Latest Ratios: P/E Ratio -3.6x · EV/EBITDA -61.3x · ROE -5.7%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34M | $22M | $54M | $131M | $252M | $290M | $573M | $551M | $305M | — | — |
| Enterprise Value | $-16354224 | $-321651494 | $-151832573 | $-29621932 | $-77858479 | $120M | $-287635496 | $89M | $-548424755 | — | — |
| P/E Ratio → | -3.59 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.02 | 0.00 | 0.00 | 0.01 | 0.02 | 0.02 | 0.07 | 0.14 | 0.17 | — | — |
| P/B Ratio | 1.08 | 0.10 | 0.14 | 0.47 | 0.39 | 0.34 | 0.43 | 0.71 | 0.25 | — | — |
| P/FCF | 2.03 | 0.19 | 0.22 | — | — | — | — | — | — | — | — |
| P/OCF | 1.95 | 0.19 | 0.20 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.03 | -0.01 | -0.00 | -0.01 | 0.01 | -0.04 | 0.02 | -0.31 | — | — |
| EV / EBITDA | -61.30 | -177.52 | -7.96 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | -19.84 | — | — | — | — | — | — | — | — |
| EV / FCF | — | -2.80 | -0.61 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.8% | 5.8% | 5.8% | 5.7% | 6.2% | 5.0% | 4.5% | 4.2% | 5.8% | 9.5% | 8.9% |
| Operating Margin | -0.1% | -0.1% | 0.0% | -2.3% | -2.7% | -5.2% | -5.8% | -12.5% | -22.4% | -26.5% | -41.7% |
| Net Profit Margin | -0.1% | -0.1% | -0.4% | -2.6% | -3.1% | -5.4% | -5.6% | -12.6% | -21.3% | -25.9% | -41.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | -19.7% | -85.0% | -55.7% | -61.5% | -43.4% | -50.0% | -49.3% | -55.6% | -63.0% |
| ROA | -0.7% | -0.7% | -2.2% | -12.0% | -12.6% | -21.7% | -19.7% | -31.7% | -32.9% | -29.2% | -38.5% |
| ROIC | -32.8% | -32.8% | 1.1% | -120.8% | -55.8% | -83.9% | -84.6% | -100.2% | -115.2% | -107.9% | -135.2% |
| ROCE | -2.9% | -2.9% | 0.5% | -64.1% | -42.1% | -53.2% | -41.9% | -47.1% | -44.6% | -38.2% | -47.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.01 | 1.01 | 0.67 | 1.61 | 0.53 | 0.58 | 0.25 | 0.27 | — | — | — |
| Debt / EBITDA | 120.17 | 120.17 | 13.46 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.60 | -0.54 | -0.58 | -0.51 | -0.20 | -0.65 | -0.60 | -0.70 | -0.53 | -0.65 |
| Net Debt / EBITDA | -189.82 | -189.82 | -10.77 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -3.00 | -0.83 | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.29 | -0.29 | 0.27 | -16.54 | -26.98 | -112.16 | -51.98 | -137.55 | — | -4532.22 | -482.95 |
Net cash position: cash ($562M) exceeds total debt ($218M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.13 | 1.07 | 1.19 | 1.32 | 1.76 | 1.99 | 4.79 | 3.63 | 5.23 |
| Quick Ratio | 0.58 | 0.58 | 0.54 | 0.55 | 0.64 | 0.79 | 1.29 | 1.33 | 4.12 | 2.92 | 4.45 |
| Cash Ratio | 0.31 | 0.31 | 0.20 | 0.24 | 0.32 | 0.40 | 0.91 | 0.82 | 3.52 | 2.29 | 3.72 |
| Asset Turnover | — | 5.55 | 5.17 | 4.84 | 3.89 | 3.95 | 2.71 | 2.45 | 1.15 | 1.26 | 0.93 |
| Inventory Turnover | 11.52 | 11.52 | 9.78 | 9.93 | 8.46 | 10.53 | 10.22 | 7.79 | 7.98 | 6.03 | 5.91 |
| Days Sales Outstanding | — | 9.52 | 15.99 | 15.81 | 16.22 | 14.55 | 7.82 | 8.20 | 17.86 | 7.76 | 11.86 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 49.3% | 514.9% | 461.6% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | 2.1% | 4.2% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | 2.1% | 4.2% | 0.0% | — | — |
| Shares Outstanding | — | $9M | $9M | $8M | $8M | $8M | $8M | $8M | $5M | $4M | $4M |
Structural margin compression risk
According to recent market data, 111, Inc. trades at a P/S ratio of 0.02, a valuation level that suggests investors are heavily discounting the company's future viability due to persistent net losses and a lack of clear path toward sustainable profitability in the competitive Chinese pharmaceutical distribution market.
The negative P/E and EV/EBITDA multiples indicate that the market is pricing the company as a distressed asset rather than a growth-oriented technology platform. This valuation gap relative to peers suggests that the market remains skeptical of the company's ability to convert its massive B2B throughput into meaningful shareholder value.
As reported in financial statements, 111, Inc. maintains a gross margin of approximately 5.8%, a figure that underscores the company's role as a high-volume, low-margin distributor rather than a high-margin service provider, leaving almost no buffer to absorb operational volatility or competitive pricing pressures in the sector.
The persistent inability to expand operating margins beyond the break-even point despite significant revenue scale suggests that the company's cost structure is inherently tied to its distribution volume. Investors should monitor whether the company can successfully pivot toward higher-margin digital services, as the current model appears to lack the pricing power necessary for long-term profitability.
Based on reported figures, 111, Inc. has struggled to generate consistent returns on invested capital, with ROIC fluctuating near zero or turning negative, which indicates that the company's historical capital allocation has failed to create value for shareholders relative to the cost of the capital deployed.
The erratic ROIC trends reflect the difficulty of achieving compounding returns in a business model where margins are razor-thin and revenue growth has recently turned negative. This lack of capital efficiency suggests that the company's infrastructure investments have yet to reach the critical mass required to generate self-sustaining returns.
According to recent quarterly filings, 111, Inc. maintains a cash conversion cycle that remains volatile, reflecting the inherent challenges of managing inventory and receivables within a fragmented B2B pharmaceutical distribution network that is highly sensitive to the credit conditions of its independent pharmacy customer base.
The asset turnover ratio of 1.26 suggests that while the company is moving significant volume, the efficiency of these assets is hampered by the low-margin nature of the wholesale business. Any disruption in the payment cycles of its pharmacy clients could further strain the company's already limited liquidity position.
As indicated by the company's negative equity position of -$673.1M, analysts frequently misapply traditional debt-to-equity ratios to 111, Inc., which obscures the firm's actual financial health and its reliance on external financing to sustain operations in the absence of retained earnings.
Investors should prioritize liquidity-based metrics, such as the current ratio and cash runway, over solvency ratios that rely on equity as a denominator. Using traditional leverage metrics in this context provides a distorted view of the company's risk profile, as the negative equity base renders standard debt-to-equity analysis mathematically misleading.
Includes 30+ ratios · 10 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying YI stock.
111, Inc.'s current P/E ratio is -3.6x. This places it at the 50th percentile of its historical range.
111, Inc.'s current EV/EBITDA is -61.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
111, Inc.'s return on equity (ROE) is -5.7%. The historical average is -48.9%.
Based on historical data, 111, Inc. is trading at a P/E of -3.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
111, Inc. has 5.8% gross margin and -0.1% operating margin.
111, Inc.'s Debt/EBITDA ratio is 120.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.