111, Inc. key statistics and ratios

In fiscal 2025, 111, Inc. had an operating margin of -0.0% and a current ratio of 1.09. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

111, Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	8.5%	8.4%	5.8%	4.2%	4.5%	5.0%	6.2%	5.7%	5.8%	5.8%
Operating margin	−41.7%	−26.5%	−22.4%	−12.5%	−5.8%	−5.2%	−2.7%	−2.3%	0.0%	−0.0%
Net margin	−41.6%	−26.0%	−21.4%	−12.6%	−5.6%	−5.4%	−3.1%	−2.6%	−0.4%	−0.5%
Free-cash-flow margin	−45.1%	−22.0%	−20.0%	−13.5%	−1.7%	−6.0%	−0.4%	−3.1%	1.7%	0.9%
Return on equity	—	—	—	−50.0%	−79.6%	—	—	—	—	—
Return on assets	—	−31.5%	−33.0%	−31.1%	−19.0%	−21.7%	−12.4%	−11.8%	−2.2%	−2.7%
Asset turnover	—	1.21	1.54	2.46	3.42	4.02	4.04	4.50	4.90	5.02
Current ratio	—	3.63	4.79	1.92	1.76	1.32	1.19	1.07	1.13	1.09
Debt to equity	—	—	—	12.2%	64.1%	—	—	—	—	—
Interest cover (operating income ÷ interest)	n/m	n/m	—	n/m	n/m	n/m	n/m	n/m	0.1x	n/m
Capital spending as % of revenue	0.6%	0.7%	0.8%	0.5%	0.3%	0.5%	0.2%	0.1%	0.1%	0.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · December 31, 2025

What it owns · $315m

Short-term assets $304mLonger-term assets $11m

What it owes, and who funded it · $284m

Short-term liabilities $279mLonger-term liabilities $5mShareholders' equity $-100m

Short-term assets cover short-term liabilities $304m of assets due within a year against $279m of liabilities due within a year.
Short-term assets cover long-term liabilities $304m short-term assets against $5m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$330,753 against $5m of interest.

From 111, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from 111, Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to 111, Inc.