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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% | - |
| 2024 | $527M | - | $-202M | $-21M | -34.1% | 22.5% | - |
| 2023 | $430M | - | $-237M | $-128M | -33.4% | 67.4% | - |
| 2022 | $257M | - | $-298M | $-173M | -34.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 256.70 | 429.80 | 526.50 | 737.90 |
| Pretax Income | -294.80 | -229.80 | -203.90 | -160.90 |
| Tax Provision | 3 | 7.10 | -1.70 | 4.60 |
| Net Income | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income Common Stockholders | -297.80 | -236.90 | -202.20 | -165.50 |
| Total Expenses | 551.50 | 659.60 | 730.40 | 898.80 |
| Interest Income | 1.20 | 4.20 | 8.30 | 8.20 |
| Selling General And Administration | 260.60 | 231.20 | 290.80 | 364.20 |
| Normalized Income | -297.80 | -236.90 | -202.20 | -165.50 |
| Basic EPS | -4.59 | -3.40 | -2.85 | -2.24 |
| Diluted EPS | -4.59 | -3.40 | -2.85 | -2.24 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.01 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | -297.80 | -236.90 | -202.20 | -165.50 |
| Reconciled Depreciation | 12.20 | 20 | 20 | 15.20 |
| Net Income From Continuing And Discontinued Operation | -297.80 | -236.90 | -202.20 | -165.50 |
| Diluted Average Shares | 64.92 | 69.66 | 71.02 | 73.94 |
| Basic Average Shares | 64.92 | 69.66 | 71.02 | 73.94 |
| Diluted NI Availto Com Stockholders | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income Including Noncontrolling Interests | -297.80 | -236.90 | -202.20 | -165.50 |
| Net Income Continuous Operations | -297.80 | -236.90 | -202.20 | -165.50 |
| Other Operating Expenses | 79.60 | 88.80 | 85.80 | 93.90 |
| Selling And Marketing Expense | 138.30 | 101.90 | 166.30 | 224.40 |
| General And Administrative Expense | 122.30 | 129.30 | 124.50 | 139.80 |
| Other Gand A | 122.30 | 129.30 | 124.50 | 139.80 |
| Operating Revenue | 256.70 | 429.80 | 526.50 | 737.90 |
| 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 | $4.3B | - | 7.97 | -31.0% | -33.42 |
| PennyMac Financial Services, Inc. | PFSI | $4.6B | 9.59 | 1.08 | 11.6% | - |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 17.30 | 2.36 | 13.2% | - |
| Miami International Holdings, Inc. | MIAX | $4.5B | - | 4.63 | -7.9% | 28.06 |
| International Bancshares Corporation | IBOC | $4.4B |
| 10.75 |
| 1.36 |
| 12.7% |
| - |
| Texas Capital Bancshares, Inc. | TCBI | $4.3B | 13.26 | 1.31 | 9.1% | - |
| Eastern Bankshares, Inc. | EBC | $4.3B | 10.99 | 1.03 | 2.0% | - |
| CNO Financial Group, Inc. | CNO | $4.2B | 19.42 | 1.60 | 8.7% | 7.53 |
| Marex Group plc | MRX | $3.9B | 13.89 | 3.30 | 24.3% | - |
| Peer Median | - | 13.26 | 1.48 | 10.4% | 17.80 | |