The company maintains an equity base of $394.8 million as of 2026Q1, though the integrity of its $921.6 million in total assets remains subject to scrutiny due to reported material weaknesses in internal financial controls.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 921.58M | 915.04M | 806.85M | 782.95M | 671.63M | 562.58M | 498.25M | 257.2M | 207.51M | 105.86M | 82.34M | 70.92M | 98.31M | 51.65M | 27.67M |
| Asset Growth % | 37.85% | 13.41% | 3.05% | 16.57% | 19.38% | 12.91% | 93.72% | 23.95% | 96.02% | 28.56% | 16.11% | -27.86% | 90.32% | 86.7% | - |
| Total Investment Assets | 4M | 233.69M | 147.46M | 142.53M | 164.65M | 133.07M | 95.43M | 74.06M | 58.11M | 40.83M | 32.42M | 27.98M | 23.31M | 16.92M | 12.25M |
| Long-Term Investments | 3.12M | 983K | 373K | 12.87M | 7.84M | 7.06M | 5.57M | 4.32M | 3.55M | 3.24M | 2.85M | 2.69M | 942K | 832K | 1.44M |
| Short-Term Investments | 230.21M | 232.71M | 147.09M | 129.67M | 156.8M | 126.01M | 89.86M | 69.73M | 54.56M | 37.59M | 29.57M | 25.29M | 22.37M | 16.09M | 10.81M |
| Total Current Assets | 705.17M | 439.97M | 597.33M | 562.09M | 469.1M | 390.95M | 337.03M | 158.82M | 117.98M | 86.56M | 65.39M | 53.63M | 84.66M | 39.73M | 18.27M |
| Cash & Equivalents | 153.46M | 138.02M | 160.29M | 147.5M | 65.61M | 87.4M | 139.88M | 29.17M | 26.55M | 25.71M | 23.64M | 17.96M | 53.1M | 14.94M | 4.23M |
| Receivables | 1.2B | 301.94M | 274.03M | 267.9M | 232.44M | 165.22M | 99.06M | 54.41M | 31.57M | 20.37M | 10.12M | 8.2M | 7.89M | 7.77M | 2.29M |
| Other Current Assets | 16.71M | -232.71M | 15.91M | 17.02M | 14.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 258.07M | 63.48M | 50.15M | 62.46M | 66.01M | 55.37M | 60.18M | 7.73M | 8.07M | 4.97M | 4.91M | 4.85M | 4.85M | 4.91M | 4.77M |
| Goodwill | 38.62M | 39.38M | 36.97M | 43.71M | 41.98M | 32.71M | 33.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 23.68M | 24.1M | 13.18M | 18.75M | 24.03M | 22.66M | 27.13M | 7.73M | 8.07M | 4.97M | 4.91M | 4.85M | 4.85M | 4.91M | 4.77M |
| PP&E (Net) | 102.61M | 104.84M | 102.19M | 103.65M | 90.7M | 77.95M | 72.6M | 70.37M | 69.8M | 7.87M | 8.46M | 9.72M | 7.86M | 3.12M | 2.41M |
| Other Assets | 50.51M | 305.76M | 56.81M | 41.88M | 37.98M | 31.25M | 22.88M | 15.95M | 8.11M | 3.22M | 734K | 23K | 32.03M | 3M | 770K |
| Total Liabilities | 526.76M | 531.11M | 483.58M | 479.23M | 366.33M | 230.38M | 158.31M | 120.44M | 78.34M | 57.42M | 37.63M | 25.56M | 39.03M | 84.65M | 54.74M |
| Total Debt | 109.35M | 111.78M | 128.89M | 128.93M | 69.46M | 0 | 0 | 26.09M | 12.86M | 9.32M | 4.77M | 0 | 14.9M | 26.1M | 9.9M |
| Net Debt | -44.11M | -26.24M | -31.41M | -18.57M | 3.85M | -87.4M | -139.88M | -3.08M | -13.69M | -16.38M | -18.87M | -17.96M | -38.2M | 11.16M | 5.67M |
| Long-Term Debt | 99.35M | 101.78M | 127.54M | 127.58M | 68.35M | 0 | 0 | 26.09M | 12.86M | 9.32M | 4.77M | 0 | 14.9M | 25.2M | 9.9M |
| Short-Term Debt | 10M | 10M | 1.35M | 1.35M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 900K | 0 |
| Total Current Liabilities | 408.37M | 409.81M | 349.63M | 344.47M | 289.62M | 223.7M | 150.4M | 91.63M | 63.2M | 45.87M | 30.66M | 23.62M | 22.54M | 26.02M | 10.53M |
| Accounts Payable | 12.83M | 16.45M | 11.53M | 10.51M | 9.47M | 8.95M | 6.06M | 4.09M | 2.77M | 2.72M | 2.01M | 1.29M | 1.96M | 1.26M | 1.01M |
| Deferred Revenue | 286.51M | 0 | 251.64M | 235.33M | 202.69M | 146.91M | 92.55M | 52.55M | 33.03M | 22.73M | 13.46M | 11.04M | 9.35M | 8.47M | 3.94M |
| Other Current Liabilities | 99.03M | 383.37M | 85.1M | 63.24M | 43.73M | 39.67M | 28.93M | 21.19M | 16.06M | 12.76M | -20.89M | 6.44M | 5.23M | 10.59M | 3.21M |
| Deferred Taxes | 6.72M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 18.09M | 18M | 4.48M | 4.49M | 4.97M | 3.86M | 3.21M | 1.61M | 1.27M | 1.23M | 32.61M | 1.77M | 1.46M | 166K | 32.77M |
| Total Equity | 394.82M | 383.94M | 323.27M | 303.72M | 305.3M | 332.2M | 339.94M | 136.76M | 129.17M | 48.43M | 44.72M | 45.36M | 59.27M | -33M | -27.07M |
| Equity Growth % | 68.42% | 18.77% | 6.44% | -0.52% | -8.1% | -2.28% | 148.57% | 5.87% | 166.7% | 8.32% | -1.41% | -23.48% | 279.63% | -21.89% | - |
| Shareholders Equity | 394.82M | 383.94M | 323.27M | 303.72M | 305.3M | 332.2M | 339.94M | 136.76M | 129.17M | 48.43M | 44.72M | 45.36M | 59.27M | -33M | -27.07M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -201.57M | -206.46M | -225.89M | -216.25M | -171.56M | -126.89M | -91.36M | -85.52M | -83.71M | -82.78M | -81.28M | -74.39M | -57.18M | -36M | -27.83M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -693K | 2.1M | -2.61M | 403K | -6.3M | 3.08M | 3.07M | 250K | -753K | -92K | -377K | -502K | 11K | -164K | -142K |
| Return on Equity (ROE) | 6.87% | 5.5% | -3.07% | -14.68% | -14.01% | -10.57% | -2.45% | -1.36% | -1.04% | -3.23% | -15.31% | -32.89% | -161.19% | - | - |
| Return on Assets (ROA) | 2.89% | 2.26% | -1.21% | -6.15% | -7.24% | -6.7% | -1.55% | -0.78% | -0.59% | -1.6% | -9% | -20.33% | -28.24% | -20.61% | -23.17% |
| Equity / Assets | 42.84% | 41.96% | 40.07% | 38.79% | 45.46% | 59.05% | 68.23% | 53.17% | 62.25% | 45.75% | 54.3% | 63.96% | 60.3% | -63.89% | -97.86% |
| Debt / Equity | 0.28x | 0.29x | 0.40x | 0.42x | 0.23x | - | - | 0.19x | 0.10x | 0.19x | 0.11x | - | 0.25x | - | - |
| Book Value per Share | 9.04 | 8.81 | 7.67 | 7.33 | 7.49 | 8.28 | 9.48 | 3.95 | 4.04 | 1.64 | 1.57 | 1.64 | 2.13 | -25.15 | -17.65 |
| Tangible BV per Share | 7.61 | 7.36 | 6.48 | 5.82 | 5.87 | 6.90 | 7.80 | 3.72 | 3.79 | 1.47 | 1.40 | 1.47 | 1.96 | -28.89 | -20.76 |
Regulatory rate approval lag
As reported in recent financial statements, Trupanion's total assets grew from $782.9 million in 2023Q4 to $921.6 million by 2026Q1, yet the pace of expansion appears to be moderating as the company navigates the inherent tension between aggressive pet acquisition and the maintenance of statutory capital requirements.
The steady increase in total assets suggests a scaling business, but the concurrent rise in total liabilities to $526.8 million indicates that the company is carrying a heavier burden of policyholder obligations. Investors should monitor whether this asset growth is primarily driven by retained earnings or if it relies on external capital infusions to support the expanding reserve base.
Based on the provided quarterly data, claims reserves have fluctuated significantly, peaking at $306.9 million in 2025Q3, which highlights the company's sensitivity to veterinary medical inflation and the potential for adverse development if premium rate adjustments fail to keep pace with rising clinical costs.
The variability in claims reserves suggests that the company's actuarial models are under constant pressure from external veterinary pricing trends. A failure to accurately estimate these liabilities could lead to future earnings volatility, as the company may be forced to strengthen reserves during periods where premium growth is already facing regulatory headwinds.
According to the balance sheet figures, equity has expanded from $303.7 million in 2023Q4 to $394.8 million in 2026Q1, providing a necessary buffer for the company to absorb potential underwriting losses while maintaining the solvency margins required by state insurance regulators in its primary operating jurisdictions.
The growth in equity appears to be a positive indicator of long-term solvency, yet the thin ROE of 1.3% in 2026Q1 suggests that this capital is not yet generating significant returns for shareholders. This capital structure warrants further investigation to determine if the current equity levels are sufficient to support future growth without requiring dilutive financing.
As indicated by recent disclosures regarding material weaknesses in internal controls, the reliability of the reported $921.6 million in total assets may be subject to operational risk, potentially masking underlying vulnerabilities in how the company accounts for its complex, high-frequency veterinary insurance claims and associated liabilities.
The presence of material weaknesses suggests that the administrative infrastructure may be struggling to keep pace with the company's growth, which could lead to misstatements in reserve valuations. Investors should remain cautious, as these control issues may imply that the balance sheet is less robust than the headline figures suggest.
Quick answers to the most common questions about buying TRUP stock.
As of 2025, Trupanion, Inc. (TRUP) had total assets of $915.0M including $440.0M in current assets.
Trupanion, Inc. (TRUP) carries total debt of $111.8M, offset by $370.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Trupanion, Inc. (TRUP) has total shareholders' equity (book value) of $383.9M ($8.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Trupanion, Inc. (TRUP) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.