NYSE : LMND
Lemonade, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 42.94 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.32B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 784.10M | 536.30M | 370.60M | 315.20M | 172.40M | 77.00M |
| Total Interest & Dividend Income | 38.40M | 37.80M | 34.00M | 24.70M | 8.40M | 1.90M |
| Other Revenue | 152.10M | 163.80M | 121.90M | 89.90M | 75.90M | 49.50M |
| Total Revenue | 975.00M | 737.90M | 526.50M | 429.80M | 256.70M | 128.40M |
| Policy Benefits | 471.40M | 347.00M | 277.00M | 280.40M | 167.30M | 71.90M |
| Selling, General & Administrative | 527.90M | 468.60M | 384.50M | 315.00M | 319.20M | 247.50M |
| Total Operating Expenses | 1.08B | 874.60M | 723.90M | 652.50M | 543.10M | 362.00M |
| Operating Income | -103.20M | -136.70M | -197.40M | -222.70M | -286.40M | -233.60M |
| Interest Expense | -23.20M | -17.30M | -6.20M | -400.00K | ||
| EBT Excluding Unusual Items | -126.40M | -154.00M | -203.60M | -223.10M | -286.40M | -233.60M |
| Merger & Restructuring Charges | -8.40M | |||||
| Asset Writedown | -300.00K | -3.70M | ||||
| Legal Settlements | -3.00M | |||||
| Other Unusual Items | -6.90M | -6.90M | ||||
| Pretax Income | -133.30M | -160.90M | -203.90M | -229.80M | -294.80M | -233.60M |
| Income Tax Expense | 5.10M | 4.60M | -1.70M | 7.10M | 3.00M | 7.70M |
| Net Income | -138.40M | -165.50M | -202.20M | -236.90M | -297.80M | -241.30M |
| Net Income to Common | -138.40M | -165.50M | -202.20M | -236.90M | -297.80M | -241.30M |
| Shares Outstanding (Basic) | 75.68M | 73.94M | 71.02M | 69.66M | 64.92M | 61.22M |
| Shares Outstanding (Diluted) | 75.68M | 73.94M | 71.02M | 69.66M | 64.92M | 61.22M |
| EPS (Basic) | -1.83 | -2.24 | -2.85 | -3.40 | -4.59 | -3.94 |
| EPS (Diluted) | -1.83 | -2.24 | -2.85 | -3.40 | -4.59 | -3.94 |
| Free Cash Flow | 8.10M | -25.90M | -20.80M | -128.30M | -173.10M | -154.00M |
| Free Cash Flow Per Share | 0.11 | -0.35 | -0.29 | -1.84 | -2.67 | -2.52 |
| Operating Margin | -10.59% | -18.53% | -37.49% | -51.81% | -111.57% | -181.93% |
| Profit Margin | -14.19% | -22.43% | -38.41% | -55.12% | -116.01% | -187.93% |
| Free Cash Flow Margin | 0.83% | -3.51% | -3.95% | -29.85% | -67.43% | -119.94% |
| EBITDA | -92.10M | -121.50M | -177.40M | -202.70M | -274.20M | -229.90M |
| EBITDA Margin | -9.45% | -16.47% | -33.69% | -47.16% | -106.82% | -179.05% |
| D&A For EBITDA | 11.10M | 15.20M | 20.00M | 20.00M | 12.20M | 3.70M |
| EBIT | -103.20M | -136.70M | -197.40M | -222.70M | -286.40M | -233.60M |
| EBIT Margin | -10.59% | -18.52% | -37.49% | -51.81% | -111.57% | -181.93% |
| Revenue as Reported | 975.00M | 737.90M | 526.50M | 429.80M | 256.70M | 128.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 768.50M | 708.80M | 607.40M | 627.40M | 650.30M | 691.40M |
| Other Investments | 9.20M | 14.10M | 27.50M | 45.80M | 99.80M | 110.40M |
| Total Investments | 777.70M | 722.90M | 634.90M | 673.20M | 750.10M | 801.80M |
| Cash & Equivalents | 367.60M | 385.00M | 376.00M | 264.50M | 282.50M | 270.60M |
| Reinsurance Recoverable | 132.10M | 153.40M | 170.40M | 138.40M | 156.80M | 89.80M |
| Other Receivables | 490.40M | 421.00M | 315.50M | 250.10M | 209.30M | 144.90M |
| Deferred Policy Acquisition Cost | 16.10M | 12.10M | 12.20M | 8.80M | 6.90M | 6.20M |
| Property, Plant & Equipment | 18.90M | 35.60M | 31.30M | 34.80M | 46.00M | 33.60M |
| Goodwill | 19.00M | 19.00M | 19.00M | 19.00M | 19.00M | |
| Other Intangible Assets | 8.10M | 6.40M | 11.90M | 21.20M | 32.20M | 600.00K |
| Restricted Cash | 12.70M | 11.80M | 9.70M | 7.00M | 4.00M | |
| Other Current Assets | 125.30M | 156.70M | 263.60M | 209.40M | 178.50M | 160.20M |
| Other Long-Term Assets | 44.00M | 1.80M | 4.60M | 6.90M | 5.40M | 2.80M |
| Total Assets | 2.01B | 1.93B | 1.85B | 1.63B | 1.69B | 1.51B |
| Accounts Payable | 2.40M | 500.00K | 4.50M | 600.00K | 1.10M | 1.00M |
| Accrued Expenses | 71.70M | 68.30M | 47.30M | 27.50M | 33.30M | 27.20M |
| Insurance & Annuity Liabilities | 307.50M | 303.10M | 298.10M | 262.30M | 256.20M | 97.90M |
| Unearned Premiums | 702.10M | 619.80M | 527.60M | 412.40M | 329.80M | 246.20M |
| Reinsurance Payable | 178.40M | 195.90M | 246.20M | 152.80M | 154.40M | 121.80M |
| Current Portion of Leases | 7.20M | |||||
| Current Income Taxes Payable | 200.00K | 600.00K | 1.50M | 1.20M | 600.00K | 4.70M |
| Long-Term Debt | 206.40M | 158.10M | 83.40M | 14.90M | ||
| Long-Term Leases | 20.00M | 16.80M | 23.80M | 28.20M | 35.20M | 22.30M |
| Other Long-Term Liabilities | 23.70M | 21.80M | 23.30M | 24.50M | 13.30M | 1.20M |
| Total Liabilities | 1.51B | 1.39B | 1.26B | 924.40M | 823.90M | 522.30M |
| Additional Paid-In Capital | 2.04B | 1.99B | 1.90B | 1.81B | 1.75B | 1.55B |
| Retained Earnings | -1.54B | -1.46B | -1.30B | -1.10B | -859.70M | -561.90M |
| Comprehensive Income & Other | -300.00K | 6.40M | -6.10M | -9.00M | -27.60M | -3.40M |
| Total Common Equity | 499.50M | 533.60M | 593.40M | 708.90M | 866.80M | 988.20M |
| Shareholders' Equity | 499.50M | 533.60M | 593.40M | 708.90M | 866.80M | 988.20M |
| Total Liabilities & Equity | 2.01B | 1.93B | 1.85B | 1.63B | 1.69B | 1.51B |
| Filing Date Shares Outstanding | 77.40M | 76.38M | 72.82M | 70.22M | 69.30M | 61.69M |
| Total Common Shares Outstanding | 77.33M | 75.91M | 72.72M | 70.16M | 69.28M | 61.66M |
| Total Debt | 226.40M | 182.10M | 107.20M | 43.10M | 35.20M | 22.30M |
| Net Cash (Debt) | 141.20M | 202.90M | 268.80M | 221.40M | 247.30M | 248.30M |
| Net Cash Per Share | 1.87 | 2.74 | 3.78 | 3.18 | 3.81 | 4.06 |
| Book Value Per Share | 6.46 | 7.03 | 8.16 | 10.10 | 12.51 | 16.03 |
| Tangible Book Value | 472.40M | 508.20M | 562.50M | 668.70M | 815.60M | 987.60M |
| Tangible Book Value Per Share | 6.11 | 6.70 | 7.74 | 9.53 | 11.77 | 16.02 |
| Machinery | 50.80M | 41.40M | 32.80M | 24.40M | 13.00M | |
| Leasehold Improvements | 13.10M | 13.10M | 13.00M | 13.40M | 4.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -138.40M | -165.50M | -202.20M | -236.90M | -297.80M | -241.30M |
| Depreciation & Amortization | 11.10M | 15.20M | 20.00M | 20.00M | 12.20M | 3.70M |
| Gain (Loss) on Sale of Investments | -5.20M | -5.80M | -6.10M | -2.60M | 6.70M | -4.20M |
| Stock-Based Compensation | 81.30M | 61.30M | 64.50M | 59.90M | 59.30M | 44.10M |
| Change in Accounts Receivable | -169.10M | -123.20M | -90.20M | -50.50M | -43.80M | -47.20M |
| Reinsurance Recoverable | 45.70M | 17.00M | -32.00M | 18.40M | -52.60M | -40.80M |
| Change in Accounts Payable | 200.00K | -4.00M | 3.90M | -500.00K | -700.00K | -400.00K |
| Change in Unearned Revenue | 118.00M | 94.60M | 125.50M | 67.40M | 68.30M | 98.00M |
| Change in Insurance Reserves / Liabilities | -2.30M | 5.00M | 35.80M | 6.10M | 74.00M | 51.60M |
| Change in Other Net Operating Assets | 156.50M | 119.00M | -29.90M | -7.90M | -17.00M | -58.30M |
| Other Operating Activities | -2.30M | -2.30M | ||||
| Operating Cash Flow | 21.20M | -16.50M | -11.40M | -119.10M | -163.00M | -144.60M |
| Capital Expenditures | -13.10M | -9.40M | -9.40M | -9.20M | -10.10M | -9.40M |
| Cash Acquisitions | 98.80M | |||||
| Investment in Securities | -132.00M | -79.70M | 50.00M | 97.90M | 92.40M | -795.40M |
| Investing Cash Flow | -145.10M | -89.10M | 40.60M | 88.70M | 181.10M | -804.80M |
| Long-Term Debt Issued | 133.00M | 96.10M | 19.10M | |||
| Total Debt Repaid | -73.90M | -58.30M | -27.70M | -4.20M | ||
| Net Debt Issued (Repaid) | 82.90M | 74.70M | 68.40M | 14.90M | ||
| Issuance of Common Stock | 34.00M | 31.90M | 19.30M | 500.00K | 3.60M | 649.60M |
| Financing Cash Flow | 116.90M | 106.60M | 87.70M | 15.40M | 3.60M | 649.60M |
| Foreign Exchange Rate Adjustments | 1.30M | 10.10M | -2.70M | -5.80M | -1.00M | |
| Net Cash Flow | -5.70M | 11.10M | 114.20M | -15.00M | 15.90M | -300.80M |
| Free Cash Flow | 8.10M | -25.90M | -20.80M | -128.30M | -173.10M | -154.00M |
| Free Cash Flow Margin | 0.83% | -3.51% | -3.95% | -29.85% | -67.43% | -119.94% |
| Free Cash Flow Per Share | 0.11 | -0.35 | -0.29 | -1.84 | -2.67 | -2.52 |
| Levered Free Cash Flow | 94.40M | 115.35M | 50.45M | 193.66M | -142.40M | -210.50M |
| Unlevered Free Cash Flow | 108.90M | 126.16M | 54.33M | 193.91M | -142.40M | -210.50M |
| Cash Interest Paid | 22.10M | 16.30M | 5.00M | 300.00K | ||
| Cash Income Tax Paid | 3.00M | 2.50M | 2.50M | 700.00K | 3.40M | 3.20M |
| Change in Working Capital | 49.30M | 58.50M | 101.10M | 28.70M | 47.90M | 46.90M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.19B | 5.32B | 2.62B | 1.13B | 946.16M | 2.60B |
| Enterprise Value | 3.05B | 5.13B | 2.38B | 933.57M | 757.76M | 2.28B |
| PS Ratio | 3.40 | 7.21 | 4.97 | 2.62 | 3.69 | 20.21 |
| PB Ratio | 6.65 | 9.97 | 4.41 | 1.59 | 1.09 | 2.63 |
| EV/Sales Ratio | 3.25 | 6.95 | 4.52 | 2.17 | 2.95 | 17.72 |
| Debt / Equity Ratio | 0.45 | 0.34 | 0.18 | 0.06 | 0.04 | 0.02 |
| Debt / FCF Ratio | 27.95 | |||||
| Net Debt / Equity Ratio | -0.28 | -0.38 | -0.45 | -0.31 | -0.28 | -0.25 |
| Net Debt / EBITDA Ratio | 1.53 | 1.67 | 1.51 | 1.09 | 0.90 | 1.08 |
| Net Debt / FCF Ratio | -17.43 | 7.83 | 12.92 | 1.73 | 1.43 | 1.61 |
| Quick Ratio | 0.91 | 0.71 | 0.70 | 0.71 | 1.13 | 1.30 |
| Current Ratio | 1.19 | 1.00 | 1.14 | 1.17 | 1.79 | 1.94 |
| Asset Turnover | 0.49 | 0.39 | 0.30 | 0.26 | 0.16 | 0.11 |
| Return on Equity (ROE) | -26.96% | -29.37% | -31.05% | -30.07% | -32.11% | -31.56% |
| Return on Assets (ROA) | -3.27% | -4.53% | -7.09% | -8.38% | -11.18% | -12.48% |
| Earnings Yield | -4.44% | -3.11% | -7.72% | -21.00% | -31.47% | -9.30% |
| FCF Yield | 0.24% | -0.49% | -0.79% | -11.38% | -18.30% | -5.93% |
| Buyback Yield / Dilution | -4.58% | -4.11% | -1.96% | -7.30% | -6.04% | -81.92% |