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Lemonade (LMND)

Market Price (5/7/2026): $53.61 | Market Cap: $4.1 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Lemonade (LMND)

Market Price (5/7/2026): $53.61
Market Cap: $4.1 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Fintech & Digital Payments, and AI in Financial Services. Themes include AI Software Platforms, Show more.

Meaningful 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 14%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 134x

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 -7.7%

Key risks
LMND key risks include [1] its persistent unprofitability and an uncertain path to achieving it, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 51%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34%
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Fintech & Digital Payments, and AI in Financial Services. Themes include AI Software Platforms, Show more.
3 Meaningful 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 14%
4 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 134x
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 -7.7%
6 Key risks
LMND key risks include [1] its persistent unprofitability and an uncertain path to achieving it, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Lemonade (LMND) stock has lost about 40% since 1/31/2026 because of the following key factors:

1. Continued unprofitability and concerns about the path to sustained profitability contributed to investor skepticism. Despite exceeding EPS estimates in both Q4 2025 (reporting a loss of -$0.29 versus an estimated -$0.41) and Q1 2026 (reporting a loss of -$0.47 versus an estimated -$0.58), Lemonade continues to report net losses. The stock experienced a decline of approximately 13% to $57.25 after the Q1 2026 earnings report on April 29, 2026, highlighting persistent profitability concerns among investors, even though management reiterated its expectation of positive Adjusted EBITDA by Q4 2026 and full-year Adjusted EBITDA profitability in 2027.

2. High operating expenses, driven by significant growth spending, continue to impact the company's bottom line. While Lemonade demonstrated strong revenue growth, with a 53% increase in Q4 2025 and a 70.6% rise in Q1 2026 year-over-year, its operating expenses remained elevated due to investments in customer acquisition. For example, total operating expenses, excluding net loss and loss adjustment expenses, increased by 24% year-over-year in Q4 2025, demonstrating ongoing substantial spending as the company pursues growth amidst its path to profitability.

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Stock Movement Drivers

Fundamental Drivers

The -38.9% change in LMND stock from 1/31/2026 to 5/6/2026 was primarily driven by a -51.0% change in the company's P/S Multiple.
(LTM values as of)13120265062026Change
Stock Price ($)86.7353.00-38.9%
Change Contribution By: 
Total Revenues ($ Mil)65984528.3%
P/S Multiple9.84.8-51.0%
Shares Outstanding (Mil)7476-2.8%
Cumulative Contribution-38.9%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/6/2026
ReturnCorrelation
LMND-38.9% 
Market (SPY)3.6%52.0%
Sector (XLF)-2.5%52.3%

Fundamental Drivers

The -11.8% change in LMND stock from 10/31/2025 to 5/6/2026 was primarily driven by a -34.8% change in the company's P/S Multiple.
(LTM values as of)103120255062026Change
Stock Price ($)60.0853.00-11.8%
Change Contribution By: 
Total Revenues ($ Mil)60184540.6%
P/S Multiple7.34.8-34.8%
Shares Outstanding (Mil)7376-3.8%
Cumulative Contribution-11.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/6/2026
ReturnCorrelation
LMND-11.8% 
Market (SPY)5.5%43.9%
Sector (XLF)-0.2%37.4%

Fundamental Drivers

The 81.4% change in LMND stock from 4/30/2025 to 5/6/2026 was primarily driven by a 60.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020255062026Change
Stock Price ($)29.2253.0081.4%
Change Contribution By: 
Total Revenues ($ Mil)52684560.4%
P/S Multiple4.04.819.9%
Shares Outstanding (Mil)7276-5.7%
Cumulative Contribution81.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/6/2026
ReturnCorrelation
LMND81.4% 
Market (SPY)30.4%41.5%
Sector (XLF)8.0%38.9%

Fundamental Drivers

The 388.9% change in LMND stock from 4/30/2023 to 5/6/2026 was primarily driven by a 229.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235062026Change
Stock Price ($)10.8453.00388.9%
Change Contribution By: 
Total Revenues ($ Mil)257845229.1%
P/S Multiple2.94.863.8%
Shares Outstanding (Mil)6976-9.3%
Cumulative Contribution388.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/6/2026
ReturnCorrelation
LMND388.9% 
Market (SPY)78.7%37.6%
Sector (XLF)64.0%39.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LMND Return-66%-68%18%127%94%-20%-53%
Peers Return-24%-21%27%181%8%-6%118%
S&P 500 Return27%-19%24%23%16%6%93%

Monthly Win Rates [3]
LMND Win Rate25%42%42%58%58%60% 
Peers Win Rate33%43%60%67%52%44% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
LMND Max Drawdown-68%-69%-23%-11%-32%-29% 
Peers Max Drawdown-36%-36%-24%-9%-10%-16% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: PGR, ALL, TRV, ROOT, HIPO.
[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] 2026 data is for the year up to 5/6/2026 (YTD)

How Low Can It Go

EventLMNDS&P 500
2025 US Tariff Shock
  % Loss-31.3%-18.8%
  % Gain to Breakeven45.5%23.1%
  Time to Breakeven59 days79 days
2024 Yen Carry Trade Unwind
  % Loss-18.3%-7.8%
  % Gain to Breakeven22.4%8.5%
  Time to Breakeven11 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-51.8%-9.5%
  % Gain to Breakeven107.6%10.5%
  Time to Breakeven263 days24 days
2023 SVB Regional Banking Crisis
  % Loss-36.6%-6.7%
  % Gain to Breakeven57.8%7.1%
  Time to Breakeven25 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-61.0%-24.5%
  % Gain to Breakeven156.3%32.4%
  Time to Breakeven888 days427 days

Compare to PGR, ALL, TRV, ROOT, HIPO

In The Past

Lemonade's stock fell -31.3% during the 2025 US Tariff Shock. Such a loss loss requires a 45.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLMNDS&P 500
2025 US Tariff Shock
  % Loss-31.3%-18.8%
  % Gain to Breakeven45.5%23.1%
  Time to Breakeven59 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-51.8%-9.5%
  % Gain to Breakeven107.6%10.5%
  Time to Breakeven263 days24 days
2023 SVB Regional Banking Crisis
  % Loss-36.6%-6.7%
  % Gain to Breakeven57.8%7.1%
  Time to Breakeven25 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-61.0%-24.5%
  % Gain to Breakeven156.3%32.4%
  Time to Breakeven888 days427 days

Compare to PGR, ALL, TRV, ROOT, HIPO

In The Past

Lemonade's stock fell -31.3% during the 2025 US Tariff Shock. Such a loss loss requires a 45.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

AI Analysis | Feedback

Analogy 1: The Robinhood of insurance.

Analogy 2: The Netflix of insurance.

AI Analysis | Feedback

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  • Renters Insurance: Protects tenants against stolen or damaged property and personal liability.
  • Homeowners Insurance: Protects homeowners against stolen or damaged property and personal liability.
  • Pet Insurance: Provides coverage for veterinary care and other pet-related expenses.
  • Car Insurance: Offers protection against financial loss in the event of a car accident or theft.
  • Life Insurance: Provides a financial payout to beneficiaries upon the death of the insured.
  • Landlord Insurance: Protects property owners who rent out their properties from risks like property damage or liability claims.
  • Insurance Agency Services: Operates as an agent to sell insurance policies from other insurance companies.
```

AI Analysis | Feedback

Lemonade (LMND) primarily sells insurance products directly to individuals.

The company serves the following categories of customers:

  • Renters: Individuals seeking insurance for their personal property and liability while living in rented homes or apartments.
  • Homeowners: Individuals who own their homes and require insurance to protect their property and against personal liability.
  • Pet Owners: Individuals seeking insurance coverage for their pets' health and medical expenses.

AI Analysis | Feedback

  • Swiss Re (SWCEY)
  • Munich Re (MURGY)
  • Hannover Re
  • SCOR SE

AI Analysis | Feedback

Daniel Schreiber, Co-Founder, Chief Executive Officer, and Chairman

Daniel Schreiber co-founded Lemonade in April 2015. Before establishing Lemonade, he served as President and a board member of Powermat Technologies from 2011 to 2015. He also held senior marketing roles at SanDisk and M-Systems between 2003 and 2011. Additionally, Schreiber co-founded Alchemedia Inc., an internet security software company, and served as its CEO, which was acquired by Finjan Software in 2002. He previously practiced corporate law in Israel.

Shai Wininger, Co-Founder, President

Shai Wininger co-founded Lemonade in April 2015. Prior to Lemonade, he founded Fiverr Ltd. in 2009, where he served as Chief Technology Officer, managing the engineering, design, and product departments. He also held senior management capacities for other technology companies such as Mobideo Aerospace (2005-2010), Handsmart Software (2003-2005), and Trimus Inc. (1999-2003).

Tim Bixby, Chief Financial Officer and Treasurer

Tim Bixby joined Lemonade in June 2017. Before his role at Lemonade, he served as the Chief Financial Officer of Shutterstock, Inc. from 2011 to 2015. From 1999 to 2011, Bixby was the Chief Financial Officer, President, and a board member of LivePerson, Inc. He has experience in guiding companies through the transition from private to public. He also currently serves as Audit Chair and Board Director for Rent the Runway since 2021.

Adina Eckstein, Chief Operating Officer

Adina Eckstein is responsible for ensuring day-to-day operational efficiency and technological advancements at Lemonade.

John Peters, Chief Insurance Officer

John Peters oversees Lemonade's insurance operations and risk management. Prior to joining Lemonade in 2016, he held executive roles at Liberty Mutual Insurance and was a partner at McKinsey & Company.

AI Analysis | Feedback

The key risks to Lemonade's business are:

1. Persistent Net Losses and Unassured Path to Profitability

Lemonade continues to incur significant net losses, and its journey to sustained profitability is not yet assured. The company is spending heavily to grow, and while it has shown improvements in its loss ratio and narrowed net losses, the core financial risk remains its ongoing unprofitability. Its valuation is highly sensitive to its ability to achieve positive adjusted EBITDA targets.

2. Exposure to Catastrophic Events and Underwriting Risk

As an insurance provider, Lemonade is inherently exposed to the unpredictable risk of severe weather events and other catastrophes, including the effects of climate change. While the company is working to improve its underwriting models and has seen an improved loss ratio, a major catastrophic event could still have a material adverse effect on its financial results and condition, particularly after reducing its reinsurance cession rate, meaning it retains more risk in-house.

3. Intense Competition and Regulatory Challenges

Lemonade faces intense competition from established insurance giants that are rapidly digitizing, as well as from other tech-first rivals. To compete effectively, Lemonade must continually maintain its AI edge in pricing and customer experience. Additionally, the company is subject to extensive regulatory scrutiny, particularly concerning potential biases in its AI algorithms used for underwriting in both the US and Europe, which could necessitate costly model changes or lead to fines and restrictions. Its reliance on direct-to-consumer (DTC) sales in a market historically resistant to this approach also adds uncertainty to its growth prospects and financial stability.

AI Analysis | Feedback

The most significant emerging threat to Lemonade is the accelerated digital transformation and adoption of advanced AI, data analytics, and user-friendly mobile platforms by large, established traditional insurance carriers. These incumbents, with their vast customer bases, deep capital reserves, and extensive regulatory experience, are actively investing in and integrating technologies that were once primary differentiators for Lemonade (e.g., instant quotes, AI-powered underwriting, streamlined claims processing, and modern app-based customer experiences). As these traditional players successfully modernize their operations and customer-facing interfaces, they can erode Lemonade's competitive edge as a tech-first disruptor, potentially offering comparable digital convenience combined with the scale, brand recognition, and diverse product offerings of a deeply entrenched market leader.

AI Analysis | Feedback

The addressable markets for Lemonade's main products and services are as follows:

  • Renters Insurance:
    • U.S.: $74 billion in 2024.
    • Europe: Null
  • Homeowners Insurance:
    • U.S.: $175.1 billion in 2025.
    • Europe: $83.81 billion in 2025.
  • Pet Insurance:
    • U.S.: $6.48 billion in 2025.
    • Europe: $5.62 billion in 2025.
  • Car Insurance:
    • U.S.: $487.65 billion in 2025.
    • Europe: $129.68 billion in 2025.
  • Life Insurance:
    • U.S.: $1.93 trillion in 2024.
    • Europe: $226.10 billion in 2020, with a projected revenue of $283.78 billion by 2027.

AI Analysis | Feedback

Lemonade (LMND) is expected to drive future revenue growth over the next 2-3 years through several key strategies, leveraging its AI-powered platform and expanding product offerings.

  1. Growth in Customer Base and In-Force Premium (IFP)
    Lemonade anticipates continued robust growth in its customer count and In-Force Premium (IFP). The company reported a 23% year-over-year increase in customers and a 31% year-over-year growth in IFP for Q4 2025, reaching $1.24 billion. Looking ahead, Lemonade has provided guidance for 32% IFP growth in 2026. This consistent expansion of its customer base across its various insurance products is a fundamental driver of revenue.
  2. Expansion of Lemonade Car and Autonomous Car Insurance
    The Lemonade Car product continues to be a significant growth engine. A major new initiative is the recent launch and planned geographic expansion of its autonomous car insurance, starting with Tesla vehicles in Arizona and Oregon. This product offers differentiated pricing based on whether a car is human-driven or AI-driven, with autonomous miles priced significantly lower, reflecting their safer record. Morgan Stanley upgraded Lemonade's stock, partly due to this partnership, suggesting it could allow Lemonade to grow its business tenfold, primarily through Lemonade Car, with plans for near full U.S. coverage by 2027.
  3. Product Diversification and Increased Bundling
    Lemonade's growth strategy is increasingly diversified across multiple products, including renters, homeowners, pet, car, and life insurance. A key focus is on increasing the bundling of these products, which leads to a higher premium per customer and improved customer retention. The company has seen its bundling percentage rise from approximately 1% at the time of its IPO to around 5% by the second quarter of 2025, contributing to its overall premium growth trajectory.
  4. Geographic Expansion
    Beyond the specific expansion of autonomous car insurance, Lemonade continues to expand its general insurance offerings into new states within the United States and further into European markets. This ongoing geographic expansion allows the company to tap into new customer pools and increase its overall market penetration, thereby driving incremental revenue. The company operates across the U.S. and E.U.
  5. AI-Driven Underwriting and Pricing Improvements
    Lemonade's proprietary AI technology is a core competitive advantage that indirectly but powerfully drives revenue growth. Continuous improvements in its AI for underwriting, pricing segmentation, and claims processing lead to a lower gross loss ratio (reported at a record-breaking 52% in Q4 2025). This enhanced efficiency and accuracy allow Lemonade to offer more competitive pricing and a better customer experience, attracting more policyholders and improving customer retention, which in turn fuels premium and revenue growth. The company emphasizes significant R&D investments in AI, cross-selling, and pricing automation.

AI Analysis | Feedback

Here's a summary of Lemonade's capital allocation decisions over the last 3-5 years:

Share Repurchases

  • Lemonade made stock buybacks of $19.40 million for the quarter ending December 31, 2025.

Share Issuance

  • Lemonade executed a secondary public offering on January 14, 2021, issuing 4,824,314 shares and raising $796.01 million.
  • In July 2022, Lemonade issued 7.3 million LMND shares to Metromile shareholders as part of the Metromile acquisition. The stock portion of the deal was valued at $145 million.
  • The number of shares outstanding has steadily increased, from 61.58 million in 2021 to 74.19 million in 2025, indicating ongoing issuance likely through equity compensation plans and the Metromile acquisition.

Outbound Investments

  • Lemonade acquired Metromile in an all-stock deal that closed in July 2022. The initial value announced in November 2021 was approximately $500 million, which later adjusted to around $115 million (or $35 million net of Metromile's cash) by June 2022 due to changes in stock prices. This acquisition included Metromile's business, over $155 million in cash, and over $110 million in premiums. The strategic rationale was to accelerate the expansion of Lemonade Car by gaining licenses, data, and telematics technology.

Capital Expenditures

  • Lemonade has been making large-scale investments in AI to automate pricing, underwriting, and go-to-market operations.
  • Management is prioritizing research and development for autonomous insurance, cross-selling platforms, and pricing automation to improve unit economics and maintain high gross profit growth rates. These investments are expected to pressure margins in the short term but aim for long-term revenue and profitability gains.

Latest Trefis Analyses

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EEFT_4302026_Dip_Buyer_ValueBuy04302026EEFTEuronet WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
HOMB_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V204242026HOMBHome BancSharesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		1.5%1.5%0.0%
HBAN_3312026_Insider_Buying_45D_2Buy_200K03312026HBANHuntington BancsharesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		7.1%7.1%0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K03312026NPNeptune InsuranceInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		3.9%3.9%0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper03272026JKHYJack 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%-4.0%

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Peer Comparisons

Peers to compare with:

Financials

LMNDPGRALLTRVROOTHIPOMedian
NameLemonade Progress.Allstate Traveler.Root Hippo  
Mkt Price53.00196.80217.92301.5955.0527.39125.93
Mkt Cap4.0115.256.564.90.90.730.3
Rev LTM84589,41567,55748,9421,51748025,230
Op Inc LTM-------
FCF LTM2016,42011,53111,444192405,818
FCF 3Y Avg-4314,7748,5219,526111-214,316
CFO LTM3016,77211,70811,444206535,825
CFO 3Y Avg-3415,0768,7439,52612334,433

Growth & Margins

LMNDPGRALLTRVROOTHIPOMedian
NameLemonade Progress.Allstate Traveler.Root Hippo  
Rev Chg LTM51.2%13.9%4.4%4.1%29.0%20.8%17.3%
Rev Chg 3Y Avg40.6%19.9%9.1%9.1%78.0%55.2%30.2%
Rev Chg Q70.6%8.7%3.0%1.0%21.5%10.2%9.4%
QoQ Delta Rev Chg LTM14.5%2.0%0.7%0.2%4.9%2.4%2.2%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM3.6%18.8%17.3%23.4%13.6%11.1%15.5%
CFO/Rev 3Y Avg-8.1%19.4%13.6%20.5%7.6%-1.9%10.6%
FCF/Rev LTM2.3%18.4%17.1%23.4%12.7%8.3%14.9%
FCF/Rev 3Y Avg-9.7%19.0%13.2%20.5%6.3%-9.8%9.8%

Valuation

LMNDPGRALLTRVROOTHIPOMedian
NameLemonade Progress.Allstate Traveler.Root Hippo  
Mkt Cap4.0115.256.564.90.90.730.3
P/S4.81.30.81.30.61.51.3
P/Op Inc-------
P/EBIT-7.83.56.614.0-7.2
P/E-29.110.04.78.521.46.37.4
P/CFO134.46.94.85.74.213.36.3
Total Yield-3.4%17.1%23.3%12.5%4.7%15.9%14.2%
Dividend Yield0.0%7.1%1.9%0.8%0.0%0.0%0.4%
FCF Yield 3Y Avg-3.6%11.2%16.3%16.2%1.7%-5.4%6.5%
D/E0.00.10.10.10.20.10.1
Net D/E-0.1-0.00.0-1.4-1.0-0.7-0.4

Returns

LMNDPGRALLTRVROOTHIPOMedian
NameLemonade Progress.Allstate Traveler.Root Hippo  
1M Rtn-14.4%0.2%4.6%2.0%22.7%6.2%3.3%
3M Rtn-28.6%-4.2%5.7%2.5%-10.1%-8.0%-6.1%
6M Rtn-32.7%0.2%13.0%9.8%-38.0%-27.6%-13.7%
12M Rtn74.9%-26.1%10.0%14.3%-60.0%14.0%12.0%
3Y Rtn262.0%66.3%101.6%74.8%934.8%48.6%88.2%
1M Excs Rtn-20.0%-11.3%-7.8%-9.1%12.2%-3.9%-8.4%
3M Excs Rtn-35.6%-11.2%-1.3%-4.5%-17.1%-15.0%-13.1%
6M Excs Rtn-21.4%-4.7%7.6%6.0%-39.3%-32.7%-13.0%
12M Excs Rtn46.3%-56.1%-19.4%-15.8%-92.0%-16.6%-18.0%
3Y Excs Rtn291.9%-18.2%24.7%-1.4%1,121.6%-29.6%11.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Personal property and casualty insurance products526430   
Ceding commission income  644515
Commission and other income  12 0
Net earned premium  1727777
Net investment income  822
Total52643025712494


Net Income by Segment
$ Mil20252024202320222021
Personal property and casualty insurance products-202    
Total-202    


Price Behavior

Price Behavior
Market Price$53.00 
Market Cap ($ Bil)4.0 
First Trading Date07/02/2020 
Distance from 52W High-45.1% 
   50 Days200 Days
DMA Price$60.07$63.03
DMA Trendupdown
Distance from DMA-11.8%-15.9%
 3M1YR
Volatility82.0%85.8%
Downside Capture2.871.77
Upside Capture266.19307.69
Correlation (SPY)49.6%40.9%
LMND Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta3.012.182.672.942.802.12
Up Beta2.421.321.971.652.071.94
Down Beta1.621.251.612.233.321.48
Up Capture159%368%269%637%866%9512%
Bmk +ve Days15223166141428
Stock +ve Days12233059124366
Down Capture717%209%311%241%183%113%
Bmk -ve Days4183056108321
Stock -ve Days10203466126382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LMND
LMND74.5%85.8%1.01-
Sector ETF (XLF)6.5%14.6%0.2138.8%
Equity (SPY)28.5%12.5%1.7841.6%
Gold (GLD)40.6%27.2%1.2310.3%
Commodities (DBC)50.9%18.0%2.20-0.1%
Real Estate (VNQ)12.8%13.5%0.6517.1%
Bitcoin (BTCUSD)-14.2%42.1%-0.2530.3%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LMND
LMND-10.8%83.1%0.22-
Sector ETF (XLF)9.1%18.6%0.3740.2%
Equity (SPY)12.7%17.1%0.5845.0%
Gold (GLD)21.0%17.9%0.967.1%
Commodities (DBC)13.9%19.1%0.605.4%
Real Estate (VNQ)3.5%18.8%0.0938.6%
Bitcoin (BTCUSD)8.7%56.1%0.3727.5%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LMND
LMND-2.8%85.6%0.32-
Sector ETF (XLF)12.5%22.2%0.5235.7%
Equity (SPY)14.9%17.9%0.7141.7%
Gold (GLD)13.7%16.0%0.717.5%
Commodities (DBC)9.5%17.7%0.457.0%
Real Estate (VNQ)5.7%20.7%0.2434.3%
Bitcoin (BTCUSD)68.4%66.9%1.0722.5%

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Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity10.9 Mil
Short Interest: % Change Since 3312026-0.7%
Average Daily Volume1.7 Mil
Days-to-Cover Short Interest6.6 days
Basic Shares Quantity76.3 Mil
Short % of Basic Shares14.3%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/19/2026-7.1%-10.5%4.1%
11/5/2025-4.6%-2.2%-2.0%
8/5/20256.6%13.9%5.8%
5/6/20250.8%7.6%18.0%
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%
...
SUMMARY STATS   
# Positive91211
# Negative131011
Median Positive6.6%15.3%18.3%
Median Negative-6.7%-9.8%-17.4%
Max Positive47.0%56.2%176.3%
Max Negative-27.7%-31.4%-37.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/26/202510-K
09/30/202410/31/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/03/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 In force premium (IFP)1.43 Bil1.43 Bil1.43 Bil8.1% Higher NewGuidance: 1.32 Bil for Q1 2026
Q2 2026 Gross earned premium (GEP)328.00 Mil329.50 Mil331.00 Mil9.7% Higher NewGuidance: 300.50 Mil for Q1 2026
Q2 2026 Revenue287.00 Mil288.50 Mil290.00 Mil16.1% Higher NewGuidance: 248.50 Mil for Q1 2026
Q2 2026 Adjusted EBITDA loss-23.00 Mil-21.00 Mil-19.00 Mil-10.6% Higher NewGuidance: -23.50 Mil for Q1 2026
2026 In force premium (IFP)1.63 Bil1.64 Bil1.64 Bil0.5% RaisedGuidance: 1.63 Bil for 2026
2026 Gross earned premium (GEP)1.37 Bil1.37 Bil1.37 Bil0.6% RaisedGuidance: 1.36 Bil for 2026
2026 Revenue1.20 Bil1.20 Bil1.20 Bil0.9% RaisedGuidance: 1.19 Bil for 2026
2026 Adjusted EBITDA loss-51.00 Mil-49.00 Mil-47.00 Mil-2.0% RaisedGuidance: -50.00 Mil for 2026
2026 IFP growth 33.0%   Higher New

Prior: Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 In force premium (IFP)1.32 Bil1.32 Bil1.33 Bil8.4% Higher NewActual: 1.22 Bil for Q4 2025
Q1 2026 Gross earned premium (GEP)299.00 Mil300.50 Mil302.00 Mil5.6% Higher NewActual: 284.50 Mil for Q4 2025
Q1 2026 Revenue246.00 Mil248.50 Mil251.00 Mil13.2% Higher NewActual: 219.50 Mil for Q4 2025
Q1 2026 Adjusted EBITDA loss-25.00 Mil-23.50 Mil-22.00 Mil62.1% Lower NewActual: -14.50 Mil for Q4 2025
2026 In force premium (IFP)1.62 Bil1.63 Bil1.63 Bil33.3% Higher NewActual: 1.22 Bil for 2025
2026 Gross earned premium (GEP)1.36 Bil1.36 Bil1.36 Bil30.4% Higher NewActual: 1.05 Bil for 2025
2026 Revenue1.19 Bil1.19 Bil1.19 Bil63.1% Higher NewActual: 729.50 Mil for 2025
2026 Adjusted EBITDA loss-52.00 Mil-50.00 Mil-48.00 Mil-61.1% Higher NewActual: -128.50 Mil for 2025
2026 IFP Growth 30.0%   Higher New

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Peters, John SheldonChief Insurance OfficerDirectSell305202652.503,571187,4784,028,272Form
2Peters, John SheldonChief Insurance OfficerDirectSell305202650.121,77388,8634,024,636Form
3Prosor, MayaChief Business OfficerDirectSell305202650.1222311,177371,088Form
4Bixby, Timothy EChief Financial OfficerDirectSell305202650.122,135107,00612,504,439Form
5Schreiber, Daniel AChief Executive OfficerDirectly held by Dan and Dan Ltd.Sell204202699.049,108902,056149,988,751Form

Industry Resources

External Quote Links


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