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Trupanion, Inc. key statistics and ratios

In fiscal 2025, Trupanion, Inc. had return on equity of 5.5%, an operating margin of 1.0%, debt equal to 29.1% of equity and a current ratio of 1.69. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin20.2%18.7%17.1%17.2%17.7%17.7%16.9%16.9%16.3%14.9%13.5%11.8%13.9%16.1%16.6%
Operating margin−10.0%−8.3%−13.8%−11.4%−3.6%−1.1%−0.3%−0.5%−1.0%−5.0%−4.8%−3.7%−0.7%1.0%1.6%
Net margin−11.5%−9.8%−18.3%−11.7%−3.7%−0.6%−0.3%−0.5%−1.2%−5.1%−4.9%−4.0%−0.7%1.4%1.5%
Free-cash-flow margin−6.5%−3.0%−14.2%−10.4%1.6%2.7%−14.6%2.8%2.8%−0.7%−2.8%0.0%3.0%5.2%5.4%
Return on equity——−161.2%−32.9%−15.3%−3.2%−1.0%−1.4%−2.5%−10.6%−14.0%−14.7%−3.1%5.5%5.9%
Return on assets—−15.8%−28.2%−20.3%−9.0%−1.6%−0.6%−0.8%−1.5%−6.7%−7.2%−6.1%−1.2%2.3%2.5%
Asset turnover—1.621.551.742.462.581.941.651.331.321.471.521.621.671.65
Current ratio—1.533.762.272.151.891.871.732.241.751.621.631.711.691.77
Debt to equity——50.3%0.0%21.8%19.3%10.0%19.1%0.0%0.0%22.8%42.5%39.9%29.1%26.1%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/mn/mn/mn/mn/mn/mn/m1.0x2.3x
Effective tax rate—————————————11.6%11.5%
R&D as % of revenue6.1%5.8%8.5%————————————
Capital spending as % of revenue3.7%1.8%4.9%3.3%1.0%1.3%18.7%1.4%1.5%1.8%1.9%1.6%0.8%1.0%0.8%
Free cash flow ÷ net income—————————————387.8%354.0%
Dividends and buybacks ÷ free cash flow———————————0.0%0.0%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

37 /100

Weak moat

How hard Trupanion's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.6% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1.1%; its worst year was -5.8%.

  • Discipline 11 / 20

    The diluted share count rose 14.7% over five years; stock-based pay has been a median 2.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (42 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Trupanion, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Trupanion, Inc.