TRUPANION, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TRUPANION, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	188	243	304	384	502	699	905	1,109	1,286	1,439
Cost of revenue			253	319	420	595	783	978	1,107	1,208
Gross profit	33.3	43.1	51.4	64.9	81.9	104	122	131	179	231
Selling and marketing	15.2	19.1	25	35.5	47.8	78.6	89.5	77.4	71.4	85.4
General and administrative	15.2	16.8	17.1	18.4	21.8	31.9	39.4	60.2	63.7	76.6
Operating expenses	40	45.7	52.4	66.5	86.7	139	165	171	188	217
Operating income	-6.7	-2.64	-1.05	-1.92	-4.93	-35.2	-43	-40.7	-9.51	13.8
Interest expense	0.22	0.53	1.2	1.35	1.38	0.01	4.27	12.1	14.5	13.8
Interest income	0.1	0.2	0.9	1.7	0.6	0.3	3	9	12.4	12.3
Other non-operating income	0.06	1.24	1.31	1.63	0.58	-0.01	3.07	7.7	14.4	21.9
Pre-tax income	-6.86	-1.93	-0.93	-1.64	-5.73	-35.2	-44.2	-45	-9.64	22
Income tax	0.04	-0.43	-0.01	0.17	0.11	0.31	0.48	-0.34	-0.01	2.56
Net income	-6.9	-1.5	-0.93	-1.81	-5.84	-35.5	-44.7	-44.7	-9.63	19.4
EBITDA	-2.85	1.59	3.47	3.71	2.14	-23.2	-32.1	-28.2	6.95	29.7
EPS, basic	-0.24	-0.05	-0.03	-0.05	-0.16	-0.89	-1.10	-1.08	-0.23	0.45
EPS, diluted	-0.24	-0.05	-0.03	-0.05	-0.16	-0.89	-1.10	-1.08	-0.23	0.45
Shares, basic (weighted)	28.5	29.6	32	34.6	35.9	40.1	40.8	41.4	42.2	43
Shares, diluted (weighted)	28.5	29.6	32	34.6	35.9	40.1	40.8	41.4	42.2	43.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	23.6	25.7	26.6	29.2	140	87.4	65.6	148	160	138
Short-term investments	29.6	37.6	54.6	69.7	89.9	126	157	130	147	233
Total current assets	65.4	86.6	118	159	337	391	469	562	597	691
Property, plant and equipment	8.46	7.87	69.8	70.4	72.6	78	90.7	104	102	105
Lease right-of-use assets				0.1	0.9	0.8			0.36	14.7
Goodwill				0	33	32.7	42	43.7	37	39.4
Intangible assets	4.91	4.97	8.07	7.73	27.1	22.7	24	18.7	13.2	24.1
Long-term investments	2.58	3.24	3.55	4.32	5.57	7.06	7.84	12.9	0.37	0.98
Other non-current assets	0.13	2.62	6.71	14.6	16.6	17.8	18.9	18.9	17.6	21.2
Total assets	82.3	106	208	257	498	563	672	783	807	915
Accounts payable	2.01	2.72	2.77	4.09	6.06	8.95	9.47	10.5	11.5	16.4
Accrued liabilities	5.42	7.66	11.3	13.8	22.9	28.2	32.6	34.1	33.5	56.5
Deferred revenue	13.5	22.7	33	52.5	92.5	147	203	235	252	271
Short-term debt						0	1.1	1.35	1.35	10
Total current liabilities	30.4	45.9	63.2	91.6	150	224	290	344	350	410
Long-term debt	4.77	9.32	12.9	26.1	0	0	68.4	128	128	102
Lease liabilities									0.36	13.4
Other non-current liabilities	0.83	1.23	1.27	1.61	3.21	3.86	4.97	4.49	4.48	18
Total liabilities	37.6	57.4	78.3	120	158	230	366	479	484	531
Total debt	4.77	9.32	12.9	26.1	0	0	68.4	128	128	102
Paid-in capital	130	135	220	233	439	467	500	536	568	605
Retained earnings	-81.3	-82.8	-83.7	-85.5	-91.4	-127	-172	-216	-226	-206
Treasury stock	-3.2	-3.2	-6.2	-10.7	-10.8	-10.8	-16.5	-16.5	-16.5	-16.5
Other comprehensive income	-0.38	-0.09	-0.75	0.25	3.07	3.08	-6.3	0.4	-2.61	2.1
Shareholders' equity	44.7	48.4	129	137	340	332	305	304	323	384
Total equity	44.7	48.4	129	137	340	332	305	304	323	384
Total liabilities and equity	82.3	106	208	257	498	563	672	783	807	915
Shares outstanding	29.5	30.1	34	34.9	39.5	40.5	41	41.9	42.5	43.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.9	-1.5	-0.93	-1.81	-5.84	-35.5	-44.7	-44.7	-9.63	19.4
Depreciation and amortization	3.85	4.23	4.51	5.63	7.07	12	10.9	12.5	16.5	15.8
Stock-based compensation	2.95	3.42	4.78	6.85	8.91	28.2	33.4	33.2	33.4	38.3
Deferred income tax	0	-0.63	-0.03	0.11	-0.13	-1.81	-0.42	-0.8	-0.74	-0.58
Change in receivables	-1.83	-10.2	-11.2	-22.8	-43.3	-66.2	-67	-35.4	-6.72	-27.2
Change in payables	1.16	3.02	4.53	4.11	9.95	8.8	3.14	1.64	2.08	26
Cash from operations	5.01	9.67	12.7	16.2	21.5	7.46	-8	18.6	48.3	89.5
Capital expenditures	-1.94	-3.13	-56.9	-5.37	-7.45	-12.4	-17.1	-18.3	-9.72	-14.1
Acquisitions				0	-48.1	0	-15	0	0
Sales and maturities of investments						0	43	115	77.1	142
Cash from investing	-6.51	-13.1	-81.5	-28	-76.7	-51.9	-67.5	7.64	-13.5	-95.9
Debt repaid	0	0	-10	0	-32.5	0	-0.57	-1.72	-1.35	-134
Stock issued	3.75	2.55	65.7	0	192	0	0	2.66	0.75	1.69
Share buybacks						0	-5.76	0	0
Cash from financing	7.67	5.08	71.2	14	171	-1.13	60.7	59.1	-3.96	-22.9
Exchange rate effect	0.11	0.38	-0.81	0.42	-0.02	0.25	-1.46	0.42	-1.88	1.19
Net change in cash		2.07	1.65	2.62	116	-45.3	-16.2	85.8	29	-28.1
Free cash flow	3.07	6.54	-44.3	10.8	14.1	-4.9	-25.1	0.36	38.6	75.4
Interest paid	0.15	0.33	1.02	1.19	1.36	0.02	3.35	12.1	13.2	13.1
Income taxes paid	0.02	0.18	0.22	0.16	0.03	0.28	2.5	0.6	0.5	1.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.6%	Gross profit / revenue.
Operating margin	1.6%	Operating income / revenue.
EBITDA margin	2.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.7%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.2%	Cash from operations / revenue.
Effective tax rate	11.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	5.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	29.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	326.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	69.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	85.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	32.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	95.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	39.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.77x	Current assets / current liabilities.
Quick ratio	0.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.98x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.5%	Total debt / total assets.
Liabilities / assets	56.0%	Total liabilities / total assets.
Net debt	-$291.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-7.36x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.28x	Operating income / interest expense.
Working capital	$314.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$347.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.63x	Revenue / average total assets.
Fixed asset turnover	15.0x	Revenue / average property, plant and equipment.
Days payables	3 days	365 x average accounts payable / cost of revenue.
FCF conversion	354.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.70	Revenue / diluted weighted shares.
FCF per share	$1.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.15	Cash from operations / diluted weighted shares.
Book value per share	$9.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.93	Tangible book value / shares outstanding.
Cash per share	$9.08	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.02B	Share price x shares outstanding.
Enterprise value	$724.5M	Market cap + total debt - cash - short-term investments.
P/E	43.8x	Market cap / net income. Only when net income is positive.
P/S	0.67x	Market cap / revenue.
P/B	2.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.92x	Market cap / tangible book value, when positive.
P/FCF	12.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	0.48x	Enterprise value / revenue.
EV/EBIT	30.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.82x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.1%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).

What was TRUPANION, INC.'s revenue in fiscal 2025?

TRUPANION, INC. reported revenue of $1.44B for fiscal 2025, 11.9% higher than the year before.

Was TRUPANION, INC. profitable in fiscal 2025?

Yes. Net income was $19.4M, a net margin of 1.4%.

How much free cash flow did TRUPANION, INC. generate in fiscal 2025?

Cash from operations of $89.5M minus capital expenditures of $14.1M left free cash flow of $75.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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