Lemonade
LMND on NYSE. Lemonade sells renters, homeowners, pet, car, and life insurance to individuals. Market value $3.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -31 cents. Above 10 is good.
What you pay for each dollar of net assets: $7.23.
Profit per $100 you pay: $-3.83.
Quality score: 0 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$46.67 a share, 8% above its 1-year low
Over the past year the price has ranged from $43.28 to $99.90.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $128m | $257m | $430m | $527m | $738m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.07bn | 0.08bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 50.9% a year
- Buying back its own sharesNo, 12% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $294 million last quarter, up 79% on a year ago.
- A loss of $43 million, compared with a loss of $44 million a year ago.
- Spare cash over the past 12 months: $8 million. A year earlier it spent $21 million more than it brought in.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $137m |
| December 2024 | $149m |
| March 2025 | $151m |
| June 2025 | $164m |
| September 2025 | $195m |
| December 2025 | $228m |
| March 2026 | $258m |
| June 2026 | $294m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$68m |
| December 2024 | -$30m |
| March 2025 | -$62m |
| June 2025 | -$44m |
| September 2025 | -$38m |
| December 2025 | -$22m |
| March 2026 | -$36m |
| June 2026 | -$43m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 337 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $341,708
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $341,708 | <0.1% |
Sold out this quarter
- Polen CapitalDan DavidowitzSold out
Largest holders overall
- BlackRock$393mAdded
- JPMorgan Chase$336mAdded
- Vanguard Portfolio Management$204mAdded
- Vanguard Capital Management$200m
- Baillie Gifford$179m
- Goldman Sachs Group$126mAdded
- State Street$115mAdded
- Geode Capital Management$113m
- Morgan Stanley$79mAdded
- TWO Sigma Investments, LP$76mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- JPMORGAN CHASE & CO.Passive investor7.0%+1.1 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor6.9%Since 30 June 2026
- SoftBank Group Capital LtdPassive investorSold down below 5%Since 30 September 2025
- BAILLIE GIFFORD & COPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
JPMORGAN CHASE & CO. Passive investor | 7.0%+1.1 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.9% | 30 June 2026 | |
SoftBank Group Capital Ltd Passive investor | Sold down below 5% | 30 September 2025 | |
BAILLIE GIFFORD & CO Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $485,478 of shares on the open market. 6 sold $38m, $33m of it under preset trading plans.
- Peters John SheldonChief Insurance OfficerSoldunder a preset trading plan
- Date
- 4 September 2026
- Shares
- 2,249
- Price
- $54.45
- Value
- $122,458
- Prosor MayaChief Business OfficerSold
- Date
- 3 September 2026
- Shares
- 1,040
- Price
- $54.63
- Value
- $56,815
- Peters John SheldonChief Insurance OfficerSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 859
- Price
- $54.63
- Value
- $46,927
- BIXBY TIMOTHY EChief Financial OfficerSold
- Date
- 3 September 2026
- Shares
- 1,893
- Price
- $54.63
- Value
- $103,415
- Peters John SheldonChief Insurance OfficerSold
- Date
- 13 August 2026
- Shares
- 11,000
- Price
- $52.55
- Value
- $578,050
- BIXBY TIMOTHY EChief Financial OfficerSoldunder a preset trading plan
- Date
- 7 July 2026
- Shares
- 73,000
- Price
- $79.18
- Value
- $6m
- Peters John SheldonChief Insurance OfficerSold
- Date
- 6 July 2026
- Shares
- 3,444
- Price
- $79.00
- Value
- $272,076
- Peters John SheldonChief Insurance OfficerSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 3,608
- Price
- $52.94
- Value
- $191,008
- Prosor MayaChief Business OfficerSold
- Date
- 3 June 2026
- Shares
- 1,220
- Price
- $53.17
- Value
- $64,867
- Peters John SheldonChief Insurance OfficerSoldunder a preset trading plan
- Date
- 3 June 2026
- Shares
- 1,735
- Price
- $53.17
- Value
- $92,250
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Peters John Sheldon Chief Insurance Officer | Sold under a preset trading plan | 2,249 | $54.45 | $122,458 |
| 3 September 2026 | Prosor Maya Chief Business Officer | Sold | 1,040 | $54.63 | $56,815 |
| 3 September 2026 | Peters John Sheldon Chief Insurance Officer | Sold under a preset trading plan | 859 | $54.63 | $46,927 |
| 3 September 2026 | BIXBY TIMOTHY E Chief Financial Officer | Sold | 1,893 | $54.63 | $103,415 |
| 13 August 2026 | Peters John Sheldon Chief Insurance Officer | Sold | 11,000 | $52.55 | $578,050 |
| 7 July 2026 | BIXBY TIMOTHY E Chief Financial Officer | Sold under a preset trading plan | 73,000 | $79.18 | $6m |
| 6 July 2026 | Peters John Sheldon Chief Insurance Officer | Sold | 3,444 | $79.00 | $272,076 |
| 4 June 2026 | Peters John Sheldon Chief Insurance Officer | Sold under a preset trading plan | 3,608 | $52.94 | $191,008 |
| 3 June 2026 | Prosor Maya Chief Business Officer | Sold | 1,220 | $53.17 | $64,867 |
| 3 June 2026 | Peters John Sheldon Chief Insurance Officer | Sold under a preset trading plan | 1,735 | $53.17 | $92,250 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.