The company's equity base has contracted to $518.0 million as of 2026Q1, reflecting a tightening capital buffer against $1.2 billion in total liabilities.
| Total Assets | 1.69B | 1.93B | 1.85B | 1.63B | 1.69B | 1.51B | 828.7M | 414.3M | 153.8M | 40.5M |
| Asset Growth % | 13.22% | 4.14% | 13.21% | -3.4% | 11.93% | 82.27% | 100.02% | 169.38% | 279.75% | - |
| Total Investment Assets | 4M | 729.4M | 641.6M | 678.7M | 753.8M | 805.2M | 7.5M | 61M | 9.4M | 13.1M |
| Long-Term Investments | 1.58B | 6.5M | 6.7M | 5.5M | 3.7M | 3.4M | 6.6M | 60.6M | 9.2M | 0 |
| Short-Term Investments | 0 | 722.9M | 634.9M | 673.2M | 750.1M | 801.8M | 6.6M | 60.6M | 9.2M | 13.1M |
| Total Current Assets | 835.6M | 1.84B | 1.76B | 1.54B | 1.58B | 1.46B | 0 | 0 | 149.1M | 35.9M |
| Cash & Equivalents | 386.5M | 385M | 376M | 264.5M | 282.5M | 270.6M | 570.8M | 270M | 102.2M | 16.9M |
| Receivables | 1.77B | 567.9M | 479.2M | 383M | 362.4M | 231.3M | 140.5M | 74.7M | 37.7M | 0 |
| Other Current Assets | 0 | 11.8M | 9.7M | 7M | 4M | 0 | -816.7M | -407.2M | 0 | 35.9M |
| Goodwill & Intangibles | 121.7M | 39.2M | 44.8M | 50.7M | 58.4M | 6.8M | 600K | 600K | 600K | 100K |
| Goodwill | 19M | 19M | 19M | 19M | 19M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.1M | 20.2M | 25.8M | 31.7M | 39.4M | 6.8M | 0 | 0 | 600K | 100K |
| PP&E (Net) | 16.7M | 35.6M | 31.3M | 34.8M | 46M | 33.6M | 5.7M | 3.1M | 1M | 300K |
| Other Assets | 57.8M | 1.1M | 4M | 6.3M | 5.1M | 2.8M | -12.9M | -64.3M | -10.2M | 4.2M |
| Total Liabilities | 1.17B | 1.39B | 1.26B | 924.4M | 823.9M | 522.3M | 287.7M | 596.8M | 232.9M | 8.5M |
| Total Debt | 179.6M | 182.1M | 107.2M | 43.1M | 35.2M | 22.3M | 0 | 0 | 0 | 0 |
| Net Debt | -206.9M | -202.9M | -268.8M | -221.4M | -247.3M | -248.3M | -570.8M | -270M | -102.2M | -16.9M |
| Long-Term Debt | 0 | 158.1M | 83.4M | 14.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 179.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 1.21B | 1.15B | 881.3M | 788.7M | 500M | 0 | 0 | 3.8M | 2.5M |
| Accounts Payable | 0 | 26.9M | 31.1M | 24.6M | 19.5M | 19.7M | 14.4M | 4.6M | 3.8M | 2.1M |
| Deferred Revenue | 490.3M | 580.8M | 458.1M | 357.1M | 290.1M | 209.7M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -669.9M | 510.8M | 583.3M | 432.5M | 432.2M | 237.5M | -29.4M | -19.4M | -5.3M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.14B | -38.2M | -65.6M | -41.4M | -39.7M | -36.5M | -22.4M | 0 | 26.3M | 6M |
| Total Equity | 518M | 533.6M | 593.4M | 708.9M | 866.8M | 988.2M | 541M | -182.5M | -79.1M | 32M |
| Equity Growth % | -45.09% | -10.08% | -16.29% | -18.22% | -12.29% | 82.66% | 396.44% | -130.72% | -347.19% | - |
| Shareholders Equity | 518M | 533.6M | 593.4M | 708.9M | 866.8M | 988.2M | 541M | -182.5M | -79.1M | 32M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.5B | -1.46B | -1.3B | -1.1B | -859.7M | -561.9M | -320.6M | -198.3M | -89.8M | -36.9M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 700K | 6.4M | -6.1M | -9M | -27.6M | -3.4M | 1.8M | 100K | 0 | 0 |
| Return on Equity (ROE) | -26.52% | -29.37% | -31.05% | -30.07% | -32.11% | -31.56% | -68.23% | - | - | -87.81% |
| Return on Assets (ROA) | -7.44% | -8.77% | -11.61% | -14.25% | -18.61% | -20.63% | -19.68% | -38.2% | -54.45% | -69.38% |
| Equity / Assets | 30.68% | 27.71% | 32.09% | 43.4% | 51.27% | 65.42% | 65.28% | -44.05% | -51.43% | 79.01% |
| Debt / Equity | 0.35x | 0.34x | 0.18x | 0.06x | 0.04x | 0.02x | - | - | - | - |
| Book Value per Share | 6.79 | 7.43 | 8.36 | 10.18 | 13.35 | 16.14 | 9.78 | -4.18 | -1.81 | 2.94 |
| Tangible BV per Share | 6.43 | 6.88 | 7.72 | 9.45 | 12.45 | 16.03 | 9.78 | -4.18 | -1.83 | 2.93 |
Capital Adequacy and Reserves
As reported in recent financial statements, Lemonade's equity base has contracted from $708.9 million in 2023Q4 to $518.0 million by 2026Q1, reflecting a persistent trend of capital consumption that warrants close monitoring as the company continues its aggressive expansion into multi-line insurance products.
The consistent decline in shareholder equity suggests that the company's growth strategy is currently funded through the depletion of existing capital rather than internal capital generation. This trajectory implies that management may face increasing pressure to reach underwriting profitability to avoid future dilutive financing or liquidity constraints.
Based on the provided quarterly data, claims and loss reserves have fluctuated significantly, peaking at $133.3 million in 2026Q1, which indicates that the company's loss estimation models are still navigating the inherent volatility associated with its newer, higher-severity product lines like auto and homeowners insurance.
The variability in reserve levels suggests that the company's AI-driven underwriting is still in a calibration phase, particularly as it absorbs the risks associated with the Metromile integration. Investors should interpret these swings as a potential indicator of future earnings volatility if initial loss estimates require subsequent upward adjustments.
According to the balance sheet figures, the company's total liabilities have grown to $1.2 billion as of 2026Q1, which, when measured against the shrinking equity base, suggests a tightening capital buffer that may limit the firm's capacity for further M&A or aggressive market share acquisition.
The narrowing gap between assets and liabilities implies that the company's solvency margin is under pressure, leaving less room for error in its underwriting performance. This structural reality suggests that the firm's ability to maintain its current growth trajectory without external capital injections may be increasingly limited.
As indicated by the company's reliance on proportional reinsurance treaties, the balance sheet is heavily dependent on third-party capacity, which may obscure the true underlying risk exposure and create a structural vulnerability if reinsurance market terms tighten or counterparty credit risk increases unexpectedly.
The capital-light model effectively offloads underwriting risk but introduces a dependency on external partners that could impact the company's long-term financial stability. This arrangement warrants further investigation into the potential for 'trapped' capital or unfavorable ceding commission adjustments that could further strain the company's already negative operating margins.
Quick answers to the most common questions about buying LMND stock.
As of 2025, Lemonade, Inc. (LMND) had total assets of $1.93B including $1.84B in current assets.
Lemonade, Inc. (LMND) carries total debt of $182.1M, offset by $1.11B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lemonade, Inc. (LMND) has total shareholders' equity (book value) of $533.6M ($7.43 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lemonade, Inc. (LMND) reported a current ratio of 1.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.