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Lemonade, Inc. (LMND) stock analysis

LMNDNYSEFire, Marine & Casualty InsuranceFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 4/30
$42.96+2.30 (+5.66%)

Close on Nov 12, 2026Market cap $3.32BP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth3Performance1Health0Dividend0

Weak4 of 30 checks passed

Lemonade passes 4 of the 30 checks behind our score; 19 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
3/6
Past performance
1/6
Financial health
0/6
Dividend
0/6

What stands out

  • Revenue growing 10%+ a year

    Revenue grew 42.2% a year over the last three fiscal years.

  • Guidance raised

    Lemonade raised its Full Year 2026 Revenue outlook on Jul 29, 2026.

  • Growing faster than the industry

    Revenue grew 69.5% over the last twelve months; the Fire, Marine, and Casualty Insurance median is 5.0%.

  • Net margin above its 5-year average

    Net margin was -13.0% over the last twelve months, against a 5-year average of -84.0%.

What to watch

  • Return on equity under 15%

    Return on equity was -29.3% over the last twelve months and averaged -30.8% over five years; we look for 15% on both.

  • P/S above the industry

    Lemonade's price-to-sales of 2.82 is above the Fire, Marine, and Casualty Insurance median of 1.28.

  • P/B above the industry

    Lemonade's price-to-book of 6.67 is above the Fire, Marine, and Casualty Insurance median of 1.62.

  • Return on assets under 1%

    Return on assets was -7.2%; for a bank or insurer, 1% or more is considered good.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • P/S above the industry

    Lemonade's price-to-sales of 2.82 is above the Fire, Marine, and Casualty Insurance median of 1.28.

  • P/B above the industry

    Lemonade's price-to-book of 6.67 is above the Fire, Marine, and Casualty Insurance median of 1.62.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth3/6

  • Revenue growing 10%+ a year

    Revenue grew 42.2% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 69.5% over the last twelve months; the Fire, Marine, and Casualty Insurance median is 5.0%.

  • Guidance raised

    Lemonade raised its Full Year 2026 Revenue outlook on Jul 29, 2026.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance1/6

  • Return on equity under 15%

    Return on equity was -29.3% over the last twelve months and averaged -30.8% over five years; we look for 15% on both.

  • Return on assets under 1%

    Return on assets was -7.2%; for a bank or insurer, 1% or more is considered good.

  • Return on equity below the industry

    Lemonade's return on equity of -29.3% is below the Fire, Marine, and Casualty Insurance median of 15.9%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was -13.0% over the last twelve months, against a 5-year average of -84.0%.

  • Net margin below the industry

    Lemonade's net margin of -13.0% is below the Fire, Marine, and Casualty Insurance median of 12.0%.

Financial health0/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt coverage

    Needs operating cash flow.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term liquidity

    Insurers do not split assets into current and non-current.

  • Bankruptcy risk (Altman Z)

    The Altman model does not apply to insurers.

Dividend0/6

  • No dividend

    Lemonade has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Lemonade. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/B at month end
  • Own 5-year median 1.9
  • Fire, Marine, and Casualty Insurance median 1.6

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$54.59M
Value traded per 1% price move
$23.64M

Downside

High risk

Typical loss in a bad month
38.7%
Volatility (annualized)
71%
Sharpe ratio, 1 year
-0.74
Beta to the S&P 500 (5Y)
2.23

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2017 to 2025

Net margin

-22.4%+107.1 pts over 5 years

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