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Lemonade, Inc.

LMND Financial Insurance Property & Casualty

Lemonade, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $737.9 million, up 40.2% from fiscal 2024.

Revenue
+72.8%
EPS
−9.80%
Free cash flow
−26.9%
Total debt
+66.6%

Quarter to September 2026, against a year earlier

39.83 1.65 −3.98%
Market cap
$3.2B
P/E
0.0×
Fwd P/E
−23.2×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.49
Sold, $m 30.42
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell 8 4 — 3 — — 3 2 1 3 — —
Insider Ownership 11.57%

Capital & Financial Ratios $m

Size
Market Cap 3,210.00
Revenue ttm 1,116.60
Net income ttm (144.60)
Free cash flow ttm 7.40
Net debt Q (153.60)
Valuation
P/E 0.00
Forward P/E (23.20) (negative: loss-making)
Price / sales 2.88
Forward P/S Powerpack
Price / FCF 434.57
Price / book 6.82
Financial health
Current ratio Q 0.81
Debt / equity Q 0.49
Interest coverage Q —
Growth
Revenue growth Q +72.80% (above 0%: growing)
Operating income growth Q −19.01% (below 0%: shrinking)
EPS, this year +18.14% (at or above 15%: strong)
EPS, next year A +39.99% (at or above 15%: strong)
Revenue, next year A +65.06% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +36.59% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 16.93%
10-year low 10-year high
P/B against its own 10 years 75.67%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 272 386 397 385
Receivables 360 472 556 682
Inventory — — — —
Other — — — —
632 857 952 —
2023 2024 2025 Q'26
Payables 681 847 943 —
ST’ Debt 15 83 158 232
Other — — — —
696 930 1,101 —

Compound Annual Growth %

10y 5y 3y
Sales — 50.87% 42.19%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (0.28%) (14.93%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.56 Actual −0.56

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.72 −0.51 Beat by 0.21
Q4 FY25 −0.41 −0.29 Beat by 0.12
Q1 FY26 −0.58 −0.47 Beat by 0.11
Q2 FY26 −0.56 −0.56 Met by 0.00
Q3 FY26 −0.60 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.47) (0.56) (0.56) — —
’25 (0.86) (0.60) (0.51) (0.29) (2.24)
’24 (0.67) (0.81) (0.95) (0.42) (2.85)
’23 (0.95) (0.97) (0.88) (0.61) (3.40)
’22 (1.21) (1.10) (1.37) (0.93) (4.59)
’21 (0.81) (0.90) (1.08) (1.14) (3.94)
’20 (3.16) (1.77) (0.57) (0.60) (3.63)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 258 294 336 — —
’25 151 164 195 228 738
’24 119 122 137 149 527
’23 95 105 115 116 430
’22 44 50 74 88 257
’21 24 28 36 41 128
’20 26 30 18 21 94
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) (3) 7 — —
’25 (47) 6 5 21 (16)
’24 (30) (12) 16 14 (11)
’23 (46) (50) (6) (16) (119)
’22 (39) (40) (55) (29) (163)
’21 (40) (16) (38) (50) (145)
’20 (19) (16) (36) (21) (92)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (8) 2 — —
’25 (49) 3 3 18 (26)
’24 (32) (13) 14 11 (21)
’23 (49) (52) (8) (18) (128)
’22 (42) (42) (58) (31) (173)
’21 (42) (19) (41) (52) (154)
’20 (20) (17) (37) (22) (96)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 2 23 67 94 128 257 430 527 738 1,117 +104.6% 1,218 1,643 2,142 +42.7%
Gross margin, % — 0.00 32.44 31.95 42.06 44.00 34.83 34.76 47.39 52.97 49.02 +53.0 pt
EBT — (28) (53) (108) (121) (234) (295) (230) (204) (161) (140) +24.4%
EBT margin, % — (1,166.67) (233.78) (160.33) (127.97) (181.93) (114.84) (53.47) (38.73) (21.81) (12.56) +1,144.9 pt
Net income — (28) (53) (108) (122) (241) (298) (237) (202) (165) (145) +24.8%
Per share, $
Per share, $ Revenue — 0.04 2.06 6.05 2.80 2.10 3.95 6.17 7.41 9.98 14.40 +97.9%
Earnings — (0.50) (4.84) (9.75) (3.63) (3.94) (4.59) (3.40) (2.85) (2.24) (1.88) +20.6%
Cash flow — (0.34) (3.73) (7.02) (2.72) (2.36) (2.51) (1.71) (0.16) (0.22) 0.31 (5.0%)
Capex — 0.00 (0.06) (0.24) (0.13) (0.15) (0.16) (0.13) (0.13) (0.13) (0.21) n/m
Free cash flow — (0.34) (3.80) (7.26) (2.86) (2.52) (2.67) (1.84) (0.29) (0.35) 0.10 +0.5%
Book value — 0.57 0.00 26.76 16.07 16.14 13.35 10.18 8.36 7.22 6.08 +37.5%
Shares, m — 57 11 11 34 61 65 70 71 74 76 +3.4%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — 9.28 9.28 9.28 43.67 20.08 3.47 2.76 4.95 7.13 2.88 12.2
P/B — 0.00 0.00 0.00 7.62 2.61 1.03 1.67 4.39 9.86 6.82 3.0
EV/Sales — 6.37 6.37 6.37 37.62 17.97 2.36 2.16 4.37 6.81 — 10.0
EV/FCF — (7.18) (7.18) (7.18) (36.95) (14.98) (3.49) (7.25) (110.71) (194.00) — (43.2)
Cash, $m
Cash, $m Operating cash flow — (19) (41) (78) (92) (145) (163) (119) (11) (16) 24 (1.8%)
Capex — 0 (1) (3) (4) (9) (10) (9) (9) (9) (17) +53.8%
Free cash flow — (19) (41) (81) (96) (154) (173) (128) (21) (26) 7 +3.9%
Balance, $m
Balance, $m Working capital — — — 248 500 126 20 (64) (73) (148) (230) n/m
Net debt — — — (270) (571) (271) (286) (257) (302) (239) (154) (2.1%)
Shareholders’ equity — 32 — 298 541 988 867 709 593 534 472 +42.2%
Returns, %
Returns, % ROA — (30.88) (258.05) (47.66) (19.68) (20.63) (18.61) (14.25) (11.61) (8.77) (7.22) +22.1 pt
ROIC — 0.00 0.00 (246.12) 0.00 (20.35) (31.75) (31.75) (43.78) (34.10) (27.54) (34.1) pt
ROE — 52.52 98.88 82.98 (68.23) (31.56) (32.11) (30.07) (31.05) (29.37) (29.27) (81.9) pt
People
People Employees — — — 329 567 1,119 1,367 1,258 1,235 1,282 — +25.4%
Revenue/emp, $m — 0.00 0.00 0.20 0.17 0.11 0.19 0.34 0.43 0.58 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Lemonade, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WTM White Mountains Insurance Group, Ltd. $5.5B 6.0× 5.1× −25.82% (below 0%: shrinking) n/m −0.75% (below 0%: shrinking) 0.00% 0.00% Compare
MCY Mercury General Corporation $4.7B 7.3× 7.0× −12.84% (below 0%: shrinking) n/m −25.62% (below 0%: shrinking) 7.63% (0.92%) Compare
PLMR Palomar Holdings, Inc. $4.1B 20.2× 17.7× +54.65% (above 0%: growing) +14.94% (above 0%: growing) +38.21% (above 0%: growing) 23.77% 23.77% Compare
LMND Lemonade, Inc. $3.2B — (loss-making) — (loss-making) +72.80% (above 0%: growing) n/m −26.92% (below 0%: shrinking) 44.24% (12.85%)
SLDE Slide Insurance Holdings, Inc. $3.1B 5.4× 6.9× +35.89% (above 0%: growing) +33.02% (above 0%: growing) −301.53% (below 0%: shrinking) 59.14% 45.24% Compare
SKWD Skyward Specialty Insurance Group, Inc. $2.8B 14.4× 13.6× +53.03% (above 0%: growing) +14.58% (above 0%: growing) −23.60% (below 0%: shrinking) 43.47% 14.78% Compare
HCI HCI Group, Inc. $2.4B 7.5× 9.1× +13.20% (above 0%: growing) +32.08% (above 0%: growing) +187.69% (above 0%: growing) 60.37% 48.08% Compare
PRCH Porch Group, Inc. $2.3B 344× 294× +13.02% (above 0%: growing) n/m +50.01% (above 0%: growing) 74.98% 12.57% Compare
KMPR Kemper Corporation $2.1B — (loss-making) — (loss-making) −10.84% (below 0%: shrinking) n/m −76.71% (below 0%: shrinking) 0.17% (41.92%) Compare
Median of peers $3.0B 7.5× 9.1× +13.11% +23.51% −12.17% 33.62% 13.67%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 22 April 2026

Ownership

Directors and executive officers, together 12.20%
JP Morgan Chase & Co. 5.80%
Shai Wininger 5.40%
BlackRock Inc. 5.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lemonade, Inc. (LMND) Latest News

6 Nov

Impact 3 · · The Motley Fool transcript

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Zacks

27 Oct

Impact 3 · · PR Newswire

20 Oct

Impact 3 · · PR Newswire

19 Oct

Impact 3 · · PR Newswire

8 Oct

Impact 4 · · MarketBeat
Impact 3 · · PR Newswire

6 Oct

Impact 3 · · PR Newswire

4 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · Zacks
Impact 3 · · StockStory

29 Sep

Impact 3 · · PR Newswire
Impact 3 · · StockStory

25 Sep

Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.

22 Sep

Impact 4 · · PR Newswire

18 Sep

Impact 3 · · MarketBeat

14 Sep

Impact 4 · · cfodive.com
Impact 3 · · The Motley Fool

4 Sep

Impact 3 ·
Impact 3 · · 24/7 Wall St.

2 Sep

Impact 3 ·

26 Aug

Impact 3 ·

14 Aug

Impact 4 · · The Motley Fool

7 Aug

Impact 4 · · The Motley Fool transcript

4 Aug

Impact 4 · · The Motley Fool

LMND metrics, ten years each

stockrow.com/LMND · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com