Tearsheet

Lemonade (LMND)

Market Price (11/8/2025): $75.65 | Market Cap: $5.6 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Lemonade (LMND)

Market Price (11/8/2025): $75.65
Market Cap: $5.6 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%	Trading close to highs Dist 52W High is -4.7%, Dist 3Y High is -4.7%	Expensive valuation multiples P/SPrice/Sales ratio is 8.5x
1			Stock price has recently run up significantly 6M Rtn6 month market price return is 141%, 12M Rtn12 month market price return is 174%
2			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.0%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.3%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%
1	Trading close to highs Dist 52W High is -4.7%, Dist 3Y High is -4.7%
2	Expensive valuation multiples P/SPrice/Sales ratio is 8.5x
3	Stock price has recently run up significantly 6M Rtn6 month market price return is 141%, 12M Rtn12 month market price return is 174%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.0%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.3%

Market Valuation & Key Metrics

	11/8/25	2024	2023	2022	2021
Share Price CYE	$75.65	$36.68	$16.13	$13.68	$42.11
Market Cap CYE ($ Bil)	5.6	2.6	1.1	0.9	2.6
Total Debt ($ Bil)	0.2	0.1	0.0	0.0	0.0
Total Cash ($ Bil)	0.3	0.4	0.3	0.3	0.3
Enterprise Value ($ Bil)	5.4	2.7	1.1	0.9	2.6
Valuation Ratios
P/S TTM	8.5	5.0	2.6	3.5	20.1
P/EBIT TTM	0.0	0.0	0.0	0.0	0.0
P/E TTM	-32.3	-12.9	-4.7	-3.0	-10.7
Sector Ratios
P/S TTM (Sector)	3.1	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	6.5	6.9	7.0	6.7	6.8
P/E TTM (Sector)	11.9	11.5	10.1	9.3	9.9

	11/8/25	2024	2023
Share Price CYE	$75.65	$36.68	$16.13
Market Cap CYE ($ Bil)	5.6	2.6	1.1
Total Debt ($ Bil)	0.2	0.1	0.0
Total Cash ($ Bil)	0.3	0.4	0.3
Enterprise Value ($ Bil)	5.4	2.7	1.1
Valuation Ratios
P/S TTM	8.5	5.0	2.6
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	-32.3	-12.9	-4.7
Sector Ratios
P/S TTM (Sector)	3.1	3.1	2.8
P/EBIT TTM (Sector)	6.5	6.9	7.0
P/E TTM (Sector)	11.9	11.5	10.1

	LMND	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	42.4%	7.2%
Rev Chg LTM	33.5%	6.0%
Rev Chg 3Y Avg	49.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.2
CFO/Rev LTM	-3.6%	20.5%
Net Inc Mgn	-26.4%	13.0%
VALUATION	VERY HIGH
P/S	8.5	3.2
P/CFO	-239.9	15.2
P/FCF	-170.6	20.0
P/E	-32.3	23.6

AI Generated Analysis | Feedback

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LMND Stock

Return (1M):

Factor Drivers of Stock Movement

The 53.2% change in LMND stock from 8/8/2025 to 11/7/2025 was primarily driven by a 41.1% change in the company's P/S Multiple.

	8082025	11072025	Change
Stock Price ($)	48.98	75.02	53.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	600.70	658.60	9.64%
P/S Multiple	5.99	8.45	41.15%
Shares Outstanding (Mil)	73.43	74.19	-1.04%
Cumulative Contribution			53.15%

LTM = Last Twelve Months as of date shown

The 141.5% change in LMND stock from 5/9/2025 to 11/7/2025 was primarily driven by a 108.4% change in the company's P/S Multiple.

	5092025	11072025	Change
Stock Price ($)	31.07	75.02	141.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	558.60	658.60	17.90%
P/S Multiple	4.06	8.45	108.37%
Shares Outstanding (Mil)	72.92	74.19	-1.75%
Cumulative Contribution			141.38%

LTM = Last Twelve Months as of date shown

The 174.5% change in LMND stock from 11/7/2024 to 11/7/2025 was primarily driven by a 114.4% change in the company's P/S Multiple.

	11072024	11072025	Change
Stock Price ($)	27.33	75.02	174.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	493.20	658.60	33.54%
P/S Multiple	3.94	8.45	114.39%
Shares Outstanding (Mil)	71.14	74.19	-4.30%
Cumulative Contribution			173.99%

LTM = Last Twelve Months as of date shown

The 291.7% change in LMND stock from 11/8/2022 to 11/7/2025 was primarily driven by a 285.1% change in the company's Total Revenues ($ Mil).

	11082022	11072025	Change
Stock Price ($)	19.15	75.02	291.75%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	171.00	658.60	285.15%
P/S Multiple	6.92	8.45	22.08%
Shares Outstanding (Mil)	61.82	74.19	-20.02%
Cumulative Contribution			276.04%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points for why Lemonade (LMND) stock moved by 99.1% from approximately 7/31/2025 to today:

1. Strong Q3 2025 Earnings Beat and Raised Full-Year Guidance: Lemonade significantly surpassed analyst expectations for both revenue and earnings per share in its third quarter 2025 results, reporting a loss of $0.51 per share against an anticipated loss of about $0.70 to $0.72 per share, and revenue of $194.5 million, exceeding estimates of $184.9 million to $185.5 million. Following this, the company also raised its full-year revenue guidance, which was a strong indicator of positive performance and investor sentiment. This announcement alone caused the stock to surge by a significant percentage, with various reports indicating jumps from 15.21% to 34% on the news.

2. Consistent and Accelerating Revenue and In-Force Premium (IFP) Growth: The company demonstrated robust year-over-year revenue growth, increasing by 42% in Q3 2025. Furthermore, Lemonade achieved a 30% year-over-year in-force premium (IFP) growth in Q3, marking its eighth consecutive quarter of accelerating IFP growth. This sustained top-line expansion signals healthy business momentum and market traction.

3. Demonstrable Progress Towards Profitability: Lemonade reported a significantly narrowed net loss in both Q2 ($0.60 per share) and Q3 2025 ($0.51 per share), improving from higher losses in the previous year. This progress was further highlighted by a best-ever gross loss ratio of 62% in Q3, an 11 percentage point improvement year-over-year, and a more than doubling of gross profit to $80 million. The company also projected achieving positive adjusted EBITDA for the full quarter in Q4 2026, reinforcing its path to profitability.

4. Strategic Market Expansion and Product Development: Lemonade expanded its global footprint by officially launching its homeowners insurance product in the Netherlands in September 2025, building on its existing offerings in the region. Concurrently, the company continued to show strong growth and performance improvement in its Car insurance business, expanding its reach into new states, which contributed to overall premium expansion.

5. Enhanced Operational Efficiency through AI and Cross-Selling: Management emphasized Lemonade's "AI-first" approach as a critical driver for improved operational efficiency, particularly in areas like claims handling, which contributed to better loss ratios. Additionally, effective cross-selling, especially within its car insurance business, played a key role in accelerating in-force premium expansion and improving profitability metrics. The addition of Meta's VP of AI Products to its Board of Directors in October 2025 further underscored the company's commitment to leveraging AI.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
LMND Return	-	-66%	-68%	18%	127%	105%	-39%
Peers Return	6%	20%	32%	8%	40%	2%	158%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
LMND Win Rate	80%	25%	42%	42%	58%	60%
Peers Win Rate	62%	55%	60%	62%	70%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
LMND Max Drawdown	-	-68%	-69%	-23%	-11%	-32%
Peers Max Drawdown	-40%	-5%	-3%	-16%	-0%	-9%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PGR, MET, UNM, CB, TRV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	LMND	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-94.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1633.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	83.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	39 days	148 days

Compare to PGR, MET, UNM, CB, TRV

In The Past

Lemonade's stock fell -94.2% during the 2022 Inflation Shock from a high on 1/11/2021. A -94.2% loss requires a 1633.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

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About Lemonade (LMND)

Lemonade, Inc. provides various insurance products in the United States and Europe. Its insurance products include 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. The company also offers renters, homeowners, pet, car, and life insurance products, as well as landlord insurance policies. In addition, it operates as an agent for other insurance companies. The company was formerly known as Lemonade Group, Inc. and changed its name to Lemonade, Inc. Lemonade, Inc. was incorporated in 2015 and is headquartered in New York, New York.

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Better Bets than Lemonade (LMND)

	LMND	Better Performance than LMND
Metric	Value	Industry (Property & Casualty Insurance)
Rev Chg LTM	33.5%	PLMR (52.3%), ROOT (38.5%), SLDE (47.5%), HIPO (34.5%)
Rev Chg 3Y Avg	49.5%	ROOT (84.4%), ACIC (187.9%), HIPO (58.5%)
CFO/Rev LTM	-3.6%	PGR (20.4%), CB (22.6%), TRV (20.6%), ALL (13.3%), HIG (21.6%)
FCF/Rev LTM	-5.0%	PGR (20.0%), CB (22.6%), TRV (20.6%), ALL (13.0%), HIG (21.2%)
Total Yield	-3.1%	PGR (10.4%), CB (9.8%), TRV (10.1%), ALL (17.7%), HIG (11.4%)

	LMND	Better Performance than LMND
Metric	Value	Sector (Financials)
Rev Chg LTM	33.5%	HOOD (74.6%), BX (34.9%), COIN (48.6%), TFC (55.5%), RKT (41.7%)
Rev Chg 3Y Avg	49.5%	APO (129.8%), NU (70.1%), SLF (88.9%), FCNCA (53.3%), IREN (138.6%)
CFO/Rev LTM	-3.6%	BRK-B (9.8%), MA (56.1%), V (57.6%), BAC (57.3%), AXP (30.0%)
FCF/Rev LTM	-5.0%	BRK-B (4.8%), MA (52.5%), V (53.9%), BAC (57.3%), AXP (26.9%)
Total Yield	-3.1%	BRK-B (6.3%), JPM (6.7%), MA (2.7%), V (5.4%), BAC (7.5%)

	LMND	Better Performance than LMND
Metric	Value	All Other Sectors
Rev Chg LTM	33.5%	NVDA (71.6%), LLY (36.8%), PLTR (47.2%), MU (48.9%), APP (86.4%)
Rev Chg 3Y Avg	49.5%	NVDA (92.0%), ALNY (51.4%), LVS (51.6%), CRDO (74.4%), RKLB (58.4%)
CFO/Rev LTM	-3.6%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	-5.0%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-3.1%	NVDA (1.9%), AAPL (2.9%), MSFT (3.5%), GOOGL (4.0%), AMZN (2.7%)

		Best Bets In Financials Sector
	LMND	CME	KNSL	MTG	NMIH	CACC	ENVA	FNF	TW	PLMR	ACGL
What You Pay
P/E	-32.0	26.4	19.5	8.5	7.4	10.5	10.6	14.4	37.0	22.1	8.1
P/EBIT	�	19.8	15.2	6.5	5.5	8.3	8.2	9.2	25.0	17.4	7.1
What You Get
Rev Chg Q	42.4%	-3.0%	19.0%	-0.7%	7.6%	6.0%	16.3%	16.8%	13.3%	53.1%	11.0%
Rev Chg LTM	33.5%	5.8%	18.1%	2.2%	8.9%	10.2%	21.1%	7.4%	22.2%	52.3%	17.5%
Rev Chg 3Y Avg	49.5%	8.9%	32.4%	1.2%	10.3%	7.6%	23.5%	-0.7%	19.7%	32.4%	28.9%
FCF/Rev 3Y Avg	-16.7%	61.9%	60.8%	62.2%	58.4%	55.6%	54.7%	50.8%	49.8%	41.2%	38.2%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Lemonade Stock Up 25%, Buy Or Wait?	Return
2	Why Lemonade Stock Moved: LMND Stock Has Gained 448% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Lemonade (LMND) Valuation Ratios Comparison	Financials
4	LMND Dip Buy Analysis
5	Lemonade (LMND) Stock: 40% of days in last 3 months had 1% or greater fluctuation
6	Lemonade Total Shareholder Return (TSR): 127.4% in 2024 and -4.5% 3-yr compounded annual returns (below peer average)
7	Time To Buy Lemonade Stock?	Buy or Fear
8	Lemonade (LMND) Operating Cash Flow Comparison	Financials
9	Lemonade (LMND) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to LMND. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BRO_10312025_Dip_Buyer_FCFYield	10312025	BRO	Brown & Brown	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.5%	-1.5%	-4.2%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	0.0%
EEFT_10312025_Dip_Buyer_FCFYield	10312025	EEFT	Euronet Worldwide	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.7%	-4.7%	-4.9%
GPN_10312025_Dip_Buyer_FCFYield	10312025	GPN	Global Payments	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.2%	-2.2%	-2.2%
APO_10102025_Dip_Buyer_FCFYield	10102025	APO	Apollo Asset Management	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.0%	12.0%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BRO_10312025_Dip_Buyer_FCFYield	10312025	BRO	Brown & Brown	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.5%	-1.5%	-4.2%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	0.0%
EEFT_10312025_Dip_Buyer_FCFYield	10312025	EEFT	Euronet Worldwide	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.7%	-4.7%	-4.9%
GPN_10312025_Dip_Buyer_FCFYield	10312025	GPN	Global Payments	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.2%	-2.2%	-2.2%
APO_10102025_Dip_Buyer_FCFYield	10102025	APO	Apollo Asset Management	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.0%	12.0%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.6	207.2%	118.6%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%	233.4%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

Peer Comparisons for Lemonade

Financials

	LMND	PGR	MET	UNM	CB	TRV	Median
Name	Lemonade	Progress.	MetLife	Unum	Chubb	Traveler.
Mkt Price	75.02	217.27	76.15	78.15	287.55	279.81	147.71
Mkt Cap	5.6	127.4	51.1	13.3	114.3	62.7	56.9
Rev LTM	659	82,376	72,078	12,983	58,900	48,409	53,654
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	-33	16,472	15,229	689	13,321	9,985	11,653
FCF 3Y Avg	-75	12,350	13,793	1,005	13,409	8,682	10,516
CFO LTM	-23	16,800	15,229	816	13,321	9,985	11,653
CFO 3Y Avg	-65	12,634	13,793	1,134	13,409	8,682	10,658

Growth & Margins

	LMND	PGR	MET	UNM	CB	TRV	Median
Name	Lemonade	Progress.	MetLife	Unum	Chubb	Traveler.
Rev Chg LTM	33.5%	21.5%	5.9%	2.1%	6.7%	6.7%	6.7%
Rev Chg 3Y Avg	49.5%	20.0%	6.0%	3.2%	12.2%	10.1%	11.2%
Rev Chg Q	42.4%	21.3%	-1.8%	4.9%	8.2%	4.8%	6.5%
QoQ Delta Rev Chg LTM	9.6%	4.9%	-0.4%	1.2%	2.2%	1.2%	1.7%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	-3.6%	20.4%	21.1%	6.3%	22.6%	20.6%	20.5%
CFO/Rev 3Y Avg	-14.9%	18.0%	19.7%	9.0%	24.8%	19.4%	18.7%
FCF/Rev LTM	-5.0%	20.0%	21.1%	5.3%	22.6%	20.6%	20.3%
FCF/Rev 3Y Avg	-16.7%	17.6%	19.7%	8.0%	24.8%	19.4%	18.5%

Valuation

	LMND	PGR	MET	UNM	CB	TRV	Median
Name	Lemonade	Progress.	MetLife	Unum	Chubb	Traveler.
Mkt Cap	5.6	127.4	51.1	13.3	114.3	62.7	56.9
P/S	8.5	1.5	0.7	1.0	1.9	1.3	1.4
P/EBIT	-	9.5	7.6	9.7	8.7	8.1	8.7
P/E	-32.0	12.2	11.9	14.6	11.8	10.7	11.9
P/CFO	-237.9	7.6	3.4	16.3	8.6	6.3	6.9
Total Yield	-3.1%	10.4%	11.4%	9.2%	9.8%	10.1%	10.0%
Dividend Yield	0.0%	2.3%	3.0%	2.3%	1.3%	0.8%	1.8%
FCF Yield 3Y Avg	-7.5%	10.3%	28.1%	9.2%	12.9%	17.2%	11.6%
D/E	0.0	0.1	0.4	0.3	0.2	0.1	0.1
Net D/E	-0.1	-0.0	-1.8	-2.4	-0.2	-1.4	-0.8

Returns

	LMND	PGR	MET	UNM	CB	TRV	Median
Name	Lemonade	Progress.	MetLife	Unum	Chubb	Traveler.
1M Rtn	35.2%	-10.6%	-6.5%	0.0%	0.2%	-1.0%	-0.5%
3M Rtn	53.2%	-11.8%	0.6%	13.3%	6.4%	6.1%	6.2%
6M Rtn	141.5%	-23.6%	-0.7%	-1.7%	-0.1%	4.6%	-0.4%
12M Rtn	174.5%	-13.1%	-3.3%	15.3%	4.8%	12.7%	8.8%
3Y Rtn	291.7%	73.3%	13.8%	89.9%	41.5%	60.3%	66.8%
1M Excs Rtn	40.4%	-10.2%	-6.3%	2.5%	1.2%	2.1%	1.6%
3M Excs Rtn	37.7%	-16.8%	-3.7%	7.7%	0.9%	0.7%	0.8%
6M Excs Rtn	122.6%	-42.5%	-19.6%	-20.6%	-19.0%	-14.3%	-19.3%
12M Excs Rtn	183.1%	-27.0%	-16.1%	6.9%	-11.3%	-0.2%	-5.7%
3Y Excs Rtn	157.9%	-3.8%	-64.6%	10.2%	-36.3%	-16.3%	-10.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/26/2025	2/28/2024	3/3/2023	3/1/2022	3/8/2021	7/2/2020
Key Financials
Total Revenue	659	526	430	257	128	94	67
Net Income	-174	-202	-237	-298	-241	-122	-108
EPS	-2.38	-2.85	-3.40	-4.59	-3.94	-3.63	-2.49
Growth Rates
Total Revenue Growth	33.5%	22.5%	67.4%	99.9%	36.0%	40.3%	199.1%
Net Income Growth	19.0%	14.6%	20.4%	-23.4%	-97.3%	-12.7%	-105.1%
Margins
Net Income Margin	-26.4%	-38.4%	-55.1%	-116.0%	-187.9%	-129.6%	-161.2%
Cash & Debt
Total Cash	587	1,011	938	1,033	1,072	577	331
Total Debt	152	107	43	35	22	0	0
Net Debt / (Cash)	-435	-904	-895	-997	-1,050	-577	-331
Cash Flows
Net Cash from Operations	-23	-11	-119	-163	-145	-92	-78
Free Cash from Operations	-33	-21	-128	-173	-154	-96	-81
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/5/2025	5/6/2025	2/26/2025	10/31/2024	7/31/2024	5/1/2024	2/28/2024	11/3/2023	8/4/2023	5/5/2023	3/3/2023
Key Financials Quarterly
Total Revenue	194	164	151	149	137	122	119	116	114	105	95	88
Net Income	-38	-44	-62	-30	-68	-57	-47	-42	-62	-67	-66	-64
EPS	-0.51	-0.60	-0.86	-0.41	-0.95	-0.81	-0.67	-0.60	-0.88	-0.97	-0.95	-0.90
Key Financials TTM
Total Revenue TTM	659	601	559	526	493	471	454	430	403	362	308	257
Net Income TTM	-174	-204	-217	-202	-215	-208	-218	-237	-258	-288	-289	-298
Growth Rates Quarterly
Total Revenue Growth	42.4%	34.5%	27.0%	28.8%	19.3%	16.6%	25.1%	30.7%	54.7%	109.2%	114.9%	115.6%
Net Income Growth	44.6%	23.3%	-31.9%	29.2%	-10.1%	14.9%	28.1%	33.4%	32.7%	1.0%	12.0%	9.4%
Margins Quarterly
Net Income Margin	-19.3%	-26.8%	-41.3%	-20.2%	-49.6%	-46.9%	-39.7%	-36.7%	-53.7%	-64.2%	-69.1%	-72.1%
Cash & Debt
Total Cash	587	670	640	1,011	585	924	921	938	558	560	988	1,033
Total Debt	152	144	124	107	89	67	54	43	37	32	34	35
Net Debt / (Cash)	-435	-527	-516	-904	-496	-857	-866	-895	-521	-529	-954	-997
Cash Flows Quarterly
FCF from Operations	4	6	-47	14	16	-12	-30	-16	-6	-50	-46	-29
Cash Flows TTM
FCF from Operations TTM	-23	-12	-29	-11	-41	-64	-102	-119	-132	-180	-170	-163
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-9.5%	-12.1%	-17.7%	-12.1%	-19.3%	-22.5%	-19.0%	-17.4%	-18.9%	-21.3%	-32.6%	-34.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-11.4%	-14.5%	-15.6%	-20.5%	-15.1%	-20.4%	-22.0%	-25.2%	-20.5%	-23.3%	-36.2%	-40.4%

Price Behavior

Price Behavior

Market Price	$75.02
Market Cap ($ Bil)	5.5
First Trading Date	07/02/2020
Distance from 52W High	-4.7%
	50 Days	200 Days
DMA Price	$55.21	$41.74
DMA Trend	up	up
Distance from DMA	35.9%	79.7%
	3M	1YR
Volatility	95.5%	92.8%
Downside Capture	379.77	233.81
Upside Capture	510.37	309.78
Correlation (SPY)	46.3%	44.7%

LMND Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.18	3.98	2.92	2.61	2.01	2.08
Up Beta	4.21	3.49	2.37	2.33	1.99	1.97
Down Beta	4.19	4.27	3.75	4.31	1.62	1.51
Up Capture	497%	428%	468%	391%	896%	4841%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	13	22	34	66	125	355
Down Capture	374%	381%	190%	158%	141%	111%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	10	22	31	59	123	393

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of LMND With Other Asset Classes (Last 1Y)
	LMND	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	218.3%	15.3%	18.9%	45.7%	0.7%	-1.3%	49.7%
Annualized Volatility	94.2%	20.1%	19.6%	19.9%	16.1%	18.0%	37.2%
Sharpe Ratio	1.63	0.60	0.76	1.78	-0.14	-0.22	0.85
Correlation With Other Assets		46.2%	46.0%	-1.4%	9.2%	32.6%	35.9%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of LMND With Other Asset Classes (Last 5Y)
	LMND	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.3%	19.2%	17.1%	15.9%	13.8%	7.2%	49.2%
Annualized Volatility	85.9%	19.4%	17.1%	15.6%	18.9%	19.1%	49.3%
Sharpe Ratio	0.47	0.84	0.81	0.82	0.61	0.29	0.76
Correlation With Other Assets		36.8%	42.9%	4.3%	6.6%	37.3%	24.8%

Based On 10-Year Data

		Comparison of LMND With Other Asset Classes (Last 10Y)
	LMND	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	1.5%	12.5%	14.3%	12.9%	5.1%	5.3%	77.5%
Annualized Volatility	86.3%	22.4%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.40	0.52	0.69	0.72	0.22	0.23	0.95
Correlation With Other Assets		35.2%	41.3%	5.3%	7.2%	35.3%	23.9%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	15,644,907
Short Interest: % Change Since 9302025	-4.1%
Average Daily Volume	2,276,733
Days-to-Cover Short Interest	6.87
Basic Shares Quantity	74,194,138
Short % of Basic Shares	21.1%

Returns Analyses

	Title
0	Lemonade Stock Up 25%, Buy Or Wait?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	-4.6%
8/5/2025	6.6%	13.9%	5.8%
5/6/2025	1.0%	6.6%	19.5%
2/25/2025	-1.6%	16.6%	7.2%
10/30/2024	26.8%	56.2%	176.3%
7/30/2024	-20.3%	-31.4%	-21.9%
2/27/2024	-27.7%	-24.8%	-25.0%
11/1/2023	47.0%	45.5%	66.4%
...
SUMMARY STATS
# Positive	9	12	10
# Negative	12	9	11
Median Positive	6.6%	15.3%	28.4%
Median Negative	-5.6%	-12.2%	-19.7%
Max Positive	47.0%	56.2%	176.3%
Max Negative	-27.7%	-31.4%	-37.7%

	Forward Returns
11/5/2025	-4.6%
8/5/2025	6.6%	13.9%	5.8%
5/6/2025	1.0%	6.6%	19.5%
2/25/2025	-1.6%	16.6%	7.2%
10/30/2024	26.8%	56.2%	176.3%
7/30/2024	-20.3%	-31.4%	-21.9%
2/27/2024	-27.7%	-24.8%	-25.0%
11/1/2023	47.0%	45.5%	66.4%
8/2/2023	-21.6%	-29.1%	-37.7%
5/3/2023	27.8%	45.2%	64.1%
2/22/2023	3.2%	-7.4%	-22.4%
11/8/2022	-4.0%	20.1%	-6.0%
8/8/2022	11.9%	23.0%	-5.2%
5/9/2022	2.4%	4.5%	11.3%
2/23/2022	2.4%	-2.8%	18.3%
11/9/2021	-0.1%	-1.8%	-26.1%
8/4/2021	-11.4%	-9.1%	-11.8%
5/11/2021	-18.5%	0.0%	37.3%
3/2/2021	-6.7%	-15.3%	-15.7%
11/12/2020	-3.3%	10.2%	58.2%
8/12/2020	-2.3%	1.7%	-17.4%
SUMMARY STATS
# Positive	9	12	10
# Negative	12	9	11
Median Positive	6.6%	15.3%	28.4%
Median Negative	-5.6%	-12.2%	-19.7%
Max Positive	47.0%	56.2%	176.3%
Max Negative	-27.7%	-31.4%	-37.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	7312024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	3032023	10-K 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

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Industry Resources

Financials Resources

Federal Reserve Economic Data

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Lemonade (LMND)

Market Price (11/8/2025): $75.65 | Market Cap: $5.6 BilSector: Financials | Industry: Property & Casualty Insurance

Lemonade (LMND)

Market Price (11/8/2025): $75.65Market Cap: $5.6 BilSector: FinancialsIndustry: Property & Casualty Insurance

Market Valuation & Key Metrics

LMND Stock

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Price Returns Compared

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About Lemonade (LMND)

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Based On 1-Year Data

Based On 5-Year Data

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Earnings Returns History

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Market Price (11/8/2025): $75.65 | Market Cap: $5.6 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Market Price (11/8/2025): $75.65
Market Cap: $5.6 Bil
Sector: Financials
Industry: Property & Casualty Insurance