Discounted Cash Flow

Lemonade, Inc.

LMND · Based on 10 years of SEC filings

DCF estimate unavailable — No positive free cash flow in recent history — company has not generated positive FCF

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2018 $22.5m $-52.9m $-41.5m -235.1% $-4.84
2019 $67.3m (199.1%) $-108.5m (-105.1%) $-80.8m (-94.7%) -161.2% (31.4%) $-9.75 (-101.4%)
2020 $94.4m (40.3%) $-122.3m (-12.7%) $-96.1m (-18.9%) -129.6% (19.6%) $-3.63 (62.8%)
2021 $128.4m (36.0%) $-241.3m (-97.3%) $-154.0m (-60.2%) -187.9% (-45.1%) $-3.94 (-8.5%)
2022 $256.7m (99.9%) $-297.8m (-23.4%) $-173.1m (-12.4%) -116.0% (38.3%) $-4.59 (-16.5%)
2023 $429.8m (67.4%) $-236.9m (20.4%) $-128.3m (25.9%) -55.1% (52.5%) $-3.40 (25.9%)
2024 $526.5m (22.5%) $-202.2m (14.6%) $-20.8m (83.8%) -38.4% (30.3%) $-2.85 (16.2%)
2025 $737.9m (40.2%) $-165.5m (18.2%) $-25.9m (-24.5%) -22.4% (41.6%) $-2.24 (21.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

No positive free cash flow in recent history — company has not generated positive FCF

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.