RLX Technology Inc.(RLX)Earnings, Financials & Key Ratios

RLX•NYSE

$2.21

$2.01B mkt cap·35.0× P/E·Price updated May 6, 2026

SectorConsumer Defensive IndustryTobacco Sub-IndustryNext-generation nicotine devices

AboutRLX Technology Inc., together with its subsidiaries, researchers, develops, manufactures, distributes, and sells e-vapor products in the People's Republic of China. It serves RELX branded partner stores and other retail outlets through distributors. RLX Technology Inc. was founded in 2018 and is based in Beijing, China.Show more

Revenue$2.44B+96.5%
EBITDA-$61M+84.8%
Net Income$552M+3.3%
EPS (Diluted)0.43+7.5%
Gross Margin29.72%-4.6%
EBITDA Margin-2.48%+92.3%
Operating Margin-4.38%+89.0%
Net Margin22.57%-47.4%
ROE3.49%+1.8%
ROIC-0.68%+74.9%
Debt/Equity0.00-39.9%

Technical→

RLX Key Insights

RLX Technology Inc. (RLX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 63.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 34.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.8% through buybacks

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

RLX Price & Volume

RLX Technology Inc. (RLX) stock price & volume — 10-year historical chart

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RLX Growth Metrics

RLX Technology Inc. (RLX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years9.55%

3 Years-34.05%

TTM46.76%

Profit CAGR

10 Years-

5 Years63.14%

3 Years-35.16%

TTM18.05%

EPS CAGR

10 Years-

5 Years69.54%

3 Years-33.16%

TTM21.31%

Return on Capital

10 Years22.98%

5 Years8.79%

3 Years1.14%

Last Year-0.68%

RLX Recent Earnings

RLX Technology Inc. (RLX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 1/12 qtrs (9%)●Beat Revenue 5/12 qtrs (45%)

Q2 2026Latest

Mar 13, 2026

EPS

$0.03

Est $0.03

-9.7%

Revenue

$163M

Est $154M

+5.7%

Q4 2025

Nov 14, 2025

EPS

$0.02

Est $0.03

-38.9%

Revenue

$145M

Est $152M

-4.5%

Q3 2025

Aug 22, 2025

EPS

$0.02

Est $0.03

-24.7%

Revenue

$111M

Est $101M

+9.5%

Q2 2025

May 16, 2025

EPS

$0.02

Est $0.17

-88.2%

Revenue

$97M

Est $728M

-86.6%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Mar 13, 2026	$0.03vs $0.03-9.7%	$163Mvs $154M+5.7%
Q4 2025	Nov 14, 2025	$0.02vs $0.03-38.9%	$145Mvs $152M-4.5%
Q3 2025	Aug 22, 2025	$0.02vs $0.03-24.7%	$111Mvs $101M+9.5%
Q2 2025	May 16, 2025	$0.02vs $0.17-88.2%	$97Mvs $728M-86.6%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
MOAltria Group, Inc.Direct Competitor	117.32B	70.17	17.07	-1.49%	36.91%
PMPhilip Morris International Inc.Direct Competitor	265.78B	170.53	23.49	7.31%	26.74%
BTIBritish American Tobacco p.l.c.Direct Competitor	129.16B	59.56	32.23	-5.19%	-20.75%	-22.78%	0.74
TPBTurning Point Brands, Inc.Direct Competitor	1.55B	81.21	26.11	28.39%	12.56%	20.08%	0.83
XXII22nd Century Group, Inc.Direct Competitor	621.21K	0.85		-63.12%	-65.69%	-79.16%	2.15
GNLNGreenlane Holdings, Inc.Product Competitor	310.47K	5.18	-0.06	-67.19%	-19.65%	-280.96%	0.00
KAVLKaival Brands Innovations Group, Inc.Product Competitor	323.5K	0.02	-0.02	-99.32%	-39.73%	-247.42%
NRXSNeurAxis, Inc.Product Competitor	93.85M	8.81	-9.27	32.89%	-218.55%	-306.02%	0.06

Compare RLX vs Peers

RLX Technology Inc. (RLX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MO

Most directly comparable listed peer for RLX.

Scale Benchmark

vs AAPL

Larger-name benchmark to compare RLX against a more recognizable public peer.

Peer Set

Compare Top 5

vs MO, PM, BTI, TPB

RLX Income Statement

RLX Technology Inc. (RLX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Sales/Revenue	132.61M	1.55B	3.82B	8.52B	5.33B	1.24B	2.44B	3.27B
Revenue Growth %	-	1068.33%	146.54%	123.08%	-37.42%	-76.67%	96.5%	46.76%
Cost of Goods Sold	73.37M	968.41M	2.29B	4.85B	3.03B	856.33M	1.72B	2.23B
COGS % of Revenue	55.32%	62.5%	60.01%	56.91%	56.77%	68.83%	70.28%	-
Gross Profit	59.25M▲ 0%	580.94M▲ 880.5%	1.53B▲ 162.9%	3.67B▲ 140.4%	2.31B▼ 37.2%	387.71M▼ 83.2%	726.52M▲ 87.4%	1.05B▲ 0%
Gross Margin %	44.68%	37.5%	39.99%	43.09%	43.23%	31.17%	29.72%	31.95%
Gross Profit Growth %	-	880.55%	162.94%	140.39%	-37.23%	-83.18%	87.38%	-
Operating Expenses	57.04M	524.56M	1.51B	1.37B	1.24B	884.42M	833.66M	847.39M
OpEx % of Revenue	43.01%	33.86%	39.65%	16.12%	23.28%	71.09%	34.1%	-
Selling, General & Admin	54.97M	492.63M	1.22B	1.19B	924.61M	711.74M	745.35M	716.65M
SG&A % of Revenue	41.45%	31.8%	31.81%	14.01%	17.34%	57.21%	30.49%	-
Research & Development	2.06M	31.93M	299.29M	179.91M	317.11M	172.69M	88.31M	130.75M
R&D % of Revenue	1.56%	2.06%	7.84%	2.11%	5.95%	13.88%	3.61%	-
Other Operating Expenses	-6K	0	0	0	0	0	0	0
Operating Income	2.21M▲ 0%	56.39M▲ 2450.2%	13.15M▼ 76.7%	2.3B▲ 17382.0%	1.06B▼ 53.7%	-496.71M▼ 146.7%	-107.14M▲ 78.4%	198.1M▲ 0%
Operating Margin %	1.67%	3.64%	0.34%	26.98%	19.94%	-39.93%	-4.38%	6.05%
Operating Income Growth %	-	2450.25%	-76.68%	17381.98%	-53.74%	-146.71%	78.43%	-
EBITDA	2.25M	69.79M	36.22M	2.34B	1.14B	-400.11M	-60.63M	218.22M
EBITDA Margin %	1.7%	4.5%	0.95%	27.51%	21.47%	-32.16%	-2.48%	6.67%
EBITDA Growth %	-	3004.63%	-48.11%	6373.23%	-51.17%	-134.95%	84.85%	199.41%
D&A (Non-Cash Add-back)	37K	13.41M	23.07M	45.64M	81.41M	96.6M	46.51M	20.12M
EBIT	2.21M	56.39M	13.15M	2.3B	1.06B	-496.71M	-107.14M	198.1M
Net Interest Income	-107K	745K	52.76M	72.41M	180.73M	627.88M	616.39M	446.18M
Interest Income	0	745K	52.76M	72.41M	180.73M	627.88M	616.39M	446.18M
Interest Expense	107K	0	0	0	0	0	0	0
Other Income/Expense	-113K	17.29M	89.28M	360.85M	716.9M	1.09B	765.95M	706.24M
Pretax Income	2.1M▲ 0%	73.67M▲ 3411.5%	102.43M▲ 39.0%	2.66B▲ 2496.4%	1.78B▼ 33.1%	591.74M▼ 66.8%	658.8M▲ 11.3%	904.35M▲ 0%
Pretax Margin %	1.58%	4.75%	2.68%	31.21%	33.38%	47.57%	26.95%	27.63%
Income Tax	2.38M	25.92M	230.53M	631.43M	371.58M	50.76M	94.46M	128.9M
Effective Tax Rate %	113.68%	35.19%	225.06%	23.74%	20.87%	8.58%	14.34%	14.25%
Net Income	-287K▲ 0%	47.75M▲ 16736.9%	-128.1M▼ 368.3%	2.02B▲ 1680.6%	1.44B▼ 28.8%	534.33M▼ 62.9%	551.84M▲ 3.3%	764.28M▲ 0%
Net Margin %	-0.22%	3.08%	-3.35%	23.76%	27.03%	42.95%	22.57%	23.35%
Net Income Growth %	-	16736.93%	-368.29%	1680.56%	-28.82%	-62.93%	3.28%	18.05%
Net Income (Continuing)	-287K	47.75M	-128.1M	2.03B	1.41B	540.99M	564.34M	775.44M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	3.8M	-28.69M	-10.98M	1.74M	90.97M
EPS (Diluted)	-0.00▲ 0%	0.03▲ 15450.0%	-0.08▼ 368.7%	1.44▲ 1845.5%	1.09▼ 24.3%	0.40▼ 63.3%	0.43▲ 7.5%	0.59▲ 0%
EPS Growth %	-	-	-368.73%	1845.45%	-24.31%	-63.3%	7.5%	21.31%
EPS (Basic)	-0.00	0.03	-0.08	1.44	1.09	0.40	0.45	-
Diluted Shares Outstanding	1.55B	1.55B	1.55B	1.41B	1.33B	1.34B	1.29B	1.3B
Basic Shares Outstanding	1.55B	1.55B	1.55B	1.4B	1.32B	1.34B	1.23B	1.29B
Dividend Payout Ratio	-	75.4%	-	16.07%	0.04%	17.29%	16.1%	-

RLX Balance Sheet

RLX Technology Inc. (RLX) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Total Current Assets	104.34M	169.81M	591.29M	13.95B	11.2B	8.98B	9.3B	9.58B
Cash & Short-Term Investments	68.17M	116.53M	523.17M	12.85B	10.79B	8.11B	8.49B	8.47B
Cash Only	68.17M	69.5M	222.45M	5.21B	1.27B	2.39B	5.59B	3.46B
Short-Term Investments	0	47.04M	300.72M	7.64B	9.52B	5.72B	2.9B	5.01B
Accounts Receivable	19.26M	12.31M	8.34M	25.97M	59.49M	164.7M	566.24M	209.58M
Days Sales Outstanding	53.02	2.9	0.8	1.11	4.07	48.32	84.55	42.23
Inventory	14.15M	33.13M	53.2M	589.09M	130.9M	144.85M	142.55M	230.95M
Days Inventory Outstanding	70.4	12.49	8.47	44.34	15.78	61.74	30.29	29.41
Other Current Assets	185K	0	2.18M	174.81M	219.51M	559.61M	70.62M	672.65M
Total Non-Current Assets	1.4M	37.5M	29.51M	2.41B	5.18B	7.33B	7.57B	7.85B
Property, Plant & Equipment	889K	25.33M	27.16M	319.41M	162.88M	129.92M	81.95M	228.74M
Fixed Asset Turnover	149.17x	61.16x	140.66x	26.68x	32.74x	9.58x	29.83x	21.36x
Goodwill	0	0	0	0	2.83M	66.51M	59.58M	569.82M
Intangible Assets	0	775.08K	824.64K	8.37M	4.72M	69.78M	52.8M	226.87M
Long-Term Investments	0	11.17M	611.64K	2.02B	4.93B	7B	7.33B	29.97B
Other Non-Current Assets	0	214.62K	0	48.96M	13.46M	4.87M	2.86M	82.8M
Total Assets	105.74M▲ 0%	207.32M▲ 96.1%	620.8M▲ 199.4%	16.37B▲ 2536.1%	16.38B▲ 0.1%	16.32B▼ 0.4%	16.87B▲ 3.4%	17.43B▲ 0%
Asset Turnover	1.25x	7.47x	6.15x	0.52x	0.33x	0.08x	0.14x	0.19x
Asset Growth %	-	96.07%	199.44%	2536.15%	0.08%	-0.39%	3.41%	23.22%
Total Current Liabilities	97.73M	88.99M	381.75M	2.74B	789.83M	668.67M	857.85M	1.03B
Accounts Payable	17.23M	21.6M	81.93M	506.09M	52.49M	109.41M	295.49M	338.67M
Days Payables Outstanding	85.75	8.14	13.05	38.1	6.33	46.63	62.78	56.84
Short-Term Debt	-50.93M	54.55M	148.18M	0	0	41.11M	40M	113.34M
Deferred Revenue (Current)	538K	2.64M	49M	286.65M	75.23M	49.59M	0	99.63M
Other Current Liabilities	-2.93M	3.72M	19.59M	214.92M	38.16M	-4.19M	165.31M	329.74M
Current Ratio	1.07x	1.91x	1.55x	5.10x	14.18x	13.44x	10.84x	10.84x
Quick Ratio	0.92x	1.54x	1.41x	4.88x	14.01x	13.22x	10.68x	10.68x
Cash Conversion Cycle	37.68	7.24	-3.78	7.36	13.52	63.43	52.05	14.8
Total Non-Current Liabilities	1.38M	103.07M	8.36M	108.75M	48.62M	48.01M	23.25M	209.32M
Long-Term Debt	0	0	0	0	0	0	0	0
Capital Lease Obligations	283K	8.81M	7.56M	104.23M	39.97M	24.42M	7.05M	80.97M
Deferred Tax Liabilities	0	1.52M	796.66K	4.51M	8.65M	23.59M	0	155.51M
Other Non-Current Liabilities	1.1M	92.74M	0	4.51M	8.65M	23.59M	16.2M	270.71M
Total Liabilities	99.11M	192.06M	390.11M	2.85B	838.45M	716.68M	881.1M	1.24B
Total Debt	492K	63.36M	155.74M	184.81M	85.92M	94.96M	58.5M	165.46M
Net Debt	-67.68M	-6.14M	-66.71M	-5.02B	-1.18B	-2.3B	-5.53B	-3.29B
Debt / Equity	0.07x	4.15x	0.68x	0.01x	0.01x	0.01x	0.00x	0.00x
Debt / EBITDA	0.22x	0.91x	4.30x	0.08x	0.08x	-	-	0.76x
Net Debt / EBITDA	-30.10x	-0.09x	-1.84x	-2.14x	-1.03x	-	-	-15.08x
Interest Coverage	20.66x	-	-	-	-	-	-	-
Total Equity	6.62M▲ 0%	15.26M▲ 130.4%	230.68M▲ 1411.9%	13.52B▲ 5760.3%	15.54B▲ 15.0%	15.6B▲ 0.4%	15.99B▲ 2.5%	16.19B▲ 0%
Equity Growth %	-	130.37%	1411.93%	5760.27%	14.95%	0.37%	2.51%	15.13%
Book Value per Share	0.00	0.01	0.15	9.59	11.70	11.64	12.41	12.50
Total Shareholders' Equity	6.62M	15.26M	230.68M	13.51B	15.57B	15.61B	15.99B	16.1B
Common Stock	94K	13.49K	14.37K	103K	104K	104K	104K	16.1B
Retained Earnings	-1.13M	6.67M	-12.48M	1.91B	3.32B	3.77B	4.25B	0
Treasury Stock	0	0	0	-127.52M	-627.89M	-1.28B	-2.11B	0
Accumulated OCI	830K	25.98K	49.24K	-147.55M	809.95M	981.3M	1.12B	0
Minority Interest	0	0	0	3.8M	-28.69M	-10.98M	1.74M	90.97M

RLX Cash Flow Statement

RLX Technology Inc. (RLX) cash flow — operating, investing & free cash flow history

Line item	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Cash from Operations	-977K	338.13M	2.59B	1.8B	486.83M	198.7M	854.35M	854.35M
Operating CF Margin %	-0.74%	21.82%	67.79%	21.12%	9.13%	15.97%	34.95%	-
Operating CF Growth %	-	34708.5%	665.81%	-30.49%	-72.95%	-59.18%	329.96%	5253.47%
Net Income	-287K	47.75M	-128.1M	2.02B	1.41B	540.99M	564.34M	764.28M
Depreciation & Amortization	37K	13.41M	62.45M	113.55M	159.09M	96.6M	75.8M	75.8M
Stock-Based Compensation	6.8M	52.71M	929.1M	223.34M	166.16M	362.87M	369.65M	211.27M
Deferred Taxes	-511K	10.98M	-11.26M	0	-38.9M	4.5M	9.66M	0
Other Non-Cash Items	122K	2.61M	-18.76M	95.87M	-368.45M	-498.38M	-44.47M	562.76M
Working Capital Changes	-7.14M	210.67M	1.76B	-657.58M	-839.8M	-307.86M	-120.64M	-322.77M
Change in Receivables	-15.64M	-32.7M	27.39M	-3.22M	-30.41M	23.08M	-244.53M	-17.14M
Change in Inventory	-14.15M	-207.77M	-109.81M	-349.04M	179.69M	-39.05M	-21.74M	-21.74M
Change in Payables	17.23M	481.79M	960.76M	0	-1.02B	-30.06M	192.11M	0
Cash from Investing	-397K	-497.84M	-1.81B	-7.87B	-4.13B	2.09B	3.02B	-245.77M
Capital Expenditures	-397K	-92.39M	-17.45M	-138.84M	-38.64M	-28.22M	-10.09M	-10.09M
CapEx % of Revenue	0.3%	5.96%	0.46%	1.63%	0.72%	2.27%	0.41%	-
Acquisitions	0	0	-4.87M	7.9M	0	-2.09B	0	0
Investments	-	-	-	-	-	-	-	-
Other Investing	-368K	-51.78M	-65.83M	-7.9M	25.58B	2.09B	-612K	-235.69M
Cash from Financing	69.59M	576.4M	174.88M	9.9B	-477.27M	-1.19B	-678.03M	-813.08M
Debt Issued (Net)	5M	0	0	0	-1.4M	0	40M	0
Equity Issued (Net)	1000K	0	0	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	-36M	0	-325.45M	-640K	-92.38M	-88.84M	-88.84M
Share Repurchases	0	0	0	-127.52M	-500.37M	-996.63M	-589.36M	-589.36M
Other Financing	33.59M	612.4M	174.88M	314.66M	25.14M	-104.2M	-39.84M	-134.89M
Net Change in Cash	68.21M▲ 0%	415.89M▲ 509.7%	970.71M▲ 133.4%	3.75B▲ 286.8%	-3.92B▼ 204.4%	1.13B▲ 128.8%	3.22B▲ 185.1%	262.71M▲ 0%
Free Cash Flow	-1.37M▲ 0%	245.73M▲ 17984.3%	2.57B▲ 946.6%	1.66B▼ 35.4%	448.19M▼ 73.0%	166.29M▼ 62.9%	842.09M▲ 406.4%	1.28B▲ 0%
FCF Margin %	-1.04%	15.86%	67.33%	19.49%	8.4%	13.37%	34.45%	39.15%
FCF Growth %	-	17984.28%	946.65%	-35.42%	-73.02%	-62.9%	406.4%	97.2%
FCF per Share	-0.00	0.16	1.66	1.18	0.34	0.12	0.65	0.65
FCF Conversion (FCF/Net Income)	3.40x	7.08x	-20.21x	0.89x	0.34x	0.37x	1.55x	1.68x
Interest Paid	0	0	0	0	1.4M	0	176K	176K
Taxes Paid	379K	27.89M	11.31M	471.25M	743.53M	74.84M	40.8M	0

RLX Key Ratios

RLX Technology Inc. (RLX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2019	2020	2021	2022	2023	2024	TTM
Return on Equity (ROE)	436.44%	-104.17%	29.45%	9.92%	3.43%	3.49%	4.73%
Return on Invested Capital (ROIC)	463.87%	11.39%	39.82%	6.98%	-2.69%	-0.68%	-0.68%
Gross Margin	37.5%	39.99%	43.09%	43.23%	31.17%	29.72%	31.95%
Net Margin	3.08%	-3.35%	23.76%	27.03%	42.95%	22.57%	23.35%
Debt / Equity	4.15x	0.68x	0.01x	0.01x	0.01x	0.00x	0.00x
FCF Conversion	7.08x	-20.21x	0.89x	0.34x	0.37x	1.55x	1.68x
Revenue Growth	1068.33%	146.54%	123.08%	-37.42%	-76.67%	96.5%	46.76%

RLX Frequently Asked Questions

RLX Technology Inc. (RLX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

RLX Technology Inc. (RLX) reported $3.27B in revenue for fiscal year 2024. This represents a 2368% increase from $132.6M in 2018.

RLX Technology Inc. (RLX) grew revenue by 96.5% over the past year. This is strong growth.

Yes, RLX Technology Inc. (RLX) is profitable, generating $764.3M in net income for fiscal year 2024 (22.6% net margin).

Dividend & Returns

Yes, RLX Technology Inc. (RLX) pays a dividend with a yield of 0.46%. This makes it attractive for income-focused investors.

RLX Technology Inc. (RLX) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

RLX Technology Inc. (RLX) generated $1.28B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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RLX Technology Inc.(RLX)Earnings, Financials & Key Ratios

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