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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. In the quarter to June 2026, revenue grew 79.4%, EPS grew 6.67%, free cash flow fell 335.3% and total debt rose 67.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

44.20 1.66 −3.62%
Market cap
$3.6B
P/E
0.0×
Fwd P/E
−29.8×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.49
Total sells 37.73
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell 3 8 4 — 3 — — 3 2 1 3 —
Insider Ownership 10.93%

Capital & Financial Ratios $m

Market Cap 3,550.00
Revenue 975.00
Net Income (138.40)
Free Cash Flow 8.10
Net Debt (173.90)
Current Ratio 0.81
Debt/Equity 0.41
P/E ratio 0.00
Fwd P/E (29.80) (negative: loss-making)
P/S ratio 3.49
P/B ratio 6.81
Past 5Y EPS Growth —
This Y EPS Growth 17.61% (at or above 15%: strong)
Next Y EPS Growth 42.11% (at or above 15%: strong)
Next Y revenue growth 64.93% (at or above 10%: strong)
Next 5Y EPS Growth 36.59% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 23.59%
10-year low 10-year high
P/B against its own 10 years 76.30%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2019 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 272 386 397 380
Receivables 360 472 556 623
Inventory — — — —
Other — — — —
632 857 952 1,003
2023 2024 2025 Q'26
Payables 681 847 943 1,026
ST’ Debt 15 83 158 206
Other — — — —
696 930 1,101 1,233

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 258 294 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.47) (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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — 44.11 39.20 12.82 10.27 14.03 24.31

Analyst estimates 2026–2028

Powerpack
High — — — — 137.30 188.30 44.50 24.81 53.85 85.20
People
People Employees — — — 329 567 1,119 1,367 1,258 1,235 1,282
Revenue/emp, $m — 0.00 0.00 0.20 0.17 0.11 0.19 0.34 0.43 0.58
Income, $m
Income, $m Revenue — 2 23 67 94 128 257 430 527 738
Gross margin, % — 0.00 32.44 31.95 42.06 44.00 34.83 34.76 47.39 52.97
EBT — (28) (53) (108) (121) (234) (295) (230) (204) (161)
EBT margin, % — (1,166.67) (233.78) (160.33) (127.97) (181.93) (114.84) (53.47) (38.73) (21.81)
Net income — (28) (53) (108) (122) (241) (298) (237) (202) (165)
Depreciation — — 0 0 1 0 19 17 14 9
Per share, $
Per share, $ Revenue — 0.04 2.06 6.05 2.80 2.10 3.95 6.17 7.41 9.98
Earnings — (0.50) (4.84) (9.75) (3.63) (3.94) (4.59) (3.40) (2.85) (2.24)
Cash flow — (0.34) (3.73) (7.02) (2.72) (2.36) (2.51) (1.71) (0.16) (0.22)
Capex — 0.00 (0.06) (0.24) (0.13) (0.15) (0.16) (0.13) (0.13) (0.13)
Free cash flow — (0.34) (3.80) (7.26) (2.86) (2.52) (2.67) (1.84) (0.29) (0.35)
Book value — 0.57 0.00 26.76 16.07 16.14 13.35 10.18 8.36 7.22
Shares, m — 57 11 11 34 61 65 70 71 74
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — 9.28 9.28 9.28 43.67 20.08 3.47 2.76 4.95 7.13
P/B — 0.00 0.00 0.00 7.62 2.61 1.03 1.67 4.39 9.86
EV/Sales — 6.37 6.37 6.37 37.62 17.97 2.36 2.16 4.37 6.81
EV/FCF — (7.18) (7.18) (7.18) (36.95) (14.98) (3.49) (7.25) (110.71) (194.00)
Cash, $m
Cash, $m Operating cash flow — (19) (41) (78) (92) (145) (163) (119) (11) (16)
Capex — 0 (1) (3) (4) (9) (10) (9) (9) (9)
Free cash flow — (19) (41) (81) (96) (154) (173) (128) (21) (26)
Balance, $m
Balance, $m Working capital — — — 248 500 126 20 (64) (73) (148)
Total debt — — — — — 22 26 15 83 158
Net debt — — — (270) (571) (271) (286) (257) (302) (239)
Shareholders’ equity — 32 — 298 541 988 867 709 593 534
Returns, %
Returns, % ROA — (30.88) (258.05) (47.66) (19.68) (20.63) (18.61) (14.25) (11.61) (8.77)
ROIC — 0.00 0.00 (246.12) 0.00 (20.35) (31.75) (31.75) (43.78) (34.10)
ROE — 52.52 98.88 82.98 (68.23) (31.56) (32.11) (30.07) (31.05) (29.37)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
RLI RLI Corp. $5.5B 12.8× 19.5× +15.15% (above 0%: growing) +35.82% (above 0%: growing) −17.87% (below 0%: shrinking) 43.61% 36.86% Compare
HGTY Hagerty, Inc. $5.3B 95.6× — (loss-making) −6.46% (below 0%: shrinking) n/m +238.74% (above 0%: growing) 100.00% 18.38% Compare
SIGI Selective Insurance Group, Inc. $5.2B 11.1× 11.4× +4.54% (above 0%: growing) +55.15% (above 0%: growing) +34.56% (above 0%: growing) 41.15% 12.69% Compare
WTM White Mountains Insurance Group, Ltd. $5.1B 4.9× 5.1× +22.55% (above 0%: growing) +68.75% (above 0%: growing) −131.27% (below 0%: shrinking) 54.44% 32.51% Compare
PLMR Palomar Holdings, Inc. $3.6B 18.2× 13.7× +54.65% (above 0%: growing) +14.94% (above 0%: growing) +38.21% (above 0%: growing) 23.77% 23.77% Compare
LMND Lemonade, Inc. $3.6B — (loss-making) — (loss-making) +79.40% (above 0%: growing) n/m −335.29% (below 0%: shrinking) 47.69% (14.20%)
SLDE Slide Insurance Holdings, Inc. $3.1B 5.9× 4.8× +47.86% (above 0%: growing) +11.43% (above 0%: growing) +18.76% (above 0%: growing) 60.96% 46.37% Compare
SKWD Skyward Specialty Insurance Group, Inc. $2.7B 13.8× 10.3× +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 8.3× 8.6× +11.15% (above 0%: growing) +3.77% (above 0%: growing) −13.60% (below 0%: shrinking) 58.07% 45.43% Compare
Median of peers $4.4B 11.9× 10.3× +18.85% +14.94% +2.58% 49.02% 28.14%

All 45 Insurance Property & Casualty stocks →

Lemonade, Inc. (LMND) key facts

  • Concern: Lemonade, Inc. reported a net loss of $165.5 million, or a loss of $2.24 per share, for fiscal 2025.
  • Strength: Lemonade, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $737.9 million, up 40.2% from fiscal 2024.
  • Lemonade, Inc. (LMND) is an Insurance Property & Casualty company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, LMND traded at $44.20, a market capitalization of $3.6 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 3.5× sales.
  • Return on equity was −29.4% and debt-to-equity 0.41.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Lemonade, Inc. (LMND) Latest News

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stockrow.com/LMND · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com