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

Lemonade, Inc. and Slide Insurance Holdings, Inc. are both Insurance Property & Casualty companies. Lemonade, Inc. is the larger, with a market value of $3.5B against $2.7B — 1.3× the size. Lemonade, Inc. has negative trailing earnings, so its P/E is not meaningful; Slide Insurance Holdings, Inc. trades at 5.1×. Lemonade, Inc. grew revenue faster over the last twelve months: 62.3% against 45.8%. Slide Insurance Holdings, Inc. has the higher net margin (40.0% vs −14.2%) and the higher return on invested capital (0.00% vs −25.6%). Across the 18 metrics below, Slide Insurance Holdings, Inc. leads on 17 and Lemonade, Inc. on 1.

Valuation

Metric LMND SLDE Insurance Property & Casualty median
P/E n/m 5.05 10.29
P/S 3.55 1.92 1.17
P/B 6.92 2.23 1.83
Price to free cash flow 427.02 2.58 7.48
EV/EBITDA n/m 1.17 7.49
EV/Sales 3.37 0.63 1.13
Earnings yield (4.07%) 19.78% 9.50%
Free cash flow yield 0.23% 38.81% 13.29%

Profitability

Metric LMND SLDE Insurance Property & Casualty median
Gross margin 51.65% 67.94% 41.16%
Operating margin (13.67%) 53.05% 15.09%
Net margin (14.19%) 40.02% 11.51%
Free cash flow margin 0.83% 74.49% 17.59%
Return on equity (26.96%) 53.88% 18.19%
Return on assets (7.01%) 17.33% 3.74%
Return on invested capital (25.59%) 0.00% 12.06%

Growth

Metric LMND SLDE Insurance Property & Casualty median
Revenue growth (TTM) 62.31% 45.82% 8.69%
EPS growth (last fiscal year) 21.40% 102.37% —
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 0.41 0.02 0.25
Current ratio 0.81 1.22 0.42
Net debt to EBITDA 1.58 (2.73) 0.08

Dividend

Metric LMND SLDE Insurance Property & Casualty median
Dividend yield — — 2.79%
Payout ratio 0.00 — 0.27

Size

Metric LMND SLDE Insurance Property & Casualty median
Market cap 3.53b 2.74b 2.44b

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