Trupanion
TRUP on Nasdaq. Trupanion sells pet medical insurance to cat and dog owners. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -11 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.64.
Profit per $100 you pay: $2.14.
Quality score: 18 of 100. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.
$24.68 a share, 17% above its 1-year low
Over the past year the price has ranged from $21.16 to $46.98.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $699m | $905m | $1.1bn | $1.3bn | $1.4bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 23.5% a year
- Buying back its own sharesNo, 7% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $393 million last quarter, up 11% on a year ago.
- Profit: $7 million, down 27% on a year ago.
- Spare cash over the past 12 months: $82 million, up from $61 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $327m |
| December 2024 | $337m |
| March 2025 | $342m |
| June 2025 | $354m |
| September 2025 | $367m |
| December 2025 | $377m |
| March 2026 | $384m |
| June 2026 | $393m |
| Quarter to | Amount |
|---|---|
| September 2024 | $1m |
| December 2024 | $2m |
| March 2025 | -$1m |
| June 2025 | $9m |
| September 2025 | $6m |
| December 2025 | $6m |
| March 2026 | $5m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 200 funds in all.
- Greenlea Lane CapitalJosh Tarasoff
- Value
- $19m
- Share of fund
- 5.3%
- Hosking PartnersJeremy Hosking
- Value
- $7m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Greenlea Lane CapitalJosh Tarasoff | $19m | 5.3% | |
| Hosking PartnersJeremy Hosking | $7m | 0.2% | |
| First Manhattan Co.First Manhattan partners | $267,343 | <0.1% | Added |
Sold out this quarter
Largest holders overall
- BlackRock$135m
- Capital World Investors$95m
- Aflac$90m
- Vanguard Portfolio Management$45mAdded
- Polar Capital Holdings$43mAdded
- Vanguard Capital Management$37mAdded
- State Street$34mAdded
- FMR$26mCut
- Morgan Stanley$22mAdded
- Geode Capital Management$22m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- FELIX HOLDINGS BVPassive investor9.9%Since 17 February 2026
- Wellington Management Group LLPPassive investorat least 4.8%−0.4 pts(filed with 2 related holders)Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Tarmac DLTFM LtdPassive investorSold down below 5%Since 17 February 2026
- FLOSSBACH VON STORCH SEPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
FELIX HOLDINGS BV Passive investor | 9.9% | 17 February 2026 | |
Wellington Management Group LLP Passive investor | at least 4.8%−0.4 pts (filed with 2 related holders) | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Tarmac DLTFM Ltd Passive investor | Sold down below 5% | 17 February 2026 | |
FLOSSBACH VON STORCH SE Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $3m, $2m of it under preset trading plans.
- GALLAGHER JOHN RChief Operating OfficerSoldunder a preset trading plan
- Date
- 28 September 2026
- Shares
- 431
- Price
- $22.92
- Value
- $9,879
- Tooth MargaretCEO, DirectorSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 1,000
- Price
- $25.00
- Value
- $25,000
- GALLAGHER JOHN RChief Operating OfficerSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 3,604
- Price
- $29.70
- Value
- $107,039
- Qureshi FawwadChief Financial OfficerSold
- Date
- 26 August 2026
- Shares
- 6,111
- Price
- $30.01
- Value
- $183,391
- Tooth MargaretCEO, DirectorSold
- Date
- 25 August 2026
- Shares
- 491
- Price
- $31.84
- Value
- $15,633
- Tooth MargaretCEO, DirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 978
- Price
- $29.05
- Value
- $28,411
- GALLAGHER JOHN RChief Operating OfficerSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 431
- Price
- $25.08
- Value
- $10,809
- GALLAGHER JOHN RChief Operating OfficerSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 431
- Price
- $25.35
- Value
- $10,926
- WEINRAUCH STEVEEVP, North Am & Vet StrategySold
- Date
- 5 June 2026
- Shares
- 6,674
- Price
- $22.00
- Value
- $146,828
- GALLAGHER JOHN RChief Operating OfficerSold
- Date
- 28 May 2026
- Shares
- 3,603
- Price
- $21.69
- Value
- $78,149
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 September 2026 | GALLAGHER JOHN R Chief Operating Officer | Sold under a preset trading plan | 431 | $22.92 | $9,879 |
| 11 September 2026 | Tooth Margaret CEO, Director | Sold under a preset trading plan | 1,000 | $25.00 | $25,000 |
| 28 August 2026 | GALLAGHER JOHN R Chief Operating Officer | Sold under a preset trading plan | 3,604 | $29.70 | $107,039 |
| 26 August 2026 | Qureshi Fawwad Chief Financial Officer | Sold | 6,111 | $30.01 | $183,391 |
| 25 August 2026 | Tooth Margaret CEO, Director | Sold | 491 | $31.84 | $15,633 |
| 11 August 2026 | Tooth Margaret CEO, Director | Sold under a preset trading plan | 978 | $29.05 | $28,411 |
| 28 July 2026 | GALLAGHER JOHN R Chief Operating Officer | Sold under a preset trading plan | 431 | $25.08 | $10,809 |
| 29 June 2026 | GALLAGHER JOHN R Chief Operating Officer | Sold under a preset trading plan | 431 | $25.35 | $10,926 |
| 5 June 2026 | WEINRAUCH STEVE EVP, North Am & Vet Strategy | Sold | 6,674 | $22.00 | $146,828 |
| 28 May 2026 | GALLAGHER JOHN R Chief Operating Officer | Sold | 3,603 | $21.69 | $78,149 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.