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Lemonade, Inc. provides various insurance products in the United States, Europe, and the United Kingdom. The company provides renters and homeowners, building, car, pet, and life insurance products, as well as landlord insurance products. It also offers insurance for 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. In addition, it operates as an agent for other insurance companies. The company was formerly known as Lemonade Group, Inc. Lemonade, Inc. was incorporated in 2015 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $738M | - | $-166M | $-26M | -31.0% | 40.2% | -18.2% |
| 2024 | $527M | - | $-202M | $-21M | -34.1% | 22.5% | -14.6% |
| 2023 | $430M | - | $-237M | $-128M | -33.4% | 67.4% | -20.4% |
| 2022 | $257M | - | $-298M | $-173M | -34.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 256.70 | 429.80 | 526.50 | 737.90 |
| Operating Revenue | - | 256.70 | 429.80 | 526.50 | 737.90 |
| Selling General And Administration | - | 260.60 | 231.20 | 290.80 | 364.20 |
| Total Expenses | - | 551.50 | 659.60 | 730.40 | 898.80 |
| Interest Income | - | 1.20 | 4.20 | 8.30 | 8.20 |
| Pretax Income | - | -294.80 | -229.80 | -203.90 | -160.90 |
| Tax Provision | - | 3 | 7.10 | -1.70 | 4.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income From Continuing And Discontinued Operation | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income From Continuing Operation Net Minority Interest | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income Common Stockholders | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income Including Noncontrolling Interests | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Normalized Income | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Diluted NI Availto Com Stockholders | - | -297.80 | -236.90 | -202.20 | -165.50 |
| Basic Average Shares | - | 64.92 | 69.66 | 71.02 | 73.94 |
| Diluted Average Shares | - | 64.92 | 69.66 | 71.02 | 73.94 |
| Reconciled Depreciation | - | 12.20 | 20 | 20 | 15.20 |
| General And Administrative Expense | - | 122.30 | 129.30 | 124.50 | 139.80 |
| Other Gand A | - | 122.30 | 129.30 | 124.50 | 139.80 |
| Other Operating Expenses | - | 79.60 | 88.80 | 85.80 | 93.90 |
| Selling And Marketing Expense | - | 138.30 | 101.90 | 166.30 | 224.40 |
| Loss Adjustment Expense | - | 211.30 | 339.60 | 323.30 | 408.60 |
| Net Policyholder Benefits And Claims | - | 211.30 | 339.60 | 323.30 | 408.60 |
| Policyholder Benefits Gross | - | 485 | 628.60 | 651.30 | 733.60 |
| Policyholder Benefits Ceded | - | 273.70 | 289 | 328 | 325 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lemonade, Inc.this co. | LMND | $4.0B | - | 7.42 | -31.0% | - |
| International Bancshares Corporation | IBOC | $4.5B | 11.00 | 1.39 | 12.7% | - |
| Texas Capital Bancshares, Inc. | TCBI | $4.5B | 13.53 | 1.34 | 9.9% | - |
| CNO Financial Group, Inc. | CNO | $4.4B | 19.18 | 1.67 | 8.7% | - |
| Eastern Bankshares, Inc. | EBC | $4.3B | 48.96 |
| - |
| - |
| - |
| - |
| 1.00 |
| 2.0% |
| - |
| PennyMac Financial Services, Inc. | PFSI | $4.2B | 8.45 | 0.98 | 11.6% | 43.48 |
| Marex Group plc | MRX | $3.9B | 12.76 | 3.10 | 24.3% | 9.33 |
| Miami International Holdings, Inc. | MIAX | $3.8B | - | 4.27 | -7.9% | - |
| F&G Annuities & Life, Inc. | FG | $3.6B | 13.58 | 0.75 | 5.5% | - |
| Peer Median | - | 13.53 | 1.37 | 9.3% | 26.41 | |