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 3,553 - -
Change - -63.54% 19.2% 132.22% 103.1% -33.2% - -
Enterprise Value (EV) 1 2,595 946.2 871.3 2,317 5,081 3,807 3,878 3,962
Change - -63.54% -7.92% 165.91% 119.29% -25.07% 1.86% 2.17%
P/E -10.7x -2.98x -4.74x -12.9x -31.8x -24.8x -41.9x 85.5x
PBR 2.63x 1.09x 1.6x 4.5x 10.1x 7.4x 7.17x 5.78x
PEG - -0.2x 0.2x 0.8x 1.5x 1.4x 1x -1x
Capitalization / Revenue 20.2x 3.69x 2.62x 4.97x 7.21x 2.92x 2.16x 1.66x
EV / Revenue 20.2x 3.69x 2.03x 4.4x 6.89x 3.13x 2.36x 1.85x
EV / EBITDA -14.1x -4.2x -5.05x -15.5x -43x -82.2x 163x 30.1x
EV / EBIT -11.3x -3.3x -3.79x -11.4x -31.6x -26.6x -46.8x 74.8x
EV / FCF -16.9x -5.47x -6.79x -111x -196x -121x 77.9x 20.3x
FCF Yield -5.93% -18.3% -14.7% -0.9% -0.51% -0.83% 1.28% 4.94%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.94 -4.59 -3.4 -2.85 -2.24 -1.849 -1.096 0.5367
Distribution rate - - - - - - - -
Net sales 1 128.4 256.7 429.8 526.5 737.9 1,218 1,643 2,142
EBITDA 1 -184.2 -225.1 -172.6 -149.7 -118.1 -46.29 23.79 131.5
EBIT 1 -230.1 -286.6 -229.8 -203.9 -160.9 -143.3 -82.8 53
Net income 1 -241.3 -297.8 -236.9 -202.2 -165.5 -143.4 -87.83 36.49
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 45.91 45.91 45.91
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.($)
-24.38x3.07x-80.86x - 3.49B
12.33x - - 4.06% 133B
16.96x2.02x - 2.84% 106B
11.05x - - 1.21% 82.01B
6.82x - - 1.7% 64.72B
12.57x1.17x - 3.22% 48.67B
3.9x0.56x - 5.93% 44.6B
6.92x0.56x - 5.58% 43.78B
11.35x - - 2.39% 42.42B
11.67x0.9x - 2.8% 40.37B
Average 6.92x 1.38x -80.86x 3.3% 60.87B
Weighted average by Cap. 11.07x 1.28x -80.86x 3.19%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Lemonade, Inc.

Historical PBR trend

Valuation ratios - PBR - Lemonade, Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Lemonade, Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Lemonade, Inc.

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