Trupanion, Inc. (TRUP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+20.1%

$36.94

vs $30.75 price

Levered DCF

$44.29

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.42

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	83.04×	-209.57×	-28.25×	-43.21×	-148.35×	-748.19×	-717.62×	-877.93×
P/B	4.18×	6.29×	4.16×	6.35×	15.95×	12.63×	9.49×	6.3×
P/S	1.12×	1.58×	1.14×	2.14×	7.58×	8.55×	3.38×	2.68×
EV / EBITDA	30.61×	93.81×	-60.81×	-66.93×	-224.22×	1,523.96×	242.41×	167.51×
Gross margin	28.5%	13.9%	11.8%	13.5%	14.9%	16.3%	16.9%	16.9%
Operating margin	1.5%	-0.7%	-3.7%	-4.8%	-5.0%	-1.0%	-0.5%	-0.3%
Net margin	1.4%	-0.7%	-4.0%	-4.9%	-5.1%	-1.2%	-0.5%	-0.3%
Current ratio	1.07×	1.71×	1.63×	1.62×	1.75×	2.24×	1.73×	1.87×
Debt / equity	0.29×	0.4×	0.42×	0.23×	0×	0×	0.19×	0.1×
Interest coverage	1.6×	-0.66×	-3.37×	-10.08×	-3,519.6×	-3.57×	-1.42×	-0.87×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	-3.0%	-14.7%	-14.6%	-10.7%	-1.7%	-1.3%	-0.7%
Return on invested capital	3.8%	-2.1%	-9.2%	-11.2%	-10.4%	-1.4%	-1.2%	-0.7%
Return on assets	2.1%	-1.2%	-5.7%	-6.7%	-6.3%	-1.2%	-0.7%	-0.4%
Free cash flow yield	4.7%	1.9%	0.0%	-1.3%	-0.1%	0.3%	0.8%	-5.8%
Earnings yield	1.2%	-0.5%	-3.5%	-2.3%	-0.7%	-0.1%	-0.1%	-0.1%
Enterprise value	$1.6B	$2B	$1.2B	$1.9B	$5.2B	$4.2B	$1.3B	$800M
Net debt / EBITDA	-0.51×	-1.47×	0.91×	-0.13×	3.76×	-51.33×	-0.58×	-2.87×
Cash conversion cycle (days)	71	74	84	89	81	67	47	34