111, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data 111, Inc. 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	260	568	1,257	1,950	1,960	2,105	1,973	1,795
Cost of revenue				1,852	1,838	1,986	1,859	1,692
Gross profit				97.5	122	120	114	103
Selling and marketing	37.8	48.9	61.2	80.5	66.4	63.2	43	37
General and administrative	14.4	17.7	19.7	32.5	29.8	31.6	9.71	9.93
Operating income	-58.2	-70.9	-72.5	-101	-53.8	-49.3	0.29	-0.34
Interest expense		0.52	1.35	0.86	1.95	2.84	3.88	5.09
Interest income	0.63	0.69	0.97	1.53	1.18	1.24	0.97	0.56
Other non-operating income	1.68	0.12	0.48	2.34	1.18	1.07	-0.08	1.59
Pre-tax income	-55.6	-72.1	-71.6	-97.5	-54.5	-49.7	-2.83	-3.22
Income tax	0			0	0	0.04	0.01	0
Net income to minority interests	-0.29	-0.32		-4.37	-2.22	-2.37	-1.15	-0.59
Net income	-55.3	-71.8	-70	-105	-60.4	-55.3	-8.87	-9.49
EBITDA	-56.6	-69.2	-70.4	-96.5	-47.9	-46.2	2.61	1.35
EPS, basic	-0.56	-0.44	-0.42	-0.63	-0.36	-0.33	-0.05	-0.05
EPS, diluted	-0.56	-0.44	-0.42	-0.63	-0.36	-0.33	-0.05	-0.05
Shares, basic (weighted)	99.5	164	165	166	167	169	172	174
Shares, diluted (weighted)	99.5	164	165	166	167	169	172	174

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	124	83.5	182	104	97.7	85	63.3	73.1
Short-term investments	36.8		46	28.6	29.8	7.06		7.15
Receivables	4.16	9.37	25	63.5	70.9	75.6	56.6	37.1
Inventory	30.7	69.8	117	176	217	200	190	143
Other current assets	23.4	30	47.8	38	40.9	31.8	34.5	28.1
Total current assets	219	213	440	440	469	413	363	304
Property, plant and equipment	2.95	4.29	6.66	12.6	7.03	4.84	4.51	3.02
Lease right-of-use assets		12.6	15.1	36.7	23.8	14.6	12.2	6.31
Intangible assets	0.66	1.15	1	0.77	0.47	0.32	0.2	0.12
Long-term investments	1.62	0.02	0.02	0.47	0.29	0.28
Other non-current assets	0.49	0.43	0.78	3.47	2.95	1.88	2.01	1.33
Total assets	225	231	464	494	504	435	382	315
Accounts payable	30.9	63.8	164	211	256	224	236	183
Short-term debt		13.7	35.1	40.7	26	47.6	22.1	26.8
Total current liabilities	45.7	111	250	334	395	387	321	279
Lease liabilities		8.19	9.56	26	14.6	8.82	7.6	4.29
Other non-current liabilities	1.18	0.85	0.57	0.24		0.74	1.23	0.31
Total liabilities	46.9	120	260	360	410	396	330	284
Paid-in capital	370	374	409	442	432	446	435	455
Retained earnings	-201	-271	-359	-472	-497	-538	-532	-565
Treasury stock		-3.3	-5.36	-6.41	-5.92	-0.83	-0.81	-0.84
Other comprehensive income	9.76	11	9.64	9.32	11	10.2	10.2	10.4
Shareholders' equity	178	112	54.8	-27.2	-60.1	-82.2	-88	-100
Minority interests	-0.07	-0.39	7.51	3.32	0.86	-1.59	-2.12	-2.75
Total equity	178	111	62.3	-23.9	-59.3	-83.8	-90.2	-103
Total liabilities and equity	225	231	464	494	504	435	382	315

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-55.6	-72.1	-71.6	-97.5	-54.5	-49.8	-2.85	-3.22
Depreciation and amortization	1.64	1.68	2.15	4.27	5.92	3.07	2.32	1.69
Stock-based compensation	7.47	7.8	11.6	22.8	23.5	31.9	2.76	1.44
Change in receivables	-1.19	-5.27
Change in inventory	-9.71	-39.7	-46.7	-62.9	-58.9	8.39	3.85	55.4
Change in payables	12.2
Cash from operations	-49.9	-73.6	-17.9	-108	-3.36	-63	36	17
Capital expenditures	-2.1	-2.88	-3.91	-9.82	-4.58	-1.38	-2.08	-0.64
Purchases of investments	-75.5	-86.3	-76.6	-288	-184	-129	-63	-107
Cash from investing	6.47	34.1	-49.8	9.44	-6.84	21.4	5.12	-7.68
Stock issued		1.63	0.97	0.46	0.04	0.03	0	0.11
Share buybacks		-3.3	-1.84	-0.92
Cash from financing	141	15.7	164	11.7	3.3	29	-55.7	-3.03
Exchange rate effect	1.74	1.39	-1.25	-0.55
Net change in cash	99.8	-22.4	95.1	-87.5	-6.36	-13.1	-14.4	6.15
Free cash flow	-52	-76.5	-21.8	-118	-7.93	-64.4	34	16.4
Interest paid		0.12	1.67	0.88	1.38	1.47	0.84	0.35
Income taxes paid	0			0		0.04	0.01	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	5.8%	Gross profit / revenue.
Operating margin	-0.0%	Operating income / revenue.
EBITDA margin	0.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.2%	Pre-tax income / revenue.
Net margin	-0.5%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.9%	Cash from operations / revenue.
Return on assets (ROA)	-2.7%	Net income / average total assets.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-217.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-48.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-52.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-51.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-17.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.5%	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	-7.5%	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	1.3%	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	1.5%	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	1.1%	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	1.09x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	90.3%	Total liabilities / total assets.
Interest coverage	-0.07x	Operating income / interest expense.
Working capital	$24.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$100.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	5.16x	Revenue / average total assets.
Fixed asset turnover	477x	Revenue / average property, plant and equipment.
Inventory turnover	10.2x	Cost of revenue / average inventory.
Days inventory	36 days	365 x average inventory / cost of revenue.
Receivables turnover	38.3x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	0 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	3.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.05	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	-$0.05	Net income per basic share, as reported (split-adjusted).
Revenue per share	$10.32	Revenue / diluted weighted shares.
FCF per share	$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.10	Cash from operations / diluted weighted shares.
Book value per share	-$0.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.58	Tangible book value / shares outstanding.
Cash per share	$0.46	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$31.7M	Share price x shares outstanding.
Enterprise value	-$48.6M	Market cap + total debt - cash - short-term investments.
P/S	0.02x	Market cap / revenue.
P/FCF	1.93x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.86x	Market cap / cash from operations, when positive.
FCF yield	51.8%	Free cash flow / market cap.
Earnings yield	-30.0%	Net income / market cap (the inverse of P/E).

What was 111, Inc.'s revenue in fiscal 2025?

111, Inc. reported revenue of $1.80B for fiscal 2025, 9% lower than the year before.

Was 111, Inc. profitable in fiscal 2025?

No. It reported a net loss of $9.5M.

How much free cash flow did 111, Inc. generate in fiscal 2025?

Cash from operations of $17.0M minus capital expenditures of $636.0K left free cash flow of $16.4M.

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.

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