The absence of reported operating cash flow data, combined with a current ratio of 0.46 in 2025Q4, suggests opaque liquidity dynamics and potential risks to short-term operational solvency.
LightInTheBox Holding Co., Ltd. (LITB) cash flow statement — 15-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 0 | 6.21M | -48.16M | -20.71M | 35.83M | -1.77M | 29.31M | 1.88M | -29.87M | -14.83M | -15.33M | -37.9M | -6.89M | 15.15M | 7.4M | -14.06M |
| Operating CF Margin % | - | 2.76% | -18.87% | -3.29% | 7.11% | -0.4% | 7.36% | 0.77% | -13.13% | -4.64% | -5.24% | -11.71% | -1.8% | 5.18% | 3.7% | -12.09% |
| Operating CF Growth % | 0% | 112.9% | -132.5% | -157.82% | 2122.92% | -106.04% | 1457.6% | 106.3% | -101.39% | 3.28% | 59.54% | -450.17% | -145.47% | 104.78% | 152.64% | - |
| Net Income | 9.75M | 8.28M | -2.49M | -9.59M | -56.58M | 13.45M | 13.35M | 1.06M | -59.6M | -9.55M | -8.72M | -39.41M | -29.99M | -4.82M | -4.23M | -24.53M |
| Depreciation & Amortization | 323.4K | 1.6M | 2.2M | 3.18M | 3.37M | 3.3M | 2.44M | 2.52M | 870K | 769K | 1.4M | 2.13M | 1.85M | 1.36M | 1.03M | 899K |
| Stock-Based Compensation | 1K | 92K | 345K | 415K | 340K | 1.38M | 3.61M | 2.06M | 405K | 1.86M | 2.32M | 3.2M | 2.52M | 4.32M | 2.69M | 2.09M |
| Deferred Taxes | 0 | -107K | -48K | 40K | -12.71M | 9.83M | 3.36M | -2.77M | 3.14M | 81K | 1.07M | -334K | -963K | -272K | 460K | -272K |
| Other Non-Cash Items | -10.08M | -373K | 250K | -1.19M | 57.82M | -36.41M | -15.55M | -14.59M | 22.79M | 1.86M | 2.32M | 3.2M | 2.52M | 1.22M | 1.88M | 2.44M |
| Working Capital Changes | 0 | -3.28M | -48.42M | -13.57M | 43.59M | 6.68M | 22.1M | 13.61M | 2.52M | -9.86M | -13.71M | -6.69M | 17.17M | 13.34M | 5.56M | 5.31M |
| Change in Receivables | 0 | -379K | -361K | 61K | 930K | -669K | 1.17M | -777K | 1.86M | -973K | -1.71M | -246K | -447K | 12K | -176K | -8K |
| Change in Inventory | 0 | -1.3M | 2.13M | 8.49M | -2.37M | -2.96M | -2.46M | 1.58M | 5.64M | -3.29M | -2.64M | -3.33M | -2.79M | -864K | -1M | -508K |
| Change in Payables | 0 | 1.93M | -5.47M | -10.67M | 2.98M | 6.58M | -690K | 4.7M | -16.18M | -108K | -6.81M | 4.12M | 6.57M | 9.51M | 4.02M | 1.73M |
| Cash from Investing | 0 | 12K | -2.26M | -1.08M | 2.05M | -1.74M | -1.84M | -681K | 3.3M | -3.52M | -287K | 3.14M | 69.18M | -83.55M | -1.28M | -1.83M |
| Capital Expenditures | 0 | -42K | -782K | -1.15M | -817K | -1.01M | -2.23M | -917K | -387K | -556K | -334K | -769K | -2.58M | -2.45M | -917K | -1.58M |
| CapEx % of Revenue | 0% | 0.02% | 0.31% | 0.18% | 0.16% | 0.23% | 0.56% | 0.38% | 0.17% | 0.17% | 0.11% | 0.24% | 0.67% | 0.84% | 0.46% | 1.36% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 236K | 3.68M | 0 | 0 | 0 | -1M | -1M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 54K | -1.4M | 71K | 138K | -819K | -1.01M | 0 | -2.95M | -15K | 37.76M | 661K | 84.95M | -143K | -367K | -252K |
| Cash from Financing | 0 | -724K | -586K | -2.29M | -43K | -1.32M | -3.69M | -551K | -3.37M | -3.06M | 74.64M | -9.22M | -10.42M | 72.1M | 7.07M | -787K |
| Debt Issued (Net) | 0 | 0 | 651K | -44K | -43K | -44K | -991K | -300K | -24K | 0 | 0 | 0 | 0 | 0 | 7.99M | 0 |
| Equity Issued (Net) | 0 | -724K | -1.24M | -2.25M | 0 | 268K | -2.69M | -251K | -3.35M | -3.1M | 74.61M | -9.35M | -10.65M | 75.03M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -724K | -1.24M | -2.3M | 0 | 0 | -2.69M | -251K | -3.35M | -3.1M | -810K | -9.35M | -10.65M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -1.54M | 0 | 0 | 13K | 37K | 22K | 122K | 230K | -2.93M | -918.92K | -787K |
| Net Change in Cash | 7.95M | 6.2M | -51.96M | -22.86M | 34.97M | -5.93M | 25.08M | 643K | -30.21M | -21.08M | 58.62M | -44.46M | 51.61M | 3.77M | 13.19M | -16.65M |
| Free Cash Flow | 0 | 6.17M | -50.44M | -21.86M | 35.01M | -3.67M | 25.45M | 965K | -30.25M | -15.39M | -15.67M | -38.67M | -9.46M | 12.7M | 6.48M | -15.64M |
| FCF Margin % | 0% | 2.74% | -19.76% | -3.47% | 6.95% | -0.82% | 6.39% | 0.4% | -13.3% | -4.81% | -5.36% | -11.94% | -2.48% | 4.34% | 3.24% | -13.45% |
| FCF Growth % | - | 112.23% | -130.69% | -162.45% | 1054.7% | -114.41% | 2537.72% | 103.19% | -96.63% | 1.79% | 59.48% | -308.56% | -174.52% | 95.94% | 141.45% | - |
| FCF per Share | 0.00 | 0.67 | -5.47 | -0.39 | 0.62 | -0.06 | 0.45 | 0.02 | -0.90 | -0.45 | -0.49 | -1.63 | -0.38 | 0.51 | 0.26 | -0.64 |
| FCF Conversion (FCF/Net Income) | 0.00x | 0.75x | 19.35x | 2.16x | -0.63x | -0.13x | 2.20x | 1.88x | 0.50x | 1.55x | 1.76x | 0.96x | 0.23x | -3.14x | -1.75x | 0.57x |
| Interest Paid | 17K | 17K | 0 | 4K | 5K | 13K | 92K | 66K | 4K | 0 | 0 | 0 | 0 | 1.16M | 0 | 0 |
| Taxes Paid | 28K | 28K | 0 | 0 | 17K | 11K | 27K | 133K | 55K | 81K | 54K | 49K | 70K | 69K | 12K | 0 |
Quick answers to the most common questions about buying LITB stock.
LightInTheBox Holding Co., Ltd. (LITB) generated $6.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LightInTheBox Holding Co., Ltd. (LITB) generated $6.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
LightInTheBox Holding Co., Ltd. (LITB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, LightInTheBox Holding Co., Ltd. (LITB) spent $0.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Opaque cash generation visibility
Earnings Quality Remains Highly Opaque
Based on the provided financial data, LITB reports consistent net income across recent quarters, yet the complete absence of reported operating cash flow figures in the provided statements makes it impossible to verify the quality of these earnings or the underlying cash conversion efficiency of the business.
The lack of disclosed operating cash flow data prevents a meaningful assessment of whether the company's reported net income is supported by actual cash inflows or if it relies heavily on non-cash accounting adjustments. Investors should monitor this significant information gap, as the inability to reconcile net income with cash generation obscures the true sustainability of the company's current profitability.
Minimal Capital Expenditure Requirements Observed
As reported in the provided financial statements, LITB shows zero or near-zero capital expenditure across the last ten quarters, suggesting that the company's asset-light business model requires minimal ongoing investment in physical infrastructure to maintain its current, albeit contracting, level of retail operations.
The absence of meaningful capital investment implies that the company is not currently expanding its physical footprint or upgrading its technological infrastructure. While this preserves cash in the short term, it may also indicate a lack of strategic reinvestment necessary to compete effectively against better-capitalized, high-velocity e-commerce rivals.
Cash Flow Statement Transparency Deficit
According to the provided quarterly data, the complete omission of operating cash flow, working capital changes, and capital expenditure metrics suggests that the company's cash flow statement is currently providing insufficient visibility for institutional investors to evaluate the actual liquidity dynamics of the core retail business.
The reliance on net income as the primary indicator of performance without corresponding cash flow data warrants extreme caution, as it masks potential issues with inventory management or collection cycles. Without granular cash flow disclosures, the true operational health of the company remains speculative and difficult to reconcile with its reported income.
Capital Allocation Remains Entirely Dormant
Based on the historical financial records, LITB has engaged in no dividends, share repurchases, or significant acquisitions over the last ten quarters, reflecting a conservative capital allocation strategy that prioritizes the preservation of existing cash balances over returning capital to shareholders or pursuing aggressive growth.
This lack of capital deployment activity suggests that management is currently focused on maintaining a defensive posture rather than actively seeking to enhance shareholder value through external growth or capital returns. Investors should monitor whether this cash hoarding is a strategic choice to weather industry volatility or a sign of limited viable investment opportunities.