Lemonade, Inc. (LMND) 10-Year Financial Performance & Capital Metrics

LMND • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceDigital/Insurtech InsuranceDigital Direct Insurers

AboutLemonade, Inc. provides various insurance products in the United States and Europe. Its insurance products include stolen or damaged property, and personal liability that protects its customers if they are responsible for an accident or damage to another person or their property. The company also offers renters, homeowners, pet, car, and life insurance products, as well as landlord insurance policies. In addition, it operates as an agent for other insurance companies. The company was formerly known as Lemonade Group, Inc. and changed its name to Lemonade, Inc. Lemonade, Inc. was incorporated in 2015 and is headquartered in New York, New York.Show more

Revenue $527M +22.5%
Combined Ratio 138.73% -9.6%
Net Income -$202M +14.6%
Return on Equity -31.05% -3.3%
Medical Cost Ratio 67.2% -15.0%
Operating Margin -38.73% +27.6%
Net Margin -38.4% +30.3%
ROA -11.61% +18.5%
Equity / Assets 32.09% -26.1%
Book Value per Share 8.36 -17.9%
Tangible BV/Share 7.90 -17.5%
Debt/Equity 0.18 +197.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 92 (top 8%)

✗Weaknesses

✗Unprofitable underwriting: 138.7% combined ratio

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y50.9%

3Y60.06%

TTM33.54%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM19.01%

EPS CAGR

10Y-

5Y-

3Y-

TTM21.38%

ROCE

10Y Avg-30.81%

5Y Avg-16.67%

3Y Avg-14.65%

Latest-11.71%

Peer Comparison

Digital Direct Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ROOTRoot, Inc.	988.1M	72.11	39.40	158.57%	3.95%	21.55%	18.61%	0.98
LMNDLemonade, Inc.	5.99B	80.19	-28.14	22.5%	-26.39%	-33.67%		0.18

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.4M	22.5M	67.3M	94.4M	128.4M	256.7M	429.8M	526.5M
Revenue Growth %	-	8.38%	1.99%	0.4%	0.36%	1%	0.67%	0.22%
Medical Costs & Claims+	0	19.4M	55.4M	74M	105.5M	228.3M	339.6M	353.8M
Medical Cost Ratio %	-	-	-	-	-	-	-	-
Gross Profit+	2.4M	3.1M	11.9M	20.4M	22.9M	28.4M	90.2M	172.7M
Gross Margin %	-	-	-	-	-	-	-	-
Gross Profit Growth %	-	0.29%	2.84%	0.71%	0.12%	0.24%	2.18%	0.91%
Operating Expenses+	28.7M	55.7M	119.8M	141.2M	256.5M	323.2M	320M	376.6M
OpEx / Revenue %	-	-	-	-	-	-	-	-
Depreciation & Amortization	28M	100K	600K	1.7M	3.7M	12.2M	20M	20M
Combined Ratio %	-	-	-	-	-	-	-	-
Operating Income+	-26.3M	-52.6M	-107.9M	-120.8M	-233.6M	-294.8M	-229.8M	-203.9M
Operating Margin %	-	-	-	-	-	-	-	-
Operating Income Growth %	-	-1%	-1.05%	-0.12%	-0.93%	-0.26%	0.22%	0.11%
EBITDA+	1.7M	-52.5M	-107.3M	-119.1M	-229.9M	-282.6M	-209.8M	-183.9M
EBITDA Margin %	-	-	-	-	-	-	-	-
Interest Expense	0	0	0	0	0	0	0	0
Non-Operating Income	0	0	0	0	0	0	0	0
Pretax Income+	-28M	-52.6M	-107.9M	-120.8M	-233.6M	-294.8M	-229.8M	-203.9M
Pretax Margin %	-	-	-	-	-	-	-	-
Income Tax+	100K	300K	600K	1.5M	7.7M	3M	7.1M	-1.7M
Effective Tax Rate %	-	-	-	-	-	-	-	-
Net Income+	-28.1M	-52.9M	-108.5M	-122.3M	-241.3M	-297.8M	-236.9M	-202.2M
Net Margin %	-	-	-	-	-	-	-	-
Net Income Growth %	-	-0.88%	-1.05%	-0.13%	-0.97%	-0.23%	0.2%	0.15%
EPS (Diluted)+	-2.58	-1.21	-2.49	-2.21	-3.94	-4.59	-3.40	-2.85
EPS Growth %	-	0.53%	-1.06%	0.11%	-0.78%	-0.16%	0.26%	0.16%
EPS (Basic)	-2.58	-1.21	-2.49	-2.21	-3.94	-4.59	-3.40	-2.85
Diluted Shares Outstanding	10.89M	43.61M	43.61M	55.32M	61.22M	64.92M	69.66M	71.02M

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	40.5M	153.8M	414.3M	828.7M	1.51B	1.69B	1.63B	1.85B
Asset Growth %	-	2.8%	1.69%	1%	0.82%	0.12%	-0.03%	0.13%
Total Investment Assets+	13.1M	9.4M	61M	7.5M	805.2M	753.8M	678.7M	641.6M
Long-Term Investments	0	9.2M	60.6M	6.6M	801.8M	750.1M	673.2M	634.9M
Short-Term Investments	13.1M	9.2M	60.6M	6.6M	801.8M	750.1M	673.2M	634.9M
Total Current Assets+	35.9M	149.1M	0	0	0	0	0	0
Cash & Equivalents	16.9M	102.2M	270M	570.8M	270.6M	282.5M	264.5M	376M
Receivables	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	35.9M	0	-407.2M	-816.7M	-1.46B	-1.57B	-1.53B	-1.75B
Goodwill & Intangibles+	100K	600K	600K	600K	600K	51.5M	41.9M	32.6M
Goodwill	0	0	0	0	0	19M	19M	19M
Intangible Assets	100K	600K	0	0	600K	32.5M	22.9M	13.6M
PP&E (Net)	300K	1M	3.1M	5.7M	33.6M	46M	34.8M	31.3M
Other Assets	4.2M	-10.2M	-64.3M	-12.9M	-836M	-847.6M	-749.9M	-698.8M
Total Liabilities	8.5M	232.9M	596.8M	287.7M	522.3M	823.9M	924.4M	1.26B
Total Debt+	0	0	0	0	22.3M	35.2M	43.1M	107.2M
Net Debt	-16.9M	-102.2M	-270M	-570.8M	-248.3M	-247.3M	-221.4M	-268.8M
Long-Term Debt	0	0	0	0	0	0	14.9M	83.4M
Short-Term Debt	0	0	0	0	0	0	0	0
Total Current Liabilities+	2.5M	3.8M	0	0	0	0	0	0
Accounts Payable	2.1M	3.8M	4.6M	14.4M	19.7M	19.5M	24.6M	31.1M
Deferred Revenue	0	0	0	0	0	0	0	0
Other Current Liabilities	0	-5.3M	-19.4M	-29.4M	-47.4M	-53.6M	-83.3M	-93.9M
Deferred Taxes	0	0	0	0	0	0	0	0
Other Liabilities	6M	26.3M	0	-22.4M	-58.8M	-74.9M	-84.5M	-172.8M
Total Equity+	32M	-79.1M	-182.5M	541M	988.2M	866.8M	708.9M	593.4M
Equity Growth %	-	-3.47%	-1.31%	3.96%	0.83%	-0.12%	-0.18%	-0.16%
Shareholders Equity	32M	-79.1M	-182.5M	541M	988.2M	866.8M	708.9M	593.4M
Minority Interest	0	0	0	0	0	0	0	0
Retained Earnings	-36.9M	-89.8M	-198.3M	-320.6M	-561.9M	-859.7M	-1.1B	-1.3B
Common Stock	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	100K	1.8M	-3.4M	-27.6M	-9M	-6.1M
Return on Equity (ROE)	-0.88%	-	-	-0.68%	-0.32%	-0.32%	-0.3%	-0.31%
Return on Assets (ROA)	-0.69%	-0.54%	-0.38%	-0.2%	-0.21%	-0.19%	-0.14%	-0.12%
Equity / Assets	-	-	-	-	-	-	-	-
Debt / Equity	-	-	-	-	0.02x	0.04x	0.06x	0.18x
Book Value per Share	2.94	-1.81	-4.18	9.78	16.14	13.35	10.18	8.36
Tangible BV per Share	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-19.1M	-40.8M	-78.1M	-91.7M	-144.6M	-163M	-119.1M	-11.4M
Operating CF Growth %	-	-1.14%	-0.91%	-0.17%	-0.58%	-0.13%	0.27%	0.9%
Operating CF / Revenue %	-	-	-	-	-	-	-	-
Net Income	-28.1M	-52.9M	-108.5M	-122.3M	-241.3M	-297.8M	-236.9M	-202.2M
Depreciation & Amortization	0	100K	600K	1.7M	3.7M	12.2M	20M	20M
Stock-Based Compensation	8.4M	2.1M	4.3M	10.6M	44.1M	59.3M	59.9M	64.5M
Deferred Taxes	0	0	0	-300K	-4.2M	0	0	0
Other Non-Cash Items	8.4M	200K	400K	14.4M	6.2M	15.4M	9.2M	5.2M
Working Capital Changes	600K	9.7M	25.1M	4.2M	46.9M	47.9M	28.7M	101.1M
Cash from Investing+	-12.7M	6.4M	-54M	50.1M	-804.8M	181.1M	88.7M	40.6M
Capital Expenditures	-300K	-700K	-2.7M	-4.4M	-9.4M	-10.1M	-9.2M	-9.4M
Acquisitions	0	0	0	-54.5M	795.4M	98.8M	0	0
Purchase of Investments	-28M	-13.8M	-72.7M	-17.8M	-842.8M	-270.1M	-395.2M	-363.8M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-12.4M	7.1M	-600K	54.5M	-795.4M	0	0	0
Cash from Financing+	800K	119.9M	300.1M	341.1M	649.6M	3.6M	15.4M	87.7M
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0
Stock Issued	800K	119.9M	0	339.3M	640.3M	0	0	19.3M
Debt Issuance (Net)	0	0	0	0	0	0	1000K	1000K
Other Financing	800K	100K	700K	1.8M	9.3M	3.6M	500K	0
Net Change in Cash+	-31M	85.5M	167.9M	301.1M	-300.8M	15.9M	-15M	114.2M
Exchange Rate Effect	0	0	-100K	1000K	-1000K	-1000K	0	-1000K
Cash at Beginning	47.9M	16.9M	102.4M	270.3M	571.4M	270.6M	286.5M	271.5M
Cash at End	16.9M	102.4M	270.3M	571.4M	270.6M	286.5M	271.5M	385.7M
Free Cash Flow+	-19.4M	-41.5M	-81.4M	-96.1M	-154M	-173.1M	-128.3M	-20.8M
FCF Growth %	-	-1.14%	-0.96%	-0.18%	-0.6%	-0.12%	0.26%	0.84%
FCF Margin %	-	-	-	-	-	-	-	-
FCF per Share	-1.78	-0.95	-1.87	-1.74	-2.52	-2.67	-1.84	-0.29

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	1195.83%	333.78%	260.33%	227.97%	281.93%	214.84%	153.47%	138.73%
Medical Cost Ratio	0%	86.22%	82.32%	78.39%	82.17%	88.94%	79.01%	67.2%
Return on Equity (ROE)	-87.81%	-	-	-68.23%	-31.56%	-32.11%	-30.07%	-31.05%
Return on Assets (ROA)	-69.38%	-54.45%	-38.2%	-19.68%	-20.63%	-18.61%	-14.25%	-11.61%
Equity / Assets	79.01%	-51.43%	-44.05%	65.28%	65.42%	51.27%	43.4%	32.09%
Book Value / Share	2.94	-1.81	-4.18	9.78	16.14	13.35	10.18	8.36
Debt / Equity	-	-	-	-	0.02x	0.04x	0.06x	0.18x
Revenue Growth	-	837.5%	199.11%	40.27%	36.02%	99.92%	67.43%	22.5%

Revenue by Segment

	2024
Reportable	526.5M
Reportable Growth	-

Frequently Asked Questions

Growth & Financials

Lemonade, Inc. (LMND) grew revenue by 22.5% over the past year. This is strong growth.

Lemonade, Inc. (LMND) reported a net loss of $173.8M for fiscal year 2024.

Dividend & Returns

Lemonade, Inc. (LMND) has a return on equity (ROE) of -31.1%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Lemonade, Inc. (LMND) has a combined ratio of 138.7%. A ratio above 100% means claims and expenses exceed premiums.

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