Lemonade, Inc. (LMND) Stock

Lemonade, Inc. (LMND) is a Financials stock trading at $53.37 (as of 2026-08-21), with a market capitalization of $4.13B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Lemonade, Inc. offers insurance products in the United States and Europe, including coverage for stolen or damaged property and personal liability, along with renters, homeowners, pet, car, and life insurance. The company also provides landlord insurance and acts as an agent for other insurance companies.

Understand Lemonade, Inc.: how it makes money

Lemonade provides renters, homeowners, pet, car, and life insurance, and also acts as an agent for other insurance companies, earning money from insurance premiums collected from customers and retained in its in-force book.

Lemonade's profit engine is whether the premiums it earns from its in-force policies are enough to cover claim costs, with underwriting performance reflected in the loss ratios and the sustainability of the premium base reflected in annual dollar retention and in-force premium.

Business quality (Weak): The key operating signals to watch are whether Lemonade can improve loss ratios while keeping in-force premium growing and retaining premium over time, since the company reported a negative operating margin in the latest period.

Bull case

  • Retention of the existing premium base: Annual Dollar Retention is provided as an operating KPI, which helps indicate whether the company is keeping premiums from renewals and customer value.
  • Scale in the in-force book: In Force Premium is a core KPI, indicating the size of premiums currently underwritten and exposed to future underwriting results.

Bear case

  • Underwriting pressure: Gross Loss Ratio and Net Loss Ratio are both provided, and these loss metrics are central to whether premium income can cover claims and related costs.
  • Profitability remains weak: The company reported an operating margin of -13.4% for the latest period, which means operating losses persist.
  • Customer acquisition adds volatility: New Customers Added and Net New Customers are provided, and changes in intake can affect mix and underwriting outcomes if loss experience differs from the prior book.
Valuation — source: SEC EDGAR (first-party)
Price$53.37
Market Cap$4.13B
Price / Book8.27
Price / Sales4.11
FCF Yield-1.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$737.90M
Net Margin-22.4%
Revenue Growth (YoY)40.2%
EPS Growth (YoY)-21.4%
FCF Growth (YoY)24.5%
Valuation vs Sector & Industry
Sector P/E (Financials)15.1
Industry P/E (Insurance)13.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($448.82M)
Institutional Holders Tracked10
Congressional Trades (recent)3
Company
SectorFinancials
IndustryInsurance
CEODaniel Asher Schreiber
Employees1,235
CountryUS
IPO Date2020-07-02

Related Companies (Business model: Property & Casualty Insurer + Specialty Finance / Lending; 8 closest by market cap; US-domiciled)

  • The Hanover Insurance Group, Inc. (THG)
  • RLI Corp. (RLI)
  • Mercury General Corporation (MCY)
  • Selective Insurance Group, Inc. (SIGI)
  • Palomar Holdings, Inc. (PLMR)
  • Slide Insurance Holdings, Inc. Common Stock (SLDE)
  • Skyward Specialty Insurance Group, Inc. (SKWD)
  • HCI Group, Inc. (HCI)
LMND earnings history · LMND institutional & insider holders · LMND KPIs & operating metrics · LMND financials · LMND investor presentations & press releases · LMND SEC filings · LMND peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.