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Lemonade Valuation Multiples

Discover revenue and EBITDA valuation multiples for Lemonade and similar public comparables like Challenger, Aegon, and ASR Nederland.

Lemonade Overview

About Lemonade

Lemonade Inc operates in the insurance industry. The company offers digital and artificial intelligence based platform for various insurances and for settling claims and paying premiums. The platform ensures transparency in issuing policies and settling disputes. The company is using technology, data, artificial intelligence, contemporary design, and social impact to deliver delightful and affordable insurances. Geographically, it operates in California, Texas, New York, New Jersey, Illinois, Georgia, Washington, Colorado, Pennsylvania, Oregon and others.


Founded

2015

HQ

United States of America
Employees

1.2K+

Website

lemonade.com

Financials

LTM Revenue $554M

LTM EBITDA -$148M

EV

$2.3B

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Lemonade Financials

Lemonade has a last 12-month revenue of $554M and a last 12-month EBITDA of -$148M.

In the most recent fiscal year, Lemonade achieved revenue of $527M and an EBITDA of n/a.

Lemonade expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Lemonade P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $430M $527M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit -$298M -$237M XXX XXX XXX
Net Margin -69% -45% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Lemonade Stock Performance

As of March 14, 2025, Lemonade's stock price is $35.

Lemonade has current market cap of $2.5B, and EV of $2.3B.

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Lemonade Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$2.3B $2.5B XXX XXX XXX XXX $-2.84

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Lemonade Valuation Multiples

As of March 14, 2025, Lemonade has market cap of $2.5B and EV of $2.3B.

Lemonade's trades at 4.1x LTM EV/Revenue multiple, and -15.4x LTM EBITDA.

Analysts estimate Lemonade's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Lemonade Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $2.3B XXX XXX XXX
EV/Revenue 4.3x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E -12.6x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -109.5x XXX XXX XXX

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Lemonade Valuation Multiples

Lemonade's NTM/LTM revenue growth is 27%

Lemonade's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged n/a for the same period.

Over next 12 months, Lemonade's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Lemonade's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Lemonade Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 22% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue 32% XXX XXX XXX XXX
G&A Expenses to Revenue 24% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue n/a XXX XXX XXX XXX

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Lemonade Public Comps

See public comps and valuation multiples for Insurance Carriers and Artificial Intelligence comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNIC XXX XXX XXX XXX XXX XXX
Aegon XXX XXX XXX XXX XXX XXX
ASR Nederland XXX XXX XXX XXX XXX XXX
NN Group XXX XXX XXX XXX XXX XXX
Challenger XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Lemonade M&A and Investment Activity

Lemonade acquired  XXX companies to date.

Last acquisition by Lemonade was  XXXXXXXX, XXXXX XXXXX XXXXXX . Lemonade acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Lemonade

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Lemonade

When was Lemonade founded? Lemonade was founded in 2015.
Where is Lemonade headquartered? Lemonade is headquartered in United States of America.
How many employees does Lemonade have? As of today, Lemonade has 1.2K+ employees.
Who is the CEO of Lemonade? Lemonade's CEO is Mr. Daniel Schreiber.
Is Lemonade publicy listed? Yes, Lemonade is a public company listed on NYS.
What is the stock symbol of Lemonade? Lemonade trades under LMND ticker.
When did Lemonade go public? Lemonade went public in 2020.
Who are competitors of Lemonade? Similar companies to Lemonade include e.g. ADNIC, Aegon, ASR Nederland, NN Group.
What is the current market cap of Lemonade? Lemonade's current market cap is $2.5B
What is the current revenue of Lemonade? Lemonade's last 12-month revenue is $554M.
What is the current EBITDA of Lemonade? Lemonade's last 12-month EBITDA is -$148M.
What is the current EV/Revenue multiple of Lemonade? Current revenue multiple of Lemonade is 4.1x.
What is the current EV/EBITDA multiple of Lemonade? Current EBITDA multiple of Lemonade is -15.4x.
What is the current revenue growth of Lemonade? Lemonade revenue growth between 2023 and 2024 was 22%.
Is Lemonade profitable? Yes, Lemonade is EBITDA-positive (as of the last 12 months).

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