Trupanion
Insures cats and dogs through subscription coverage and direct veterinary-hospital payment.
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Profile
Sells medical insurance for cats and dogs through subscription products, partner-distributed offerings, and lower-margin business-to-business underwriting. The model is built around veterinary referrals, direct payment to hospitals, and regulated insurance subsidiaries across the U.S., Canada, Germany, Switzerland, and other Continental Europe markets.
Offers pet medical insurance for cats and dogs through the core Trupanion product, Powered by Trupanion partner offerings, Furkin and PHI Direct in Canada, and brokered or branded products in parts of Continental Europe. Subscription products generate premiums, while Other business covers lower-margin third-party underwriting, U.S. Department of Veterans Affairs and employer-sponsored programs.
Operates mainly in the United States and Canada, with activity in Germany, Switzerland, and other Continental Europe markets. The sales motion leans on Territory Partners, veterinarian education, strategic partners, direct consumer channels, and member referrals.
Executes around direct payment software that connects with veterinary practice-management systems and can pay approved invoices directly to hospitals. The business depends on veterinary-channel relationships, pet-owner willingness to insure medical costs, Pets Best runoff in Other business, and insurance-subsidiary capital rules.
Company facts
Categories
Key statistics
Year to date −20.4% · Average volume (30d) 513.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Piper Sandler | Downgrade | Overweight | Neutral | $45 | $32 |
| Aug 20, 2026 | Stifel Nicolaus | Target | $28 | $29 | ||
| Jul 15, 2026 | Atlantic Equities | Target | $42 | |||
| Jun 26, 2026 | Stifel Nicolaus | Target | $35 | $28 | ||
| Apr 9, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $42 | $34 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.11 | $0.16 | +41.2% | $389.7M | $392.9M | +0.8% | +15.46% |
| Apr 30, 2026Q1 FY26 | $0.07 | $0.11 | +57.1% | $379.8M | $384.0M | +1.1% | +1.42% |
| Feb 12, 2026Q4 FY25 | $0.14 | $0.13 | −7.1% | $375.5M | $376.9M | +0.4% | −13.01% |
| Nov 6, 2025Q3 FY25 | $0.89 | $0.13 | −85.4% | $361.6M | $366.9M | +1.5% | −8.34% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $342.0M | $353.6M | $366.9M | $376.9M | $384.0M | $392.9M | |
| Gross profit | $51.1M | $54.8M | $60.1M | $114.0M | $102.6M | $65.1M | |
| Operating income | −$1.5M | $2.3M | $5.9M | $6.3M | $6.0M | $6.4M | |
| Net income | −$1.5M | $9.4M | $5.9M | $5.6M | $4.9M | $6.8M | |
| Diluted EPS | −$0.03 | $0.22 | $0.13 | $0.13 | $0.11 | $0.16 | |
| Gross margin | 14.9% | 15.5% | 16.4% | 30.3% | 26.7% | 16.6% | |
| Operating margin | -0.4% | 0.7% | 1.6% | 1.7% | 1.6% | 1.6% |
Fiscal years (4-quarter sums)FY21 $699.0M · FY22 $905.2M · FY23 $1.11B · FY24 $1.29B · FY25 $1.44B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $398.5M · Total debt $106.9M · Total assets $930.8M · Shareholders' equity $409.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 43.62M · Float 33.26M · 76.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.44M | 12.47% | 13F | Aug 7, 2026 |
| Felix Holdings BV | 4.30M | 9.89% | 13G | Feb 24, 2026 |
| Capital World Investors | 3.84M | 8.80% | 13F | Aug 12, 2026 |
| Aflac Inc | 3.64M | 8.34% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 1.80M | 4.13% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Margaret Tooth | director, officer: CEO | −491 | $31.84 |
| Aug 26, 2026 | Fawwad Qureshi | officer: Chief Financial Officer | −6,111 | $30.01 |
| Aug 11, 2026 | Margaret Tooth | director, officer: CEO | −978 | $29.05 |
| Jul 28, 2026 | John R. Gallagher | officer: Chief Operating Officer | −431 | $25.08 |
| Jun 29, 2026 | John R. Gallagher | officer: Chief Operating Officer | −431 | $25.35 |
Peers
- Lemonade
App-based pet insurer with accident, illness, and wellness coverage
- MetLife
Large insurer offering direct and employer pet benefits
- Chubb
Healthy Paws owner and underwriter in accident-and-illness pet insurance
- Synchrony Financial
CareCredit finances veterinary care as a self-funding alternative
- Chewy
CarePlus distributes pet insurance and wellness plans online
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Trupanion | $29.62 | 0.00% | $1.29B | 55.9 | 45.0 | 0.8 | +11.1% |
| Lemonade | $53.10 | +0.23% | $4.07B | — | — | 4.4 | +79.4% |
| MetLife | $97.91 | +1.46% | $62.10B | 18.5 | 9.2 | 0.8 | +10.0% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| Synchrony Financial | $80.54 | +3.19% | $25.40B | 8.0 | 8.2 | 1.3 | −21.1% |
| Chewy | $23.28 | +0.04% | $9.63B | 50.6 | 26.5 | 0.8 | +7.7% |
| Median | 15.2 | 10.7 | 1.3 | +7.7% |