LMND Financial Services

Lemonade, Inc.

$41.34+0.36%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Financial Services
Industry: Insurance - Property & Casualty
Country: United States
Market cap: 3.2B USD
Full-time employees: 1,282

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: growth

Ranks #743 of 791 banks & insurance companies (bottom 7%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 12% from December 2022 to August 2026.
Lemonade had 12% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lemonade had 12% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Lemonade reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $94M in 2020 to $738M in 2025.
Lemonade's fiscal-year revenue rose in each of the five years to 2025, from $94M to $738M.
Fast revenue growth. Revenue grew 62% in the 12 months to June 2026 vs the 12 months before, faster than 95% of peers.
Revenue grew 62% in the 12 months to June 2026 vs the 12 months before, faster than 95% of its peers.

StockQuotient Score

20/ 100

Oct 5 20 → Nov 4 20

Valuation

Is the price right?

0/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ P/B
▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield15.6%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile40% base weight · Z-score -2.06Sector median: 0.7950 · MAD: 0.2843

Earnings yield-4.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price60% base weight · Z-score -3.12Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yield-3.0%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield0.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

59/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 15.4%

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed100% base weight · Z-score 0.34Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth39.1%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth62.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

0/100

Weak

2/2 inputs reported · High confidence

Since last quarter: ▲ Stronger

Net margin rose 2.3 points to -14.2%

Why

Weaker than most peers on:

▼ ROA
▼ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets-6.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score -2.09Sector median: 0.0117 · MAD: 0.0062

Return on equity-27.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score -2.86Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Lemonade

Is Lemonade getting weaker?: Its latest SEC filing (Aug 4, 2026) got stronger: net margin rose 2.3 points to -14.2%. Its overall score is unchanged at 20/100 since Oct 28, 2026.
How is Lemonade valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 950 banks & insurance peers. Book yield 15.6% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 15.6% vs peers 79.5% (weaker than 100% of peers).
Is Lemonade growing?: At about the same pace as its peers. Growth scores 59/100 against 950 banks & insurance peers.
How profitable is Lemonade?: Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -6.9% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -6.9% vs peers 1.2% (weaker than 100% of peers).
How risky is Lemonade?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Net margin rose 2.3 points to -14.2%

Worth watching: Lemonade is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	844.7M USD	975.0M USD	+15.4%
Net income (12 months)	−139.4M USD	−138.9M USD	−0.4%
Free cash flow (12 months)	19.5M USD	8.1M USD	−58.5%
Cash	374.3M USD	367.6M USD	−1.8%
Shares outstanding	76.8M	77.4M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Insurance - Property & Casualty · 31 companies

Valuations in Insurance - Property & Casualty are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
32% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +14% and earnings +58% (medians): earnings grew faster than prices.
Median price-to-book is −38% vs the whole market, against a usual −47%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	-187.9%	-116.0%	-55.1%	-38.4%	-22.4%	▲ 16 pts
Return on assets (ROA)	-16.0%	-17.6%	-14.5%	-10.9%	-8.6%	▲ 2.3 pts
Return on equity (ROE)	-24.4%	-34.4%	-33.4%	-34.1%	-31.0%	▲ 3.1 pts

LMND price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

White Mountains Insurance Group, Ltd.WTM94/ 100

The Allstate CorporationALL93/ 100

PT Saratoga Investama Sedaya TbkSRTG.JK93/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: growth

Ranks #743 of 791 banks & insurance companies (bottom 7%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 12% from December 2022 to August 2026.

Lemonade had 12% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lemonade had 12% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Lemonade reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $94M in 2020 to $738M in 2025.

Lemonade's fiscal-year revenue rose in each of the five years to 2025, from $94M to $738M.

Fast revenue growth. Revenue grew 62% in the 12 months to June 2026 vs the 12 months before, faster than 95% of peers.

Revenue grew 62% in the 12 months to June 2026 vs the 12 months before, faster than 95% of its peers.

Questions investors ask about Lemonade

Is Lemonade getting weaker?

Its latest SEC filing (Aug 4, 2026) got stronger: net margin rose 2.3 points to -14.2%. Its overall score is unchanged at 20/100 since Oct 28, 2026.

How is Lemonade valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 950 banks & insurance peers. Book yield 15.6% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 15.6% vs peers 79.5% (weaker than 100% of peers).

Is Lemonade growing?

At about the same pace as its peers. Growth scores 59/100 against 950 banks & insurance peers.

How profitable is Lemonade?

Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -6.9% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -6.9% vs peers 1.2% (weaker than 100% of peers).

How risky is Lemonade?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

844.7M USD

975.0M USD

+15.4%

Net income (12 months)

−139.4M USD

−138.9M USD

−0.4%

Free cash flow (12 months)

19.5M USD

8.1M USD

−58.5%

Cash

374.3M USD

367.6M USD

−1.8%

Shares outstanding

76.8M

77.4M

+0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

-187.9%

-116.0%

-55.1%

-38.4%

-22.4%

▲ 16 pts

Return on assets (ROA)

-16.0%

-17.6%

-14.5%

-10.9%

-8.6%

▲ 2.3 pts

Return on equity (ROE)

-24.4%

-34.4%

-33.4%

-34.1%

-31.0%

▲ 3.1 pts