Recent News
On May 26, 2026 Trupanion announced it surpassed $4.0 billion in paid claims, highlighting accelerated claims growth and expanded VetDirect Pay adoption. On June 18, 2026 the company announced winners of its 2026 Veterinary Appreciation Day Awards, recognizing veterinary teams and individuals for clinical and community contributions.
Technical Analysis
ADX registers 28.89, indicating a strong trend in place and lending strength to directional signals.
DI+ at 35.47 trends increasing while DI- at 15.45 trends decreasing, a bullish directional configuration that favors upward price pressure relative to downside pressure.
MACD reads 1.25 with the MACD trend increasing and the signal line at 0.77; MACD sits above its signal line, producing a bullish momentum confirmation.
MRO registers 2.53 and trends increasing; the positive MRO indicates price currently stands above the model target, creating potential downward reversion pressure into any near-term stretch.
RSI at 56.54 trends increasing, implying constructive momentum without overbought extremes.
Price sits at $29.99, above the 20-day average ($27.53) and 50-day average ($25.59), and slightly above the 200-day average ($29.32); the 12-day EMA ($28.60) trends higher, reinforcing near-term upward bias while the super trend lower at $27.70 acts as an intraday structural support reference.
Bollinger bands show a 1x upper band near $30.53 and a 2x upper band near $33.54, framing the short-term volatility corridor; trading volume on the latest session (610,818) falls below the 10-day average (774,807), suggesting recent moves lack elevated participation.
Fundamental Analysis
Revenue reached $392,934,000 with revenue growth year-over-year at 2.31% and quarter-over-quarter revenue growth at 21.22%, signaling sequential acceleration in top-line activity.
Operating income of $29,181,000 yields an operating margin of 7.43%, with operating margin improving 4.14 percentage points QoQ and up 18.49% YoY on a relative basis. EBIT totals $9,205,000 and produces an EBIT margin of 2.34%; that EBIT margin sits below the industry peer mean of 8.28% and below the industry peer median of 7.03%.
Net income reached $6,831,000 with EPS of $0.86 versus an estimate of $0.94, producing an EPS surprise of -8.51% on the report dated 2026-08-05 (period ending 2026-06-30). Forward EPS stands at $1.065, with a forward P/E of 22.85 while the trailing P/E reads 29.18.
Cash and short-term investments total $398,491,000 and cash registers $149,360,000; operating cash flow reached $20,984,000 with free cash flow at $19,159,000 and a free cash flow yield of 1.74%. Cash conversion ratio registers 1.25, and cash conversion cycle days measure 66.97 days.
Leverage metrics show total debt at $106,909,000, debt-to-equity at 0.26 and debt-to-EBITDA at 8.30; interest coverage stands at 5.02x. Asset turnover sits at 0.424, above the industry peer mean of 0.0369, indicating relatively higher revenue generation per asset dollar.
Book value per share reads $9.34 while price-to-book at 2.69 sits above the industry peer mean of 1.97 and near the industry peer median of 2.05. The price-to-sales ratio of 2.80 sits slightly below the industry peer mean of 3.07 and below the industry peer median of 2.97. WMDST values the stock as fair-valued based on the current mix of cash flow, margins, and multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-05 |
| NEXT REPORT DATE: | 2026-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 182.9 M |
| Operating Cash Flow | $ 21.0 M | |
| Capital Expenditures | $ -1.82 M | |
| Change In Working Capital | $ 676.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -4.57 M | |
| End Period Cash Flow | $ 178.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 392.9 M | |
| Forward Revenue | $ 671.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 327.8 M | |
| Depreciation | $ 3.7 M | |
| Depreciation and Amortization | $ 3.7 M | |
| Research and Development | $ 12.8 M | |
| Total Operating Expenses | $ 363.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 65.1 M | |
| EBITDA | $ 12.9 M | |
| EBIT | $ 9.2 M | |
| Operating Income | $ 29.2 M | |
| Interest Income | — | |
| Interest Expense | $ 1.8 M | |
| Net Interest Income | $ -1.83 M | |
| Income Before Tax | $ 7.4 M | |
| Tax Provision | $ 542.0 K | |
| Tax Rate | 7.351 % | |
| Net Income | $ 6.8 M | |
| Net Income From Continuing Operations | $ 6.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.94 | |
| EPS Actual | $ 0.86 | |
| EPS Difference | $ -0.08 | |
| EPS Surprise | -8.511 % | |
| Forward EPS | $ 1.06 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 930.8 M | |
| Intangible Assets | $ 62.0 M | |
| Net Tangible Assets | $ 347.7 M | |
| Total Current Assets | $ 719.4 M | |
| Cash and Short-Term Investments | $ 398.5 M | |
| Cash | $ 149.4 M | |
| Net Receivables | $ 302.2 M | |
| Inventory | — | |
| Long-Term Investments | $ 47.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 12.0 M | |
| Short-Term Debt | $ 10.0 M | |
| Total Current Liabilities | $ 405.5 M | |
| Net Debt | — | |
| Total Debt | $ 106.9 M | |
| Total Liabilities | $ 521.1 M | |
| EQUITY | ||
| Total Equity | $ 409.7 M | |
| Retained Earnings | $ -194.74 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.34 | |
| Shares Outstanding | 43.872 M | |
| Revenue Per-Share | $ 8.96 | |
| VALUATION | Market Capitalization | $ 1.1 B |
| Enterprise Value | $ 809.5 M | |
| Enterprise Multiple | 62.863 | |
| Enterprise Multiple QoQ | -24.112 % | |
| Enterprise Multiple YoY | -38.65 % | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 2.06 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.272 | |
| Asset To Liability | 1.786 | |
| Debt To Capital | 0.207 | |
| Debt To Assets | 0.115 | |
| Debt To Assets QoQ | -3.194 % | |
| Debt To Assets YoY | -14.931 % | |
| Debt To Assets IPRWA | high: 1.713 TRUP: 0.115 mean: 0.049 low: 0.028 median: 0.028 |
|
| Debt To Equity | 0.261 | |
| Debt To Equity QoQ | -5.774 % | |
| Debt To Equity YoY | -18.964 % | |
| Debt To Equity IPRWA | high: 1.002 median: 0.778 mean: 0.723 TRUP: 0.261 low: -1.457 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.688 | |
| Price To Book QoQ | -13.722 % | |
| Price To Book YoY | -53.823 % | |
| Price To Book IPRWA | high: 5.389 TRUP: 2.688 median: 2.046 mean: 1.97 low: -0.132 |
|
| Price To Earnings (P/E) | 29.185 | |
| Price To Earnings QoQ | -19.269 % | |
| Price To Earnings YoY | -86.767 % | |
| Price To Earnings IPRWA | high: 36.226 median: 36.226 TRUP: 29.185 mean: 26.44 low: -570.283 |
|
| PE/G Ratio | 2.846 | |
| Price To Sales (P/S) | 2.802 | |
| Price To Sales QoQ | -12.501 % | |
| Price To Sales YoY | -52.113 % | |
| Price To Sales IPRWA | high: 3.356 mean: 3.07 low: 2.974 median: 2.974 TRUP: 2.802 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 22.853 | |
| Forward PE/G | 2.228 | |
| Forward P/S | 1.62 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.584 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.424 | |
| Asset Turnover Ratio QoQ | 1.444 % | |
| Asset Turnover Ratio YoY | 1.094 % | |
| Asset Turnover Ratio IPRWA | TRUP: 0.424 high: 0.17 mean: 0.037 median: 0.025 low: 0.014 |
|
| Receivables Turnover | 1.295 | |
| Receivables Turnover Ratio QoQ | 2.272 % | |
| Receivables Turnover Ratio YoY | 6.731 % | |
| Receivables Turnover Ratio IPRWA | high: 4.728 TRUP: 1.295 mean: 0.759 median: 0.374 low: 0.162 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 70.479 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 66.973 | |
| Cash Conversion Cycle Days QoQ | -1.217 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 564.398 mean: 262.832 median: 244.041 TRUP: 66.973 low: 19.299 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.252 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | -0.497 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 506.6 M | |
| Net Invested Capital | $ 516.6 M | |
| Invested Capital | $ 516.6 M | |
| Net Tangible Assets | $ 347.7 M | |
| Net Working Capital | $ 314.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.983 | |
| Current Ratio | 1.774 | |
| Current Ratio QoQ | 2.75 % | |
| Current Ratio YoY | 5.003 % | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.302 | |
| Cost Of Debt | 1.57 % | |
| Interest Coverage Ratio | 5.025 | |
| Interest Coverage Ratio QoQ | 20.305 % | |
| Interest Coverage Ratio YoY | 30.028 % | |
| Interest Coverage Ratio IPRWA | high: 7.212 mean: 5.072 TRUP: 5.025 median: 4.545 low: 0.122 |
|
| Operating Cash Flow Ratio | 0.03 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 3.507 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.002 % | |
| Revenue Growth | 2.314 % | |
| Revenue Growth QoQ | 21.215 % | |
| Revenue Growth YoY | -31.68 % | |
| Revenue Growth IPRWA | high: 26.976 % mean: 7.231 % TRUP: 2.314 % low: 1.402 % median: 1.402 % |
|
| Earnings Growth | 10.256 % | |
| Earnings Growth QoQ | -97.949 % | |
| Earnings Growth YoY | -101.231 % | |
| Earnings Growth IPRWA | high: 56.391 % mean: 12.975 % TRUP: 10.256 % median: 0.413 % low: -50.0 % |
|
| MARGINS | ||
| Gross Margin | 16.576 % | |
| Gross Margin QoQ | 3.529 % | |
| Gross Margin YoY | 6.894 % | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 2.343 % | |
| EBIT Margin QoQ | 14.909 % | |
| EBIT Margin YoY | -41.774 % | |
| EBIT Margin IPRWA | high: 22.222 % mean: 8.278 % median: 7.03 % TRUP: 2.343 % low: 1.125 % |
|
| Return On Sales (ROS) | 7.426 % | |
| Return On Sales QoQ | 4.137 % | |
| Return On Sales YoY | 18.494 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 19.2 M | |
| Free Cash Flow Yield | 1.74 % | |
| Free Cash Flow Yield QoQ | 55.635 % | |
| Free Cash Flow Yield YoY | 198.969 % | |
| Free Cash Flow Yield IPRWA | high: 13.923 % mean: 5.83 % median: 3.969 % TRUP: 1.74 % low: -1.307 % |
|
| Free Cash Growth | 39.369 % | |
| Free Cash Growth QoQ | -186.056 % | |
| Free Cash Growth YoY | -378.108 % | |
| Free Cash Growth IPRWA | high: 1792.776 % TRUP: 39.369 % median: -17.082 % mean: -61.153 % low: -1070.642 % |
|
| Free Cash To Net Income | 2.805 | |
| Cash Flow Margin | 3.117 % | |
| Cash Flow To Earnings | 1.793 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.738 % | |
| Return On Assets QoQ | 38.983 % | |
| Return On Assets YoY | -33.93 % | |
| Return On Assets IPRWA | high: 1.185 % TRUP: 0.738 % mean: 0.211 % median: 0.098 % low: -2.324 % |
|
| Return On Capital Employed (ROCE) | 1.752 % | |
| Return On Equity (ROE) | 0.017 | |
| Return On Equity QoQ | 34.871 % | |
| Return On Equity YoY | -37.047 % | |
| Return On Equity IPRWA | high: 0.039 mean: 0.029 median: 0.027 TRUP: 0.017 low: 0.001 |
|
| DuPont ROE | 1.698 % | |
| Return On Invested Capital (ROIC) | 1.651 % | |
| Return On Invested Capital QoQ | 29.694 % | |
| Return On Invested Capital YoY | -38.897 % | |
| Return On Invested Capital IPRWA | high: 3.101 % mean: 2.233 % median: 2.04 % TRUP: 1.651 % low: 0.555 % |
|