TRUPANION, Inc. (TRUP) intrinsic value & 10-year financials
TRUPANION, Inc. (TRUP) has a Graham intrinsic value of $14.95 per share. At $28.12 on Oct 17, 2026, the stock trades 88% above that value. Over the last 10 fiscal years revenue grew 25.4% a year to $1.4B, with an average return on invested capital of -8.3%.
- Graham intrinsic value
- $14.95
- Share price (Oct 17, 2026)
- $28.12
- Price vs Graham value
- 88% above
- Market cap
- $1.2B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 25.4%
- ROIC (10-yr avg)
- -8.3%
- Free cash flow (FY2025)
- $75.4M
TRUP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $19.4M | $0.45 | $75.4M | 1.0% | 3.7% |
| FY2024 | $1.3B | -$9.6M | -$0.23 | $38.6M | -0.7% | -3.3% |
| FY2023 | $1.1B | -$44.7M | -$1.08 | $358.0K | -3.7% | -13.6% |
| FY2022 | $905.2M | -$44.7M | -$1.10 | -$25.1M | -4.8% | -15.5% |
| FY2021 | $699.0M | -$35.5M | -$0.89 | -$4.9M | -5.0% | -15.8% |
| FY2020 | $502.0M | -$5.8M | -$0.16 | $14.1M | -1.0% | -3.0% |
| FY2019 | $383.9M | -$1.8M | — | $10.8M | -0.5% | -1.5% |
| FY2018 | $304.0M | -$927.0K | — | -$44.3M | -0.3% | -1.4% |
| FY2017 | $242.7M | -$1.5M | — | $6.5M | -1.1% | -7.1% |
| FY2016 | $188.2M | -$6.9M | — | $3.1M | -3.6% | -25.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TRUPANION, INC. is a consistent compounder, expanding top-line revenue at 25.4% annually over the past decade.
TRUPANION, INC. has historically struggled to out-earn its cost of capital, averaging just -8.3% ROIC.
TRUPANION, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TRUPANION, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.95 per share.