Latest Ratios: P/E Ratio 59.8x · EV/EBITDA 30.2x · ROE 5.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.6B | $2.0B | $1.3B | $1.9B | $5.3B | $4.3B | $1.3B | $814M | $866M | $443M |
| Enterprise Value | $1.1B | $1.6B | $2.0B | $1.2B | $1.9B | $5.2B | $4.2B | $1.3B | $800M | $850M | $424M |
| P/E Ratio → | 59.80 | 83.04 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.81 | 1.13 | 1.58 | 1.14 | 2.14 | 7.58 | 8.55 | 3.38 | 2.68 | 3.57 | 2.35 |
| P/B Ratio | 3.05 | 4.24 | 6.29 | 4.16 | 6.35 | 15.95 | 12.63 | 9.49 | 6.30 | 17.88 | 9.90 |
| P/FCF | 15.51 | 21.60 | 52.68 | 3531.39 | — | — | 304.60 | 120.35 | — | 132.52 | 144.45 |
| P/OCF | 13.06 | 18.19 | 42.08 | 67.83 | — | 710.56 | 199.25 | 80.33 | 64.17 | 89.60 | 88.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 1.56 | 1.12 | 2.14 | 7.46 | 8.27 | 3.37 | 2.63 | 3.50 | 2.25 |
| EV / EBITDA | 30.20 | 42.33 | 287.78 | — | — | — | 1936.93 | 348.80 | 230.76 | 534.38 | — |
| EV / EBIT | 51.94 | 44.79 | 411.66 | — | — | — | — | — | 3030.46 | — | — |
| EV / FCF | — | 21.25 | 51.87 | 3479.52 | — | — | 294.67 | 120.06 | — | 130.02 | 138.30 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.5% | 28.5% | 13.9% | 11.8% | 13.5% | 14.9% | 16.3% | 16.9% | 16.9% | 17.7% | 17.7% |
| Operating Margin | 1.5% | 1.5% | -0.7% | -3.7% | -4.8% | -5.0% | -1.0% | -0.5% | -0.3% | -1.1% | -3.6% |
| Net Profit Margin | 1.4% | 1.4% | -0.7% | -4.0% | -4.9% | -5.1% | -1.2% | -0.5% | -0.3% | -0.6% | -3.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | -3.1% | -14.7% | -14.0% | -10.6% | -2.5% | -1.4% | -1.0% | -3.2% | -15.3% |
| ROA | 2.3% | 2.3% | -1.2% | -6.1% | -7.2% | -6.7% | -1.5% | -0.8% | -0.6% | -1.6% | -9.0% |
| ROIC | 5.1% | 5.1% | -2.5% | -10.3% | -11.6% | -11.9% | -2.2% | -1.2% | -1.1% | -6.8% | -18.9% |
| ROCE | 4.6% | 4.6% | -2.1% | -9.9% | -11.9% | -10.3% | -1.9% | -1.2% | -1.0% | -4.7% | -13.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.40 | 0.42 | 0.23 | — | — | 0.19 | 0.10 | 0.19 | 0.11 |
| Debt / EBITDA | 2.95 | 2.95 | 18.54 | — | — | — | — | 7.03 | 3.71 | 5.86 | — |
| Net Debt / Equity | — | -0.07 | -0.10 | -0.06 | 0.01 | -0.26 | -0.41 | -0.02 | -0.11 | -0.34 | -0.42 |
| Net Debt / EBITDA | -0.69 | -0.69 | -4.52 | — | — | — | -65.24 | -0.83 | -3.95 | -10.30 | — |
| Debt / FCF | — | -0.35 | -0.81 | -51.87 | — | — | -9.93 | -0.29 | — | -2.51 | -6.16 |
| Interest Coverage | 2.60 | 2.60 | 0.34 | -2.73 | -9.36 | -3521.00 | -3.15 | -0.22 | 0.22 | -2.62 | -30.46 |
Net cash position: cash ($138M) exceeds total debt ($112M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 1.71 | 1.63 | 1.62 | 1.75 | 2.24 | 1.73 | 1.87 | 1.89 | 2.13 |
| Quick Ratio | 1.07 | 1.07 | 1.71 | 1.63 | 1.62 | 1.75 | 2.24 | 1.73 | 1.87 | 1.89 | 2.13 |
| Cash Ratio | 0.90 | 0.90 | 0.88 | 0.80 | 0.77 | 0.95 | 1.53 | 1.08 | 1.28 | 1.38 | 1.74 |
| Asset Turnover | — | 1.57 | 1.59 | 1.42 | 1.35 | 1.24 | 1.01 | 1.49 | 1.46 | 2.29 | 2.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.2% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 6.4% | 4.6% | 1.9% | 0.0% | — | — | 0.3% | 0.8% | — | 0.8% | 0.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $44M | $42M | $41M | $41M | $40M | $36M | $35M | $32M | $30M | $29M |
Regulatory rate approval lag
Based on recent market data, TRUP trades at a P/B of 2.88, which appears elevated relative to its historical volatility and suggests that investors are pricing in significant future growth rather than current underwriting performance as reported in recent financial statements.
The current P/B multiple implies an expectation of long-term franchise value that may not be fully supported by the company's recent, inconsistent ROE trajectory. Investors should monitor whether this valuation premium is justified by the proprietary vet-centric distribution model or if it reflects an over-optimistic assessment of the company's ability to scale profitably.
As reported in quarterly filings, the combined ratio has exhibited extreme fluctuations, ranging from 102.0% in 2024Q1 to a recent 18.6% in 2026Q1, indicating that underwriting profitability remains highly sensitive to veterinary medical inflation and the timing of regulatory rate adjustments.
The sharp improvement in the combined ratio warrants further investigation, as it deviates significantly from the company's long-term target loss ratio of 70%. This volatility suggests that the underwriting model may be struggling to maintain consistent margins in the face of rising clinical costs and the inherent lag in securing premium increases across various jurisdictions.
According to the provided financial data, the company maintains a D/E ratio of 0.28 as of 2026Q1, which suggests a conservative approach to financial leverage while the firm continues to navigate the capital-intensive nature of its subscription-based insurance model.
The current leverage profile appears adequate to support ongoing operations, yet the company's reliance on external capital to fund pet acquisition costs remains a critical factor. Analysts should observe whether the current equity base provides a sufficient buffer against potential adverse reserve development, especially given the recent material weaknesses in internal controls.
As indicated by the historical disconnect between GAAP net income and operating cash flow, the P/E ratio is a fundamentally flawed metric for evaluating TRUP, as it fails to account for the immediate expensing of pet acquisition costs that mask the underlying cash-generative potential of the existing book.
Investors should prioritize metrics like adjusted operating income or cash flow from operations over P/E, as the latter obscures the true economic value of the company's recurring subscription revenue. Relying on GAAP earnings may lead to an inaccurate assessment of the firm's profitability, as it treats long-term customer acquisition investments as immediate period costs.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying TRUP stock.
Trupanion, Inc.'s current P/E ratio is 59.8x. The historical average is 83.0x.
Trupanion, Inc.'s current EV/EBITDA is 30.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.3x.
Trupanion, Inc.'s return on equity (ROE) is 5.5%. The historical average is -21.2%.
Based on historical data, Trupanion, Inc. is trading at a P/E of 59.8x. Compare with industry peers and growth rates for a complete picture.
Trupanion, Inc. has 28.5% gross margin and 1.5% operating margin.
Trupanion, Inc.'s Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.