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Side-by-side financial comparison of TRUPANION, INC. (TRUP) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $376.9M, roughly 1.0× TRUPANION, INC.). On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 11.7%). Over the past eight quarters, TRUPANION, INC.'s revenue compounded faster (11.0% CAGR vs 10.2%).
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
Innovate Corp. is an American public financial services company founded in 1994.
TRUP vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $376.9M | $382.7M |
| Net Profit | — | $-7.4M |
| Gross Margin | 17.3% | 15.4% |
| Operating Margin | 1.9% | 3.7% |
| Net Margin | — | -1.9% |
| Revenue YoY | 11.7% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $0.13 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $376.9M | $382.7M | ||
| Q3 25 | $366.9M | $347.1M | ||
| Q2 25 | $353.6M | $242.0M | ||
| Q1 25 | $342.0M | $274.2M | ||
| Q4 24 | $337.3M | $236.6M | ||
| Q3 24 | $327.5M | $242.2M | ||
| Q2 24 | $314.8M | $313.1M | ||
| Q1 24 | $306.1M | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | — | $-8.9M | ||
| Q2 25 | — | $-19.8M | ||
| Q1 25 | — | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | — | $-15.0M | ||
| Q2 24 | — | $14.4M | ||
| Q1 24 | — | $-17.4M |
| Q4 25 | 17.3% | 15.4% | ||
| Q3 25 | 16.4% | 14.3% | ||
| Q2 25 | 15.5% | 18.8% | ||
| Q1 25 | 14.9% | 16.6% | ||
| Q4 24 | 15.7% | 19.6% | ||
| Q3 24 | 15.1% | 19.9% | ||
| Q2 24 | 12.8% | 21.0% | ||
| Q1 24 | 11.8% | 15.4% |
| Q4 25 | 1.9% | 3.7% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 0.7% | 2.0% | ||
| Q1 25 | -0.4% | 1.2% | ||
| Q4 24 | 0.1% | 1.1% | ||
| Q3 24 | 0.5% | 2.4% | ||
| Q2 24 | -1.7% | 9.2% | ||
| Q1 24 | -2.0% | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | — | -8.2% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | — | -6.2% | ||
| Q2 24 | — | 4.6% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | $0.13 | $-0.57 | ||
| Q3 25 | $0.13 | $-0.71 | ||
| Q2 25 | $0.22 | $-1.67 | ||
| Q1 25 | $-0.03 | $-1.89 | ||
| Q4 24 | $0.04 | $-0.72 | ||
| Q3 24 | $0.03 | $-1.18 | ||
| Q2 24 | $-0.14 | $1.03 | ||
| Q1 24 | $-0.16 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $370.7M | $112.1M |
| Total DebtLower is stronger | $101.8M | $80.3M |
| Stockholders' EquityBook value | $383.9M | $-240.1M |
| Total Assets | $915.0M | $950.1M |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $370.7M | $112.1M | ||
| Q3 25 | $348.5M | $35.5M | ||
| Q2 25 | $319.6M | $33.4M | ||
| Q1 25 | $321.8M | $33.3M | ||
| Q4 24 | $307.4M | $48.8M | ||
| Q3 24 | $293.1M | $51.0M | ||
| Q2 24 | $277.2M | $80.2M | ||
| Q1 24 | $275.2M | $38.4M |
| Q4 25 | $101.8M | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $127.5M | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $383.9M | $-240.1M | ||
| Q3 25 | $368.6M | $-233.3M | ||
| Q2 25 | $355.5M | $-224.8M | ||
| Q1 25 | $333.7M | $-204.2M | ||
| Q4 24 | $323.3M | $-180.4M | ||
| Q3 24 | $320.2M | $-163.1M | ||
| Q2 24 | $305.8M | $-149.0M | ||
| Q1 24 | $303.4M | $-184.4M |
| Q4 25 | $915.0M | $950.1M | ||
| Q3 25 | $880.2M | $913.2M | ||
| Q2 25 | $847.8M | $890.9M | ||
| Q1 25 | $837.2M | $868.0M | ||
| Q4 24 | $806.9M | $891.1M | ||
| Q3 24 | $816.1M | $897.2M | ||
| Q2 24 | $795.9M | $898.9M | ||
| Q1 24 | $789.5M | $943.5M |
| Q4 25 | 0.27× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $29.3M | $101.1M |
| Free Cash FlowOCF − Capex | $25.3M | — |
| FCF MarginFCF / Revenue | 6.7% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $101.1M | ||
| Q3 25 | $29.2M | $19.2M | ||
| Q2 25 | $15.0M | $40.4M | ||
| Q1 25 | $16.0M | $-14.1M | ||
| Q4 24 | $23.7M | $41.4M | ||
| Q3 24 | $15.3M | $-28.4M | ||
| Q2 24 | $6.9M | $21.5M | ||
| Q1 24 | $2.4M | $-25.4M |
| Q4 25 | $25.3M | — | ||
| Q3 25 | $23.9M | $19.0M | ||
| Q2 25 | $12.0M | — | ||
| Q1 25 | $14.0M | $-18.8M | ||
| Q4 24 | $21.8M | $34.2M | ||
| Q3 24 | $13.4M | $-31.5M | ||
| Q2 24 | $4.0M | $18.4M | ||
| Q1 24 | $-631.0K | $-31.0M |
| Q4 25 | 6.7% | — | ||
| Q3 25 | 6.5% | 5.5% | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 4.1% | -6.9% | ||
| Q4 24 | 6.5% | 14.5% | ||
| Q3 24 | 4.1% | -13.0% | ||
| Q2 24 | 1.3% | 5.9% | ||
| Q1 24 | -0.2% | -9.8% |
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.6% | 1.7% | ||
| Q4 24 | 0.6% | 3.0% | ||
| Q3 24 | 0.6% | 1.3% | ||
| Q2 24 | 0.9% | 1.0% | ||
| Q1 24 | 1.0% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
