Lemonade Inc LMND

FinancialsInsuranceUnited States of America

Last close 41.34 USD on Nov 3, 2026, −41.9% year to date

Quant rating

Quant rating C Rank 361 of 799 in Financials

Growth A 16 of 799
Valuation C 325 of 799
Quality C 430 of 799
Revisions B 258 of 799
Momentum D 661 of 799

Wall Street consensus Hold (2.85)Average target 63.25 USD +53.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.2B
Enterprise value: 3.0B
52-week range: 39.60 – 99.84
3-year range: 14.22 – 99.84
Dividend yield: –
Beta (5 years): 1.95
Shares outstanding: 77.4M
Next earnings: Nov 5, 2026

About the company

Lemonade, Inc. offers renters, homeowners, car, pet, and life insurance. The Company operates through the United States, Europe, including the United Kingdom, providing insurance products to customers through various sales channels. The Company's digital substrate enables it to integrate marketing and onboarding with underwriting and claims processing, collecting, and deploying data. Its technology includes Data Advantage, AI Maya, AI Jim, CX.AI, Forensic Graph, Blender, and Cooper. AI Maya, its onboarding and customer experience bot, uses natural language to guide customers in joining the Company. AI Jim, its claims bot, takes the first notice of loss from its customer without human intervention. It offers pet insurance that covers diagnostics, procedures, medication, accidents or illness. Even its basic pet insurance offering covers blood tests, urinalysis, lab work, and computed tomography scans.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	700	492	405	248	126	–
Revenue growth	42.2%	21.6%	63.1%	96.3%	36.2%	49.8%
EPS (basic, normalized)	−2.24	−2.85	−3.40	−4.59	−3.88	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	−22.4%	−38.4%	−55.1%	−116.0%	−187.9%	−84.0%
ROE	−27.1%	−31.1%	−30.1%	−21.9%	−31.1%	−28.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	206
Net debt (mil)	–
Total equity (mil)	500
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	700	+42.2%	4.3x	7.03	−11.0%	5.9x	−2.24	+21.4%	−18.5x
2026	1,218	+73.9%	2.5x	6.20	−11.8%	6.7x	−1.85	+17.5%	−22.4x
2027	1,643	+34.9%	1.8x	6.40	+3.2%	6.5x	−1.07	+41.8%	−38.5x
2028	2,142	+30.4%	1.4x	7.95	+24.1%	5.2x	0.47	+143.4%	88.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,218	0.0%	0.0%	+1.1%	−1.85	+0.9%	−2.6%	−5.0%
2027	1,643	0.0%	+0.3%	+1.8%	−1.07	+0.3%	−13.9%	−29.0%
2028	2,142	+0.3%	+0.1%	+1.6%	0.47	+2.6%	−26.2%	−3.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	119	122	137	149	151	164	194	228	258	294
Sales mean (mil)	114	122	129	145	145	160	185	216	252	291
Surprise	+4.2%	+0.2%	+5.8%	+2.7%	+4.1%	+2.3%	+5.4%	+5.7%	+2.6%	+1.2%
EPS reported	−0.67	−0.81	−0.95	−0.42	−0.86	−0.60	−0.51	−0.29	−0.47	−0.56
EPS mean	−0.79	−0.88	−1.03	−0.60	−0.95	−0.79	−0.70	−0.40	−0.57	−0.56
Surprise	+15.7%	+7.8%	+7.5%	+30.2%	+9.0%	+24.3%	+27.5%	+27.3%	+17.0%	−0.4%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
LMND Lemonade Inc	3.2B	−27.1%	−22.4%	6.40x	−22.4x	−38.5x	6.7x	6.5x
CB Chubb Limited	140.0B	14.4%	17.4%	1.91x	12.6x	12.4x	1.8x	1.6x
PGR The Progressive Corporation	132.7B	38.2%	12.9%	3.85x	12.4x	14.1x	3.9x	3.4x
MRSH Marsh & McLennan Companies, Inc.	96.8B	33.4%	15.4%	6.60x	19.4x	17.8x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.0B	20.8%	12.8%	2.79x	10.8x	12.7x	2.5x	2.3x
AJG Arthur J. Gallagher & Co.	70.1B	12.8%	10.7%	2.92x	20.9x	18.4x	2.7x	2.5x
Mean		15.4%	7.8%	4.08x	9.0x	6.2x	4.0x	3.6x
Median		17.6%	12.8%	3.38x	12.5x	13.4x	3.3x	3.0x

Technical analysis

1M−11.1%
3M−22.1%
1Y−32.8%
3Y+138.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lemonade Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	700	492	405	248	126	92.9
Other revenue	37.8	34.0	24.7	8.4	1.9	1.5
Total revenue	738	526	430	257	128	94.4
Losses, benefits and adjustments	403	321	316	210	95.0	64.2
Amortization of policy acquisition costs	32.1	30.5	21.8	1.6	1.0	4.9
Selling, general & administrative expenses	391	283	223	258	213	125
Depreciation/amortization	9.7	10.7	10.2	3.0	1.0	1.7
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	62.5	85.8	88.8	79.6	51.8	19.4
Operating income	−161	−204	−230	−295	−234	−121
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−161	−204	−230	−295	−234	−121
Provision for taxes	4.6	−1.7	7.1	3.0	7.7	1.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−166	−202	−237	−298	−241	−122
Extraordinary items	–	–	–	–	–	–
Net income	−166	−202	−237	−298	−241	−122
Basic weighted average shares (mil)	73.9	71.0	69.7	64.9	61.2	33.7
Diluted weighted average shares (mil)	73.9	71.0	69.7	64.9	61.2	33.7
Basic EPS, normalized	−2.24	−2.85	−3.40	−4.59	−3.88	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lemonade Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	7.8	8.9	12.0	14.0	10.6	7.5
Property, plant & equipment	35.6	31.3	34.8	46.0	33.6	5.7
Goodwill	19.0	19.0	19.0	19.0	–	–
Intangibles	8.1	13.6	22.9	32.5	0.6	0.6
Insurance receivables	402	301	222	180	127	86.1
Long-term investments	723	635	673	750	802	6.6
Note receivable	–	–	1.5	5.0	–	0
Other long-term assets	11.8	9.7	7.0	4.0	0	0.6
Deferred policy acquisition costs	12.1	12.2	8.8	6.9	6.2	3.5
Other assets	321	442	368	351	260	147
Total assets	1,926	1,849	1,633	1,691	1,510	829
Liabilities
Accounts payable	0.5	4.5	0.6	1.1	1.0	1.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	79.0	63.6	55.5	68.5	48.9	16.5
Policy liabilities	1,112	1,066	823	738	464	268
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	158	83.4	14.9	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	42.0	38.2	30.1	16.0	8.5	2.2
Total liabilities	1,392	1,256	924	824	522	288
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,992	1,898	1,814	1,754	1,554	860
Retained earnings (accumulated deficit)	−1,464	−1,299	−1,097	−860	−562	−321
Treasury stock	–	–	–	–	–	–
Other equity	6.4	−6.1	−9.0	−27.6	−3.4	1.8
Total equity	534	593	709	867	988	541
Total liabilities & shareholders' equity	1,926	1,849	1,633	1,691	1,510	829

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lemonade Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−166	−202	−237	−298	−241	−122
Depreciation, depletion & amortization	15.2	20.0	20.0	12.2	3.7	1.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	75.3	69.7	69.1	74.7	46.1	24.7
Changes in working capital	58.5	101	28.7	47.9	46.9	4.2
Cash from operations	−16.5	−11.4	−119	−163	−145	−91.7
Investing activities
Capital expenditures	−9.4	−9.4	−9.2	−10.1	−9.4	−4.4
Other investing cash flows	−79.7	50.0	97.9	191	−795	54.5
Cash from investing	−89.1	40.6	88.7	181	−805	50.1
Financing activities
Financing cash flow items	–	–	–	0	0	1.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	107	87.7	15.4	3.6	650	340
Cash from financing	107	87.7	15.4	3.6	650	341
Foreign exchange effects	10.1	−2.7	0	−5.8	−1.0	1.6
Net change in cash	11.1	114	−15.0	15.9	−301	301
Free cash flow	−25.9	−20.8	−128	−173	−154	−96.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.