LightInTheBox Holding Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LightInTheBox Holding Co., Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	292	320	228	244	398	446	504	629	255	224
Cost of revenue	189	214	166	146	222	239	228	269	102	78.4
Gross profit	104	106	61.2	97.6	176	207	275	360	153	146
Research and development	6.7	5.21	5.69	17.9	15.2	20.3	19.4	19.1	15.5	10.3
Selling and marketing	61.1	68.9	50.5	51.1	112	154	223	303	112	102
General and administrative	34.5	29.6	33	37.8	33.2	39.7	36.3	34.1	25.7	19.6
Operating expenses	113	116	98.7	114	172	223	289	370	156	138
Operating income	-9.08	-10.2	-37.5	-16.1	3.86	-16.1	-14.2	-10.4	-2.22	7.97
Interest expense			0.01	0.07	0.09	0.01	0.01	0		0.02
Interest income	0.52	0.58	0.49	0.3	0.1	0	0	0.07	0
Other non-operating income	0.4	0.49	-22.3	15.1	12.9	39.4	-55	0.85	-0.31	0.25
Pre-tax income	-8.69	-9.68	-59.8	-0.95	16.8	23.3	-69.3	-9.55	-2.53	8.22
Income tax	0.05	0.08	0.03	0.11	3.42	9.8	-12.7	0.04	-0.04	-0.06
Net income to minority interests			-0	0.06	0.03	0.33
Net income	-8.72	-9.55	-59.6	1	13.3	13.1	-56.6	-9.59	-2.49	8.28
EBITDA	-7.71	-9.4	-36.9	-14.8	4.9	-14.9	-13	-9.12	-0.8	8.91
EPS, basic	-0.07	-0.07	-0.44	0.01	0.06	0.06	-0.25	-0.04	-0.01	0.04
EPS, diluted	-0.07	-0.07	-0.44	-0.06	0.06	0.06	-0.25	-0.04	-0.01	0.04
Shares, basic (weighted)	127	138	134	138	220	224	226	226	221	219
Shares, diluted (weighted)	127	138	134	224	226	227	226	226	221	220

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	89.5	68.4	38.8	37.7	61.5	55.9	88.6	66.4	17.9	23.6
Receivables	2.4	3.43	1.46	1.36	1.3	1.63	0.7	0.63	0.98	1.36
Inventory	10.6	11.8	8.48	7.36	9.92	12	14.3	5.77	3.64	4.94
Other current assets	0.59	0.8	2.63	1.41	1.08	2.97	0.95	0.92	0.79	0.47
Total current assets	114	101	55.6	57.4	84.8	83.9	116	85	27	34.1
Property, plant and equipment	1.07	0.92	3.65	3.5	3.81	3.31	2.95	2.79	2.19	1.31
Lease right-of-use assets				12.2	12.2	11.6	10.9	6.56	9.93	6.07
Goodwill	0.69	0.69	28.2	27.9	29.7	30.4	28.2	27.4	26.7	27.8
Intangible assets	0.22	0.21	9.89	8.52	9.42	8.23	5.63	3.6	2.75	2.18
Long-term investments	1.85	5.26	5.19	2.87	17.3	56.4		0	0.07	0.08
Other non-current assets						0.3	0	0.59	0
Total assets	118	109	104	113	158	195	165	126	69.4	72
Accounts payable	22.5	22.4	12.9	17.6	17	23.5	26.5	15.8	10.4	12.3
Accrued liabilities	21.1	20.7	22.7	28.6	42.2	57.8	90.4	94.6	54.1	49
Deferred revenue		10.1	17.7	21.7	33.3	24.8	32.2	17	8.36	9.19
Short-term debt								0	0.69	0.72
Total current liabilities	52.4	53.3	110	71.7	96.9	110	154	133	77.6	74
Lease liabilities				8.8	8.12	7.86	6.58	1.92	4.78	1.89
Total liabilities	52.4	53.3	111	81.3	109	131	161	135	82.5	76
Paid-in capital	237	239	239	263	282	282	283	283	283	281
Retained earnings	-150	-159	-219	-218	-205	-192	-249	-259	-262	-254
Treasury stock	-20.8	-23.9	-27.3	-27.5	-30.2	-29.3	-28.6	-30.4	-30.9	-29.4
Other comprehensive income	-0.58	-0.2	-0.93	-1.44	1.8	2.74	-1.02	-1.86	-3.27	-1.72
Shareholders' equity	65.8	55.5
Minority interests			-0.01	0.05	0.08	0.12
Total equity	65.8	55.5	-7.81	31.9	49.4	63.9	3.88	-8.38	-13.2	-3.98
Total liabilities and equity	118	109	104	113	158	195	165	126	69.4	72
Shares outstanding	138	136	134	187	224	226	227	223	221	217

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.72	-9.55	-59.6	1.06	13.3	13.5	-56.6	-9.59	-2.49	8.28
Depreciation and amortization	1.38	0.76	0.57	1.25	1.04	1.22	1.22	1.28	1.42	0.94
Stock-based compensation	2.32	1.87	0.41	2.06	3.61	1.38	0.34	0.42	0.35	0.09
Deferred income tax		0	0	0	3.36	9.83	-0.41	0.04	-0.05	-0.11
Change in receivables	-1.71	-0.97	1.86	-0.78	0.86	-0.73	0.93	0.06	-0.36	-0.38
Change in inventory	-2.64	-3.29	5.64	1.58	-2.46	-2.96	-2.37	8.49	2.13	-1.3
Change in payables	-6.81	-0.11	-16.2	4.7	-0.69	6.58	2.98	-10.7	-5.47	1.93
Cash from operations	-15.3	-14.8	-29.9	1.88	29.3	-1.77	35.8	-20.7	-48.2	6.21
Capital expenditures	-0.33	-0.56	-0.39	-0.92	-2.23	-1.01	-0.82	-1.15	-0.78	-0.04
Cash from investing	-0.33	-3.51	3.3	-0.68	-1.84	-1.74	2.05	-1.08	-2.26	0.01
Debt repaid			-0.02	-0.3	-0.99	-0.04	-0.04	-0.04	-0.03
Stock issued	0.02	0.04	0.01			0.27
Share buybacks	-0.81	-3.1	-3.35	-0.25	-2.7	0	0	-2.3	-1.24	-0.72
Cash from financing	74.6	-3.06	-3.37	-0.55	-3.69	-1.32	-0.04	-2.3	-0.59	-0.72
Exchange rate effect	-0.4	0.34	-0.28	-0.01	1.29	-1.09
Net change in cash	59	-21.4	-29.9	0.65	23.8	-4.83	37.8	-24.1	-51	5.5
Free cash flow	-15.7	-15.4	-30.3	0.97	27.1	-2.78	35	-21.9	-48.9	6.17
Interest paid			0	0.07	0.09	0.01	0.01	0	0	0.02
Income taxes paid	0.05	0.08	0.06	0.13	0.03	0.01	0.02	0	-0.01	0.03

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.0%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.7%	Pre-tax income / revenue.
Net margin	3.7%	Net income / revenue.
FCF margin	2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	-0.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	11.7%	Net income / average total assets.
R&D / revenue	4.6%	Research and development expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-12.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-23.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-3.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-7.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-44.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-26.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-43.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-25.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-24.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.46x	Current assets / current liabilities.
Quick ratio	0.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	105.5%	Total liabilities / total assets.
Interest coverage	469x	Operating income / interest expense.
Working capital	-$39.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.17x	Revenue / average total assets.
Fixed asset turnover	128x	Revenue / average property, plant and equipment.
Inventory turnover	18.3x	Cost of revenue / average inventory.
Days inventory	20 days	365 x average inventory / cost of revenue.
Receivables turnover	192x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-31 days	Days inventory + days sales outstanding - days payables.
FCF conversion	74.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.04	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.02	Revenue / diluted weighted shares.
FCF per share	$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.03	Cash from operations / diluted weighted shares.
Cash per share	$0.11	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	11.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$60.5M	Share price x shares outstanding.
Enterprise value	$36.8M	Market cap + total debt - cash - short-term investments.
P/E	7.30x	Market cap / net income. Only when net income is positive.
P/S	0.27x	Market cap / revenue.
P/FCF	9.80x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.73x	Market cap / cash from operations, when positive.
EV/Sales	0.16x	Enterprise value / revenue.
EV/EBIT	4.62x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.13x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.97x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.2%	Free cash flow / market cap.
Earnings yield	13.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.

What was LightInTheBox Holding Co., Ltd.'s revenue in fiscal 2025?

LightInTheBox Holding Co., Ltd. reported revenue of $224.3M for fiscal 2025, 12.1% lower than the year before.

Was LightInTheBox Holding Co., Ltd. profitable in fiscal 2025?

Yes. Net income was $8.3M, a net margin of 3.7%.

How much free cash flow did LightInTheBox Holding Co., Ltd. generate in fiscal 2025?

Cash from operations of $6.2M minus capital expenditures of $42.0K left free cash flow of $6.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to LightInTheBox Holding Co., Ltd.