LMNDNYSEFire, Marine & Casualty InsuranceFiscal year ends December 31
Lemonade, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$43.15−1.05 (-2.38%)
Close on Oct 19, 2026
- Market cap
- $3.32B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Net margin
-22.4%+107.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +40.2% | +42.2% | +50.9% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -68.2% | -29.4% | |
| Return on assets | – | -19.7% | -8.8% | |
| Capex to revenue | – | 4.7% | 1.3% | |
| Diluted shares | – | 34M | 74M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lemonade generated $454.60M from operations and spent $47.50M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$454.60M
Used
$47.50M
Capital expenditure$47.50M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-22.4%
×Asset turnover0.39×
×Equity multiplier3.35×
=Return on equity, FY2025-29.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -22.4% | 0.39× | 3.35× | -29.4% |
| FY2024 | -38.4% | 0.30× | 2.67× | -31.1% |
| FY2023 | -55.1% | 0.26× | 2.11× | -30.1% |
| FY2022 | -116.0% | 0.16× | 1.73× | -32.1% |
| FY2021 | -187.9% | 0.11× | 1.53× | -31.6% |
| FY2020 | -129.6% | 0.15× | 3.47× | -68.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$165.50M
- Cash generatingOperating cash flow above zero-$16.50M
- Return on assets improvedROA up on the prior year-12.4% → -9.0%
- Earnings backed by cashOperating cash flow above net income-$16.50M vs -$165.50M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise71M → 74M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.32 → 0.40