Financials Lemonade, Inc.

Stocks

LMND

US52567D1072

Property & Casualty Insurance

Market Closed - NYSE Other stock markets 23:00:03 07/08/2026 +03			5-day change	1st Jan Change
52.94 ^USD	+2.08%		+9.58%	-25.63%

07-30	Keefe Bruyette & Woods Upgrades Lemonade to Market Perform From Underperform, PT is $48	MT
07-29	Lemonade, Inc., Q2 2026 Earnings Call, Jul 29, 2026

Projected Income Statement: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	128.4	256.7	429.8	526.5	737.9	1,216	1,640	2,142
Change	-	99.92%	67.43%	22.5%	40.15%	64.85%	34.8%	30.6%
EBITDA ¹	-184.2	-225.1	-172.6	-149.7	-118.1	-48.69	22.92	128.4
Change	-	-22.2%	23.32%	13.27%	21.11%	58.77%	147.08%	460.09%
EBIT ¹	-230.1	-286.6	-229.8	-203.9	-160.9	-143.3	-83.8	53
Change	-	-24.55%	19.82%	11.27%	21.09%	10.96%	41.51%	163.25%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-233.6	-294.8	-229.8	-203.9	-160.9	-137.6	-75.27	54.19
Change	-	-26.2%	22.05%	11.27%	21.09%	14.46%	45.31%	171.99%
Net income ¹	-241.3	-297.8	-236.9	-202.2	-165.5	-144.5	-87.7	38.1
Change	-	-23.41%	20.45%	14.65%	18.15%	12.7%	39.3%	143.44%
Announcement Date	2/23/22 A	2/22/23 A	2/27/24 A	2/25/25 A	2/19/26 A	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	35.7	41	44.3	50	74	88.4	95.2	104.6	114.5	115.5	119.1	122	136.6	148.8	151.2	164.1	194.5	228.1	258	294.4	322.5	340.4	367.6	396.8	428.6	451.5
Change	-	14.85%	8.05%	12.87%	48%	19.46%	7.69%	9.87%	9.46%	0.87%	3.12%	2.43%	11.97%	8.93%	1.61%	8.53%	18.53%	17.28%	13.11%	14.11%	9.54%	5.55%	7.97%	7.95%	8.03%	5.34%
EBITDA ¹	-51.3	-51.2	-57.4	-50.3	-65.7	-51.7	-50.8	-52.7	-40.2	-28.9	-33.9	-43	-49	-23.8	-47	-40.9	-25.6	-4.6	-17.1	-18.7	-20.92	7.85	-0.12	-5.08	2.64	28.8
Change	-	0.19%	-12.11%	12.37%	-30.62%	21.31%	1.74%	-3.74%	23.72%	28.11%	-17.3%	-26.84%	-13.95%	51.43%	-97.48%	12.98%	37.41%	82.03%	-271.74%	-9.36%	-11.88%	137.52%	-101.53%	-4,133.33%	151.97%	990.91%
EBIT ¹	-64.2	-64.9	-72.1	-64.5	-81.4	-68.6	-64.7	-65.9	-59.6	-39.6	-45.2	-56.6	-65.8	-37.8	-61.4	-42.6	-36.3	-20.6	-34.6	-41.8	-46.53	-19.57	-21	-27.5	-19.7	-18.2
Change	-	-1.09%	-11.09%	10.54%	-26.2%	15.72%	5.69%	-1.85%	9.56%	33.56%	-14.14%	-25.22%	-16.25%	42.55%	-62.43%	30.62%	14.79%	43.25%	-67.96%	-20.81%	-11.32%	57.95%	-7.33%	-30.95%	28.36%	7.61%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-64.2	-68.4	-72.6	-65	-89.1	-68.1	-64.7	-65.9	-59.6	-39.6	-45.2	-55.1	-65.8	-37.8	-61.4	-42.6	-36.3	-20.6	-34.6	-41.8	-45.07	-17.72	-23.5	-29.34	-22.4	1.32
Change	-	-6.54%	-6.14%	10.47%	-37.08%	23.57%	4.99%	-1.85%	9.56%	33.56%	-14.14%	-21.9%	-19.42%	42.55%	-62.43%	30.62%	14.79%	43.25%	-67.96%	-20.81%	-7.82%	60.69%	-32.64%	-24.85%	23.65%	105.89%
Net income ¹	-66.4	-70.3	-74.8	-67.9	-91.4	-63.7	-65.8	-67.2	-61.5	-42.4	-47.3	-57.2	-67.7	-30	-62.4	-43.9	-37.5	-21.7	-35.8	-43.4	-47.01	-19.52	-26.07	-34.65	-26.73	1.75
Change	-	-5.87%	-6.4%	9.22%	-34.61%	30.31%	-3.3%	-2.13%	8.48%	31.06%	-11.56%	-20.93%	-18.36%	55.69%	-108%	29.65%	14.58%	42.13%	-64.98%	-21.23%	-8.32%	58.47%	-33.52%	-32.93%	22.85%	106.55%
Announcement Date	11/9/21 A	2/23/22 A	5/9/22 A	8/8/22 A	11/8/22 A	2/22/23 A	5/3/23 A	8/2/23 A	11/1/23 A	2/27/24 A	4/30/24 A	7/30/24 A	10/30/24 A	2/25/25 A	5/6/25 A	8/5/25 A	11/5/25 A	2/19/26 A	4/29/26 A	7/29/26 A	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-257	-302	-239	254	336	435
Change	-	-	-	-17.51%	20.86%	206.41%	32.28%	29.46%
Announcement Date	2/23/22 A	2/22/23 A	2/27/24 A	2/25/25 A	2/19/26 A	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	9.4	10.1	9.2	9.4	9.4	13.35	13.9	-
Change	-	7.45%	-8.91%	2.17%	0%	42.02%	4.12%	-100%
Free Cash Flow (FCF) ¹	-154	-173.1	-128.3	-20.8	-25.9	-103	54.77	221
Change	-	-12.4%	25.88%	83.79%	-24.52%	-297.88%	153.15%	303.53%
Announcement Date	2/23/22 A	2/22/23 A	2/27/24 A	2/25/25 A	2/19/26 A	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Lemonade, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-143.46%	-87.69%	-40.16%	-28.43%	-16%	-4%	1.4%	6%
EBIT Margin (%)	-179.21%	-111.65%	-53.47%	-38.73%	-21.81%	-11.78%	-5.11%	2.47%
EBT Margin (%)	-181.93%	-114.84%	-53.47%	-38.73%	-21.81%	-11.31%	-4.59%	2.53%
Net margin (%)	-187.93%	-116.01%	-55.12%	-38.4%	-22.43%	-11.88%	-5.35%	1.78%
FCF margin (%)	-119.94%	-67.43%	-29.85%	-3.95%	-3.51%	-8.47%	3.34%	10.32%
FCF / Net Income (%)	63.82%	58.13%	54.16%	10.29%	15.65%	71.32%	-62.44%	580.04%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	-31.56%	-32.11%	-30.07%	-31.05%	-29.37%	-26.32%	-11.71%	7.57%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-5.21x	14.68x	3.38x
Debt / Free cash flow	-	-	-	-	-	-2.46x	6.14x	1.97x
Capital Intensity
CAPEX / Current Assets (%)	7.32%	3.93%	2.14%	1.79%	1.27%	1.1%	0.85%	-
CAPEX / EBITDA (%)	-5.1%	-4.49%	-5.33%	-6.28%	-7.96%	-27.42%	60.63%	-
CAPEX / FCF (%)	-6.1%	-5.83%	-7.17%	-45.19%	-36.29%	-12.95%	25.38%	-
Items per share
Cash flow per share ¹	-2.362	-2.511	-	-	-	-	-	-
Change	-	-6.3%	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	16.03	12.51	10.1	8.16	7.03	6.26	6.187	8.13
Change	-	-21.93%	-19.25%	-19.24%	-13.85%	-10.95%	-1.17%	31.41%
EPS ¹	-3.94	-4.59	-3.4	-2.85	-2.24	-1.863	-1.045	0.46
Change	-	-16.5%	25.93%	16.18%	21.4%	16.84%	43.9%	144.02%
Nbr of stocks (in thousands)	61,627	69,164	69,924	71,405	74,731	77,397	77,397	77,397
Announcement Date	2/23/22 A	2/22/23 A	2/27/24 A	2/25/25 A	2/19/26 A	-	-	-