Lemonade, Inc. (LMND) Key Metrics
LMND valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.42B
- Enterprise value
- $3.29B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 3.5 10-yr median 5.9
- Price / book
- 6.9 10-yr median 3.5
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.87
LMND key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLMND valuation Price multiples at each fiscal year-end price.
Price / sales+40.0%
6.9
2025 · hover or tap a bar for each year
20172025
Price / book+118.2%
9.6
2025 · hover or tap a bar for each year
20172025
Free cash flow yield+0.3 pts
−0.5%
2025 · hover or tap a bar for each year
20172025
LMND returns How much profit the business earns on the capital it uses.
Return on equity+1.7 pts
−29.4%
2025 · hover or tap a bar for each year
20172025
Return on assets+4.1 pts
−8.8%
2025 · hover or tap a bar for each year
20172025
Free cash flow margin+0.4 pts
−3.5%
2025 · hover or tap a bar for each year
20172025
Asset turnover+16.9%
0.39
2025 · hover or tap a bar for each year
20172025
LMND per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+38.6%
$10.27
2025 · hover or tap a bar for each year
20172025
Earnings per share
−$2.30
2025 · hover or tap a bar for each year
20172025
Free cash flow per share
−$0.36
2025 · hover or tap a bar for each year
20172025
Book value per share−11.1%
$7.43
2025 · hover or tap a bar for each year
20172025
Shares outstanding+1.1%
71.8M
2025 · hover or tap a bar for each year
20172025
LMND financial health Debt, liquidity and how easily interest is covered.
Debt / equity+88.9%
0.34
2025 · hover or tap a bar for each year
20172025
Net debt−$22.1M
−$925.8M
2025 · hover or tap a bar for each year
20172025
Current ratio−0.7%
1.52
2025 · hover or tap a bar for each year
20172025
Debt / assets+63.1%
0.09
2025 · hover or tap a bar for each year
20172025
LMND efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−39 days
259 days
2025 · hover or tap a bar for each year
20172025
Days payables outstanding−4 days
24 days
2025 · hover or tap a bar for each year
20172025
Cash conversion cycle−35 days
235 days
2025 · hover or tap a bar for each year
20172025
Capex / revenue−0.5 pts
1.3%
2025 · hover or tap a bar for each year
20172025
LMND valuation history
Fiscal year-endToday9-year median
LMND returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LMND debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LMND price vs earnings per share
Share price at year-endEPS (right axis)
LMND key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $5.11B | $2.61B | $1.12B | $888.1M | $2.58B | $6.78B | — | — | — |
| Enterprise value | $4.19B | $1.70B | $229.0M | $326,448 | $1.53B | $6.26B | — | — | — |
| Price / sales | 6.9 | 4.9 | 2.6 | 3.5 | 20.1 | 71.8 | — | — | — |
| Price / book | 9.6 | 4.4 | 1.6 | 1.0 | 2.6 | 12.5 | — | — | — |
| EV / sales | 5.7 | 3.2 | 0.5 | 0.0 | 11.9 | 66.3 | — | — | — |
| Earnings yield | −3.2% | −7.8% | −21.1% | −33.5% | −9.4% | −1.8% | — | — | — |
| Free cash flow yield | −0.5% | −0.8% | −11.4% | −19.5% | −6.0% | −1.4% | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | 0.0% | 0.0% | — | — | — |
| Share price at fiscal year-end | $71.18 | $36.68 | $16.13 | $13.68 | $42.11 | $122.50 | — | — | — |
| Per share | |||||||||
| Revenue per share | $10.27 | $7.41 | $6.17 | $3.95 | $2.10 | $1.71 | $1.54 | $0.52 | — |
| Earnings per share | −$2.30 | −$2.85 | −$3.40 | −$4.59 | −$3.94 | −$2.21 | −$2.49 | −$1.21 | — |
| Operating cash flow per share | −$0.23 | −$0.16 | −$1.71 | −$2.51 | −$2.36 | −$1.66 | −$1.79 | −$0.94 | — |
| Free cash flow per share | −$0.36 | −$0.29 | −$1.84 | −$2.67 | −$2.52 | −$1.74 | −$1.87 | −$0.95 | — |
| Cash per share | $15.43 | $14.23 | $13.46 | $15.91 | $17.52 | $10.44 | $7.58 | $2.55 | — |
| Book value per share | $7.43 | $8.36 | $10.18 | $13.35 | $16.14 | $9.78 | −$4.18 | −$1.81 | — |
| Tangible book value per share | $6.88 | $7.72 | $9.58 | $12.56 | $16.03 | $9.77 | −$4.20 | −$1.83 | — |
| Capex per share | $0.13 | $0.13 | $0.13 | $0.16 | $0.15 | $0.08 | $0.08 | $0.02 | — |
| Debt per share | $2.54 | $1.51 | $0.62 | $2.23 | $0.36 | $1.12 | — | — | — |
| Shares outstanding | 71.8M | 71.0M | 69.7M | 64.9M | 61.2M | 55.3M | 43.6M | 43.6M | — |
| Change in shares outstanding | +1.1% | +2.0% | +7.3% | +6.0% | +10.7% | +26.8% | 0.0% | — | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −29.4% | −31.1% | −30.1% | −32.1% | −31.6% | −68.2% | — | — | −87.8% |
| Return on invested capital (ROIC) | — | — | — | — | — | — | — | — | −136.7% |
| Return on assets (ROA) | −8.8% | −12.8% | −15.8% | −18.6% | −20.6% | −19.7% | −38.2% | −54.5% | −69.4% |
| Return on tangible assets | −8.8% | −11.2% | −18.9% | −18.2% | −16.0% | −14.8% | −26.2% | −34.5% | −69.6% |
| Free cash flow margin | −3.5% | −4.0% | −29.9% | −67.4% | −119.9% | −101.8% | −121.0% | −184.4% | −808.3% |
| Financial health | |||||||||
| Total debt | $182.1M | $107.2M | $43.1M | $144.8M | $22.3M | $62.1M | — | — | — |
| Cash & short-term investments | $1.11B | $1.01B | $937.7M | $1.03B | $1.07B | $577.4M | $330.6M | $111.4M | $16.8M |
| Net debt | −$925.8M | −$903.7M | −$894.6M | −$887.8M | −$1.05B | −$515.3M | −$330.6M | −$111.4M | −$16.8M |
| Debt / equity | 0.34 | 0.18 | 0.06 | 0.17 | 0.02 | 0.11 | — | — | — |
| Debt / assets | 0.09 | 0.06 | 0.03 | 0.09 | 0.01 | 0.07 | — | — | — |
| Net debt / EBITDA | — | — | — | — | — | — | — | — | −9.88 |
| Current ratio | 1.52 | 1.53 | 4.08 | 29.02 | 2.93 | 49.85 | 88.11 | 39.24 | 14.36 |
| Quick ratio | 1.52 | 1.53 | 10.64 | 114.29 | 4.12 | 95.95 | 171.15 | 74.89 | 14.36 |
| Working capital | $633.3M | $613.8M | $620.0M | $546.4M | $963.9M | $703.5M | $400.7M | $145.3M | $33.4M |
| Invested capital | −$392.2M | −$310.3M | −$185.7M | −$21.0M | −$61.9M | $25.7M | −$513.1M | −$190.5M | $15.2M |
| Tangible asset value | $494.4M | $548.6M | $667.0M | $815.3M | $981.4M | $540.4M | −$183.1M | −$79.7M | $31.9M |
| Net current asset value | $451.2M | $506.6M | $231.5M | −$258.0M | $941.6M | $430.2M | −$191.5M | −$83.8M | $27.4M |
| Graham net-net per share | $1.97 | $1.61 | −$0.37 | −$5.40 | $6.96 | $1.14 | −$9.20 | −$3.69 | — |
| Capital allocation | |||||||||
| Share buybacks (net) | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 1.3% | 1.8% | 2.1% | 3.9% | 7.3% | 4.7% | 4.9% | 3.1% | 12.5% |
| Capex / depreciation | 0.62 | 0.47 | 0.46 | 0.83 | 2.54 | 2.59 | 5.50 | 7.00 | 3.00 |
| Stock-based compensation / revenue | 8.3% | 12.3% | 13.9% | 23.1% | 34.3% | 11.2% | 6.4% | 9.3% | 350.0% |
| R&D / revenue | 2.5% | 16.3% | — | 31.0% | 40.3% | 20.6% | — | — | — |
| SG&A / revenue | 49.4% | 55.2% | 53.8% | 47.6% | 56.5% | 49.0% | 163.4% | 226.7% | 858.3% |
| Efficiency | |||||||||
| Days sales outstanding | 259.0 | 298.3 | 315.8 | 422.1 | 528.5 | 416.0 | 304.8 | 353.6 | 897.3 |
| Days of inventory on hand | — | — | -1,602.4 | -1,804.9 | -2,177.7 | -2,579.2 | -1,704.8 | -2,549.4 | — |
| Days payables outstanding | 24.0 | 28.3 | 23.3 | 31.3 | 59.0 | 46.9 | 27.7 | 55.5 | — |
| Cash conversion cycle (days) | 235.0 | 270.0 | -1,309.8 | -1,414.1 | -1,708.3 | -2,210.0 | -1,427.6 | -2,251.2 | — |
| Receivables turnover | 1.41 | 1.22 | 1.16 | 0.86 | 0.69 | 0.88 | 1.20 | 1.03 | 0.41 |
| Payables turnover | 15.20 | 12.89 | 15.69 | 11.65 | 6.19 | 7.79 | 13.19 | 6.58 | 0.00 |
| Asset turnover | 0.39 | 0.33 | 0.29 | 0.16 | 0.11 | 0.15 | 0.24 | 0.23 | 0.06 |
| Average receivables | $523.5M | $430.2M | $371.9M | $296.9M | $185.9M | $107.6M | $56.2M | $21.8M | $5.9M |
| Average payables | $29.0M | $27.4M | $21.6M | $19.6M | $17.1M | $9.5M | $4.2M | $3.0M | $2.1M |
| Average inventory | — | — | −$1.49B | −$1.13B | −$629.5M | −$522.9M | −$258.8M | −$135.5M | — |
| Intangibles / total assets | 2.0% | 2.4% | 3.2% | 3.0% | 0.5% | 0.1% | 0.1% | 0.4% | 0.2% |
Computed from LMND's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
LMND valuation and financial ratios
Lemonade earned a return on equity of −29.4% in fiscal 2025. It ended the year with $182.1 million of debt and $1.1 billion in cash and short-term investments, a net cash position of $925.8 million.
See the LMND income statement, the LMND chart for price history, or the LMND stock overview for the latest quote and news.
LMND key metrics FAQ
What is Lemonade's return on equity?
Lemonade's return on equity (ROE) was −29.4% in fiscal 2025: net income of -$165.5 million on average shareholders' equity of $563.5 million.
How much debt does Lemonade have?
Lemonade had total debt of $182.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.34 and more cash than debt.
What is Lemonade's free cash flow yield?
Lemonade generated -$25.9 million of free cash flow in fiscal 2025, a free cash flow yield of −0.5% on its market value at year-end ($5.1 billion).
What is Lemonade's current ratio?
Lemonade's current ratio was 1.52 at the end of fiscal 2025: current assets were 1.52 times current liabilities.