MeritValue

LightInTheBox Holding Co., Ltd.

LITBdata completeness 100%15 fiscal years on file
The thesis, from the filings

LightInTheBox Holding Co., Ltd. earns about -720% on equity, and has bought back 3% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$446.1M1$503.6M2$629.4M3$255.3M3$224.3M3
Net income$13.1M4−$56.6M5−$9.59M6−$2.49M6$8.28M6
Operating cash flow−$1.77M7$35.8M8−$20.7M9−$48.2M9$6.21M9
Capital expenditure$1.01M10$817,00011$1.15M12$782,00012$42,00012
Free cash flow (derived)−$2.78M7$35M8−$21.9M9−$48.9M9$6.17M9
Total debt——$013$685,00014$715,00014
Cash & equivalents$55.9M15$88.6M16$66.4M17$17.9M17$23.6M17
Diluted shares226.6M226.2M225.9M221.1M219.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.18
your share of equity
Profit it earned you last year
$0.38
Free cash flow it threw off
$0.28
Debt you’d be carrying
$0.03

10 shares is a claim on −$0.18 of net worth that earned you $0.38 and generated $0.28 of cash last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on equity
-720% avg · 5y
FY21 21%FY22 -1460%FY23 —FY24 —FY25 —

It earned an average -720% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-24-039911 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000609 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-038848 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-039911 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000609 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-038848 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-039911 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000609 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-038848 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-039911 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000609 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-038848 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001410578-25-000609 (ShortTermBorrowings)
  14. 20-F · period ending 2024-12-31 · accession 0001104659-26-038848 (ShortTermBorrowings)
  15. 20-F · period ending 2021-12-31 · accession 0001104659-24-039911 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2022-12-31 · accession 0001410578-25-000609 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-12-31 · accession 0001104659-26-038848 (CashAndCashEquivalentsAtCarryingValue)