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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Trupanion's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Trupanion was -1.74. The lowest was -3.06. And the median was -2.37.
The historical data trend for Trupanion's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Trupanion Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.31 | -1.74 | -2.31 | -2.43 | -2.81 |
Trupanion Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.43 | -2.49 | -2.51 | -2.78 | -2.81 |
For the Insurance - Specialty subindustry, Trupanion's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Insurance industry and Financial Services sector, Trupanion's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trupanion's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Trupanion for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.9411 | + | 0.528 * 1.1422 | + | 0.404 * 0.8991 | + | 0.892 * 1.2247 | + | 0.115 * 1.0004 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2484 | + | 4.679 * -0.090444 | - | 0.327 * 1.1312 | |||||||
= | -2.81 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $268 Mil. Revenue was 295.857 + 285.853 + 270.566 + 256.329 = $1,109 Mil. Gross Profit was 40.064 + 35.233 + 29.373 + 26.346 = $131 Mil. Total Current Assets was $562 Mil. Total Assets was $783 Mil. Property, Plant and Equipment(Net PPE) was $104 Mil. Depreciation, Depletion and Amortization(DDA) was $12 Mil. Selling, General, & Admin. Expense(SGA) was $60 Mil. Total Current Liabilities was $344 Mil. Long-Term Debt & Capital Lease Obligation was $128 Mil. Net Income was -2.163 + -4.036 + -13.714 + -24.78 = $-45 Mil. Non Operating Income was 1.177 + 2.469 + 2.005 + 1.831 = $7 Mil. Cash Flow from Operations was 17.507 + 11.398 + -3.405 + -6.862 = $19 Mil. |
Total Receivables was $232 Mil. Revenue was 246.009 + 233.76 + 219.411 + 205.999 = $905 Mil. Gross Profit was 33.649 + 30.059 + 28.583 + 29.894 = $122 Mil. Total Current Assets was $469 Mil. Total Assets was $672 Mil. Property, Plant and Equipment(Net PPE) was $91 Mil. Depreciation, Depletion and Amortization(DDA) was $11 Mil. Selling, General, & Admin. Expense(SGA) was $39 Mil. Total Current Liabilities was $290 Mil. Long-Term Debt & Capital Lease Obligation was $68 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (267.899 / 1108.605) | / | (232.439 / 905.179) | |
= | 0.241654 | / | 0.256788 | |
= | 0.9411 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (122.185 / 905.179) | / | (131.016 / 1108.605) | |
= | 0.134984 | / | 0.118181 | |
= | 1.1422 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (562.089 + 103.65) / 782.948) | / | (1 - (469.096 + 90.701) / 671.627) | |
= | 0.149702 | / | 0.166506 | |
= | 0.8991 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 1108.605 | / | 905.179 | |
= | 1.2247 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (10.921 / (10.921 + 90.701)) | / | (12.474 / (12.474 + 103.65)) | |
= | 0.107467 | / | 0.10742 | |
= | 1.0004 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (60.207 / 1108.605) | / | (39.379 / 905.179) | |
= | 0.054309 | / | 0.043504 | |
= | 1.2484 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((127.58 + 344.474) / 782.948) | / | ((68.354 + 289.616) / 671.627) | |
= | 0.602919 | / | 0.532989 | |
= | 1.1312 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (-44.693 - 7.482 | - | 18.638) | / | 782.948 | |
= | -0.090444 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Trupanion has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Trupanion's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Steve Weinrauch | officer: EVP, North Am & Vet Strategy | 6100 4TH AVENUE SOUTH, SUITE 400, SEATTLE WA 98108 |
Melissa Joy Hewitt | officer: General Manager | 6100 4TH AVENUE SOUTH, SUITE 400, SEATTLE WA 98108 |
Fawwad Qureshi | officer: Chief Financial Officer | 6100 4TH AVENUE S, SEATTLE WA 98108 |
Michael Doak | director | 907 NW BALLARD WAY, SEATTLE WA 98107 |
Wei Li | officer: Interim CFO | 6100 4TH AVENUE SOUTH, SUITE 400, SEATTLE WA 98108 |
Max Broden | director | 1932 WYNNTON RD, COLUMBUS GA 31999 |
Darryl Rawlings | director, officer: Chief Executive Officer | 6100 4TH AVENUE SOUTH, SUITE 200, SEATTLE WA 98108 |
Elizabeth Mclaughlin | director | C/O THE ORIGINAL BARK COMPANY, 221 CANAL ST., FL 6, NEW YORK NY 10013 |
Paulette R. Dodson | director | PETSMART, INC, 19601 N 27TH AVE, PHOENIX AZ 85027 |
Emily Dreyer | officer: SVP, Channel Growth | 6100 4TH AVENUE SOUTH, SUITE 400, SEATTLE WA 98108 |
Brenna Mcgibney | officer: Chief Administration Officer | 309-1277 LYNN VALLEY ROAD, SUITE 400, NORTH VANCOUVER A1 V7J 0A2 |
Travis Worra | officer: General Manager | 6100 4TH AVENUE, SUITE 400, SEATTLE WA 98108 |
Simon Wheeler | officer: EVP, Trupanion International | 4TH FLOOR CHARTER HOUSE, WOODLANDS ROAD, ALTRINCHAM X0 WA14 1HF |
John R Gallagher | officer: General Manager | 6100 4TH AVENUE SOUTH, SUITE 400, SEATTLE WA 98108 |
Kalpesh Raval | officer: General Manager | 6100 4TH AVENUE SOUTH, SUITE 400, SEATTLE WA 98108 |
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