Lemonade, Inc. (LMND) vs Slide Insurance Holdings, Inc. (SLDE)

Lemonade, Inc. and Slide Insurance Holdings, Inc. are both Insurance Property & Casualty companies. Lemonade, Inc. and Slide Insurance Holdings, Inc. are of similar size ($3.2B and $3.1B). Lemonade, Inc. has negative trailing earnings, so its P/E is not meaningful; Slide Insurance Holdings, Inc. trades at 5.4×. Lemonade, Inc. grew revenue faster over the last twelve months: 69.5% against 47.1%. Slide Insurance Holdings, Inc. has the higher net margin (39.3% vs −13.0%) and the higher return on invested capital (0.00% vs −27.5%). Across the 17 metrics below, Slide Insurance Holdings, Inc. leads on 16 and Lemonade, Inc. on 1.

Valuation

Metric LMND SLDE Insurance Property & Casualty median
P/E n/m 5.41 12.17
P/S 2.88 2.07 1.26
P/B 6.82 2.36 1.85
Price to free cash flow 434.57 3.20 8.04
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (4.53%) 18.48% 8.20%
Free cash flow yield 0.23% 31.27% 11.86%

Profitability

Metric LMND SLDE Insurance Property & Casualty median
Gross margin 49.02% 64.75% 37.39%
Operating margin (12.56%) 50.68% 14.67%
Net margin (12.95%) 39.28% 10.16%
Free cash flow margin 0.66% 64.74% 18.60%
Return on equity (29.27%) 51.44% 16.59%
Return on assets (7.22%) 19.18% 3.38%
Return on invested capital (27.54%) 0.00% 9.43%

Growth

Metric LMND SLDE Insurance Property & Casualty median
Revenue growth (TTM) 69.54% 47.09% 5.70%
EPS growth (last fiscal year) 21.40% 102.37% 39.61%
Revenue growth, 5-year CAGR 50.87% — 9.23%
Net income growth, 5-year CAGR 0.00% — 10.09%

Health

Metric LMND SLDE Insurance Property & Casualty median
Debt to equity 0.49 0.02 0.25
Current ratio 0.81 1.26 0.49
Net debt to EBITDA 1.58 (2.73) 0.08

Dividend

Metric LMND SLDE Insurance Property & Casualty median
Dividend yield — 0.27% 1.56%
Payout ratio — 0.02 0.15

Size

Metric LMND SLDE Insurance Property & Casualty median
Market cap 3.21b 3.10b 2.64b

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