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 3,549 - -
Change - -63.54% 19.2% 132.22% 103.1% -33.27% - -
Enterprise Value (EV) 1 2,595 946.2 871.3 2,317 5,081 3,803 3,874 3,958
Change - -63.54% -7.92% 165.91% 119.29% -25.14% 1.86% 2.17%
P/E -10.7x -2.98x -4.74x -12.9x -31.8x -23.8x -40.2x 82.4x
PBR 2.63x 1.09x 1.6x 4.5x 10.1x 7.21x 6.89x 5.54x
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 2.91x 2.16x 1.66x
EV / Revenue 20.2x 3.69x 2.03x 4.4x 6.89x 3.12x 2.36x 1.85x
EV / EBITDA -14.1x -4.2x -5.05x -15.5x -43x -82x 164x 30x
EV / EBIT -11.3x -3.3x -3.79x -11.4x -31.6x -26.5x -46.2x 74.7x
EV / FCF -16.9x -5.47x -6.79x -111x -196x -144x 69.1x 17.8x
FCF Yield -5.93% -18.3% -14.7% -0.9% -0.51% -0.69% 1.45% 5.63%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.94 -4.59 -3.4 -2.85 -2.24 -1.854 -1.099 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 -46.4 23.59 131.8
EBIT 1 -230.1 -286.6 -229.8 -203.9 -160.9 -143.3 -83.8 53
Net income 1 -241.3 -297.8 -236.9 -202.2 -165.5 -144.1 -88.09 36.62
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 44.20 44.20 44.20
Nbr of stocks (in thousands) 61,627 69,164 69,924 71,405 74,731 77,397 - -
Announcement Date 2/23/22 2/22/23 2/27/24 2/25/25 2/19/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-24.74x3.12x-81.97x - 3.55B
11.46x - - 4.66% 124B
16.54x1.88x - 3.02% 97.79B
11.11x - - 1.26% 80.07B
6.37x - - 1.81% 60.58B
4x0.58x - 5.67% 45.78B
11.86x1.15x - 3.42% 45.73B
7.05x0.57x - 5.48% 44.64B
11.07x - - 2.45% 41.37B
10.92x0.83x - 2.96% 37.98B
Average 6.56x 1.36x -81.97x 3.41% 58.14B
Weighted average by Cap. 10.56x 1.20x -81.97x 3.39%

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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