Lemonade, Inc.

LMNDNYSEFinancial Services● Active

$52.26

+$0.80(+1.55%)

Market Cap$4.0B

P/E Ratio—

52W High$99.9

52W Low$35.05

Avg Volume1.8M

Open$52.14

Beta1.81

Free Cash Flow Financials Revenue

Lemonade, Inc. (LMND) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

LMND · free cash flow · updated Jun 8, 2026

Core FCF metrics

LMND · FCF · TTM · margin & CAGR

Free cash flow was −$25.9M for FY2025 (fiscal year ending 2025-12-31), down 24.5% year-over-year The FCF margin was -3.5%.

FY2025 Free Cash Flow−$25.9M▼ -24.5% YoY

Trailing 12M (TTM)$19.5MTrailing 4Q sum · TTM positive vs latest FY negative

FCF Margin-3.5%−$25.9M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

LMND · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$16.5M(9M)−$25.9M▼ 24.5%-3.5%

FY2024−$11.4M(9M)−$20.8M▲ +83.8%-4.0%

FY2023−$119.1M(9M)−$128.3M▲ +25.9%-29.9%

FY2022−$163.0M(10M)−$173.1M▼ 12.4%-67.4%

FY2021−$144.6M(9M)−$154.0M▼ 60.2%-119.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

LMND · P/FCF · FCF yield · FCF per share

Lemonade, Inc. (LMND) trades at a FCF yield of 0.49% and a price-to-free-cash-flow ratio of 193.6x. FCF per share stands at $0.27, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

0.49%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.27

TTM FCF ÷ Shares Outstanding

Price / FCF

x193.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x197.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

LMND · cash flow statement · operating / investing / financing

For FY2025, Lemonade, Inc. generated −$16.5M in operating cash flow and spent 9M in capital expenditures, yielding −$25.9M in free cash flow.

Operating Activities

−$16.5M

Cash from core business operations

2025-12-31

Investing Activities

−$89.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$106.6M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$16.5M) − |CapEx| (9M) = FCF (−$25.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

LMND vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Lemonade, Inc.YOU

LMND

−$25.9M-24.5%-3.5%

Loss

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Lemonade, Inc. (LMND) reported free cash flow of −$25.9M for FY2025 (fiscal year ending 2025-12-31), down 24.5% year-over-year. The FCF margin was -3.5%.

Lemonade, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 9 fiscal years.

Lemonade, Inc.'s FCF yield is 0.49% and price-to-FCF ratio is 193.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

LMND free cash flow · 8 questions

Lemonade, Inc. free cash flow was −$25.9M for FY2025, down 24.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $19.5M.

LMND free cash flowLMND FCFLMND FCF 2025LMND free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Lemonade, Inc. · Lemonade, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026