Company Valuation: Lemonade, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,595 946.2 1,128 2,619 5,319 3,823 - -
Change - -63.54% 19.2% 132.22% 103.1% -28.12% - -
Enterprise Value (EV) 1 2,595 946.2 871.3 2,317 5,081 4,077 4,148 4,232
Change - -63.54% -7.92% 165.91% 119.29% -19.75% 1.74% 2.03%
P/E -10.7x -2.98x -4.74x -12.9x -31.8x -26.5x -44.8x 89.3x
PBR 2.63x 1.09x 1.6x 4.5x 10.1x 7.92x 7.61x 6.1x
PEG - -0.2x 0.2x 0.8x 1.5x 1.6x 1.1x -1x
Capitalization / Revenue 20.2x 3.69x 2.62x 4.97x 7.21x 3.14x 2.33x 1.79x
EV / Revenue 20.2x 3.69x 2.03x 4.4x 6.89x 3.35x 2.53x 1.98x
EV / EBITDA -14.1x -4.2x -5.05x -15.5x -43x -83.7x 181x 33x
EV / EBIT -11.3x -3.3x -3.79x -11.4x -31.6x -28.5x -49.5x 79.9x
EV / FCF -16.9x -5.47x -6.79x -111x -196x -39.6x 75.7x 19.2x
FCF Yield -5.93% -18.3% -14.7% -0.9% -0.51% -2.53% 1.32% 5.22%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.94 -4.59 -3.4 -2.85 -2.24 -1.865 -1.102 0.5533
Distribution rate - - - - - - - -
Net sales 1 128.4 256.7 429.8 526.5 737.9 1,217 1,642 2,136
EBITDA 1 -184.2 -225.1 -172.6 -149.7 -118.1 -48.69 22.92 128.4
EBIT 1 -230.1 -286.6 -229.8 -203.9 -160.9 -143.3 -83.8 53
Net income 1 -241.3 -297.8 -236.9 -202.2 -165.5 -144.8 -88.1 38.31
Net Debt 1 - - -256.6 -302.3 -238.7 253.9 324.7 408.9
Reference price 2 42.11 13.68 16.13 36.68 71.18 49.40 49.40 49.40
Nbr of stocks (in thousands) 61,627 69,164 69,924 71,405 74,731 77,397 - -
Announcement Date 2/23/22 A 2/22/23 A 2/27/24 A 2/25/25 A 2/19/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-26.49x3.35x-83.74x - 3.82B
15.84x1.8x - 3.02% 98.6B
10.98x - - 1.29% 78.26B
6.76x - - 1.71% 64.15B
11.31x1.14x - 3.34% 47.78B
11.33x - - 2.58% 39.39B
11.16x0.86x - 2.95% 39.22B
15.36x1.96x - 2.28% 32.74B
9.11x2.31x - 0.17% 32.65B
8.57x - - 0.95% 32.36B
Average 7.39x 1.90x -83.74x 2.03% 46.9B
Weighted average by Cap. 11.21x 1.64x -83.74x 2.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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