Lemonade, Inc. (LMND) intrinsic value & 10-year financials
Lemonade, Inc. (LMND) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 9 fiscal years revenue grew 64.6% a year to $737.9M, with an average return on invested capital of -5.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $44.20
- Market cap
- $3.3B
- Revenue (FY2025)
- $737.9M
- Revenue growth (9-yr CAGR)
- 64.6%
- ROIC (10-yr avg)
- -5.1%
- Free cash flow (FY2025)
- -$25.9M
LMND 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $737.9M | -$165.5M | -$2.24 | -$25.9M | — | -29.4% |
| FY2024 | $526.5M | -$202.2M | -$2.85 | -$20.8M | — | -31.1% |
| FY2023 | $429.8M | -$236.9M | -$3.40 | -$128.3M | — | -30.1% |
| FY2022 | $256.7M | -$297.8M | -$4.59 | -$173.1M | — | -32.1% |
| FY2021 | $128.4M | -$241.3M | -$3.94 | -$154.0M | — | -31.6% |
| FY2020 | $94.4M | -$122.3M | -$3.63 | -$96.1M | — | -68.2% |
| FY2019 | $67.3M | -$108.5M | -$3.25 | -$80.8M | — | 83.0% |
| FY2018 | $22.5M | -$52.9M | — | -$41.5M | — | 98.4% |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lemonade, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Lemonade, Inc. has historically struggled to out-earn its cost of capital, averaging just -5.1% ROIC.
Lemonade, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lemonade, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-74.40 per share.