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Lemonade, Inc. key statistics and ratios

In fiscal 2025, Lemonade, Inc. had return on equity of -29.4%, a net margin of -22.4% and debt equal to 0.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin−235.1%−161.2%−129.6%−187.9%−116.0%−55.1%−38.4%−22.4%−14.2%
Free-cash-flow margin−184.4%−120.1%−101.8%−119.9%−67.4%−29.9%−4.0%−3.5%0.8%
Return on equity——−68.2%−31.6%−32.1%−30.1%−31.1%−29.4%−26.8%
Return on assets—−26.2%−19.7%−20.6%−18.6%−14.3%−11.6%−8.8%−7.0%
Asset turnover—0.160.150.110.160.260.300.390.50
Debt to equity——0.0%0.0%0.0%0.0%0.0%0.0%0.0%
R&D as % of revenue20.9%14.6%20.6%40.3%31.0%20.7%16.3%12.7%10.9%
Capital spending as % of revenue3.1%4.0%4.7%7.3%3.9%2.1%1.8%1.3%1.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Lemonade, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lemonade, Inc.