TRUPTRUPANION, INC.

Hospital & Medical Service Plans

Revenue: $1.4B; 12% YoY
Operating margin: 1.0%; 230% YoY
EBITDA: $30M; 327% YoY
Market cap: $1.3B
Employees: 1,121; $1M revenue each
Net debt / EBITDA: -1.6×; −$48M net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
460% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$1M · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$699M	$905M	$1.1B	$1.3B	$1.4B	12%
Operating income	−$35M	−$43M	−$41M	−$10M	$14M	245%
Net income	−$36M	−$45M	−$45M	−$10M	$19M	302%
Operating cash flow	$7M	−$8M	$19M	$48M	$89M	85%
Capex	$12M	$17M	$18M	$10M	$14M	45%
Stock-based comp	$28M	$33M	$33M	$33M	$38M	15%
Buybacks	$0	$6M	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 30
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$3M	31	167
FY2024	—	—	131	189
FY2023	$322K	−$231K	83	176
FY2022	$2M	−$4M	129	106
FY2021	$5M	$6M	359	176