The company's financial health is characterized by a concerning negative equity position of -$673.1M and a debt-to-equity ratio of 0.66 that masks underlying capital depletion.
| Total Current Assets | 2.37B | 2.13B | 2.65B | 2.93B | 3.24B | 2.8B | 2.87B | 1.48B | 1.51B | 730.47M | 900.81M |
| Cash & Short-Term Investments | 447.47M | 611.72M | 462.29M | 653.67M | 879.53M | 843.95M | 1.49B | 613.75M | 1.11B | 461.19M | 640.33M |
| Cash Only | 447.47M | 561.66M | 462.29M | 603.52M | 673.67M | 661.39M | 1.19B | 613.75M | 853.74M | 167.66M | 373.5M |
| Short-Term Investments | 0 | 50.06M | 0 | 50.14M | 205.86M | 182.56M | 300.17M | 0 | 252.81M | 293.53M | 266.82M |
| Accounts Receivable | 343.11M | 318.51M | 630.72M | 647.48M | 600.49M | 495.2M | 175.68M | 88.83M | 87.4M | 20.4M | 28.39M |
| Days Sales Outstanding | 11.85 | 9.52 | 15.99 | 15.81 | 16.22 | 14.55 | 7.82 | 8.2 | 17.86 | 7.76 | 11.86 |
| Inventory | 1.28B | 999.1M | 1.39B | 1.42B | 1.5B | 1.12B | 766.53M | 486.27M | 210.84M | 144.06M | 134.73M |
| Days Inventory Outstanding | 37.76 | 31.68 | 37.31 | 36.75 | 43.16 | 34.66 | 35.7 | 46.87 | 45.76 | 60.53 | 61.76 |
| Other Current Assets | 297.43M | 196.88M | 62.82M | 206.88M | 250.25M | 332M | 432.59M | 285.33M | 156.11M | 102.93M | 97.36M |
| Total Non-Current Assets | 110.24M | 75.43M | 138.09M | 155.71M | 237.99M | 344.1M | 153.78M | 128.86M | 39.32M | 32.92M | 40.8M |
| Property, Plant & Equipment | 97.46M | 65.27M | 121.97M | 138.14M | 212.37M | 314.1M | 142.07M | 117.69M | 20.3M | 17.03M | 24.49M |
| Fixed Asset Turnover | 125.74x | 187.13x | 118.07x | 108.21x | 63.65x | 39.56x | 57.74x | 33.58x | 87.97x | 56.35x | 35.68x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 5.6M | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.12M | 868.55K | 1.44M | 2.26M | 3.27M | 4.91M | 920K | 8.02M | 4.5M | 4.75M | 5.31M |
| Long-Term Investments | 1M | 0 | 0 | 2M | 2M | 3M | 140K | 140K | 11.14M | 11.14M | 11M |
| Other Non-Current Assets | 11.66M | 9.29M | 14.68M | 13.31M | 20.35M | 22.09M | 5.06M | 3.01M | 3.38M | 0 | 0 |
| Total Assets | 2.48B | 2.2B | 2.79B | 3.09B | 3.47B | 3.15B | 3.03B | 1.61B | 1.55B | 763.38M | 941.61M |
| Asset Turnover | 5.20x | 5.55x | 5.17x | 4.84x | 3.89x | 3.95x | 2.71x | 2.45x | 1.15x | 1.26x | 0.93x |
| Asset Growth % | -41.65% | -21.02% | -9.75% | -11.08% | 10.43% | 3.94% | 87.95% | 4.13% | 102.57% | -18.93% | - |
| Total Current Liabilities | 2.1B | 1.95B | 2.34B | 2.75B | 2.73B | 2.13B | 1.63B | 745.63M | 314.52M | 201.16M | 172.15M |
| Accounts Payable | 1.55B | 1.28B | 1.72B | 1.59B | 1.76B | 1.35B | 1.07B | 444.33M | 212.26M | 128.14M | 97.98M |
| Days Payables Outstanding | 46.8 | 40.69 | 46.3 | 41.13 | 50.82 | 41.66 | 49.99 | 42.83 | 46.07 | 53.84 | 44.92 |
| Short-Term Debt | 170M | 187.75M | 160.98M | 338.07M | 178.99M | 259.66M | 229.25M | 95.08M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 185.87M | 0 | 185.87M | 193.46M | 323.57M | 202.56M | 131.01M | 74.77M | 21.5M | 18.02M | 12.96M |
| Other Current Liabilities | 0 | 483.98M | 90.5M | 504.16M | 190.54M | 69.29M | 67.03M | -7.12M | 50.68M | 37.66M | 32.32M |
| Current Ratio | 1.13x | 1.09x | 1.13x | 1.07x | 1.19x | 1.32x | 1.76x | 1.99x | 4.79x | 3.63x | 5.23x |
| Quick Ratio | 0.52x | 0.58x | 0.54x | 0.55x | 0.64x | 0.79x | 1.29x | 1.33x | 4.12x | 2.92x | 4.45x |
| Cash Conversion Cycle | 2.8 | 0.51 | 7 | 11.43 | 8.56 | 7.55 | -6.47 | 12.25 | 17.55 | 14.45 | 28.7 |
| Total Non-Current Liabilities | 51.6M | 32.17M | 64.41M | 67.87M | 100.47M | 167.15M | 66.12M | 90.74M | 8.13M | 243.41M | 193.93M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 209.04M | 29.98M | 55.45M | 62.62M | 100.47M | 165.61M | 62.39M | 57.01M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.68M | 2.18M | 8.96M | 5.25M | 0 | 1.54M | 3.74M | 5.94M | 8.13M | 243.41M | 193.93M |
| Total Liabilities | 2.15B | 1.99B | 2.41B | 2.81B | 2.83B | 2.3B | 1.7B | 836.37M | 322.65M | 444.56M | 366.08M |
| Total Debt | 212.93M | 217.73M | 256.77M | 443.23M | 344.19M | 491.01M | 329.35M | 208.76M | 0 | 0 | 0 |
| Net Debt | -234.55M | -343.93M | -205.52M | -160.29M | -329.48M | -170.38M | -860.27M | -461.65M | -853.74M | -167.66M | -373.5M |
| Debt / Equity | 0.66x | 1.01x | 0.67x | 1.61x | 0.53x | 0.58x | 0.25x | 0.27x | - | - | - |
| Debt / EBITDA | 12.80x | 120.17x | 13.46x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -14.10x | -189.82x | -10.77x | - | - | - | - | - | - | - | - |
| Interest Coverage | -0.01x | -0.29x | 0.27x | -16.54x | -26.98x | -112.16x | -51.98x | -137.55x | - | -4532.22x | -482.95x |
| Total Equity | 322.9M | 214.56M | 380.76M | 276.1M | 648.24M | 848.71M | 1.33B | 773.92M | 1.22B | 318.82M | 575.52M |
| Equity Growth % | 101.59% | -43.65% | 37.91% | -57.41% | -23.62% | -36.22% | 71.94% | -36.76% | 283.84% | -44.6% | - |
| Book Value per Share | 37.21 | 24.66 | 44.19 | 32.75 | 77.80 | 102.34 | 161.50 | 94.57 | 246.10 | 88.56 | 159.87 |
| Total Shareholders' Equity | -673.07M | -702.68M | -642.64M | -583.45M | -414.6M | -173.32M | 357.4M | 776.66M | 1.22B | 317.38M | 573.34M |
| Common Stock | 58K | 59.04K | 58K | 57K | 56K | 56K | 55K | 55K | 54K | 25K | 25K |
| Retained Earnings | -3.92B | -3.95B | -3.88B | -3.82B | -3.43B | -3.01B | -2.34B | -1.88B | -1.38B | -1B | -755.06M |
| Treasury Stock | -5.89M | -5.89M | -5.89M | -5.89M | -40.86M | -40.86M | -34.97M | -22.99M | 0 | 0 | 0 |
| Accumulated OCI | 73.42M | 72.68M | 74.36M | 72.51M | 75.59M | 59.37M | 62.91M | 76.44M | 67.07M | 47.55M | 64.87M |
| Minority Interest | 995.97M | 917.24M | 1.02B | 859.55M | 1.06B | 1.02B | 973.24M | -2.73M | -512K | 1.44M | 2.19M |
Negative equity and liquidity
According to the latest quarterly filings, 111, Inc. has seen its equity position deteriorate further into negative territory, reaching -$673.1M in 2025Q2, which underscores a persistent inability to generate retained earnings and suggests a long-term trajectory of capital depletion that warrants significant investor caution.
The consistent accumulation of negative retained earnings, which have remained stagnant at -$3.9B, indicates that the company's business model has failed to achieve the necessary scale to offset its operational costs. This persistent erosion of shareholder equity suggests that the company is effectively operating on a deficit, which may limit its future strategic flexibility.
As reported in recent financial statements, 111, Inc. maintains a debt-to-equity ratio of 0.66 as of 2025Q2, a metric that appears misleadingly manageable only because the denominator is negative, masking the underlying reality that the company relies on external financing to sustain its operations.
While the absolute debt level of $212.9M is relatively modest, the company's inability to generate positive equity makes any reliance on debt a potential risk factor. Investors should monitor whether the company can maintain access to credit markets given the lack of a positive net asset base and the ongoing revenue contraction.
Based on the most recent balance sheet data, 111, Inc. holds $447.5M in cash and equivalents, providing a current ratio of 1.13, which suggests a narrow liquidity buffer that may be insufficient to absorb further operational shocks or sustained revenue declines in the coming quarters.
The current ratio hovering near 1.1 indicates that the company has very little margin for error in managing its short-term obligations. Given the high-volume, low-margin nature of the business, any disruption in cash conversion cycles could rapidly deplete this limited liquidity, potentially necessitating dilutive financing.
As indicated by the provided balance sheet, the company's negative equity position of -$673.1M serves as a critical red flag, suggesting that traditional solvency ratios may provide a distorted view of the firm's actual financial health and its ability to meet long-term obligations.
The persistent negative equity is a structural distortion that makes standard leverage analysis less meaningful, as the company is technically insolvent on a book-value basis. This reality implies that the firm's survival is entirely dependent on its ability to either reach profitability or secure continuous external capital injections.
Quick answers to the most common questions about buying YI stock.
As of 2025, 111, Inc. (YI) had total assets of $2.20B including $2.13B in current assets.
111, Inc. (YI) carries total debt of $217.7M, offset by $611.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
111, Inc. (YI) has total shareholders' equity (book value) of $-702.7M ($24.66 book value per share). Book value represents the net worth of the company belonging to common stock holders.
111, Inc. (YI) reported a current ratio of 1.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.