Stock

Trupanion

TRUP

Insurance - Property & Casualty · Financial Services

Also trades as: 0LH0.L GBP 0.28 (-0.43%)

Price

$28.12

+0.26 (+0.93%)

Market Cap

$1.23B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

5/30

Growth

Exceptional

17/20

Cash Flow

Strong

7/10

Stability

Strong

7/10

Valuation

Good

5/10

Ownership

Good

10/15

Dividends

Not counted

n/a

51 of 95 counted points = Winston Score 54. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+8.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.1M (2021) → 43.6M (2025)

§Winston Score History

The full picture

Trupanion, Inc., together with its subsidiaries, provides medical insurance for cats and dogs on a monthly subscription basis in the United States, Canada, Puerto Rico, and Australia. 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. changed its name to Trupanion, Inc. in 2013. The company was founded in 2000 and is headquartered in Seattle, Washington.

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0 Congressional buys and 2 sells on TRUP in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-27.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$38M/ year

↑ Rising (+21% vs prior year)

2.6% of revenue

Below sector average (7%)

R&D investment increasing — building for the future

Insider Activity

23.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$399M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Trupanion is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

16.6%

Thin — 16.6% gross margin

Profit after running costs

Operating Margin

1.6%

Thin — 1.6% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+11.8%

Steady sales growth (+11.8% YoY)

Profit growth

EPS YoY

+105.3%

Earnings growing fast (+105.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

405%

Turns 405% of profit into real cash

Spare cash per sale

FCF Margin

5.4%

Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

2.32x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

53.1x

Expensive — P/E 53.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+15.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (53.1 → 37.7)

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Dividends

Not applicable for this business.

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