Trupanion

TRUP

Insurance - Specialty · Financial Services

Price

$26.70

+0.35 (+1.33%)

Market Cap

$1.16B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

Politician Trades

2 trades / 12mo

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

+12.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+417.0% YoY

YoY Growth Rate

EPS growth accelerating

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

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$153M 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 12%. 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.

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Quality

Gross Margin

26.7%

Modest — 26.7% gross margin

Operating Margin

1.6%

Thin — 1.6% operating margin

ROCE

1.2%

Weak — 1.2% 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 YoY

+12.1%

Fast-growing sales (12.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

342%

Turns 342% of profit into real cash

FCF Margin

5.1%

Thin free cash flow (5.1%)

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

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Stability

Debt / Equity

0.28

Conservative — low debt load (0.28)

Interest Cover

1.64x

Dangerous — barely covers interest (1.6x)

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

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Valuation

P/E Ratio (TTM)

45.3x

Expensive — P/E 45.3

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

P/E vs Forward

-1.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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