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Intrinsic Value

TRUPANION, INC. · TRUP

Residual Income

Conservative

More adverse but historically defensible assumptions.

$2.25

Base

The model's central intrinsic-value estimate.

$0.35

Optimistic

More favorable but historically defensible assumptions.

$0.33

Scenarios are the same model run under different but historically defensible assumptions. They are not price targets. Where a valuation gap is shown it is a comparison with a recent close, not a forecast return; where the price is stale, no gap is shown at all.

Model confidence: 70%Valuation as of Sep 21, 2026Latest filing used Feb 13, 2026

Confidence reflects data completeness, accounting quality, and model reliability. It is not a probability of future price.

Valuation drivers
Normalized ROE
-3.1%
Cost of equity
10.24%
Terminal ROE
3.5%
Terminal growth
2.50%
Book common equity
$383.9M
Intrinsic common equity
$15.3M
Terminal-value share
-782.7%
Model notes (24)
  • Intrinsic value is below book; the forecast return does not cover the cost of equity (Base case)
  • Terminal value is -783% of intrinsic equity value (Base case)
  • Forecast payout capped at 100% of earnings left the demonstrated range (Conservative case)
  • Intrinsic value is below book; the forecast return does not cover the cost of equity (Conservative case)
  • ROTCE unavailable — tangible common equity is not reported(FY2014–FY2019)
  • Book-value rollforward residual of 8.4%(FY2015–FY2021)
  • Book-value rollforward residual of 13.7%(FY2016)
  • Book-value rollforward residual of 10.2%(FY2017)
  • Book-value rollforward residual of 63.7%(FY2018)
  • Book-value rollforward residual of 6.1%(FY2019)
  • Book-value rollforward residual of 10.8%(FY2022)
  • Book-value rollforward residual of 12.0%(FY2023)
  • Book-value rollforward residual of 10.0%(FY2024)
  • Book-value rollforward residual of 9.5%(FY2025)
  • Intrinsic value is below book; the forecast return does not cover the cost of equity (Optimistic case)
  • Terminal value is -1220% of intrinsic equity value (Optimistic case)
  • Combined ratio unavailable — partial insurance expense coverage
  • Terminal return on equity is below the cost of equity; terminal value is negative
  • Year 1 forecast net income negative payout suspended
  • Year 2 forecast net income negative payout suspended
  • Year 3 forecast net income negative payout suspended
  • Year 4 forecast net income negative payout suspended
  • Year 5 forecast net income negative payout suspended
  • Year 6 forecast net income negative payout suspended
Model details
Normalization
V1
Scenario
V2
Confidence
V1
Engine version
valuation-1.0.1-share-units-terminal
Data snapshot
filed:2026-02-13