| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 32 | 47.0x | 17.8x | Bottom tier | |
Growth | 81 | 11.8% | 7.1% | Top tier | |
Quality | 41 | — | — | Around median | |
Safety | 57 | — | — | Around median | |
Capital Return | 76 | — | 2.12% | Top tier | |
Momentum | 19 | -48.4% | 2.9% | Bottom tier | |
Sentiment | 34 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Trupanion provides medical insurance for cats and dogs, and its core model is based on monthly subscriptions for pet owners, supported by relationships with veterinary clinics and the company's proprietary insurance data. In fiscal Q2 2026, the subscription business generated $276.7 million in revenue out of total revenue of $392.9 million, or approximately 70% of the mix, while other business generated $116.2 million, or approximately 30%. Average monthly revenue per pet was $87.44, and the number of subscription pets increased 5% to 1.125 million as of June 30, 2026, including approximately 66 thousand in Europe.
In fiscal Q2 2026, total revenue increased 11% year over year to $392.9 million, and subscription revenue grew 14%, compared with 4% growth in other business revenue. Net income was $6.8 million, or $0.16 per share, compared with $9.4 million and $0.22 per share in the corresponding period, which included a nonrecurring gain of $7.8 million related to the pet food initiative. The subscription business recorded adjusted operating income of $41.4 million, up 24%, and its margin increased to 15% from 13.8%, while total adjusted operating income was $43.3 million.
Cash generation improved alongside operating growth; operating cash flow in fiscal Q2 2026 increased to $21 million from $15 million, and free cash flow increased to $19.2 million from $12 million, reaching $82.2 million over the four quarters ended that quarter. The company ended the period with $398.5 million in cash and short-term investments and $106.9 million in debt, down $7.6 million year over year, and the quarter was also the fifth consecutive quarter of positive net income.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $34.25, within a wide range of $29 to $42, with a consensus rating of “Buy.” The average target is approximately 27% below the 52-week range high of $46.98, while the one-year range extends to a low of $21.16, reflecting significant divergence in the market's valuation; the data does not include a valid price-to-earnings ratio that could be used as an additional anchor despite earnings per share of $0.11 for the trailing twelve-month period shown.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Total revenue increased 11% year over year to $392.9 million, and subscription revenue increased 14% to $276.7 million. Adjusted subscription operating income grew 24% to $41.4 million, and the margin expanded to 15% from 13.8%. The results also exceeded earnings expectations on August 5, 2026, and net income was $6.8 million, or $0.16 per share.
The number of subscription pets reached 1.125 million as of June 30, 2026, up 5% year over year, including approximately 66 thousand pets in Europe. The company added approximately 18,800 net subscriptions in fiscal Q2 2026, up 39% from the corresponding period, while gross additions increased 9%. Website improvements and deductible and coinsurance options supported this performance, while average monthly retention for the last 12 months was 98.37%.
The company expects total revenue of $1.584 billion to $1.601 billion in fiscal 2026. It expects subscription revenue of $1.124 billion to $1.133 billion, representing growth of approximately 14% at the midpoint of the range. It also expects adjusted operating income of $176 million to $184 million, representing growth of approximately 19% at the midpoint, after the first half exceeded $83 million, up 27%.
The new options allow customers to adjust their monthly cost and select levels that better suit their ability to pay. Trupanion had completed approximately 50% of their rollout as of August 5, 2026, and aims to make them available across North America by the end of 2026. The initial results coincided with improved website conversion and a 25% increase in the lifetime value of an enrolled pet in fiscal Q2 2026, but some states had not yet launched the options.
The company ended fiscal Q2 2026 with $398.5 million in cash and short-term investments, compared with debt of $106.9 million. After the quarter ended, it received approval to transfer $44 million of APIC, bringing total capital released from insurance entities to approximately $130 million over three years. The company authorized a $100 million share repurchase program, while continuing to direct funds toward pet acquisition, Landspath, technology, artificial intelligence, and principal debt repayment.
Veterinary services inflation remained at a double-digit level in the August 5, 2026 disclosure, requiring continued pricing adjustments and increasing customers' cost sensitivity. Pet acquisition cost increased to $299 from $276, while the midpoint of the fiscal Q3 2026 outlook indicates adjusted operating income growth of approximately 11%, compared with an actual 24% in Q2. In addition, the company agreed with Pets Best to end the relationship after fiscal Q3 2028, posing a risk to part of the other business, which generated $116.2 million in revenue in fiscal Q2 2026.
