The company exhibits a vulnerable capital structure characterized by ten consecutive quarters of negative shareholder equity, which reached a deficit of $4.0M in 2025Q4.
LightInTheBox Holding Co., Ltd. (LITB) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 26.83M | 34.13M | 26.97M | 84.98M | 115.97M | 83.9M | 84.19M | 57.03M | 56.36M | 100.98M | 113.74M | 49.74M | 99.16M | 121.29M | 37.75M | 17.67M |
| Cash & Short-Term Investments | 17.51M | 25.95M | 17.95M | 66.42M | 88.58M | 55.94M | 65.53M | 40.44M | 38.81M | 68.44M | 89.52M | 30.9M | 81.16M | 103.7M | 19.97M | 6.79M |
| Cash Only | 17.51M | 25.95M | 17.95M | 66.42M | 88.58M | 55.94M | 65.53M | 40.44M | 38.81M | 68.44M | 89.52M | 30.9M | 75.36M | 23.75M | 19.97M | 6.79M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.8M | 79.96M | 0 | 0 |
| Accounts Receivable | 1.64M | 1.36M | 976K | 634K | 695K | 4.58M | 4.37M | 6.17M | 2.85M | 5.89M | 2.4M | 3.25M | 3.03M | 4.92M | 7.88M | 3.32M |
| Days Sales Outstanding | 1.93 | 2.2 | 1.4 | 0.37 | 0.5 | 3.75 | 4.01 | 9.25 | 4.57 | 6.72 | 3 | 3.66 | 2.89 | 6.14 | 14.38 | 10.41 |
| Inventory | 5.51M | 4.94M | 3.64M | 5.77M | 14.26M | 12M | 12.82M | 8.32M | 8.48M | 11.84M | 10.59M | 11.26M | 9.85M | 7.08M | 5.75M | 4.96M |
| Days Inventory Outstanding | 22.32 | 22.94 | 13.06 | 7.81 | 22.78 | 18.29 | 21.08 | 20.81 | 18.61 | 20.17 | 20.45 | 19.82 | 15.16 | 15.64 | 18.03 | 23.39 |
| Other Current Assets | 2.16M | 1.88M | 2.68M | 6.74M | 7.61M | 7.28M | 1.47M | 2.08M | 5.42M | 14.81M | 11.23M | 6.66M | 5.12M | 5.59M | 2.65M | 365K |
| Total Non-Current Assets | 36.69M | 37.87M | 42.4M | 41.33M | 48.84M | 111.47M | 73.84M | 56.17M | 51M | 7.75M | 4.46M | 5.75M | 5.31M | 4.6M | 2.08M | 1.97M |
| Property, Plant & Equipment | 5.63M | 7.38M | 12.12M | 9.35M | 13.82M | 14.9M | 16.06M | 15.73M | 3.65M | 920K | 1.07M | 2.21M | 3.66M | 3M | 1.79M | 1.9M |
| Fixed Asset Turnover | 29.86x | 30.47x | 21.07x | 67.33x | 36.44x | 29.95x | 24.80x | 15.48x | 62.31x | 347.70x | 273.10x | 146.57x | 104.37x | 97.41x | 111.61x | 61.11x |
| Goodwill | 28.63M | 27.8M | 26.66M | 27.39M | 28.18M | 30.44M | 29.75M | 27.92M | 31.14M | 690K | 690K | 690K | 690K | 690K | 0 | 0 |
| Intangible Assets | 1.89M | 2.18M | 2.75M | 3.6M | 5.63M | 8.23M | 9.42M | 8.52M | 9.89M | 210K | 215K | 232K | 249K | 266K | 0 | 0 |
| Long-Term Investments | 309K | 77K | 73K | 0 | 0 | 56.38M | 17.3M | 2.87M | 5.19M | 5.26M | 1.85M | 1.96M | 0 | 0 | 293K | 67K |
| Other Non-Current Assets | 453.02K | 434K | 806K | 984K | 1.21M | 1.51M | 1.33M | 1.13M | 1.13M | 671K | 638K | 658K | 708K | 640K | 0 | 0 |
| Total Assets | 63.52M | 72M | 69.37M | 126.31M | 164.81M | 195.37M | 158.03M | 113.2M | 107.36M | 108.74M | 118.2M | 55.49M | 104.47M | 125.89M | 39.84M | 19.64M |
| Asset Turnover | 3.49x | 3.12x | 3.68x | 4.98x | 3.06x | 2.28x | 2.52x | 2.15x | 2.12x | 2.94x | 2.47x | 5.83x | 3.66x | 2.32x | 5.02x | 5.92x |
| Asset Growth % | -25.1% | 3.79% | -45.08% | -23.36% | -15.64% | 23.63% | 39.6% | 5.44% | -1.26% | -8.01% | 113% | -46.88% | -17.02% | 216.01% | 102.84% | - |
| Total Current Liabilities | 63.36M | 73.99M | 77.56M | 132.51M | 154.11M | 109.93M | 96.85M | 71.67M | 114.07M | 53.27M | 52.37M | 57.62M | 61.28M | 44.5M | 36.85M | 17.2M |
| Accounts Payable | 8.78M | 12.31M | 10.38M | 15.85M | 26.52M | 23.54M | 16.95M | 17.64M | 12.94M | 22.43M | 22.52M | 29.35M | 25.24M | 18.68M | 9.15M | 5.13M |
| Days Payables Outstanding | 42.06 | 57.13 | 37.21 | 21.46 | 42.36 | 35.88 | 27.87 | 44.1 | 28.4 | 38.21 | 43.51 | 51.67 | 38.85 | 41.25 | 28.68 | 24.17 |
| Short-Term Debt | 2.64M | 3.53M | 685K | 0 | 0 | 0 | 4.31M | 3.78M | 51.92M | 0 | 0 | 0 | 0 | 0 | 7.79M | 0 |
| Deferred Revenue (Current) | 18.88M | 9.19M | 8.36M | 17M | 32.24M | 24.79M | 33.28M | 21.73M | 17.73M | 10.11M | 8.76M | 8.28M | 10.98M | 10.26M | 7.1M | 3.46M |
| Other Current Liabilities | 42.26M | 48.96M | 1.31M | 2.66M | 2.01M | 2.16M | 33.29M | 17.53M | 14.63M | 9.58M | 0 | 0 | 0 | 0 | 398K | 0 |
| Current Ratio | 0.42x | 0.46x | 0.35x | 0.64x | 0.75x | 0.76x | 0.87x | 0.80x | 0.49x | 1.90x | 2.17x | 0.86x | 1.62x | 2.73x | 1.02x | 1.03x |
| Quick Ratio | 0.34x | 0.39x | 0.30x | 0.60x | 0.66x | 0.65x | 0.74x | 0.68x | 0.42x | 1.67x | 1.97x | 0.67x | 1.46x | 2.57x | 0.87x | 0.74x |
| Cash Conversion Cycle | -17.81 | -31.99 | -22.76 | -13.28 | -19.08 | -13.85 | -2.79 | -14.04 | -5.22 | -11.31 | -20.06 | -28.18 | -20.8 | -19.47 | 3.74 | 9.64 |
| Total Non-Current Liabilities | 1.17M | 1.99M | 4.99M | 2.18M | 6.83M | 21.56M | 11.8M | 9.65M | 1.16M | 0 | 0 | 0 | 0 | 0 | 41.47M | 38.5M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.03M | 1.89M | 4.78M | 1.92M | 6.58M | 7.86M | 8.24M | 9.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 191K | 107K | 101K | 154K | 111K | 517K | 3.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 107K | 107K | 141K | 13.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.47M | 38.5M |
| Total Liabilities | 64.53M | 75.99M | 82.55M | 134.69M | 160.94M | 131.49M | 108.65M | 81.32M | 115.22M | 53.27M | 52.37M | 57.62M | 61.28M | 44.5M | 78.32M | 55.7M |
| Total Debt | 3.73M | 5.42M | 9.51M | 6.96M | 11.61M | 11.69M | 12.55M | 13.43M | 51.92M | 0 | 0 | 0 | 0 | 0 | 7.79M | 0 |
| Net Debt | -13.78M | -20.53M | -8.43M | -59.46M | -76.96M | -44.25M | -52.98M | -27.02M | 13.11M | -68.44M | -89.52M | -30.9M | -75.36M | -23.75M | -12.18M | -6.79M |
| Debt / Equity | -3.67x | - | - | - | 3.00x | 0.18x | 0.25x | 0.42x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.36x | 0.61x | - | - | - | - | 1.99x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.35x | -2.32x | - | - | - | - | -8.41x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 527.71x | 484.44x | - | -2386.50x | -13856.80x | 1789.92x | 183.22x | -13.35x | -11957.00x | - | - | - | - | -3.64x | -1.24x | - |
| Total Equity | -1.02M | -3.98M | -13.17M | -8.38M | 3.88M | 63.88M | 49.38M | 31.88M | -7.87M | 55.47M | 65.84M | -2.12M | 43.18M | 81.39M | -38.48M | -36.06M |
| Equity Growth % | 220.24% | 69.76% | -57.15% | -316.25% | -93.93% | 29.37% | 54.88% | 505.35% | -114.18% | -15.75% | 3201.08% | -104.92% | -46.94% | 311.52% | -6.71% | - |
| Book Value per Share | -0.11 | -0.44 | -1.43 | -0.15 | 0.07 | 1.13 | 0.87 | 0.57 | -0.23 | 1.61 | 2.07 | -0.09 | 1.74 | 3.29 | -1.57 | -1.47 |
| Total Shareholders' Equity | -1.02M | -3.98M | -13.17M | -8.38M | 3.88M | 63.76M | 49.29M | 31.83M | -7.86M | 55.47M | 65.84M | -2.12M | 43.18M | 81.39M | -38.48M | -36.06M |
| Common Stock | 17K | 17K | 17K | 17K | 17K | 17K | 17K | 14K | 11K | 11K | 10K | 7K | 7K | 7K | 2K | 2K |
| Retained Earnings | -251.2M | -253.93M | -262.2M | -259.32M | -249.22M | -192.07M | -204.57M | -217.89M | -218.89M | -159.29M | -149.74M | -141.01M | -101.61M | -71.62M | -65.18M | -57.98M |
| Treasury Stock | -30.07M | -29.39M | -30.88M | -30.36M | -28.61M | -29.31M | -30.21M | -27.51M | -27.26M | -23.91M | -20.81M | -20M | -10.96M | 0 | 0 | 0 |
| Accumulated OCI | -368.01K | -1.33M | -2.88M | -1.86M | -1.02M | 2.74M | 1.8M | 14.32M | -991K | -199K | -579K | -309K | -131K | -119K | -30K | -22K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 124K | 83K | 54K | -5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying LITB stock.
As of 2025, LightInTheBox Holding Co., Ltd. (LITB) had total assets of $72.0M including $34.1M in current assets.
LightInTheBox Holding Co., Ltd. (LITB) carries total debt of $5.4M, offset by $25.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LightInTheBox Holding Co., Ltd. (LITB) has total shareholders' equity (book value) of $-4.0M ($-0.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LightInTheBox Holding Co., Ltd. (LITB) reported a current ratio of 0.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Negative equity and liquidity
Persistent Erosion of Shareholder Equity
As reported in recent financial filings, LITB's equity position has remained in negative territory for ten consecutive quarters, with the deficit reaching $4.0M in 2025Q4, signaling a long-term structural inability to generate sufficient retained earnings to offset historical losses and maintain a positive net asset base.
The persistent negative equity suggests that the company has effectively exhausted its capital base, leaving it reliant on operational cash flow to cover liabilities. Investors should monitor whether this trajectory indicates a terminal decline in business value or if management can achieve a turnaround through significant operational restructuring.
Tight Liquidity Constrains Operational Flexibility
Based on the provided balance sheet data, LITB's current ratio has consistently languished below 0.70, with the 2025Q4 figure of 0.46 highlighting a severe mismatch between short-term assets and immediate obligations that leaves the company with a minimal buffer against unexpected shocks or sudden shifts in working capital requirements.
A current ratio consistently below 1.0 indicates that the company may struggle to meet its short-term financial commitments without continuous, high-velocity cash inflows. This liquidity profile appears to leave little room for error, particularly given the seasonal nature of the business and the volatility inherent in cross-border e-commerce.
Goodwill Concentration Risks Asset Quality
According to the latest quarterly balance sheet, goodwill accounts for $27.8M of the company's $72.0M in total assets, representing a significant portion of the asset base that warrants further investigation into potential impairment risks given the ongoing revenue contraction and competitive pressures in the apparel segment.
The high concentration of intangible assets relative to total assets suggests that the company's valuation is heavily dependent on historical acquisitions rather than tangible, productive capital. If the core business continues to lose market share, the carrying value of this goodwill may become increasingly difficult to justify, potentially leading to non-cash write-downs.
Hidden Risks in Negative Equity
As evidenced by the reported figures, the company's negative equity position of $4.0M in 2025Q4, despite holding $25.9M in cash, suggests that the firm's liabilities are heavily weighted toward short-term operational payables that could rapidly destabilize the balance sheet if supplier terms were to tighten unexpectedly.
The discrepancy between cash on hand and total equity implies that the company is operating on a thin margin of safety, where any disruption in the supply chain or a spike in return rates could lead to a liquidity crisis. This structure appears to prioritize short-term survival over the long-term health of the balance sheet.