Trupanion (TRUP)
Market Price (10/31/2026): $30.17 | Market Cap: $1.3 BilSector: Financials | Industry: Life & Health Insurance
Trupanion (TRUP)
Market Price (10/31/2026): $30.17Market Cap: $1.3 BilSector: FinancialsIndustry: Life & Health Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% Attractive yieldFCF Yield is 6.2% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Pet Economy & Humanization. Themes include Pet Insurance & Healthcare Financing, and Pet Health Data Analytics. | Weak multi-year price returns2Y Excs Rtn is -77%, 3Y Excs Rtn is -41% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/EPrice/Earnings or Price/(Net Income) is 57x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% Key risksTRUP key risks include [1] margin compression due to a significant lag in its ability to price for veterinary inflation, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% |
| Attractive yieldFCF Yield is 6.2% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Pet Economy & Humanization. Themes include Pet Insurance & Healthcare Financing, and Pet Health Data Analytics. |
| Weak multi-year price returns2Y Excs Rtn is -77%, 3Y Excs Rtn is -41% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/EPrice/Earnings or Price/(Net Income) is 57x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| Key risksTRUP key risks include [1] margin compression due to a significant lag in its ability to price for veterinary inflation, Show more. |
Qualitative Assessment
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Trupanion (TRUP) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Revenue Growth.
Trupanion reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026) on August 5, 2026. The company announced earnings per share (EPS) of $0.16, significantly surpassing analysts' consensus estimates of $0.11 by $0.05, representing a 45.46% beat. Additionally, quarterly revenue grew by 11.1% year-over-year to $392.93 million, exceeding the consensus estimate of $389.72 million by 0.8%. Revenue from the subscription business segment specifically increased by 14% compared to the prior year's second quarter. This strong performance and beat on both the top and bottom lines contributed significantly to the stock's positive trend.
2. Raised Full-Year 2026 Revenue Guidance and Capital Allocation Initiatives.
Following the strong fiscal Q2 2026 results, Trupanion increased its full-year 2026 revenue guidance to a range of $1.584 billion to $1.601 billion, up from the previously projected $1.556 billion to $1.581 billion. The midpoint of this revised guidance indicates an approximate 14% year-over-year growth. The company also demonstrated a commitment to shareholder value by authorizing a new $100 million share repurchase program and disclosing a $44 million extraordinary dividend from its insurance subsidiary.
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Trupanion (TRUP) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Revenue Growth.
Trupanion reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026) on August 5, 2026. The company announced earnings per share (EPS) of $0.16, significantly surpassing analysts' consensus estimates of $0.11 by $0.05, representing a 45.46% beat. Additionally, quarterly revenue grew by 11.1% year-over-year to $392.93 million, exceeding the consensus estimate of $389.72 million by 0.8%. Revenue from the subscription business segment specifically increased by 14% compared to the prior year's second quarter. This strong performance and beat on both the top and bottom lines contributed significantly to the stock's positive trend.
2. Raised Full-Year 2026 Revenue Guidance and Capital Allocation Initiatives.
Following the strong fiscal Q2 2026 results, Trupanion increased its full-year 2026 revenue guidance to a range of $1.584 billion to $1.601 billion, up from the previously projected $1.556 billion to $1.581 billion. The midpoint of this revised guidance indicates an approximate 14% year-over-year growth. The company also demonstrated a commitment to shareholder value by authorizing a new $100 million share repurchase program and disclosing a $44 million extraordinary dividend from its insurance subsidiary.
3. Improved Margins and Focus on Profitability.
Trupanion's fiscal Q2 2026 results highlighted an emphasis on improved profitability and disciplined margin execution. The company reported an economic combined ratio of approximately 98.5% in the first half of 2026, indicating better underwriting profitability. Management communicated a strategic focus on growing margins, enhancing the economics of new enrollments, and investing capital judiciously. This shift towards higher-quality book growth through improved underwriting and optimized acquisition channels helped alleviate concerns previously associated with rising veterinary and claims costs.
4. Perception of Undervaluation and Positive Analyst Momentum.
Despite some analyst downgrades (e.g., Piper Sandler lowering its price target to $32 from $45 in August 2026), there was a prevailing sentiment of undervaluation for TRUP stock during the period. On September 23, 2026, GuruFocus rated Trupanion as "significantly undervalued," with a GF Value™ estimate of $40.55, suggesting a 43.6% margin of safety from its trading price of $22.88 at that time. As of October 21, 2026, the stock had an average analyst price target of $38.40, implying a predicted upside of 34.74%. The stock's movement above its 50-day moving average to $28.81 on October 21, 2026, further signaled positive momentum as investors reassessed its value.
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Stock Movement Drivers
Fundamental Drivers
The 21.6% change in TRUP stock from 6/30/2026 to 10/30/2026 was primarily driven by a 35.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.77 | 30.13 | 21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,481 | 1,521 | 2.7% |
| Net Income Margin (%) | 1.7% | 1.5% | -12.3% |
| P/E Multiple | 41.8 | 56.8 | 35.9% |
| Shares Outstanding (Mil) | 44 | 44 | -0.5% |
| Cumulative Contribution | 21.6% |
Market Drivers
6/30/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| TRUP | 21.6% | |
| Market (SPY) | 1.2% | -6.5% |
| Sector (XLF) | 5.4% | 42.6% |
Fundamental Drivers
The 17.6% change in TRUP stock from 3/31/2026 to 10/30/2026 was primarily driven by a 13.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.61 | 30.13 | 17.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,439 | 1,521 | 5.7% |
| Net Income Margin (%) | 1.4% | 1.5% | 13.1% |
| P/E Multiple | 57.0 | 56.8 | -0.5% |
| Shares Outstanding (Mil) | 43 | 44 | -1.0% |
| Cumulative Contribution | 17.6% |
Market Drivers
3/31/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| TRUP | 17.6% | |
| Market (SPY) | 16.5% | -7.1% |
| Sector (XLF) | 14.9% | 34.9% |
Fundamental Drivers
The -30.4% change in TRUP stock from 9/30/2025 to 10/30/2026 was primarily driven by a -66.3% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.28 | 30.13 | -30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,360 | 1,521 | 11.8% |
| Net Income Margin (%) | 0.8% | 1.5% | 88.6% |
| P/E Multiple | 168.5 | 56.8 | -66.3% |
| Shares Outstanding (Mil) | 43 | 44 | -2.0% |
| Cumulative Contribution | -30.4% |
Market Drivers
9/30/2025 to 10/30/2026| Return | Correlation | |
|---|---|---|
| TRUP | -30.4% | |
| Market (SPY) | 14.4% | 2.7% |
| Sector (XLF) | 6.2% | 33.3% |
Fundamental Drivers
The 6.8% change in TRUP stock from 9/30/2023 to 10/30/2026 was primarily driven by a 51.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.20 | 30.13 | 6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,007 | 1,521 | 51.1% |
| P/S Multiple | 1.2 | 0.9 | -25.3% |
| Shares Outstanding (Mil) | 41 | 44 | -5.4% |
| Cumulative Contribution | 6.8% |
Market Drivers
9/30/2023 to 10/30/2026| Return | Correlation | |
|---|---|---|
| TRUP | 6.8% | |
| Market (SPY) | 82.9% | 27.9% |
| Sector (XLF) | 77.8% | 35.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRUP Return | 10% | -64% | -36% | 58% | -22% | -19% | -75% |
| Peers Return | -11% | -47% | -3% | 30% | 22% | -27% | -47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TRUP Win Rate | 50% | 33% | 42% | 42% | 33% | 30% | |
| Peers Win Rate | 50% | 35% | 45% | 45% | 45% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TRUP Max Drawdown | -42% | -67% | -71% | -44% | -40% | -43% | |
| Peers Max Drawdown | -42% | -57% | -50% | -36% | -34% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LMND, CHWY, WOOF, ZTS, IDXX. See TRUP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | TRUP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.6% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.2% | -9.5% |
| % Gain to Breakeven | 39.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.3% | -33.7% |
| % Gain to Breakeven | 39.5% | 50.9% |
| Time to Breakeven | 39 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.3% | -19.2% |
| % Gain to Breakeven | 43.4% | 23.8% |
| Time to Breakeven | 95 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.5% | -3.7% |
| % Gain to Breakeven | 21.3% | 3.9% |
| Time to Breakeven | 29 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.9% | -12.2% |
| % Gain to Breakeven | 31.4% | 13.9% |
| Time to Breakeven | 34 days | 62 days |
In The Past
Trupanion's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.6% gain to breakeven.
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| Event | TRUP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.6% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.2% | -9.5% |
| % Gain to Breakeven | 39.3% | 10.5% |
| Time to Breakeven | 30 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.3% | -33.7% |
| % Gain to Breakeven | 39.5% | 50.9% |
| Time to Breakeven | 39 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.3% | -19.2% |
| % Gain to Breakeven | 43.4% | 23.8% |
| Time to Breakeven | 95 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.9% | -12.2% |
| % Gain to Breakeven | 31.4% | 13.9% |
| Time to Breakeven | 34 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.2% | -6.8% |
| % Gain to Breakeven | 67.3% | 7.3% |
| Time to Breakeven | 371 days | 15 days |
In The Past
Trupanion's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Trupanion (TRUP)
Trupanion, Inc. (TRUP) specializes in providing medical insurance for cats and dogs, operating on a monthly subscription model. The company's fundamental purpose is to offer financial protection to pet owners, helping them manage the often unpredictable and high costs associated with veterinary care. This allows pets to receive necessary treatments for illnesses and injuries without placing an undue financial strain on their families.
The primary product offered by Trupanion is its comprehensive pet medical insurance. This subscription service is designed to cover unexpected veterinary expenses stemming from accidents, illnesses, and various medical conditions. By subscribing, pet owners can budget for potential healthcare costs, shifting from reactive, lump-sum payments to predictable monthly premiums, ensuring their pets have access to vital medical services when needed.
Trupanion's main customer base consists of individual pet owners who are looking to secure their pets' health and their own finances against unforeseen veterinary bills. The company also works closely with veterinarians, who often play a key role in educating pet owners about the benefits of pet insurance. Geographically, Trupanion serves a wide market, with operations spanning the United States, Canada, Puerto Rico, and Australia, addressing the growing demand for pet healthcare coverage in these regions.
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Here are 1-3 brief analogies for Trupanion:
- Blue Cross Blue Shield for pets
- Lemonade for pets
AI Analysis | Feedback
- Medical Insurance for Cats and Dogs: This service provides comprehensive medical coverage for unexpected illnesses and injuries for pets on a monthly subscription basis.
AI Analysis | Feedback
Trupanion (TRUP) primarily sells its medical insurance services to individual pet owners on a monthly subscription basis. The company serves the following major categories of customers:
- Cat Owners: Individuals who own cats and subscribe to Trupanion's medical insurance plans for their feline companions.
- Dog Owners: Individuals who own dogs and subscribe to Trupanion's medical insurance plans for their canine companions.
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- White Mountains Insurance Group, Ltd. (WTM)
- Munich Re Group (MURGY)
- Swiss Re Ltd. (SSREY)
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Margi Tooth
President & Chief Executive Officer
Margi Tooth joined Trupanion in 2013 and was appointed Chief Executive Officer in August 2024. She brings nearly two decades of experience in the pet insurance category, including over seven years with the UK's largest pet insurance provider and a stint with the European insurance giant Allianz prior to joining Trupanion. At Trupanion, she previously held leadership positions such as Chief Marketing Officer, Chief Revenue Officer, and President. Under her leadership, Trupanion has achieved significant milestones, including surpassing $1 billion in revenue and reaching over 1 million subscription pets.
Fawwad Qureshi
Chief Financial Officer
Fawwad Qureshi assumed the role of Chief Financial Officer at Trupanion in September 2023. He possesses over 20 years of senior-level financial experience, having successfully driven revenue and profitability growth for publicly traded, global companies. Most recently, he served as Senior Vice President of Finance and CFO of Brands at Expedia Group, where he held full profit and loss (P&L) and commercial responsibility for a portfolio of consumer brands valued over $9 billion, including Expedia, Vrbo, Hotels.com, Orbitz, and Travelocity. Before his tenure at Expedia, Qureshi was the CFO for Nike Global Technology and held progressively senior finance positions at Intel.
John Gallagher
Chief Operating Officer
John Gallagher has served as Trupanion's Chief Operating Officer since September 2024. Prior to this role, he held various positions within the company, including Executive Vice President of Global Support Services from April 2023 to September 2024, interim head of Global Support Services from January 2023 to April 2023, and General Manager from January 2022 to January 2023, in addition to other roles within Trupanion's Contact Center.
Brenna McGibney
Chief Admin Officer
Brenna McGibney is Trupanion's Chief Admin Officer, responsible for overseeing global people operations, learning and development, and pricing. She joined the company as Chief People Officer in 2022, bringing with her over 20 years of global HR and operations experience. Before joining Trupanion, McGibney served as the Vice President of Human Resources and Corporate Communications at MCAN Financial Group and as Vice President, Talent and Associate Experience for LoyaltyOne.
Emily Dreyer
Chief Revenue Officer
Emily Dreyer has served as Trupanion's Chief Revenue Officer since June 2025.
AI Analysis | Feedback
The key risks to Trupanion's business are primarily centered around its profitability, the highly competitive pet insurance market, and ongoing regulatory challenges.
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Profitability Concerns and High Operating Costs: Trupanion has historically faced significant cumulative net losses and has struggled to achieve consistent GAAP profitability. This is largely driven by persistent veterinary inflation, which escalates the costs of claims and can necessitate price increases, potentially impacting customer retention. Additionally, high pet acquisition costs further pressure the company's margins and overall profitability.
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Intense Competition: The pet insurance industry is characterized by strong competition from a variety of providers, including those offering low-cost, narrow coverage plans and others with high-value annual plans. Trupanion must continuously differentiate its offerings and demonstrate value to pet owners in a market that has also seen consolidation among brands, intensifying the competitive landscape.
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Regulatory Challenges: Operating in a heavily regulated industry, Trupanion faces the risk of non-compliance with state, federal, and international laws and regulations. The company has previously been cited and fined by state regulators for various violations, including using unlicensed individuals to sell insurance, exceeding limits on gifts for referrals to veterinarians, and charging inconsistent rates to different customers. Maintaining strict regulatory compliance is essential to avoid penalties and safeguard its market reputation.
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- Emergence of Tech-First Insurtech Competitors: Companies like Lemonade, with their AI-driven, digital-first platforms, are fundamentally changing the delivery of insurance services. These insurtechs leverage advanced machine learning for underwriting, claims processing, and customer service, offering a highly streamlined, often immediate, and personalized experience. This model directly challenges traditional insurance providers like Trupanion by offering a more efficient, user-friendly, and potentially lower-cost alternative that appeals to a tech-savvy consumer base, similar to how Netflix disrupted Blockbuster's physical rental model.
- Vertical Integration and Consolidation by Large Veterinary Corporate Groups: Major players in the veterinary industry, such as Mars Veterinary Health (owners of Banfield, VCA) and JAB Holdings (owners of NVA, PetVet Care Centers, and Figo Pet Insurance), are consolidating veterinary practices and increasingly integrating pet insurance offerings. By owning large networks of clinics and simultaneously offering their own insurance products, these groups can create highly integrated pet care ecosystems. This allows them to offer "in-house" insurance directly at the point of care, leveraging their vast customer base and potentially cutting out third-party insurers like Trupanion, much like how Uber challenged traditional taxi dispatch services by integrating technology with service delivery.
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The addressable markets for Trupanion's main products and services, which include medical insurance for cats and dogs, are identified for the United States, Canada, and Australia as follows:
- United States: The U.S. pet insurance market was valued at approximately USD 5.34 billion in 2024. This market is projected to expand significantly, reaching an estimated USD 20.05 billion by 2032.
- Canada: The Canadian pet insurance market generated revenues of approximately USD 453.2 million in 2024. Projections indicate growth to about USD 1,526.4 million by 2033.
- Australia: The Australian pet insurance market recorded revenues of approximately USD 1,088.6 million in 2024. This market is anticipated to grow to an estimated USD 5,227.0 million by 2033.
- Puerto Rico: Specific addressable market size data for pet insurance in Puerto Rico was not readily available from the conducted searches.
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Trupanion (TRUP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Pricing Adjustments: Trupanion anticipates that pricing will continue to be a primary contributor to revenue growth, building on its successful alignment of pricing with rising veterinary costs in 2025. While its contribution may gradually shift, pricing is still expected to lead revenue growth in 2026.
- Increased Pet Acquisition (Customer Growth): The company is focused on accelerating pet-count growth by increasing new pet acquisitions. Trupanion plans to expand its presence within the veterinary channel and enhance pet acquisition spending to reach pet owners earlier in their purchasing journey.
- Expansion of Product Offerings, including Lower-Priced Options: Trupanion is exploring and developing new product offerings, including lower-priced insurance plans, to cater to a broader market and address pet owners' budget constraints. Additionally, the company is developing "Landspath," a new vet-distributed product with unique economics, which is expected to rival or surpass the pet insurance business itself and represents a new strategic initiative.
- Technological Investments and Operational Efficiency: Continued investment in technology, such as claims automation and artificial intelligence, is aimed at improving operational efficiencies and enhancing the member experience. These advancements are expected to contribute to adjusted operating margin expansion, supporting sustainable growth.
- Market Penetration and International Expansion: Trupanion aims to increase its market penetration within existing operating geographies (United States, Canada, Puerto Rico, and Australia) and strategically enter new international markets. The company sees significant growth opportunities in these underpenetrated markets.
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Share Repurchases
- A $50 million share buyback program was authorized by Trupanion's board on February 12, 2026.
- A previous buyback program, announced on April 30, 2021, saw the repurchase of 95,021 shares for $5.75 million, completed by December 31, 2025.
Share Issuance
- Trupanion completed a Private Investment in Public Equity (PIPE) funding round in October 2020, raising $200 million.
Inbound Investments
- Aflac Incorporated made a $200 million investment in Trupanion, confirming a strategic alliance in North America, as announced in December 2023.
Outbound Investments
- Trupanion acquired Smart Paws GmbH, a pet insurance provider operating in Germany and Switzerland, on August 31, 2022.
- In 2022, Trupanion completed three acquisitions across Germany, the Czech Republic, and Slovakia, including PetExpert and Royal Blue.
Capital Expenditures
- Capital expenditures in the last 12 months were -$14.13 million.
- Trupanion projects capital expenditures of $23 million for 2026, $25 million for 2027, and $27 million for 2028.
- Capital allocation for the upcoming year will focus on pet acquisition costs, the LabSpec pet food business, and technology investments.
Peer Outperformance in Life & Health Insurance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TRUP | Trupanion | 14.8% | 56.8x | -25.6% | 46.3% | -70.6% | — |
| MFC | Manulife Financial | 15.0% | 11.1x | 44.0% | 190.3% | 190.1% | +261pp |
| FG | F&G Annuities & Life | 18.4% | 6.6x | -24.5% | -25.2% | 180.8% | +251pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 35.1% | 68.9% | 123.0% | SPNT 175% · RGA 148% · RNR 148% |
| Investment Banking & Brokerage | 13 | -5.3% | 94.9% | 91.9% | IBKR 346% · SNEX 158% · GS 144% |
| Diversified Banks | 12 | 30.4% | 154.4% | 91.6% | CM 143% · RY 132% · JPM 125% |
| Life & Health Insurance ← | 20 | 16.2% | 53.5% | 82.5% | JXN 532% · UNM 314% · MFC 190% |
| Multi-line Insurance | 9 | 8.1% | 68.3% | 64.8% | GNW 114% · L 102% · AIZ 97% |
| Property & Casualty Insurance | 42 | 19.1% | 73.0% | 64.1% | PGR 172% · TRV 171% · ACGL 167% |
| Multi-Sector Holdings | 3 | 8.3% | 57.8% | 55.1% | BRK-B 89% · VOYA 55% · JEF 32% |
| Regional Banks | 261 | 32.6% | 98.8% | 53.2% | CBC 254% · FCNCA 194% · NIC 148% |
| Financial Exchanges & Data | 15 | 18.5% | 44.0% | 27.9% | CBOE 172% · VIRT 158% · CME 70% |
| Insurance Brokers | 15 | 3.7% | 11.4% | 19.5% | LIFE 405% · ARX 89% · AJG 73% |
| Asset Management & Custody Banks | 85 | -7.9% | 23.8% | 6.7% | WT 249% · VCTR 241% · AAMI 200% |
| Consumer Finance | 30 | 7.9% | 70.4% | 4.2% | ENVA 437% · FCFS 118% · AXP 95% |
| Diversified Financial Services | 4 | -2.0% | 21.7% | 3.9% | FRHC 180% · EQH 83% |
| Commercial & Residential Mortgage Finance | 14 | -51.6% | 25.3% | -1.7% | FNMA 449% · FMCC 399% · ACT 157% |
| Specialized Finance | 3 | 2.8% | 37.8% | -21.1% | HASI -21% · CACC -22% |
| Transaction & Payment Processing Services | 17 | 12.5% | 11.3% | -28.8% | V 103% · MA 96% · CPAY 62% |
| Mortgage REITs | 34 | -18.7% | -5.2% | -35.9% | RITM 36% · DX 19% · AGNC 10% |
| Diversified Capital Markets | 20 | -53.1% | 5.4% | -63.3% | LPLA 77% · TW 40% · RIOT -53% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.82 |
| Mkt Cap | 6.0 |
| Rev LTM | 5,259 |
| Op Inc LTM | 328 |
| FCF LTM | 403 |
| FCF 3Y Avg | 260 |
| CFO LTM | 546 |
| CFO 3Y Avg | 403 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.8% |
| Rev Chg 3Y Avg | 7.8% |
| Rev Chg Q | 8.5% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 35.2% |
| Op Inc Chg 3Y Avg | 60.4% |
| Op Mgn LTM | 7.6% |
| Op Mgn 3Y Avg | 6.2% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 6.2% |
| CFO/Rev 3Y Avg | 4.7% |
| FCF/Rev LTM | 4.9% |
| FCF/Rev 3Y Avg | 3.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.0 |
| P/S | 2.1 |
| P/Op Inc | 11.4 |
| P/EBIT | 23.6 |
| P/E | 28.1 |
| P/CFO | 13.0 |
| Total Yield | 2.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 14.7% |
| 3M Rtn | -4.2% |
| 6M Rtn | -13.1% |
| 12M Rtn | -25.9% |
| 3Y Rtn | 23.3% |
| 1M Excs Rtn | 16.2% |
| 3M Excs Rtn | -7.5% |
| 6M Excs Rtn | -20.2% |
| 12M Excs Rtn | -40.5% |
| 3Y Excs Rtn | -55.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Subscription business | 989 | 857 | 713 | 597 | 495 |
| Other Business | 450 | 429 | 396 | 309 | 204 |
| Total | 1,439 | 1,286 | 1,109 | 905 | 699 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Subscription business | 22 | -1 | -36 | -40 | -34 |
| Gain (loss) from investment in joint venture | -0 | -0 | -0 | -0 | -0 |
| Other Business | -8 | -8 | -4 | -3 | -1 |
| Total | 14 | -10 | -41 | -43 | -35 |
Price Behavior
| Market Price | $30.13 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 07/18/2014 | |
| Distance from 52W High | -29.1% | |
| 50 Days | 200 Days | |
| DMA Price | $26.89 | $26.60 |
| DMA Trend | down | down |
| Distance from DMA | 12.1% | 13.3% |
| 3M | 1YR | |
| Volatility | 54.4% | 47.9% |
| Downside Capture | -7.22 | 39.94 |
| Upside Capture | 97.77 | -7.21 |
| Correlation (S&P 500) | 2.9% | 1.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.46 | 0.66 | -0.29 | -0.24 | 0.14 | 1.17 |
| Up Beta | -2.22 | 0.33 | -1.13 | -0.34 | 0.06 | 1.31 |
| Down Beta | -0.57 | 5.12 | 1.44 | -0.01 | 0.45 | 1.10 |
| Up Capture | 104% | 15% | -40% | -21% | -18% | 88% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 17 | 29 | 61 | 114 | 356 |
| Down Capture | 411% | 69% | -17% | -17% | 58% | 107% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 24 | 34 | 64 | 137 | 390 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRUP | |
|---|---|---|---|---|
| TRUP | -27.8% | 47.9% | -0.53 | - |
| Sector ETF (XLF) | 9.8% | 14.4% | 0.41 | 32.9% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 1.4% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -9.8% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -5.6% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 12.6% |
| Bitcoin (BTCUSD) | -30.3% | 43.5% | -0.71 | 2.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRUP | |
|---|---|---|---|---|
| TRUP | -22.4% | 71.3% | -0.05 | - |
| Sector ETF (XLF) | 8.6% | 18.3% | 0.33 | 37.7% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 39.9% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 1.9% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 3.1% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 38.3% |
| Bitcoin (BTCUSD) | 4.8% | 51.6% | 0.28 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TRUP | |
|---|---|---|---|---|
| TRUP | 6.4% | 62.9% | 0.37 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 30.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 37.4% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 4.2% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 6.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 30.7% |
| Bitcoin (BTCUSD) | 61.7% | 66.2% | 1.01 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 15.5% | 24.3% | 18.0% |
| 4/30/2026 | 1.4% | 6.7% | -7.2% |
| 2/12/2026 | -13.0% | -9.6% | -21.1% |
| 11/6/2025 | -8.3% | -6.4% | -8.7% |
| 2/19/2025 | -25.5% | -28.8% | -22.6% |
| 10/30/2024 | -0.6% | -8.9% | -3.3% |
| 8/8/2024 | 9.3% | 23.6% | 22.4% |
| 5/2/2024 | -16.5% | 4.6% | 18.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 9 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 9.3% | 13.3% | 18.2% |
| Median Negative | -11.3% | -9.6% | -12.1% |
| Max Positive | 15.5% | 25.8% | 40.7% |
| Max Negative | -35.1% | -38.0% | -39.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 15.5% | 24.3% | 18.0% |
| 4/30/2026 | 1.4% | 6.7% | -7.2% |
| 2/12/2026 | -13.0% | -9.6% | -21.1% |
| 11/6/2025 | -8.3% | -6.4% | -8.7% |
| 2/19/2025 | -25.5% | -28.8% | -22.6% |
| 10/30/2024 | -0.6% | -8.9% | -3.3% |
| 8/8/2024 | 9.3% | 23.6% | 22.4% |
| 5/2/2024 | -16.5% | 4.6% | 18.2% |
| 2/15/2024 | -35.1% | -34.8% | -23.7% |
| 11/2/2023 | 14.3% | -2.6% | 28.6% |
| 8/3/2023 | 6.0% | 2.8% | 0.6% |
| 5/4/2023 | -19.7% | -38.0% | -39.2% |
| 2/15/2023 | -4.9% | -10.5% | -12.1% |
| 11/3/2022 | 3.3% | 25.8% | 18.8% |
| 8/3/2022 | -4.3% | 6.4% | -1.4% |
| 4/28/2022 | -7.8% | -4.9% | -0.0% |
| 2/16/2022 | -17.0% | -8.6% | -1.1% |
| 11/3/2021 | 11.9% | 13.3% | 4.4% |
| 8/5/2021 | -12.7% | -13.7% | -20.1% |
| 4/29/2021 | -1.7% | -5.3% | 9.3% |
| 2/10/2021 | -11.3% | -13.4% | -22.3% |
| 10/29/2020 | -0.7% | 25.8% | 40.7% |
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 9 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 9.3% | 13.3% | 18.2% |
| Median Negative | -11.3% | -9.6% | -12.1% |
| Max Positive | 15.5% | 25.8% | 40.7% |
| Max Negative | -35.1% | -38.0% | -39.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Insider Activity
Updated 10/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 10302026 | 29.12 | 431 | 12,551 | 957,466 | Form |
| 2 | Tooth, Margaret | CEO | Direct | Sell | 10132026 | 25.84 | 1,000 | 25,840 | 4,779,160 | Form |
| 3 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 9302026 | 22.92 | 431 | 9,879 | 763,488 | Form |
| 4 | Tooth, Margaret | CEO | Direct | Sell | 9142026 | 25.00 | 1,000 | 25,000 | 4,648,800 | Form |
| 5 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 9012026 | 29.70 | 3,604 | 107,039 | 1,002,137 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 10302026 | 29.12 | 431 | 12,551 | 957,466 | Form |
| 2 | Tooth, Margaret | CEO | Direct | Sell | 10132026 | 25.84 | 1,000 | 25,840 | 4,779,160 | Form |
| 3 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 9302026 | 22.92 | 431 | 9,879 | 763,488 | Form |
| 4 | Tooth, Margaret | CEO | Direct | Sell | 9142026 | 25.00 | 1,000 | 25,000 | 4,648,800 | Form |
| 5 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 9012026 | 29.70 | 3,604 | 107,039 | 1,002,137 | Form |
| 6 | Qureshi, Fawwad | Chief Financial Officer | Direct | Sell | 8262026 | 30.01 | 6,111 | 183,391 | 126,942 | Form |
| 7 | Tooth, Margaret | CEO | Direct | Sell | 8262026 | 31.84 | 491 | 15,633 | 5,952,552 | Form |
| 8 | Tooth, Margaret | CEO | Direct | Sell | 8132026 | 29.05 | 978 | 28,411 | 5,095,399 | Form |
| 9 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 7302026 | 25.08 | 431 | 10,809 | 807,651 | Form |
| 10 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 7012026 | 25.35 | 431 | 10,926 | 827,272 | Form |
| 11 | Weinrauch, Steve | EVP, North Am & Vet Strategy | Direct | Sell | 6092026 | 22.00 | 6,674 | 146,828 | 1,717,364 | Form |
| 12 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 6012026 | 21.69 | 3,603 | 78,153 | 717,220 | Form |
| 13 | Qureshi, Fawwad | Chief Financial Officer | Direct | Sell | 5272026 | 22.18 | 6,177 | 137,016 | 46,160 | Form |
| 14 | Tooth, Margaret | CEO | Direct | Sell | 5272026 | 21.86 | 491 | 10,733 | 3,855,645 | Form |
| 15 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 4292026 | 27.47 | 431 | 11,840 | 866,019 | Form |
| 16 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 4012026 | 25.47 | 430 | 10,952 | 813,945 | Form |
| 17 | Dreyer, Emily | Chief Revenue Officer | Direct | Sell | 3062026 | 28.15 | 7,792 | 219,320 | 1,002,786 | Form |
| 18 | Qureshi, Fawwad | Chief Financial Officer | Direct | Sell | 3032026 | 26.46 | 2,837 | Form | ||
| 19 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 3032026 | 26.52 | 5,283 | 140,080 | 858,751 | Form |
| 20 | Qureshi, Fawwad | Chief Financial Officer | Direct | Sell | 2272026 | 25.61 | 4,645 | Form | ||
| 21 | Weinrauch, Steve | EVP, North Am & Vet Strategy | Direct | Sell | 2272026 | 26.70 | 85 | 2,270 | 1,937,325 | Form |
| 22 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 1292026 | 31.67 | 430 | 13,618 | 1,009,038 | Form |
| 23 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 12302025 | 37.55 | 430 | 16,146 | 1,212,527 | Form |
| 24 | Tooth, Margaret | CEO | Direct | Sell | 12222025 | 37.88 | 9,605 | 363,850 | 5,693,327 | Form |
| 25 | Gallagher, John R | Chief Operating Officer | Direct | Sell | 12012025 | 34.82 | 6,383 | 222,283 | 1,139,483 | Form |
| 26 | Qureshi, Fawwad | Chief Financial Officer | Direct | Sell | 11262025 | 35.45 | 6,202 | Form | ||
| 27 | Tooth, Margaret | CEO | Direct | Sell | 11262025 | 35.31 | 9,803 | 346,144 | 5,363,554 | Form |
| 28 | Tooth, Margaret | CEO | Direct | Sell | 10292025 | 43.73 | 8,884 | 388,493 | 6,180,946 | Form |
Investor Activity (13F)
Updated Oct 31, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
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