Trupanion - Public Comps and Valuation Multiples

Trupanion Overview

About Trupanion

Trupanion Inc is a specialty insurance products provider in the United States. Its core business is the sale of insurance products tailor-made for pets, especially cats and dogs. It operates in two business segments: The subscription business segment generates revenue majorly from subscription fees related to the Company's direct-to-consumer products and Other business segment is comprised of revenue from other product offerings that generally have a business-to-business relationship and a different margin profile than subscription business segment, including revenue from writing policies on behalf of third parties and revenue from other products and software solutions.

Founded

2000

HQ

Employees

1.1K+

Website

trupanion.com

Sectors

Insurance Carriers
Neoinsurance
FinTech
HealthTech
InsurTech

Financials

LTM Revenue $1.4B

LTM EBITDA $60.6M

EV

$1.6B

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Trupanion Financials

As of September 2025, Trupanion reported last 12-month revenue of $1.4B and EBITDA of $60.6M.

In the same period, Trupanion generated $265M in LTM gross profit and $9.7M in net income.

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Trupanion P&L

In the most recent fiscal year, Trupanion reported revenue of $1.3B and EBITDA of $21.3M.

Trupanion expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.4B	XXX	$1.3B	XXX	XXX	XXX
Gross Profit	$265M	XXX	$179M	XXX	XXX	XXX
Gross Margin	19%	XXX	14%	XXX	XXX	XXX
EBITDA	$60.6M	XXX	$21.3M	XXX	XXX	XXX
EBITDA Margin	4%	XXX	2%	XXX	XXX	XXX
EBIT	$7.0M	XXX	$67.3M	XXX	XXX	XXX
EBIT Margin	1%	XXX	5%	XXX	XXX	XXX
Net Profit	$9.7M	XXX	-$9.6M	XXX	XXX	XXX
Net Margin	1%	XXX	-1%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Trupanion including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $60.6M. In the most recent fiscal year, Trupanion achieved $1.3B in revenue and $21.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$265M	Analyst estimates available to subscribers	$179M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	18.9% gross margin	Analyst estimates available to subscribers	13.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$60.6M	Analyst estimates available to subscribers	$21.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.3% EBITDA margin	Analyst estimates available to subscribers	1.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$7.0M	Analyst estimates available to subscribers	$67.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	0.5% EBIT margin	Analyst estimates available to subscribers	5.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$9.7M	Analyst estimates available to subscribers	-$9.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	0.7% net profit margin	Analyst estimates available to subscribers	-0.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Trupanion

This financial data table provides comprehensive performance metrics for Trupanion, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Trupanion generated $1.4B in revenue over the last twelve months.
The company achieved $60.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $265M.
Net income over the last twelve months reached $9.7M.

Fiscal Year Performance

In the most recent fiscal year, Trupanion reported $1.3B in total revenue.
Fiscal year EBITDA was $21.3M.
The company maintained a gross profit margin of 13.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 1.7%.
Net profit margin reached -0.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Trupanion. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Trupanion Stock Performance

Trupanion has current market cap of $1.8B, and EV of $1.6B.

Market Cap Evolution

Trupanion Stock Data

As of October 17, 2025, Trupanion's stock price is $42.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.6B	$1.8B	XXX	XXX	XXX	XXX	$0.24

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Trupanion Valuation Multiples

Trupanion's trades at 1.3x EV/Revenue multiple, and 76.0x EV/EBITDA.

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Trupanion Financial Valuation Multiples

As of October 17, 2025, Trupanion has market cap of $1.8B and EV of $1.6B.

Equity research analysts estimate Trupanion's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Trupanion has a P/E ratio of 187.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.8B	XXX	$1.8B	XXX	XXX	XXX
EV (current)	$1.6B	XXX	$1.6B	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	26.7x	XXX	76.0x	XXX	XXX	XXX
EV/EBIT	231.2x	XXX	24.1x	XXX	XXX	XXX
EV/Gross Profit	6.1x	XXX	n/a	XXX	XXX	XXX
P/E	187.2x	XXX	-189.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	42.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Trupanion Margins & Growth Rates

Trupanion's last 12 month revenue growth is 8%

Trupanion's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.1M for the same period.

Trupanion's rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Trupanion's rule of X is 25% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Trupanion Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	4%	XXX	2%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	n/a	XXX	XXX	XXX
Rule of 40	7%	XXX	10%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	25%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	9%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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