Free cash flow remains highly unstable, with recent quarterly margins oscillating between -5.0% and 3.2% due to significant working capital volatility.
| Cash from Operations | 112.51M | 119.14M | 263.02M | -447.24M | -23.15M | -688.84M | -116.78M | -510.19M | -343.02M | -204.37M | -388.65M |
| Operating CF Margin % | - | 0.98% | 1.83% | -2.99% | -0.17% | -5.54% | -1.42% | -12.91% | -19.21% | -21.3% | -44.48% |
| Operating CF Growth % | 125.39% | -54.7% | 158.81% | -1831.77% | 96.64% | -489.87% | 77.11% | -48.74% | -67.84% | 47.41% | - |
| Net Income | -74.15M | -22.52M | -20.78M | -353.43M | -376.07M | -621.02M | -456.53M | -501.83M | -382.04M | -249.33M | -363.45M |
| Depreciation & Amortization | 16.97M | 11.84M | 16.97M | 21.78M | 40.82M | 27.22M | 14.02M | 11.67M | 11.27M | 14.82M | 12.06M |
| Stock-Based Compensation | 11.8M | 10.05M | 20.15M | 226.69M | 162.07M | 145.59M | 75.69M | 54.28M | 51.36M | 9.92M | 3.44M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 86.36M | -89.71M | 3.55M | 1.95M | 0 | 0 |
| Other Non-Cash Items | 98.89M | 42.54M | 54.01M | 82.05M | 105.56M | 42.88M | 334.79M | 25.39M | -11.71M | -10K | 22K |
| Working Capital Changes | 59.93M | 77.23M | 192.66M | -424.33M | 44.46M | -369.87M | 4.97M | -103.26M | -13.84M | 20.22M | -40.72M |
| Change in Receivables | 123.2M | 170.73M | 121.97M | -49.9M | -86.98M | -242.4M | -98.28M | -36.68M | -8.17M | 7.99M | 1.98M |
| Change in Inventory | 28.11M | 387.13M | 28.11M | 59.59M | -406.29M | -400.55M | 24.22M | -276.23M | -66.78M | -9.32M | -22.03M |
| Change in Payables | 0 | -439.06M | 132.73M | -176.74M | 417.5M | 274M | 629.02M | 232.08M | 84.12M | 30.16M | 8.94M |
| Cash from Investing | 86.05M | -53.72M | 37.38M | 151.74M | -47.17M | 60.14M | -324.67M | 237.53M | 44.45M | -36.13M | -267.55M |
| Capital Expenditures | 0 | -4.45M | -15.2M | -9.82M | -31.57M | -62.69M | -25.5M | -24.61M | -14.82M | -6.86M | -6.92M |
| CapEx % of Revenue | 0% | 0.04% | 0.11% | 0.07% | 0.23% | 0.5% | 0.31% | 0.62% | 0.83% | 0.71% | 0.79% |
| Acquisitions | 0 | 0 | 0 | 0 | -2.96M | 100K | 323.4M | 4.58M | 376K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 86.05M | 82K | 458K | 1.65M | -2.99M | 216K | -324.67M | -4.55M | -275K | -5K | -1.3M |
| Cash from Financing | -200.6M | -21.19M | -406.24M | 205.98M | 22.73M | 74.34M | 1.07B | 106.95M | 972.7M | 49.5M | 148.42M |
| Debt Issued (Net) | 0 | 26.65M | -177.09M | 169.51M | -80.67M | 30.41M | 134.17M | 95.08M | 0 | 0 | -47.5M |
| Equity Issued (Net) | -13.52M | 745K | 14K | 223K | 274K | -5.89M | -5.66M | -22.99M | 972.7M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -13.52M | 0 | 0 | 0 | 0 | -5.89M | -11.98M | -22.99M | 0 | 0 | 0 |
| Other Financing | -187.08M | -48.59M | -229.16M | 36.25M | 103.13M | 49.82M | 941.89M | 34.86M | 0 | 49.5M | 195.92M |
| Net Change in Cash | -2.43M | 42.97M | -105.22M | -93.24M | -43.88M | -557.86M | 620.81M | -156.02M | 686.08M | -205.84M | -472.45M |
| Free Cash Flow | 97.31M | 114.69M | 247.82M | -457.07M | -54.73M | -751.53M | -142.28M | -534.8M | -357.84M | -211.23M | -395.57M |
| FCF Margin % | 0.69% | 0.94% | 1.72% | -3.06% | -0.4% | -6.05% | -1.73% | -13.53% | -20.04% | -22.02% | -45.27% |
| FCF Growth % | 223.6% | -53.72% | 154.22% | -735.2% | 92.72% | -428.2% | 73.4% | -49.45% | -69.4% | 46.6% | - |
| FCF per Share | 11.21 | 13.18 | 28.76 | -54.22 | -6.57 | -90.62 | -17.27 | -65.35 | -71.96 | -58.68 | -109.88 |
| FCF Conversion (FCF/Net Income) | -1.31x | -7.07x | -4.06x | 1.14x | 0.06x | 1.03x | 0.26x | 1.02x | 0.90x | 0.82x | 1.07x |
| Interest Paid | 0 | 2.42M | 6.16M | 10.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 13K | 96K | 251K | 0 | 0 | 0 | 0 | 8K | 0 | 0 |
Structural margin compression risk
As reported in recent financial statements, the relationship between net income and operating cash flow for 111, Inc. remains highly erratic, with OCF/NI ratios fluctuating wildly from 3.14 to -6.38, suggesting that reported losses do not consistently translate into predictable cash outflows or inflows.
The extreme volatility in the OCF/NI metric indicates that accruals and working capital movements are significantly distorting the company's cash generation profile. Investors should monitor this divergence, as it suggests that the underlying operational cash flow is not yet decoupled from the company's persistent net losses.
Based on the company's quarterly filings, 111, Inc. has struggled to maintain a positive free cash flow trajectory, with FCF margins oscillating between -5.0% and 3.2% over the last ten quarters, reflecting the inherent difficulty of generating sustainable cash in a low-margin distribution model.
The inability to consistently generate positive free cash flow suggests that the business model is highly sensitive to operational scale and timing of payments. This inconsistency warrants further investigation into whether the company can achieve self-sustaining cash generation without further dilutive financing or capital injections.
According to historical cash flow data, 111, Inc. experiences significant working capital volatility, including a notable $247.6M outflow in 2023Q4, which appears to be the primary driver behind the company's inconsistent ability to convert operational activity into actual cash on the balance sheet.
These large swings suggest that the company's cash position is highly dependent on the timing of inventory procurement and the collection cycles of its B2B pharmacy clients. Such sensitivity implies that any disruption in the supply chain or credit environment could rapidly deplete the company's limited liquidity.
As indicated by the provided cash flow tables, 111, Inc. has historically utilized stock-based compensation as a significant non-cash adjustment, with figures reaching as high as $151.3M in 2023Q4, which effectively obscures the true magnitude of the company's underlying cash burn from operations.
By relying on equity-based incentives, the company may be mitigating immediate cash outflows at the expense of shareholder dilution. Analysts should interpret these adjustments carefully, as they suggest that the reported operating cash flow figures may be artificially bolstered by non-cash accounting treatments.
Quick answers to the most common questions about buying YI stock.
111, Inc. (YI) generated $119.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
111, Inc. (YI) generated $114.7M 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.
111, Inc. (YI) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.