuing Investing Activities	-3.30	-17	-2.74	-28	-1.46	18	-8.97	-42	-2.32	-42	0.11
Purchase of Property, Plant & Equipment	-4.39	-3.97	-3.07	-2.88	-1.91	-1.86	-1.93	-2.98	-5.30	-3.92	-0.85
Purchase of Investments	-29	-57	-19	-62	-26	-26	-41	-101	-41	-73	-48
Sale and/or Maturity of Investments	30	43	19	37	26	46	33	61	44	35	49
Other Investing Activities, net	0.84	0.17	0.52	0.55	0.49	0.55	0.59	0.61	0.44	0.03	-0.04
Net Cash From Financing Activities	25	0.57	-0.29	-0.96	-1.04	-1.67	-0.46	-16	-1.44	-5.08	-2.74
Net Cash From Continuing Financing Activities	25	0.27	-0.29	-0.96	-1.04	-1.67	-0.46	-16	-1.44	-5.08	-2.74
Repayment of Debt	-0.19	-0.87	-0.41	-0.71	-0.50	-0.57	-0.57	-15	-0.34	-119	-2.50
Other Financing Activities, net	0.36	1.13	0.13	-0.24	-0.54	-1.11	0.11	-0.47	-1.10	-0.56	-0.24
Effect of Exchange Rate Changes	-0.91	1.25	-0.31	-0.15	0.48	-1.90	-0.05	-	-	0.49	-0.56

This table presents Trupanion's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	71	82	106	208	257	498	563	672	783	807	915
Total Current Assets	54	65	87	118	159	337	391	469	562	597	691
Cash & Equivalents	18	24	26	27	29	140	87	66	148	160	138
Short-Term Investments	25	30	38	55	70	90	126	157	130	147	233
Accounts Receivable	8.20	10	20	32	54	99	165	232	268	274	302
Prepaid Expenses	2.19	2.06	2.90	5.30	5.51	8.22	12	14	17	16	18
Plant, Property, & Equipment, net	9.72	8.46	7.87	70	70	73	78	91	104	102	105
Total Noncurrent Assets	7.57	8.49	11	20	28	89	94	112	117	107	119
Long-Term Investments	2.69	2.85	3.24	3.55	4.32	5.57	7.06	7.84	13	0.37	0.98
Goodwill	-	-	-	-	0.00	33	33	42	44	37	39
Intangible Assets	4.85	4.91	4.97	8.07	7.73	27	23	24	19	13	24
Other Noncurrent Operating Assets	0.02	0.73	3.22	8.11	16	23	31	38	42	57	55
Total Liabilities & Shareholders' Equity	71	82	106	208	257	498	563	672	783	807	915
Total Liabilities	26	38	57	78	120	158	230	366	479	484	531
Total Current Liabilities	24	30	46	63	92	150	224	290	344	350	410
Short-Term Debt	-	-	-	-	-	-	-	1.10	1.35	1.35	10
Accounts Payable	1.29	2.01	2.72	2.77	4.09	6.06	8.95	9.47	11	12	16
Accrued Expenses	4.19	5.42	7.66	11	14	23	28	33	34	33	57
Current Deferred Revenue	11	13	23	33	53	93	147	203	235	252	271
Other Current Liabilities	6.93	9.52	13	16	21	29	40	44	63	52	56
Total Noncurrent Liabilities	1.94	7.22	12	15	29	7.91	6.69	77	135	134	121
Long-Term Debt	0.00	4.77	9.32	13	26	-	-	68	128	128	102
Noncurrent Deferred & Payable Income Tax Liabilities	1.43	1.62	1.00	1.00	1.12	4.71	2.83	3.39	2.69	1.95	1.51
Other Noncurrent Operating Liabilities	0.51	0.83	1.23	1.27	1.61	3.21	3.86	4.97	4.49	4.48	18
Total Equity & Noncontrolling Interests	45	45	48	129	137	340	332	305	304	323	384
Total Preferred & Common Equity	45	45	48	129	137	340	332	305	304	323	384
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	45	45	48	129	137	340	332	305	304	323	384
Common Stock	123	130	135	220	233	439	467	500	536	568	605
Retained Earnings	-74	-81	-83	-84	-86	-91	-127	-172	-216	-226	-206
Treasury Stock	-2.60	-3.20	-3.20	-6.20	-11	-11	-11	-17	-17	-17	-17
Accumulated Other Comprehensive Income / (Loss)	-0.50	-0.38	-0.09	-0.75	0.25	3.07	3.08	-6.30	0.40	-2.61	2.10

This table presents Trupanion's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	648	718	730	772	789	796	816	837	848	880	922
Total Current Assets	422	510	521	561	571	579	600	628	629	668	705
Cash & Equivalents	86	127	118	150	146	124	137	166	123	155	153
Short-Term Investments	97	118	118	116	129	153	156	156	197	194	230
Accounts Receivable	224	248	266	278	278	286	290	290	293	303	305
Prepaid Expenses	15	17	19	17	17	16	17	16	17	17	17
Plant, Property, & Equipment, net	87	94	98	101	104	104	103	102	102	105	103
Total Noncurrent Assets	139	113	112	110	114	113	114	107	117	107	114
Long-Term Investments	55	8.44	9.82	11	13	14	14	0.38	0.17	0.98	0.99
Goodwill	30	43	44	42	43	43	45	38	41	40	39
Intangible Assets	19	23	22	20	17	16	15	12	26	25	24
Other Noncurrent Operating Assets	35	39	36	37	41	40	39	56	50	41	51
Total Liabilities & Shareholders' Equity	648	718	730	772	789	796	816	837	848	880	922
Total Liabilities	342	423	441	483	486	490	496	503	492	512	527
Total Current Liabilities	281	312	331	348	352	356	362	369	372	391	408
Short-Term Debt	0.60	1.26	1.10	1.35	1.35	1.35	1.35	1.35	1.35	0.75	10
Accounts Payable	7.63	7.38	6.92	8.97	8.35	6.63	10	9.68	8.67	13	13
Accrued Expenses	31	30	30	29	30	35	33	37	38	44	42
Current Deferred Revenue	203	226	237	247	249	253	260	267	272	280	287
Other Current Liabilities	40	48	56	61	62	61	57	54	53	54	57
Total Noncurrent Liabilities	61	111	111	135	135	134	134	134	120	121	118
Long-Term Debt	54	103	103	128	127	128	128	128	113	114	99
Noncurrent Deferred & Payable Income Tax Liabilities	2.60	3.13	2.94	2.58	2.40	2.24	2.17	1.88	2.01	2.25	0.96
Other Noncurrent Operating Liabilities	4.61	5.02	4.90	4.82	4.63	4.50	4.38	4.74	4.92	4.80	18
Total Equity & Noncontrolling Interests	306	295	289	289	303	306	320	334	355	369	395
Total Preferred & Common Equity	306	295	289	289	303	306	320	334	355	369	395
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	306	295	289	289	303	306	320	334	355	369	395
Common Stock	491	512	519	527	545	553	561	578	587	596	614
Retained Earnings	-162	-196	-210	-214	-223	-229	-228	-227	-218	-212	-202
Treasury Stock	-17	-17	-17	-17	-17	-17	-17	-17	-17	-17	-17
Accumulated Other Comprehensive Income / (Loss)	-6.02	-4.26	-4.10	-7.11	-1.58	-1.77	3.24	-0.72	2.66	1.38	-0.69

This table displays calculated financial ratios and metrics derived from Trupanion's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.79%	28.08%	28.92%	25.26%	26.31%	30.76%	39.23%	29.50%	22.47%	15.97%	11.95%
EBITDA Growth	-83.51%	80.36%	201.43%	68.53%	11.83%	-46.62%	-914.84%	-24.87%	29.39%	204.11%	141.91%
EBIT Growth	-15.96%	60.40%	78.95%	118.88%	-210.23%	-1,350.17%	-734.03%	-13.45%	17.46%	114.75%	635.66%
NOPAT Growth	-5.21%	60.07%	60.56%	60.45%	-83.73%	-150.05%	-633.10%	-22.18%	5.45%	76.60%	283.58%
Net Income Growth	18.76%	59.92%	78.20%	38.32%	-95.15%	-222.83%	-508.39%	-25.73%	-0.05%	78.45%	301.73%
EPS Growth	62.20%	100.00%	0.00%	0.00%	0.00%	-220.00%	-456.25%	-23.60%	1.82%	78.70%	295.65%
Operating Cash Flow Growth	3.48%	148.02%	93.09%	-231.18%	227.42%	33.34%	-65.38%	-207.27%	332.98%	159.08%	85.33%
Free Cash Flow Firm Growth	16.03%	109.78%	-73.24%	-19,174.87%	94.62%	-1,244.75%	34.40%	-98.16%	57.73%	68.24%	486.46%
Invested Capital Growth	74.24%	-1,041.49%	-33.46%	753.79%	3.93%	75.49%	6.78%	29.34%	-1.31%	1.25%	-14.12%
Revenue Q/Q Growth	6.01%	6.29%	6.68%	5.59%	6.33%	8.00%	7.99%	6.05%	4.71%	3.33%	2.83%
EBITDA Q/Q Growth	9.82%	39.38%	10.66%	53.18%	20.73%	-52.38%	-12.17%	-5.84%	31.70%	25.64%	11.58%
EBIT Q/Q Growth	6.92%	16.67%	25.48%	128.30%	79.49%	-7,303.51%	-9.28%	-4.52%	22.15%	246.40%	17.20%
NOPAT Q/Q Growth	6.56%	16.53%	15.70%	47.98%	30.21%	-326.76%	-8.38%	-8.73%	19.14%	-0.63%	95.19%
Net Income Q/Q Growth	6.90%	15.63%	37.06%	37.79%	33.49%	-243.13%	-11.07%	-5.29%	13.75%	28.39%	25.71%
EPS Q/Q Growth	-116.67%	100.00%	-100.00%	0.00%	0.00%	-433.33%	-9.88%	-4.76%	14.29%	28.13%	25.00%
Operating Cash Flow Q/Q Growth	-220.28%	123.00%	8,505.22%	-272.78%	102.95%	-2.57%	19.02%	-107.09%	766.88%	14.72%	6.62%
Free Cash Flow Firm Q/Q Growth	0.00%	153.67%	-83.63%	-0.50%	-242.04%	-1,840.27%	58.89%	-37.66%	51.17%	-14.61%	125.29%
Invested Capital Q/Q Growth	-185.15%	-94.70%	-13.77%	-0.09%	12.57%	111.82%	7.59%	18.61%	1.11%	1.83%	-7.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.17%	17.68%	17.74%	16.90%	16.91%	16.31%	14.93%	13.50%	11.82%	13.91%	16.05%
EBITDA Margin	-9.68%	-1.48%	1.17%	1.57%	1.39%	0.57%	-3.32%	-3.20%	-1.85%	1.66%	3.58%
Operating Margin	-11.41%	-3.56%	-1.09%	-0.34%	-0.50%	-0.96%	-5.04%	-4.75%	-3.67%	-0.74%	0.96%
EBIT Margin	-11.41%	-3.53%	-0.58%	0.09%	-0.08%	-0.84%	-5.04%	-4.41%	-2.97%	0.38%	2.48%
Profit (Net Income) Margin	-11.71%	-3.66%	-0.62%	-0.31%	-0.47%	-1.16%	-5.08%	-4.94%	-4.03%	-0.75%	1.35%
Tax Burden Percent	100.67%	100.55%	77.84%	99.25%	110.30%	101.97%	100.88%	101.08%	99.24%	99.95%	88.36%
Interest Burden Percent	101.94%	103.28%	138.13%	-353.79%	563.57%	135.71%	100.07%	110.69%	136.64%	-198.31%	61.52%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.64%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-3.01%	-2.30%	-4.09%	-22.77%	-23.50%	-19.83%	-4.64%	9.11%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-2.71%	-1.67%	-2.51%	-17.99%	-15.85%	-9.74%	-2.89%	5.83%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	1.97%	0.94%	1.64%	12.20%	9.48%	5.15%	1.57%	-3.61%
Return on Equity (ROE)	-32.89%	-15.31%	-3.23%	-1.04%	-1.36%	-2.45%	-10.57%	-14.01%	-14.68%	-3.07%	5.50%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-116.57%	-6.15%	-58.90%	-29.33%	-49.08%	-18.51%	-5.88%	24.30%
Operating Return on Assets (OROA)	-19.82%	-8.66%	-1.49%	0.17%	-0.13%	-1.12%	-6.64%	-6.47%	-4.53%	0.61%	4.15%
Return on Assets (ROA)	-20.33%	-9.00%	-1.60%	-0.59%	-0.78%	-1.55%	-6.70%	-7.24%	-6.15%	-1.21%	2.26%
Return on Common Equity (ROCE)	-32.89%	-15.31%	-3.23%	-1.04%	-1.36%	-2.45%	-10.57%	-14.01%	-14.68%	-3.07%	5.50%
Return on Equity Simple (ROE_SIMPLE)	-37.93%	-15.42%	-3.10%	-0.72%	-1.32%	-1.72%	-10.70%	-14.63%	-14.72%	-2.98%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	-4.69	-1.85	-0.73	-1.34	-3.36	-25	-30	-28	-6.66	12
NOPAT Margin	-7.99%	-2.49%	-0.76%	-0.24%	-0.35%	-0.67%	-3.52%	-3.33%	-2.57%	-0.52%	0.85%
Net Nonoperating Expense Percent (NNEP)	-10.17%	-4.54%	0.64%	-0.30%	-0.62%	-1.59%	-4.78%	-7.64%	-10.09%	-1.75%	3.29%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-8.03%	-6.58%	-1.47%	2.47%
Cost of Revenue to Revenue	82.83%	82.32%	82.26%	83.10%	83.09%	83.69%	85.07%	86.50%	88.18%	86.09%	83.95%
SG&A Expenses to Revenue	10.59%	8.08%	6.93%	5.63%	4.79%	4.35%	4.56%	4.35%	5.43%	4.96%	5.33%
R&D to Revenue	7.63%	5.07%	4.03%	1.91%	1.83%	1.98%	2.41%	2.78%	1.93%	2.43%	2.63%
Operating Expenses to Revenue	28.58%	21.24%	18.83%	17.24%	17.41%	17.27%	19.96%	18.22%	15.47%	14.65%	15.09%
Earnings before Interest and Taxes (EBIT)	-17	-6.64	-1.40	0.26	-0.29	-4.22	-35	-40	-33	4.86	36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	-2.79	2.83	4.78	5.34	2.85	-23	-29	-20	21	52
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.08	10.15	18.15	6.59	9.57	12.53	16.04	6.36	4.17	6.31	4.20
Price to Tangible Book Value (P/TBV)	6.81	11.41	20.23	7.03	10.15	15.22	19.25	8.12	5.25	7.47	5.04
Price to Revenue (P/Rev)	1.88	2.41	3.62	2.80	3.41	8.48	7.63	2.15	1.14	1.59	1.12
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	83.07
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.20%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	13.58	20.66	38.46	45.73	12.33	7.76	12.90	10.92
Enterprise Value to Revenue (EV/Rev)	1.56	2.14	3.39	2.56	3.21	8.02	7.31	1.97	1.00	1.45	0.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	290.07	163.12	230.67	1,411.37	0.00	0.00	0.00	87.32	26.25
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	2,951.02	0.00	0.00	0.00	0.00	0.00	383.15	37.88
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	110.78
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	80.45	85.05	0.00	76.25	186.77	685.08	0.00	59.36	38.56	15.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	307.33	2,344.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.11	0.19	0.10	0.19	0.00	0.00	0.23	0.42	0.40	0.29
Long-Term Debt to Equity	0.00	0.11	0.19	0.10	0.19	0.00	0.00	0.22	0.42	0.39	0.27
Financial Leverage	-1.03	-1.08	-1.16	-0.73	-0.56	-0.66	-0.68	-0.60	-0.53	-0.54	-0.62
Leverage Ratio	1.62	1.70	2.02	1.76	1.75	1.58	1.58	1.94	2.39	2.54	2.43
Compound Leverage Factor	1.65	1.76	2.79	-6.24	9.85	2.15	1.58	2.14	3.26	-5.03	1.50
Debt to Total Capital	0.00%	9.63%	16.14%	9.06%	16.02%	0.00%	0.00%	18.53%	29.80%	28.51%	22.55%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%	0.31%	0.30%	2.02%
Long-Term Debt to Total Capital	0.00%	9.63%	16.14%	9.06%	16.02%	0.00%	0.00%	18.24%	29.49%	28.21%	20.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	90.37%	83.86%	90.94%	83.98%	100.00%	100.00%	81.47%	70.20%	71.50%	77.45%
Debt to EBITDA	0.00	-1.71	3.29	2.69	4.88	0.00	0.00	-2.39	-6.29	6.04	2.17
Net Debt to EBITDA	0.00	18.36	-20.19	-15.03	-14.44	0.00	0.00	5.54	7.86	-8.39	-5.04
Long-Term Debt to EBITDA	0.00	-1.71	3.29	2.69	4.88	0.00	0.00	-2.36	-6.23	5.98	1.97
Debt to NOPAT	0.00	-1.02	-5.04	-17.58	-19.41	0.00	0.00	-2.31	-4.53	-19.35	9.14
Net Debt to NOPAT	0.00	10.94	30.93	98.16	57.39	0.00	0.00	5.34	5.66	26.86	-21.26
Long-Term Debt to NOPAT	0.00	-1.02	-5.04	-17.58	-19.41	0.00	0.00	-2.27	-4.48	-19.15	8.33
Altman Z-Score	6.80	8.39	10.80	7.74	7.86	17.31	14.96	4.30	2.81	4.12	3.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.27	2.15	1.89	1.87	1.73	2.24	1.75	1.62	1.63	1.71	1.69
Quick Ratio	2.18	2.08	1.82	1.78	1.67	2.19	1.69	1.57	1.58	1.66	1.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-13	1.31	0.35	-67	-3.60	-48	-32	-63	-27	-8.44	33
Operating Cash Flow to CapEx	-213.02%	257.91%	308.72%	-22.27%	300.71%	289.14%	60.36%	-46.82%	101.96%	496.98%	633.36%
Free Cash Flow to Firm to Interest Expense	-41.24	6.01	0.66	-55.82	-2.67	-35.03	-3,173.12	-14.74	-2.20	-0.58	2.37
Operating Cash Flow to Interest Expense	-32.08	22.96	18.14	-10.58	11.98	15.60	745.80	-1.87	1.54	3.33	6.50
Operating Cash Flow Less CapEx to Interest Expense	-47.14	14.06	12.26	-58.11	7.99	10.20	-489.70	-5.88	0.03	2.66	5.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.74	2.46	2.58	1.94	1.65	1.33	1.32	1.47	1.52	1.62	1.67
Accounts Receivable Turnover	18.28	20.56	15.92	11.71	8.93	6.54	5.29	4.55	4.43	4.74	5.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.72	20.70	29.72	7.83	5.48	7.02	9.29	10.73	11.41	12.49	13.90
Accounts Payable Turnover	74.89	94.05	84.55	92.14	93.09	82.82	79.23	85.00	97.88	100.46	86.38
Days Sales Outstanding (DSO)	19.97	17.76	22.93	31.18	40.87	55.79	69.00	80.17	82.37	76.93	73.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.87	3.88	4.32	3.96	3.92	4.41	4.61	4.29	3.73	3.63	4.23
Cash Conversion Cycle (CCC)	15.10	13.88	18.61	27.22	36.95	51.38	64.39	75.88	78.64	73.29	68.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-0.58	-6.58	-8.78	57	60	105	112	145	143	144	124
Invested Capital Turnover	-104.53	-52.64	-31.62	12.51	6.56	6.11	6.46	7.07	7.72	8.96	10.72
Increase / (Decrease) in Invested Capital	1.66	-6.00	-2.20	66	2.25	45	7.09	33	-1.89	1.78	-20
Enterprise Value (EV)	230	403	822	779	1,232	4,024	5,109	1,782	1,106	1,862	1,354
Market Capitalization	276	454	879	851	1,309	4,259	5,330	1,943	1,268	2,041	1,614
Book Value per Share	$1.61	$1.53	$1.61	$3.87	$3.91	$9.55	$8.23	$7.47	$7.31	$7.63	$8.89
Tangible Book Value per Share	$1.43	$1.36	$1.45	$3.62	$3.69	$7.86	$6.86	$5.85	$5.81	$6.45	$7.42
Total Capital	45	49	58	142	163	340	332	375	433	452	496
Total Debt	0.00	4.77	9.32	13	26	0.00	0.00	69	129	129	112
Total Long-Term Debt	0.00	4.77	9.32	13	26	0.00	0.00	68	128	128	102
Net Debt	-46	-51	-57	-72	-77	-235	-220	-161	-161	-179	-260
Capital Expenditures (CapEx)	4.89	1.94	3.13	57	5.37	7.45	12	17	18	9.72	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13	-18	-23	-26	-32	-43	-46	-42	-58	-58	-79
Debt-free Net Working Capital (DFNWC)	30	35	41	55	67	187	167	181	219	249	291
Net Working Capital (NWC)	30	35	41	55	67	187	167	179	218	248	281
Net Nonoperating Expense (NNE)	5.46	2.21	-0.35	0.20	0.47	2.48	11	15	16	2.97	-7.21
Net Nonoperating Obligations (NNO)	-46	-51	-57	-72	-77	-235	-220	-161	-161	-179	-260
Total Depreciation and Amortization (D&A)	2.54	3.85	4.23	4.51	5.63	7.07	12	11	12	16	16
Debt-free, Cash-free Net Working Capital to Revenue	-9.00%	-9.68%	-9.31%	-8.67%	-8.26%	-8.59%	-6.60%	-4.62%	-5.25%	-4.54%	-5.52%
Debt-free Net Working Capital to Revenue	20.42%	18.58%	16.77%	18.02%	17.50%	37.17%	23.93%	19.95%	19.75%	19.37%	20.24%
Net Working Capital to Revenue	20.42%	18.58%	16.77%	18.02%	17.50%	37.17%	23.93%	19.83%	19.63%	19.27%	19.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.05)	($0.16)	($0.89)	($1.10)	($1.08)	($0.23)	$0.45
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	34.96M	78.95M	81.01M	40.77M	41.44M	42.16M	42.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.89)	($1.10)	($1.08)	($0.23)	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	81.01M	40.77M	41.44M	42.16M	43.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.05)	($0.16)	($0.89)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	34.65M	35.86M	40.14M	82.04M	83.63M	42.49M	43.43M
Normalized Net Operating Profit after Tax (NOPAT)	-12	-4.69	-1.85	-0.73	-1.34	-3.36	-25	-30	-28	-2.95	13
Normalized NOPAT Margin	-7.99%	-2.49%	-0.76%	-0.24%	-0.35%	-0.67%	-3.52%	-3.33%	-2.57%	-0.23%	0.92%
Pre Tax Income Margin	-11.63%	-3.64%	-0.80%	-0.31%	-0.43%	-1.14%	-5.04%	-4.88%	-4.06%	-0.75%	1.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-51.59	-30.46	-2.62	0.22	-0.22	-3.06	-3,519.60	-9.36	-2.73	0.34	2.60
NOPAT to Interest Expense	-36.13	-21.51	-3.47	-0.61	-1.00	-2.43	-2,463.72	-7.05	-2.36	-0.46	0.89
EBIT Less CapEx to Interest Expense	-66.65	-39.36	-8.50	-47.31	-4.20	-8.45	-4,755.10	-13.36	-4.24	-0.33	1.57
NOPAT Less CapEx to Interest Expense	-51.19	-30.41	-9.34	-48.14	-4.98	-7.83	-3,699.22	-11.06	-3.87	-1.13	-0.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.88%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Trupanion's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	43,430,169.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	43,430,169.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.28%	20.26%	19.43%	16.35%	14.55%	14.01%	11.71%	12.31%	12.05%	11.72%	12.30%
EBITDA Growth	123.35%	197.45%	102.53%	127.39%	392.11%	92.73%	1,031.98%	756.00%	39.06%	59.22%	107.57%
EBIT Growth	90.68%	121.57%	85.41%	79.56%	615.01%	207.75%	153.64%	732.07%	77.69%	102.48%	343.18%
NOPAT Growth	70.66%	104.43%	74.94%	58.20%	169.55%	19.12%	76.00%	153.93%	206.82%	1,776.90%	479.51%
Net Income Growth	68.75%	76.70%	72.35%	57.26%	135.31%	176.56%	78.36%	260.58%	312.14%	239.98%	429.06%
EPS Growth	68.75%	78.26%	73.33%	57.58%	130.00%	180.00%	81.25%	257.14%	333.33%	225.00%	466.67%
Operating Cash Flow Growth	595.78%	1,618.06%	135.47%	301.35%	34.19%	35.39%	555.88%	119.15%	91.15%	23.46%	-8.58%
Free Cash Flow Firm Growth	17.70%	105.54%	94.95%	99.09%	104.40%	-166.30%	211.02%	-1,249.90%	1,308.35%	1,959.70%	845.02%
Invested Capital Growth	15.78%	-1.31%	-1.33%	-2.37%	0.53%	1.25%	-2.53%	4.69%	-5.79%	-14.12%	-14.85%
Revenue Q/Q Growth	5.65%	3.50%	3.47%	2.84%	4.02%	3.01%	1.38%	3.39%	3.78%	2.71%	1.91%
EBITDA Q/Q Growth	125.31%	138.95%	-89.54%	332.79%	354.82%	-6.41%	-38.55%	227.28%	-26.11%	7.15%	-19.89%
EBIT Q/Q Growth	90.68%	262.18%	-297.96%	31.66%	334.74%	-3.08%	-65.50%	705.21%	-34.01%	10.44%	-24.48%
NOPAT Q/Q Growth	73.33%	111.69%	-1,604.17%	10.85%	144.38%	-79.98%	-403.09%	300.31%	152.47%	22.45%	-38.71%
Net Income Q/Q Growth	70.57%	46.41%	-216.78%	14.45%	124.31%	16.21%	-189.55%	734.73%	-37.61%	-4.14%	-13.32%
EPS Q/Q Growth	69.70%	50.00%	-220.00%	12.50%	121.43%	33.33%	-175.00%	833.33%	-40.91%	0.00%	-15.38%
Operating Cash Flow Q/Q Growth	434.74%	53.60%	-86.10%	181.68%	123.09%	54.97%	-32.65%	-5.88%	94.59%	0.09%	-50.13%
Free Cash Flow Firm Q/Q Growth	42.74%	110.02%	-208.63%	85.34%	375.81%	-251.00%	281.89%	-278.19%	387.76%	99.40%	-7.57%
Invested Capital Q/Q Growth	-3.98%	1.11%	0.97%	-0.40%	-1.13%	1.83%	-2.80%	6.98%	-11.04%	-7.17%	-3.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.33%	13.54%	11.83%	12.79%	15.08%	15.69%	14.94%	15.51%	16.37%	17.26%	16.01%
EBITDA Margin	0.69%	1.59%	0.16%	0.68%	2.95%	2.68%	1.63%	5.14%	3.66%	3.82%	3.00%
Operating Margin	-1.22%	0.14%	-2.00%	-1.74%	0.53%	0.10%	-0.43%	0.65%	1.60%	1.89%	1.24%
EBIT Margin	-0.36%	0.56%	-1.08%	-0.72%	1.61%	1.52%	0.52%	4.02%	2.56%	2.75%	2.04%
Profit (Net Income) Margin	-1.41%	-0.73%	-2.24%	-1.86%	0.44%	0.49%	-0.43%	2.66%	1.60%	1.49%	1.27%
Tax Burden Percent	98.95%	106.39%	99.45%	99.26%	97.34%	97.76%	102.70%	89.26%	89.00%	89.46%	81.93%
Interest Burden Percent	397.56%	-122.18%	209.17%	262.37%	27.71%	33.08%	-81.72%	74.12%	70.28%	60.69%	76.06%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	2.66%	2.24%	0.00%	10.74%	11.00%	10.54%	18.07%
Return on Invested Capital (ROIC)	-6.89%	0.75%	-11.21%	-10.08%	4.57%	0.90%	-2.80%	5.41%	14.45%	18.17%	11.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.93%	2.27%	-9.55%	-8.74%	4.73%	0.13%	-2.55%	1.42%	14.13%	18.52%	11.20%
Return on Net Nonoperating Assets (RNNOA)	3.31%	-1.20%	4.92%	4.47%	-2.54%	-0.07%	1.41%	-0.79%	-8.48%	-11.49%	-7.21%
Return on Equity (ROE)	-3.58%	-0.45%	-6.29%	-5.60%	2.03%	0.83%	-1.39%	4.63%	5.97%	6.68%	4.41%
Cash Return on Invested Capital (CROIC)	-41.40%	-18.51%	-9.44%	-4.68%	-5.21%	-5.88%	0.18%	-2.79%	10.51%	24.30%	29.60%
Operating Return on Assets (OROA)	-0.54%	0.86%	-1.65%	-1.13%	2.53%	2.46%	0.84%	6.66%	4.22%	4.60%	3.44%
Return on Assets (ROA)	-2.11%	-1.11%	-3.44%	-2.93%	0.68%	0.79%	-0.70%	4.41%	2.64%	2.50%	2.14%
Return on Common Equity (ROCE)	-3.58%	-0.45%	-6.29%	-5.60%	2.03%	0.83%	-1.39%	4.63%	5.97%	6.68%	4.41%
Return on Equity Simple (ROE_SIMPLE)	-17.90%	0.00%	-8.82%	-6.18%	-4.20%	0.00%	-1.28%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.44	0.29	-4.30	-3.83	1.70	0.34	-1.03	2.07	5.21	6.39	3.91
NOPAT Margin	-0.85%	0.10%	-1.40%	-1.22%	0.52%	0.10%	-0.30%	0.58%	1.42%	1.69%	1.02%
Net Nonoperating Expense Percent (NNEP)	-0.96%	-1.52%	-1.66%	-1.34%	-0.17%	0.77%	-0.26%	4.00%	0.32%	-0.34%	0.41%
Return On Investment Capital (ROIC_SIMPLE)	-	0.07%	-	-	-	0.08%	-0.22%	0.44%	1.08%	1.29%	0.78%
Cost of Revenue to Revenue	87.67%	86.46%	88.17%	87.21%	84.92%	84.31%	85.06%	84.49%	83.63%	82.74%	83.99%
SG&A Expenses to Revenue	4.43%	4.53%	4.79%	4.85%	5.18%	4.99%	5.82%	5.69%	4.99%	4.86%	4.97%
R&D to Revenue	1.85%	2.02%	2.27%	2.60%	2.42%	2.42%	2.36%	2.43%	2.69%	3.00%	2.94%
Operating Expenses to Revenue	13.55%	13.33%	13.84%	14.53%	14.55%	15.59%	15.37%	14.85%	14.77%	15.36%	14.77%
Earnings before Interest and Taxes (EBIT)	-1.03	1.66	-3.29	-2.25	5.28	5.12	1.77	14	9.39	10	7.83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.96	4.69	0.49	2.13	9.67	9.05	5.56	18	13	14	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.03	4.17	3.78	4.04	5.53	6.31	4.75	6.66	5.05	4.20	2.82
Price to Tangible Book Value (P/TBV)	5.12	5.25	4.72	5.00	6.81	7.47	5.59	8.21	6.13	5.04	3.34
Price to Revenue (P/Rev)	1.10	1.14	0.99	1.03	1.42	1.59	1.20	1.74	1.33	1.12	0.75
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	215.06	120.37	83.07	43.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.83%	1.20%	2.32%
Enterprise Value to Invested Capital (EV/IC)	7.22	7.76	6.86	7.48	11.22	12.90	9.91	14.40	12.17	10.92	7.00
Enterprise Value to Revenue (EV/Rev)	0.96	1.00	0.85	0.89	1.28	1.45	1.05	1.59	1.16	0.94	0.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	115.71	93.77	87.32	52.68	50.94	35.17	26.25	14.54
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	1,134.47	383.15	140.14	81.92	53.30	37.88	20.01
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	820.48	259.57	110.78	47.48
Enterprise Value to Operating Cash Flow (EV/OCF)	473.62	59.36	35.36	28.09	37.81	38.56	22.49	30.90	19.37	15.13	9.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	5,452.20	0.00	112.30	41.52	21.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.45	0.42	0.42	0.42	0.40	0.40	0.39	0.32	0.31	0.29	0.28
Long-Term Debt to Equity	0.44	0.42	0.42	0.42	0.40	0.39	0.38	0.32	0.31	0.27	0.25
Financial Leverage	-0.56	-0.53	-0.52	-0.51	-0.54	-0.54	-0.55	-0.56	-0.60	-0.62	-0.64
Leverage Ratio	2.39	2.39	2.52	2.57	2.61	2.54	2.55	2.49	2.46	2.43	2.41
Compound Leverage Factor	9.48	-2.92	5.27	6.73	0.72	0.84	-2.09	1.84	1.73	1.48	1.84
Debt to Total Capital	30.82%	29.80%	29.81%	29.65%	28.70%	28.51%	27.86%	24.36%	23.71%	22.55%	21.69%
Short-Term Debt to Total Capital	0.32%	0.31%	0.31%	0.31%	0.30%	0.30%	0.29%	0.29%	0.16%	2.02%	1.98%
Long-Term Debt to Total Capital	30.49%	29.49%	29.50%	29.34%	28.40%	28.21%	27.57%	24.07%	23.55%	20.53%	19.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.18%	70.20%	70.19%	70.35%	71.30%	71.50%	72.14%	75.64%	76.29%	77.45%	78.31%
Debt to EBITDA	-4.30	-6.29	-210.85	13.90	7.59	6.04	4.88	2.70	2.48	2.17	1.90
Net Debt to EBITDA	4.95	7.86	260.82	-17.52	-10.51	-8.39	-7.32	-4.84	-5.08	-5.04	-4.78
Long-Term Debt to EBITDA	-4.25	-6.23	-208.64	13.76	7.51	5.98	4.83	2.66	2.46	1.97	1.73
Debt to NOPAT	-3.66	-4.53	-8.25	-12.54	-19.48	-19.35	-37.96	43.42	18.29	9.14	6.20
Net Debt to NOPAT	4.22	5.66	10.20	15.79	26.95	26.86	56.94	-77.88	-37.51	-21.26	-15.62
Long-Term Debt to NOPAT	-3.62	-4.48	-8.16	-12.40	-19.27	-19.15	-37.56	42.91	18.17	8.33	5.64
Altman Z-Score	2.76	2.96	2.81	2.95	3.65	4.12	3.46	4.55	3.85	3.49	2.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	1.63	1.62	1.63	1.66	1.71	1.70	1.69	1.71	1.69	1.73
Quick Ratio	1.56	1.58	1.57	1.58	1.61	1.66	1.66	1.65	1.67	1.64	1.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	2.17	-2.36	-0.35	0.95	-1.44	2.62	-4.67	13	27	25
Operating Cash Flow to CapEx	259.58%	440.98%	79.41%	238.06%	799.53%	1,275.67%	828.01%	504.87%	551.43%	745.91%	1,723.02%
Free Cash Flow to Firm to Interest Expense	-7.10	0.59	-0.66	-0.09	0.25	-0.42	0.82	-1.27	4.81	6.57	13.20
Operating Cash Flow to Interest Expense	3.73	4.74	0.68	1.88	4.00	6.92	4.97	4.08	10.48	7.18	7.78
Operating Cash Flow Less CapEx to Interest Expense	2.30	3.66	-0.18	1.09	3.50	6.37	4.37	3.27	8.58	6.22	7.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.49	1.52	1.54	1.58	1.57	1.62	1.62	1.66	1.65	1.67	1.68
Accounts Receivable Turnover	4.22	4.43	4.40	4.36	4.38	4.74	4.65	4.70	4.73	5.00	4.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.28	11.41	11.65	11.91	12.22	12.49	12.81	13.22	13.49	13.90	14.48
Accounts Payable Turnover	112.59	97.88	129.35	155.13	112.89	100.46	125.12	150.60	103.15	86.38	110.18
Days Sales Outstanding (DSO)	86.53	82.37	82.98	83.70	83.27	76.93	78.52	77.65	77.23	73.03	73.29
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3.24	3.73	2.82	2.35	3.23	3.63	2.92	2.42	3.54	4.23	3.31
Cash Conversion Cycle (CCC)	83.29	78.64	80.16	81.35	80.04	73.29	75.60	75.22	73.69	68.81	69.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	141	143	144	143	142	144	140	150	134	124	120
Invested Capital Turnover	8.05	7.72	7.99	8.28	8.80	8.96	9.29	9.27	10.17	10.72	11.40
Increase / (Decrease) in Invested Capital	19	-1.89	-1.94	-3.48	0.75	1.78	-3.65	6.73	-8.21	-20	-21
Enterprise Value (EV)	1,018	1,106	988	1,073	1,592	1,862	1,390	2,163	1,626	1,354	837
Market Capitalization	1,167	1,268	1,147	1,235	1,770	2,041	1,584	2,368	1,861	1,614	1,112
Book Value per Share	$7.00	$7.31	$7.24	$7.28	$7.59	$7.63	$7.85	$8.31	$8.57	$8.89	$9.09
Tangible Book Value per Share	$5.50	$5.81	$5.80	$5.88	$6.17	$6.45	$6.67	$6.74	$7.06	$7.42	$7.66
Total Capital	418	433	432	435	449	452	463	470	483	496	504
Total Debt	129	129	129	129	129	129	129	114	115	112	109
Total Long-Term Debt	128	128	127	128	128	128	128	113	114	102	99
Net Debt	-148	-161	-159	-162	-178	-179	-193	-205	-235	-260	-275
Capital Expenditures (CapEx)	4.39	3.97	3.07	2.88	1.91	1.86	1.93	2.98	5.30	3.92	0.85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-51	-58	-55	-53	-54	-58	-61	-61	-71	-79	-77
Debt-free Net Working Capital (DFNWC)	215	219	221	224	239	249	260	258	278	291	307
Net Working Capital (NWC)	214	218	219	223	238	248	259	257	277	281	297
Net Nonoperating Expense (NNE)	1.59	2.45	2.56	2.03	0.27	-1.32	0.45	-7.35	-0.66	0.76	-0.97
Net Nonoperating Obligations (NNO)	-148	-161	-159	-162	-178	-179	-193	-205	-235	-260	-275
Total Depreciation and Amortization (D&A)	2.99	3.03	3.79	4.38	4.38	3.92	3.79	3.96	4.05	4.03	3.71
Debt-free, Cash-free Net Working Capital to Revenue	-4.81%	-5.25%	-4.72%	-4.39%	-4.34%	-4.54%	-4.65%	-4.52%	-5.04%	-5.52%	-5.19%
Debt-free Net Working Capital to Revenue	20.30%	19.75%	19.04%	18.66%	19.21%	19.37%	19.70%	18.98%	19.86%	20.24%	20.71%
Net Working Capital to Revenue	20.18%	19.63%	18.92%	18.55%	19.11%	19.27%	19.60%	18.88%	19.81%	19.54%	20.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.05)	($0.16)	($0.14)	$0.03	$0.04	($0.03)	$0.22	$0.14	$0.12	$0.11
Adjusted Weighted Average Basic Shares Outstanding	41.54M	41.44M	41.92M	42.08M	42.23M	42.16M	42.78M	42.87M	43.08M	42.96M	43.51M
Adjusted Diluted Earnings per Share	($0.10)	($0.05)	($0.16)	($0.14)	$0.03	$0.04	($0.03)	$0.22	$0.13	$0.13	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	41.54M	41.44M	41.92M	42.08M	42.82M	42.16M	42.78M	43.33M	43.56M	43.56M	43.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.55M	83.63M	42.02M	42.16M	42.34M	42.49M	42.78M	42.99M	43.20M	43.43M	43.62M
Normalized Net Operating Profit after Tax (NOPAT)	-2.44	0.29	-4.30	-3.83	1.70	0.34	-1.03	2.07	5.21	6.39	3.91
Normalized NOPAT Margin	-0.85%	0.10%	-1.40%	-1.22%	0.52%	0.10%	-0.30%	0.58%	1.42%	1.69%	1.02%
Pre Tax Income Margin	-1.43%	-0.69%	-2.25%	-1.88%	0.45%	0.50%	-0.42%	2.98%	1.80%	1.67%	1.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.34	0.45	-0.92	-0.62	1.38	1.49	0.55	3.86	3.37	2.54	4.18
NOPAT to Interest Expense	-0.80	0.08	-1.19	-1.05	0.44	0.10	-0.32	0.56	1.87	1.57	2.09
EBIT Less CapEx to Interest Expense	-1.77	-0.62	-1.77	-1.40	0.88	0.95	-0.05	3.06	1.46	1.58	3.72
NOPAT Less CapEx to Interest Expense	-2.24	-1.00	-2.05	-1.84	-0.06	-0.44	-0.92	-0.25	-0.03	0.60	1.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the top takeaways for retail investors based on TRUP’s quarterly statements from the last four years. The points highlight revenue trends, profitability, cash flow quality, and balance-sheet health.

Revenue has trended upward in 2025, rising from about $342M in Q1 2025 to about $377M in Q4 2025, signaling steady top-line growth.
Gross profit has grown along with revenue, moving from roughly $51.1M in Q1 2025 to about $65.0M in Q4 2025, with gross margin remaining in the mid-teens and relatively stable.
Operating income returned to positive territory in 2025, increasing from a small positive amount in Q3 2025 ($5.86M) to about $7.14M in Q4 2025, indicating improving operating profitability.
Net income attributable to common shareholders was positive in Q4 2025 at $5.63M, signaling earnings progression at the bottom line.
Operating cash flow remained robust in 2025, with net cash from continuing operating activities around $29.3M in Q4 2025, marking stronger cash generation versus earlier quarters.
Balance-sheet equity expanded in 2025, with Total Common Equity rising to approximately $368.56M by Q3 2025 from about $333.67M in early 2025, supporting a stronger book value foundation.
Liquidity appears solid on mid-2025 balance sheets, with total current assets around $668M (Q3 2025) and total current liabilities around $391M, implying a healthy current ratio near 1.7.
Deferred revenue has grown meaningfully, with Current Deferred Revenue around $279.7M in Q3 2025 (up from prior year levels), suggesting a durable revenue recognition tailwind as customers prepay.
There are noted restatements in the historical records (e.g., Q3 2024 restated, Q4 2023 restated, and other 2024-2023 restatements), which can affect year-over-year comparability and performance framing.
Investing and financing activities show ongoing cash outflows due to investments and debt adjustments, which weigh on near-term free cash flow despite strong operating cash flow.
Retained earnings remain negative, reflecting accumulated losses (e.g., around -$212M by Q3 2025), indicating ongoing cumulative losses despite current profitability improvements.

05/08/26 10:33 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Trupanion's Financials

When does Trupanion's fiscal year end?

According to the most recent income statement we have on file, Trupanion's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Trupanion's net income changed over the last 10 years?

Trupanion's net income appears to be on an upward trend, with a most recent value of $19.43 million in 2025, falling from -$17.21 million in 2015. The previous period was -$9.63 million in 2024. View Trupanion's forecast to see where analysts expect Trupanion to go next.

What is Trupanion's operating income?

Trupanion's total operating income in 2025 was $13.84 million, based on the following breakdown:

Total Gross Profit: $231.01 million
Total Operating Expenses: $217.17 million

How has Trupanion's revenue changed over the last 10 years?

Over the last 10 years, Trupanion's total revenue changed from $146.96 million in 2015 to $1.44 billion in 2025, a change of 879.4%.

How much debt does Trupanion have?

Trupanion's total liabilities were at $531.11 million at the end of 2025, a 9.8% increase from 2024, and a 1,977.8% increase since 2015.

How much cash does Trupanion have?

In the past 10 years, Trupanion's cash and equivalents has ranged from $17.96 million in 2015 to $160.30 million in 2024, and is currently $138.02 million as of their latest financial filing in 2025.

How has Trupanion's book value per share changed over the last 10 years?

Over the last 10 years, Trupanion's book value per share changed from 1.61 in 2015 to 8.89 in 2025, a change of 453.6%.

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Financial statements for NASDAQ:TRUP last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Trupanion (TRUP) Financials

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