Lemonade vs Palomar Holdings
Palomar Holdings is the larger business, with $876m of revenue in fiscal 2025 against $738m for Lemonade (1.2 times as much). Palomar Holdings grew faster (58.2% against 40.2%). Palomar Holdings kept more of each dollar of sales as profit: a net margin of 22.5% against -22.4%. Lemonade carries less debt relative to equity (0.0% against 0.0%).
| Latest fiscal year | LemonadeLMND, 2025 | Palomar HoldingsPLMR, 2025 |
|---|---|---|
| Revenue | $738m | $876m |
| Revenue growth | 40.2% | 58.2% |
| Net income | −$166m | $197m |
| Operating margin | — | — |
| Net margin | -22.4% | 22.5% |
| Return on equity | -29.4% | 23.6% |
| Free cash flow | −$25.9m | $409m |
| Cash | $385m | $107m |
| Total debt | $0 | $0 |
| Debt to equity | 0.0% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $37.3m |
| Employees | 1,282 | 439 |
| Market value | $3.19bn | $3.74bn |
| Price vs our value range | — | — |
| Moat score | — | 60 (Moderate) |
| Insider trades, 12 months | 2 buys, 37 sales | 1 buys, 95 sales |