Tearsheet

Lemonade (LMND)


Market Price (10/31/2025): $59.86 | Market Cap: $4.4 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Lemonade (LMND)


Market Price (10/31/2025): $59.86
Market Cap: $4.4 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 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
Trading close to highs
Dist 52W High is -3.2%, Dist 3Y High is -3.2%
Stock price has recently run up significantly
6M Rtn6 month market price return is 107%, 12M Rtn12 month market price return is 215%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
  Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.9%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.6%
2   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 -9.2%
3   Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
2 Trading close to highs
Dist 52W High is -3.2%, Dist 3Y High is -3.2%
3 Stock price has recently run up significantly
6M Rtn6 month market price return is 107%, 12M Rtn12 month market price return is 215%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.9%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.6%
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 -9.2%
6 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21%

Market Valuation & Key Metrics

LMND Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
LMND Return--66%-68%18%127%61%-57%
Peers Return6%20%32%8%40%1%155%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
LMND Win Rate80%25%42%42%58%56% 
Peers Win Rate62%55%60%62%70%58% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
LMND Max Drawdown--68%-69%-23%-11%-32% 
Peers Max Drawdown-40%-5%-3%-16%-0%-7% 
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 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventLMNDS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-94.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven1633.8%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-45.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven83.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven39 days148 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

Actively managed asset allocation strategies protect wealth. Learn more.

About Lemonade (LMND)

Better Bets than Lemonade (LMND)

Trade Ideas

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

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
15.0%15.0%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
15.0%15.0%0.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Lemonade

Financials

LMNDPGRMETUNMCBTRVMedian
NameLemonade Progress.MetLife Unum Chubb Traveler. 
Mkt Price59.01206.9779.1673.50278.06271.01143.06
Mkt Cap4.3121.353.112.8110.560.756.9
Rev LTM60182,37672,07812,82858,90048,40953,654
Op Inc LTM-------
FCF LTM-2116,47215,2291,44413,3219,98511,653
FCF 3Y Avg-9512,35013,7931,22313,4098,68210,516
CFO LTM-1216,80015,2291,57713,3219,98511,653
CFO 3Y Avg-8512,63413,7931,35113,4098,68210,658

Growth & Margins

LMNDPGRMETUNMCBTRVMedian
NameLemonade Progress.MetLife Unum Chubb Traveler. 
Rev Chg LTM27.5%21.5%5.9%2.0%6.7%6.7%6.7%
Rev Chg 3Y Avg56.5%20.0%6.0%2.9%12.2%10.1%11.2%
Rev Chg Q34.5%21.3%-1.8%4.4%8.2%4.8%6.5%
QoQ Delta Rev Chg LTM7.5%4.9%-0.4%1.1%2.2%1.2%1.7%
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-1.9%20.4%21.1%12.3%22.6%20.6%20.5%
CFO/Rev 3Y Avg-21.7%18.0%19.7%10.8%24.8%19.4%18.7%
FCF/Rev LTM-3.6%20.0%21.1%11.3%22.6%20.6%20.3%
FCF/Rev 3Y Avg-23.8%17.6%19.7%9.8%24.8%19.4%18.5%

Valuation

LMNDPGRMETUNMCBTRVMedian
NameLemonade Progress.MetLife Unum Chubb Traveler. 
Mkt Cap4.3121.353.112.8110.560.756.9
P/S7.21.50.71.01.91.31.4
P/EBIT-9.07.96.08.47.97.9
P/E-21.211.612.48.411.410.310.9
P/CFO-373.67.23.58.18.36.16.7
Total Yield-4.7%11.0%10.9%14.3%10.1%10.5%10.7%
Dividend Yield0.0%2.4%2.9%2.4%1.3%0.8%1.9%
FCF Yield 3Y Avg-7.7%10.3%28.1%11.2%12.9%17.2%12.1%
D/E0.00.10.40.30.20.20.2
Net D/E-0.1-0.0-1.7-2.8-0.2-1.5-0.8

Returns

LMNDPGRMETUNMCBTRVMedian
NameLemonade Progress.MetLife Unum Chubb Traveler. 
1M Rtn10.2%-16.2%-3.9%-4.9%-1.5%-2.9%-3.4%
3M Rtn56.6%-14.5%4.2%3.0%4.9%4.6%4.4%
6M Rtn107.0%-25.4%6.0%-3.9%-1.2%4.5%1.7%
12M Rtn214.7%-13.1%-2.1%16.8%-0.7%10.2%4.7%
3Y Rtn143.8%66.0%18.6%75.2%35.2%55.7%60.8%
1M Excs Rtn10.9%-17.7%-5.0%-7.2%-2.8%-3.9%-4.5%
3M Excs Rtn52.7%-23.5%-2.4%-3.3%-5.0%-4.0%-3.7%
6M Excs Rtn85.2%-47.1%-15.7%-25.7%-22.9%-17.2%-20.1%
12M Excs Rtn199.4%-30.7%-19.1%4.4%-20.0%-8.0%-13.6%
3Y Excs Rtn77.3%-2.2%-54.4%3.0%-32.5%-13.7%-8.0%

Financials

Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity15,644,907
Short Interest: % Change Since 9302025-4.1%
Average Daily Volume2,276,733
Days-to-Cover Short Interest6.87
Basic Shares Quantity73,433,379
Short % of Basic Shares21.3%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20256.6%13.9%5.8%
5/6/20251.0%6.6%19.5%
2/25/2025-1.6%16.6%7.2%
10/30/202426.8%56.2%176.3%
7/30/2024-20.3%-31.4%-21.9%
2/27/2024-27.7%-24.8%-25.0%
11/1/202347.0%45.5%66.4%
8/2/2023-21.6%-29.1%-37.7%
...
SUMMARY STATS   
# Positive91210
# Negative11810
Median Positive6.6%15.3%28.4%
Median Negative-6.7%-12.2%-19.7%
Max Positive47.0%56.2%176.3%
Max Negative-27.7%-31.4%-37.7%

SEC Filings

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Report DateFiling DateFiling
6302025805202510-Q 6/30/2025
3312025506202510-Q 3/31/2025
12312024226202510-K 12/31/2024
93020241031202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023228202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023804202310-Q 6/30/2023
3312023505202310-Q 3/31/2023
12312022303202310-K 12/31/2022
93020221109202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021301202210-K 12/31/2021
93020211109202110-Q 9/30/2021

Insider Activity

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