Lemonade - Public Comps and Valuation Multiples

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

Employees

1.2K+

Website

lemonade.com

Sectors

Insurance Carriers
Artificial Intelligence
Neoinsurance
FinTech
HealthTech
InsurTech

Financials

LTM Revenue $569M

LTM EBITDA -$147M

EV

$1.9B

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Lemonade Financials

Lemonade has a last 12-month revenue of $569M and a last 12-month EBITDA of -$147M.

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 April 28, 2025, Lemonade's stock price is $30.

Lemonade has current market cap of $2.2B, and EV of $1.9B.

See Lemonade trading valuation data

Lemonade Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.9B	$2.2B	XXX	XXX	XXX	XXX	$-2.85

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Lemonade Valuation Multiples

As of April 28, 2025, Lemonade has market cap of $2.2B and EV of $1.9B.

Lemonade's trades at 3.3x LTM EV/Revenue multiple, and -12.9x 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	$1.9B	XXX	XXX	XXX
EV/Revenue	3.6x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	-10.7x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	-91.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

Lemonade Valuation Multiples

Lemonade's NTM/LTM revenue growth is 28%

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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