Detailed financial statements for LightInTheBox Holding Co., Ltd. (LITB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
LightInTheBox Holding Co., Ltd. functions as a global e-commerce enterprise, delivering a diverse selection of merchandise directly to consumers across the world. Its product portfolio spans customized, special occasion, and fast fashion apparel, alongside a wide variety of general goods such as accessories, gadgets, home and garden items, toys, hobbies, electronics, and communication devices.
Analysis Summary
LightInTheBox Holding Co., Ltd. reported revenue of $224.9M in the most recent fiscal year, growing at a 5-year CAGR of -10.8%. Net income reached $8.3M, with a -9.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 65.0%, operating margin 3.2%, net margin 3.7%. Free cash flow grew at -24.7% CAGR over 5 years.
At the current price of $3.06, LITB trades at a P/E of 2.52 and an ROE of -208.41%. Market capitalisation stands at $28M.
Balance sheet quality for LITB: current ratio of 0.5, net cash position of $20.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $6.2M represents 74% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $292.5M | $319.9M | $227.5M | $243.6M | $398.2M | $446.1M | $503.6M | $629.4M | $255.3M | $224.9M |
| Cost of Revenue | $188.9M | $214.3M | $166.3M | $146.0M | $222.0M | $239.4M | $228.5M | $269.5M | $101.8M | $78.6M |
| Gross Profit | $103.5M | $105.6M | $61.2M | $97.6M | $176.2M | $206.7M | $275.1M | $359.9M | $153.5M | $146.3M |
| Research & Development | $6.7M | $5.2M | $5.7M | 0 | $15.2M | 0 | $19.4M | 0 | $15.5M | $10.3M |
| Selling, General & Admin | $112.6M | $115.8M | $98.7M | $88.9M | $173.3M | $193.9M | $289.5M | $336.8M | $137.7M | $122.1M |
| Operating Expenses | $112.6M | $115.8M | $98.7M | $113.6M | $172.3M | $222.8M | $289.3M | $370.3M | $155.7M | $139.0M |
| Operating Income | -$9.1M | -$10.2M | -$37.5M | -$16.1M | $3.9M | -$16.1M | -$14.2M | -$10.4M | -$2.2M | $7.2M |
| EBITDA | -$7.7M | -$8.9M | -$58.9M | $1.6M | $19.3M | $26.6M | -$65.9M | -$6.4M | -$330000 | $9.9M |
| Interest Expense | 0 | 0 | $5000 | $66000 | $92000 | $13000 | $5000 | $4000 | 0 | $17044 |
| Pre-tax Income | -$8.7M | -$9.7M | -$59.8M | $947000 | $16.8M | $23.3M | -$69.3M | -$9.6M | -$2.5M | $8.2M |
| Income Tax | $54000 | -$81000 | $33000 | -$113000 | $3.4M | $9.8M | -$12.7M | $40000 | -$39000 | -$61161 |
| Net Income | -$8.7M | -$9.5M | -$59.6M | $999000 | $13.3M | $13.1M | -$56.6M | -$9.6M | -$2.5M | $8.3M |
| EPS | $-0.28 | $-0.28 | $-1.78 | $-0.03 | $0.24 | $0.24 | $-1.00 | $-0.17 | $-0.28 | $0.90 |
| EPS (Diluted) | $-0.28 | $-0.28 | $-1.78 | $-0.02 | $0.24 | $0.24 | $-1.00 | $-0.17 | $-0.28 | $0.90 |
| Shares Outstanding (Diluted) | $31.8M | $34.4M | $33.6M | $55.9M | $56.5M | $56.6M | $56.6M | $56.5M | $9.2M | $9.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $55.5M | $63.2M | $52.1M | $56.8M |
| Gross Profit | $37.1M | $39.5M | $33.9M | $37.6M |
| Operating Income | $2.6M | $3.2M | $926755 | $2.1M |
| EBITDA | $2.8M | $3.5M | $1.5M | $1.6M |
| Net Income | $2.8M | $3.3M | $1.2M | $1.6M |
| EPS | $0.32 | $0.36 | $0.13 | $0.17 |
| EPS (Diluted) | $0.32 | $0.36 | $0.13 | $0.17 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $89.5M | $68.4M | $38.8M | $40.4M | $65.5M | $55.9M | $88.6M | $66.4M | $17.9M | $25.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.4M | $5.9M | $2.8M | $6.2M | $4.4M | $4.6M | $695000 | $634000 | $976000 | $1.4M |
| Inventory | $10.6M | $11.8M | $8.5M | $8.3M | $12.8M | $12.0M | $14.3M | $5.8M | $3.6M | $4.9M |
| Total Current Assets | $113.7M | $101.0M | $56.4M | $57.0M | $84.2M | $83.9M | $116.0M | $85.0M | $27.0M | $34.1M |
| Property, Plant & Equipment | $1.1M | $920000 | $3.7M | $15.7M | $16.1M | $14.9M | $13.8M | $9.3M | $12.1M | $7.4M |
| Goodwill | $690000 | $690000 | $31.1M | $27.9M | $29.7M | $30.4M | $28.2M | $27.4M | $26.7M | $27.8M |
| Intangible Assets | $215000 | $210000 | $9.9M | $8.5M | $9.4M | $8.2M | $5.6M | $3.6M | $2.7M | $2.2M |
| Total Assets | $118.2M | $108.7M | $107.4M | $113.2M | $158.0M | $195.4M | $164.8M | $126.3M | $69.4M | $72.0M |
| Accounts Payable | $22.5M | $22.4M | $12.9M | $17.6M | $17.0M | $23.5M | $26.5M | $15.8M | $10.4M | $12.3M |
| Short-term Debt | 0 | 0 | $51.9M | $3.8M | $4.3M | 0 | 0 | 0 | $685000 | $3.5M |
| Total Current Liabilities | $52.4M | $53.3M | $114.1M | $71.7M | $96.9M | $109.9M | $154.1M | $132.5M | $77.6M | $74.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $52.4M | $53.3M | $115.2M | $81.3M | $108.7M | $131.5M | $160.9M | $134.7M | $82.5M | $76.0M |
| Retained Earnings | -$149.7M | -$159.3M | -$218.9M | -$217.9M | -$204.6M | -$192.1M | -$249.2M | -$259.3M | -$262.2M | -$253.9M |
| Total Equity | $65.8M | $55.5M | -$7.9M | $31.8M | $49.3M | $63.8M | $3.9M | -$8.4M | -$13.2M | -$4.0M |
| Total Debt | 0 | 0 | $51.9M | $13.4M | $12.6M | $11.7M | $11.6M | $7.0M | $9.5M | $5.4M |
| Net Debt | -$89.5M | -$68.4M | $13.1M | -$27.0M | -$53.0M | -$44.3M | -$77.0M | -$59.5M | -$8.4M | -$20.5M |
| Working Capital | $61.4M | $47.7M | -$57.7M | -$14.6M | -$12.7M | -$26.0M | -$38.1M | -$47.5M | -$50.6M | -$39.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $16.2M | $25.9M | $17.1M | $17.5M |
| Total Assets | $65.0M | $72.0M | $62.9M | $63.5M |
| Total Liabilities | $72.6M | $76.0M | $65.7M | $64.5M |
| Total Equity | -$7.6M | -$4.0M | -$2.8M | -$1.0M |
| Total Debt | $6.5M | $5.4M | $4.3M | $3.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.7M | -$9.5M | -$59.6M | $1.1M | $13.3M | $13.5M | -$56.6M | -$9.6M | -$2.5M | $8.3M |
| Depreciation & Amortization | $1.4M | $769000 | $870000 | $2.5M | $2.4M | $3.3M | $3.4M | $3.2M | $2.2M | $1.6M |
| Stock-based Compensation | $2.3M | $1.9M | $405000 | $2.1M | $3.6M | $1.4M | $340000 | $415000 | $345000 | $92000 |
| Change in Working Capital | -$13.7M | -$9.9M | $2.5M | $13.6M | $22.1M | $6.7M | $43.6M | -$13.6M | -$48.4M | -$3.3M |
| Operating Cash Flow | -$15.3M | -$14.8M | -$29.9M | $1.9M | $29.3M | -$1.8M | $35.8M | -$20.7M | -$48.2M | $6.2M |
| Capital Expenditure | -$334000 | -$556000 | -$387000 | -$917000 | -$3.9M | -$1.9M | -$817000 | -$1.1M | -$2.3M | -$42000 |
| Acquisitions | 0 | 0 | $3.7M | $236000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$810000 | -$3.1M | -$3.4M | -$251000 | -$2.7M | 0 | 0 | -$2.3M | -$1.2M | -$724000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$15.7M | -$15.4M | -$30.3M | $965000 | $25.5M | -$3.7M | $35.0M | -$21.9M | -$50.4M | $6.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $4000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.4% | -28.9% | +7.1% | +63.4% | +12.0% | +12.9% | +25.0% | -59.4% | -11.9% | |
| Net Income Growth (YoY) | -9.5% | -524.2% | +101.7% | +1233.0% | -1.4% | -531.0% | +83.1% | +74.0% | +433.5% | |
| EPS Growth (YoY) | +0.0% | -535.7% | +98.3% | +879.2% | +0.0% | -516.7% | +83.0% | -64.7% | +421.4% | |
| Shares Change (YoY) | +8.2% | -2.3% | +66.2% | +1.1% | +0.3% | -0.1% | -0.1% | -83.7% | -0.7% | |
| FCF Growth (YoY) | +1.8% | -96.6% | +103.2% | +2537.7% | -114.4% | +1054.7% | -162.5% | -130.7% | +112.2% | |
| Gross Margin | 35.4% | 33.0% | 26.9% | 40.1% | 44.2% | 46.3% | 54.6% | 57.2% | 60.1% | 65.0% |
| Operating Margin | -3.1% | -3.2% | -16.5% | -6.6% | 1.0% | -3.6% | -2.8% | -1.7% | -0.9% | 3.2% |
| EBITDA Margin | -2.6% | -2.8% | -25.9% | 0.7% | 4.8% | 6.0% | -13.1% | -1.0% | -0.1% | 4.4% |
| Net Margin | -3.0% | -3.0% | -26.2% | 0.4% | 3.3% | 2.9% | -11.2% | -1.5% | -1.0% | 3.7% |
| FCF Margin | -5.4% | -4.8% | -13.3% | 0.4% | 6.4% | -0.8% | 7.0% | -3.5% | -19.8% | 2.7% |
| Effective Tax Rate | -0.6% | 0.8% | -0.1% | -11.9% | 20.4% | 42.1% | 18.3% | -0.4% | 1.5% | -0.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.49 | $-0.45 | $-0.90 | $0.02 | $0.45 | $-0.06 | $0.62 | $-0.39 | $-5.47 | $0.67 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $31.8M | $34.1M | $33.6M | $34.4M | $55.1M | $56.1M | $56.6M | $56.5M | $9.2M | $9.1M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -208.41% |
| Return on Invested Capital | 469.35% |
| Return on Assets | 11.53% |
| Gross Margin | 65.03% |
| Operating Margin | 3.22% |
| Net Margin | 3.69% |
Financial Health
| Debt / Equity | -1.36 |
| Current Ratio | 0.46 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -1.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -63.64 | -49.29 | -4.11 | -204.55 | 63.50 | 25.25 | -7.38 | -37.10 | -6.00 | 2.49 |
| P/B | 8.61 | 8.48 | -31.31 | 6.81 | 17.04 | 5.33 | 107.70 | -42.45 | -1.18 | -5.14 |
| P/S | 1.94 | 1.47 | 1.08 | 0.89 | 2.11 | 0.76 | 0.83 | 0.57 | 0.06 | 0.09 |
| Gross Margin | 35.4% | 33.0% | 26.9% | 40.1% | 44.2% | 46.3% | 54.6% | 57.2% | 60.1% | 65.0% |
| Operating Margin | -3.1% | -3.2% | -16.5% | -6.6% | 1.0% | -3.6% | -2.8% | -1.7% | -0.9% | 3.2% |
| Net Margin | -3.0% | -3.0% | -26.2% | 0.4% | 3.3% | 2.9% | -11.2% | -1.5% | -1.0% | 3.7% |
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Explore sector: Consumer Cyclical · Specialty Retail
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