LMND

Updated: Mar 12, 2026 11:30 AM

Lemonade Inc

Market Cap: $3.90B P/S: 20x Ownership — Insider: 11.5% | Institutional: 60.9% | Retail: 27.6% FINANCIAL SERVICES INSURANCE - PROPERTY & CASUALTY

Lemonade, Inc. offers various insurance products in the United States and Europe. The company is headquartered in New York, New York.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        8/8 dates (100%)
  ✅ grossProfit                         8/8 dates (100%)
  ✅ netIncome                           8/8 dates (100%)

Plot for LMND (in M)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -526.50M                  -263.25M                    0.00M                    263.25M                   526.50M
               |                         |                         |                         |                         |

  2017-12-31 |                                                  |  -28.10M
  2018-12-31 |                                                |  -52.90M
  2019-12-31 |                                          |  -108.50M
  2020-12-31 |                                         |  -122.30M
  2021-12-31 |                             |  -241.30M
  2022-12-31 |                        |  -297.80M
  2023-12-31 |                              |  429.80M
  2024-12-31 |                                 | 526.50M

               |                         |                         |                         |                         |
               -526.50M                  -263.25M                    0.00M                    263.25M                   526.50M

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  researchAndDevelopment              4/8 dates (50%)
  ✅ sellingGeneralAndAdministrative     8/8 dates (100%)
  ⚠️  costofGoodsAndServicesSold          7/8 dates (88%)

Plot for LMND (in M)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                    88.45M                    176.90M                   265.35M                   353.80M
               |                         |                         |                         |                         |

  2017-12-31 |  8.00M ⊗⊗
  2018-12-31 |  19.40M ⊗
  2019-12-31 |  55.40M ⊗
  2020-12-31 |  74.00M
  2021-12-31 |  105.50M
  2022-12-31 |  228.30M
  2023-12-31 |  339.60M ⊗
  2024-12-31 |  353.80M

               |                         |                         |                         |                         |
               0.00M                    88.45M                    176.90M                   265.35M                   353.80M

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         8/8 dates (100%)
  ⚠️  shortLongTermDebtTotal              4/8 dates (50%)
  ✅ operatingCashflow                   8/8 dates (100%)

Plot for LMND (in M)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -570.80M                  -285.40M                    0.00M                    285.40M                   570.80M
               |                         |                         |                         |                         |

  2017-12-31 |                                                   |  -19.10M ⊗
  2018-12-31 |                                                 |  102.20M ⊗
  2019-12-31 |                                              |  270.00M ⊗
  2020-12-31 |                                             | 570.80M ⊗
  2021-12-31 |                                        |  270.60M
  2022-12-31 |                                      |  282.50M
  2023-12-31 |                                          |  271.50M
  2024-12-31 |                                                    |  376.00M

               |                         |                         |                         |                         |
               -570.80M                  -285.40M                    0.00M                    285.40M                   570.80M

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   8/8 dates (100%)
  ✅ capitalExpenditures                 8/8 dates (100%)

Plot for LMND (in M)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -163.00M                   -81.50M                    0.00M                    81.50M                    163.00M
               |                         |                         |                         |                         |

  2017-12-31 |                                               |  -19.10M
  2018-12-31 |                                        |  -40.80M
  2019-12-31 |                            |  -78.10M
  2020-12-31 |                        |  -91.70M
  2021-12-31 |       |  -144.60M
  2022-12-31 | |  -163.00M
  2023-12-31 |               |  -119.10M
  2024-12-31 |                                                 |  -11.40M

               |                         |                         |                         |                         |
               -163.00M                   -81.50M                    0.00M                    81.50M                    163.00M

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         8/8 dates (100%)
  ✅ totalLiabilities                    8/8 dates (100%)
  ✅ totalShareholderEquity              8/8 dates (100%)

Plot for LMND (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -1.85B                    -0.92B                     0.00B                     0.92B                     1.85B
               |                         |                         |                         |                         |

  2017-12-31 |                                                     |  0.04B
  2018-12-31 |                                                   |  0.23B
  2019-12-31 |                                                |  0.60B
  2020-12-31 |                                                     |  0.83B
  2021-12-31 |                                                     |  1.51B
  2022-12-31 |                                                     |  1.69B
  2023-12-31 |                                                     |  1.30B
  2024-12-31 |                                                     | 1.85B

               |                         |                         |                         |                         |
               -1.85B                    -0.92B                     0.00B                     0.92B                     1.85B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           8/8 dates (100%)
  ⚠️  shortLongTermDebtTotal              4/8 dates (50%)
  ✅ totalShareholderEquity              8/8 dates (100%)

Plot for LMND (in M)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -988.20M                  -494.10M                    0.00M                    494.10M                   988.20M
               |                         |                         |                         |                         |

  2017-12-31 |                                                    |  32.00M ⊗
  2018-12-31 |                                                 | -79.10M ⊗
  2019-12-31 |                                           | -182.50M ⊗
  2020-12-31 |                                               |  541.00M ⊗
  2021-12-31 |                                        | 988.20M
  2022-12-31 |                                     |  866.80M
  2023-12-31 |                                         |  708.90M
  2024-12-31 |                                          |  593.40M

               |                         |                         |                         |                         |
               -988.20M                  -494.10M                    0.00M                    494.10M                   988.20M

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for LMND (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -194.50M                   -97.25M                    0.00M                    97.25M                    194.50M
               |                         |                         |                         |                         |

  2019-09-30 |                                             |  -31.10M
  2019-12-31 |                                            |  -32.70M
  2020-03-31 |                                           |  -36.50M
  2020-06-30 |                                               |  29.90M
  2020-09-30 |                                             |  -30.90M
  2020-12-31 |                                            |  -33.90M
  2021-03-31 |                                        |  -49.00M
  2021-06-30 |                                      |  -55.60M
  2021-09-30 |                                   |  -66.40M
  2021-12-31 |                                  |  -70.30M
  2022-03-31 |                                 |  -74.80M
  2022-06-30 |                                   |  -67.90M
  2022-09-30 |                             |  -91.40M
  2022-12-31 |                                    |  88.40M
  2023-03-31 |                                   |  95.20M
  2023-06-30 |                                   |  104.60M
  2023-09-30 |                                     |  114.50M
  2023-12-31 |                                          |  115.50M
  2024-03-31 |                                        |  119.10M
  2024-06-30 |                                      |  122.00M
  2024-09-30 |                                   |  136.60M
  2024-12-31 |                                             |  148.80M
  2025-03-31 |                                    |  151.20M
  2025-06-30 |                                         |  164.10M
  2025-09-30 |                                           | 194.50M

               |                         |                         |                         |                         |
               -194.50M                   -97.25M                    0.00M                    97.25M                    194.50M

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  researchAndDevelopment              22/25 dates (88%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for LMND (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                    28.43M                    56.85M                    85.28M                    113.70M
               |                         |                         |                         |                         |

  2019-09-30 |  14.90M ⊗
  2019-12-31 |  18.60M ⊗
  2020-03-31 |  21.50M
  2020-06-30 |  24.50M
  2020-09-30 |  10.60M
  2020-12-31 |  19.40M
  2021-03-31 |  21.30M
  2021-06-30 |  18.20M
  2021-09-30 |  23.80M
  2021-12-31 |  51.80M
  2022-03-31 |  33.50M
  2022-06-30 |  37.80M
  2022-09-30 |  65.40M
  2022-12-31 |  57.60M
  2023-03-31 |  77.20M
  2023-06-30 |  90.90M
  2023-09-30 |  91.00M
  2023-12-31 |  58.70M ⊗
  2024-03-31 |  83.20M
  2024-06-30 |  89.30M
  2024-09-30 |  97.70M
  2024-12-31 |  85.80M
  2025-03-31 |  111.50M
  2025-06-30 |  98.90M
  2025-09-30 |  113.70M

               |                         |                         |                         |                         |
               0.00M                    28.43M                    56.85M                    85.28M                    113.70M

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ⚠️  cashAndShortTermInvestments         24/25 dates (96%)
  ⚠️  shortLongTermDebtTotal              16/25 dates (64%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for LMND (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -1.17B                    -0.59B                     0.00B                     0.59B                     1.17B
               |                         |                         |                         |                         |

  2019-09-30 |                                                    | -0.02B ⊗⊗
  2019-12-31 |                                                    |  0.27B ⊗
  2020-03-31 |                                                    |  0.28B ⊗
  2020-06-30 |                                                    |  0.26B ⊗
  2020-09-30 |                                                   |  0.58B ⊗
  2020-12-31 |                                                    |  0.57B ⊗
  2021-03-31 |                                                   | 1.17B ⊗
  2021-06-30 |                                                    |  1.09B ⊗
  2021-09-30 |                                                   |  0.32B ⊗
  2021-12-31 |                                                   |  0.27B
  2022-03-31 |                                                   |  0.23B
  2022-06-30 |                                                   |  0.20B
  2022-09-30 |                                                   |  0.22B
  2022-12-31 |                                                    |  0.28B
  2023-03-31 |                                                   |  0.25B
  2023-06-30 |                                                   |  0.19B
  2023-09-30 |                                                    |  0.23B
  2023-12-31 |                                                    |  0.26B
  2024-03-31 |                                                    |  0.28B
  2024-06-30 |                                                    |  0.34B
  2024-09-30 |                                                     |  0.33B
  2024-12-31 |                                                     |  0.38B
  2025-03-31 |                                                   |  0.31B
  2025-06-30 |                                                     |  0.38B
  2025-09-30 |                                                     |  0.35B

               |                         |                         |                         |                         |
               -1.17B                    -0.59B                     0.00B                     0.59B                     1.17B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for LMND (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -54.70M                   -27.35M                    0.00M                    27.35M                    54.70M
               |                         |                         |                         |                         |

  2019-09-30 |                               |  -22.70M
  2019-12-31 |                                    |  -17.70M
  2020-03-31 |                                   |  -19.40M
  2020-06-30 |                                      |  -15.90M
  2020-09-30 |                   |  -35.70M
  2020-12-31 |                                 |  -20.70M
  2021-03-31 |               |  -40.30M
  2021-06-30 |                                      |  -16.20M
  2021-09-30 |                 |  -38.20M
  2021-12-31 |      |  -49.90M
  2022-03-31 |               |  -39.50M
  2022-06-30 |               |  -40.20M
  2022-09-30 | |  -54.70M
  2022-12-31 |                          |  -28.60M
  2023-03-31 |         |  -46.40M
  2023-06-30 |     |  -50.30M
  2023-09-30 |                                               |  -6.30M
  2023-12-31 |                                      |  -16.10M
  2024-03-31 |                         |  -29.80M
  2024-06-30 |                                          |  -11.70M
  2024-09-30 |                                                     |  16.30M
  2024-12-31 |                                                     |  13.80M
  2025-03-31 |        |  -47.20M
  2025-06-30 |                                                     |  5.50M
  2025-09-30 |                                                     |  4.50M

               |                         |                         |                         |                         |
               -54.70M                   -27.35M                    0.00M                    27.35M                    54.70M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ⚠️  totalAssets                         24/25 dates (96%)
  ⚠️  totalLiabilities                    24/25 dates (96%)
  ⚠️  totalShareholderEquity              24/25 dates (96%)

Plot for LMND (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -1.93B                    -0.97B                     0.00B                     0.97B                     1.93B
               |                         |                         |                         |                         |

  2019-12-31 |                                                |  0.60B
  2020-03-31 |                                                     |  0.40B
  2020-06-30 |                                               |  0.62B
  2020-09-30 |                                                     |  0.83B
  2020-12-31 |                                                     |  0.83B
  2021-03-31 |                                                     |  1.48B
  2021-06-30 |                                                     |  1.49B
  2021-09-30 |                                                     |  1.52B
  2021-12-31 |                                                     |  1.51B
  2022-03-31 |                                                     |  1.50B
  2022-06-30 |                                                     |  1.46B
  2022-09-30 |                                                     |  1.71B
  2022-12-31 |                                                     |  1.69B
  2023-03-31 |                                                     |  1.64B
  2023-06-30 |                                                     |  1.61B
  2023-09-30 |                                                     |  1.65B
  2023-12-31 |                                                     |  1.63B
  2024-03-31 |                                                     |  1.65B
  2024-06-30 |                                                     |  1.71B
  2024-09-30 |                                                     |  1.82B
  2024-12-31 |                                                     |  1.85B
  2025-03-31 |                                                     |  1.86B
  2025-06-30 |                                                     | 1.93B
  2025-09-30 |                                                     | 1.92B

               |                         |                         |                         |                         |
               -1.93B                    -0.97B                     0.00B                     0.97B                     1.93B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ⚠️  shortLongTermDebtTotal              16/25 dates (64%)
  ⚠️  totalShareholderEquity              24/25 dates (96%)

Plot for LMND (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -1.14B                    -0.57B                     0.00B                     0.57B                     1.14B
               |                         |                         |                         |                         |

  2019-09-30 |                                                    | -0.03B ⊗⊗
  2019-12-31 |                                             | -0.18B ⊗
  2020-03-31 |                                                   |  0.28B ⊗
  2020-06-30 |                                           | -0.22B ⊗
  2020-09-30 |                                                    |  0.57B ⊗
  2020-12-31 |                                                   |  0.54B ⊗
  2021-03-31 |                                                   | 1.14B ⊗
  2021-06-30 |                                                  |  1.10B ⊗
  2021-09-30 |                                                  |  1.05B ⊗
  2021-12-31 |                                                  |  0.99B
  2022-03-31 |                                                  |  0.91B
  2022-06-30 |                                                  |  0.85B
  2022-09-30 |                                                 |  0.91B
  2022-12-31 |                                                  |  0.87B
  2023-03-31 |                                                  |  0.82B
  2023-06-30 |                                                  |  0.77B
  2023-09-30 |                                                  |  0.73B
  2023-12-31 |                                                   |  0.71B
  2024-03-31 |                                                   |  0.68B
  2024-06-30 |                                                  |  0.64B
  2024-09-30 |                                                  |  0.59B
  2024-12-31 |                                                    |  0.59B
  2025-03-31 |                                                  |  0.55B
  2025-06-30 |                                                   |  0.53B
  2025-09-30 |                                                   |  0.52B

               |                         |                         |                         |                         |
               -1.14B                    -0.57B                     0.00B                     0.57B                     1.14B

Price History

Volume

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