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

RLX•NYSE
17.8× P/E·Price updated Jun 19, 2026
SectorConsumer DefensiveIndustryTobaccoSub-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$3.52B+43.9%
  • EBITDA$320M+627.1%
  • Net Income$897M+62.5%
  • EPS (Diluted)0.70+62.8%
  • Gross Margin32.72%+10.1%
  • EBITDA Margin9.08%+466.2%
  • Operating Margin9.08%+307.2%
  • Net Margin25.49%+12.9%
  • ROE5.65%+61.8%

RLX Key Insights

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

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FCF machine: 28.0% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 5.0% through buybacks
  • ✓Healthy 5Y average net margin of 28.4%

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.2%
  • ✗Trading more than 30% below 52-week high
  • ✗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.

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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 Years-1.63%
3 Years-12.94%
TTM47.36%

Profit CAGR

10 Years-
5 Years-
3 Years-14.63%
TTM66.36%

EPS CAGR

10 Years-
5 Years-
3 Years-13.72%
TTM69.65%

Return on Capital

10 Years20.35%
5 Years7.72%
3 Years-0.62%
Last Year2%

RLX Recent Earnings

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

Full history →
●Beat EPS 1/12 qtrs (8%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 20, 2026
Metric
Actual
Est
EPS
$0.03-3.3%
$0.03
Rev
$230M+37.6%
$167M
Q2 2026
Mar 13, 2026
Metric
Actual
Est
EPS
$0.03-9.7%
$0.03
Rev
$163M+5.7%
$154M
Q4 2025
Nov 14, 2025
Metric
Actual
Est
EPS
$0.02-38.9%
$0.03
Rev
$145M-4.5%
$152M
Q3 2025
Aug 22, 2025
Metric
Actual
Est
EPS
$0.02-24.7%
$0.03
Rev
$111M+9.5%
$101M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 20, 2026
$0.03vs $0.03-3.3%
$230Mvs $167M+37.6%
Q2 2026Mar 13, 2026
$0.03vs $0.03-9.7%
$163Mvs $154M+5.7%
Q4 2025Nov 14, 2025
$0.02vs $0.03-38.9%
$145Mvs $152M-4.5%
Q3 2025Aug 22, 2025
$0.02vs $0.03-24.7%
$111Mvs $101M+9.5%
Based on last 12 quarters of dataView full earnings history →

RLX Peer Comparison

RLX Technology Inc. (RLX) competitors in Next-generation nicotine devices — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MO logoMOAltria Group, Inc.Direct Competitor115.56B69.1216.82-1.49%36.91%
PM logoPMPhilip Morris International Inc.Direct Competitor278.04B178.4024.577.31%26.74%
BTI logoBTIBritish American Tobacco p.l.c.Direct Competitor127.75B58.9132.59-5.19%-20.75%-22.78%0.74
TPB logoTPBTurning Point Brands, Inc.Direct Competitor1.59B82.0226.3728.39%11.53%16.54%0.83
XXII logoXXII22nd Century Group, Inc.Direct Competitor1.6M4.65-0.09-40.66%-44.9%-25.03%0.27
GNLN logoGNLNGreenlane Holdings, Inc.Product Competitor10.5M2.57-0.03-67.19%-30.02%-269.08%0.00
KAVL logoKAVLKaival Brands Innovations Group, Inc.Product Competitor394.34K0.04-0.02-99.32%-32.19%-441.46%
NRXS logoNRXSNeurAxis, Inc.Product Competitor88.55M7.15-7.5332.89%-170.11%-185.74%0.12

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
MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue
132.61M1.55B3.82B8.52B5.33B1.24B2.44B3.52B
Revenue Growth %
-1068.33%146.54%123.08%-37.42%-76.67%96.5%43.94%
Cost of Goods Sold
73.37M968.41M2.29B4.85B3.03B856.33M1.72B2.37B
COGS % of Revenue
55.32%62.5%60.01%56.91%56.77%68.83%70.28%67.28%
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%
1.15B▲ 58.5%
Gross Margin %
44.68%37.5%39.99%43.09%43.23%31.17%29.72%32.72%
Gross Profit Growth %
-880.55%162.94%140.39%-37.23%-83.18%87.38%58.48%
Operating Expenses
57.04M524.56M1.51B1.37B1.24B884.42M833.66M831.75M
OpEx % of Revenue
43.01%33.86%39.65%16.12%23.28%71.09%34.1%23.64%
Selling, General & Admin
54.97M492.63M1.22B1.19B924.61M711.74M745.35M704.32M
SG&A % of Revenue
41.45%31.8%31.81%14.01%17.34%57.21%30.49%20.02%
Research & Development
2.06M31.93M299.29M179.91M317.11M172.69M88.31M127.44M
R&D % of Revenue
1.56%2.06%7.84%2.11%5.95%13.88%3.61%3.62%
Other Operating Expenses
-6K0000000
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%
319.61M▲ 398.3%
Operating Margin %
1.67%3.64%0.34%26.98%19.94%-39.93%-4.38%9.08%
Operating Income Growth %
-2450.25%-76.68%17381.98%-53.74%-146.71%78.43%398.3%
EBITDA
2.25M69.79M36.22M2.34B1.14B-400.11M-60.63M319.61M
EBITDA Margin %
1.7%4.5%0.95%27.51%21.47%-32.16%-2.48%9.08%
EBITDA Growth %
-3004.63%-48.11%6373.23%-51.17%-134.95%84.85%627.14%
D&A (Non-Cash Add-back)
37K13.41M23.07M45.64M81.41M96.6M46.51M0
EBIT
2.21M56.39M13.15M2.3B1.06B-496.71M-107.14M319.61M
Net Interest Income
-107K745K52.76M72.41M180.73M627.88M616.39M595.36M
Interest Income
0745K52.76M72.41M180.73M627.88M616.39M595.36M
Interest Expense
107K0000000
Other Income/Expense
-113K17.29M89.28M360.85M716.9M1.09B765.95M705.06M
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%
1.02B▲ 55.5%
Pretax Margin %
1.58%4.75%2.68%31.21%33.38%47.57%26.95%29.12%
Income Tax
2.38M25.92M230.53M631.43M371.58M50.76M94.46M115.75M
Effective Tax Rate %
113.68%35.19%225.06%23.74%20.87%8.58%14.34%11.3%
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%
896.75M▲ 62.5%
Net Margin %
-0.22%3.08%-3.35%23.76%27.03%42.95%22.57%25.49%
Net Income Growth %
-16736.93%-368.29%1680.56%-28.82%-62.93%3.28%62.5%
Net Income (Continuing)
-287K47.75M-128.1M2.03B1.41B540.99M564.34M908.92M
Discontinued Operations
00000000
Minority Interest
0003.8M-28.69M-10.98M1.74M97.93M
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%
0.70▲ 62.8%
EPS Growth %
---368.73%1845.45%-24.31%-63.3%7.5%62.79%
EPS (Basic)
-0.000.03-0.081.441.090.400.450.70
Diluted Shares Outstanding
1.55B1.55B1.55B1.41B1.33B1.34B1.29B1.22B
Basic Shares Outstanding
1.55B1.55B1.55B1.4B1.32B1.34B1.23B1.22B
Dividend Payout Ratio
-75.4%-16.07%0.04%17.29%16.1%10.2%

RLX Balance Sheet

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

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets
104.34M169.81M591.29M13.95B11.2B8.98B9.3B11.21B
Cash & Short-Term Investments
68.17M116.53M523.17M12.85B10.79B8.11B8.49B10.19B
Cash Only
68.17M69.5M222.45M5.21B1.27B2.39B5.59B5.55B
Short-Term Investments
047.04M300.72M7.64B9.52B5.72B2.9B4.64B
Accounts Receivable
19.26M12.31M8.34M25.97M59.49M164.7M566.24M405.02M
Days Sales Outstanding
53.022.90.81.114.0748.3284.5542.01
Inventory
14.15M33.13M53.2M589.09M130.9M144.85M142.55M297.87M
Days Inventory Outstanding
70.412.498.4744.3415.7861.7430.2945.93
Other Current Assets
185K02.18M174.81M219.51M559.61M70.62M319.68M
Total Non-Current Assets
1.4M37.5M29.51M2.41B5.18B7.33B7.57B6.73B
Property, Plant & Equipment
889K25.33M27.16M319.41M162.88M129.92M81.95M328.62M
Fixed Asset Turnover
149.17x61.16x140.66x26.68x32.74x9.58x29.83x10.71x
Goodwill
00002.83M66.51M59.58M567.54M
Intangible Assets
0775.08K824.64K8.37M4.72M69.78M52.8M213.28M
Long-Term Investments
011.17M611.64K2.02B4.93B7B7.33B5.56B
Other Non-Current Assets
0214.62K048.96M13.46M4.87M2.86M29.43M
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%
17.94B▲ 6.3%
Asset Turnover
1.25x7.47x6.15x0.52x0.33x0.08x0.14x0.20x
Asset Growth %
-96.07%199.44%2536.15%0.08%-0.39%3.41%6.34%
Total Current Liabilities
97.73M88.99M381.75M2.74B789.83M668.67M857.85M1.97B
Accounts Payable
17.23M21.6M81.93M506.09M52.49M109.41M295.49M403.97M
Days Payables Outstanding
85.758.1413.0538.16.3346.6362.7862.28
Short-Term Debt
-50.93M54.55M148.18M0041.11M40M120.76M
Deferred Revenue (Current)
538K2.64M49M286.65M75.23M49.59M084.06M
Other Current Liabilities
-2.93M3.72M19.59M214.92M38.16M-4.19M165.31M624.58M
Current Ratio
1.07x1.91x1.55x5.10x14.18x13.44x10.84x5.70x
Quick Ratio
0.92x1.54x1.41x4.88x14.01x13.22x10.68x5.55x
Cash Conversion Cycle
37.687.24-3.787.3613.5263.4352.0525.66
Total Non-Current Liabilities
1.38M103.07M8.36M108.75M48.62M48.01M23.25M233.02M
Long-Term Debt
00000000
Capital Lease Obligations
283K8.81M7.56M104.23M39.97M24.42M7.05M55.71M
Deferred Tax Liabilities
01.52M796.66K4.51M8.65M23.59M0112.98M
Other Non-Current Liabilities
1.1M92.74M04.51M8.65M23.59M16.2M64.33M
Total Liabilities
99.11M192.06M390.11M2.85B838.45M716.68M881.1M2.2B
Total Debt
492K63.36M155.74M184.81M85.92M94.96M58.5M176.47M
Net Debt
-67.68M-6.14M-66.71M-5.02B-1.18B-2.3B-5.53B-5.37B
Debt / Equity
0.07x4.15x0.68x0.01x0.01x0.01x0.00x0.01x
Debt / EBITDA
0.22x0.91x4.30x0.08x0.08x--0.55x
Net Debt / EBITDA
-30.10x-0.09x-1.84x-2.14x-1.03x---16.81x
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%
15.74B▼ 1.6%
Equity Growth %
-130.37%1411.93%5760.27%14.95%0.37%2.51%-1.55%
Book Value per Share
0.000.010.159.5911.7011.6412.4112.86
Total Shareholders' Equity
6.62M15.26M230.68M13.51B15.57B15.61B15.99B15.64B
Common Stock
94K13.49K14.37K103K104K104K104K0
Retained Earnings
-1.13M6.67M-12.48M1.91B3.32B3.77B4.25B0
Treasury Stock
000-127.52M-627.89M-1.28B-2.11B0
Accumulated OCI
830K25.98K49.24K-147.55M809.95M981.3M1.12B0
Minority Interest
0003.8M-28.69M-10.98M1.74M97.93M

RLX Cash Flow Statement

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

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
-977K338.13M2.59B1.8B486.83M198.7M854.35M1.1B
Operating CF Margin %
-0.74%21.82%67.79%21.12%9.13%15.97%34.95%31.39%
Operating CF Growth %
-34708.5%665.81%-30.49%-72.95%-59.18%329.96%29.29%
Net Income
-287K47.75M-128.1M2.02B1.41B540.99M564.34M934.38M
Depreciation & Amortization
37K13.41M62.45M113.55M159.09M96.6M75.8M91.52M
Stock-Based Compensation
6.8M52.71M929.1M223.34M166.16M362.87M369.65M186.24M
Deferred Taxes
-511K10.98M-11.26M0-38.9M4.5M9.66M-2.74M
Other Non-Cash Items
122K2.61M-18.76M95.87M-368.45M-498.38M-44.47M-2.62M
Working Capital Changes
-7.14M210.67M1.76B-657.58M-839.8M-307.86M-120.64M-102.23M
Change in Receivables
-15.64M-32.7M27.39M-3.22M-30.41M23.08M-244.53M104.11M
Change in Inventory
-14.15M-207.77M-109.81M-349.04M179.69M-39.05M-21.74M-55.09M
Change in Payables
17.23M481.79M960.76M0-1.02B-30.06M192.11M-55.56M
Cash from Investing
-397K-497.84M-1.81B-7.87B-4.13B2.09B3.02B-822.19M
Capital Expenditures
-397K-92.39M-17.45M-138.84M-38.64M-28.22M-10.09M-117.73M
CapEx % of Revenue
0.3%5.96%0.46%1.63%0.72%2.27%0.41%3.35%
Acquisitions
00-4.87M7.9M0-2.09B0-599.09M
Investments
--------
Other Investing
-368K-51.78M-65.83M-7.9M25.58B2.09B-612K-420K
Cash from Financing
69.59M576.4M174.88M9.9B-477.27M-1.19B-678.03M-282.75M
Debt Issued (Net)
5M000-1.4M040M-6.92M
Equity Issued (Net)
31M009.91B-500.37M-996.63M-589.36M-182.78M
Dividends Paid
0-36M0-325.45M-640K-92.38M-88.84M-91.47M
Share Repurchases
000-127.52M-500.37M-996.63M-589.36M-183.93M
Other Financing
33.59M612.4M174.88M314.66M25.14M-104.2M-39.84M-1.58M
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%
-99.35M▼ 103.1%
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%
985.83M▲ 17.1%
FCF Margin %
-1.04%15.86%67.33%19.49%8.4%13.37%34.45%28.02%
FCF Growth %
-17984.28%946.65%-35.42%-73.02%-62.9%406.4%17.07%
FCF per Share
-0.000.161.661.180.340.120.650.81
FCF Conversion (FCF/Net Income)
3.40x7.08x-20.21x0.89x0.34x0.37x1.55x1.23x
Interest Paid
00001.4M0176K1.58M
Taxes Paid
379K27.89M11.31M471.25M743.53M74.84M40.8M85.29M

RLX Key Ratios

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

Metric20182019202020212022202320242025
Return on Equity (ROE)
-4.33%436.44%-104.17%29.45%9.92%3.43%3.49%5.65%
Return on Invested Capital (ROIC)
-463.87%11.39%39.82%6.98%-2.69%-0.68%2.3%
Gross Margin
44.68%37.5%39.99%43.09%43.23%31.17%29.72%32.72%
Net Margin
-0.22%3.08%-3.35%23.76%27.03%42.95%22.57%25.49%
Debt / Equity
0.07x4.15x0.68x0.01x0.01x0.01x0.00x0.01x
Interest Coverage
20.66x-------
FCF Conversion
3.40x7.08x-20.21x0.89x0.34x0.37x1.55x1.23x
Revenue Growth
-1068.33%146.54%123.08%-37.42%-76.67%96.5%43.94%
Related:RLX Dividend History·RLX Revenue History·RLX Price History·RLX P/E History·RLX Financial Ratios·RLX Institutional Holders

RLX Frequently Asked Questions

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

Growth & Financials

RLX Technology Inc. (RLX) reported $3.60B in revenue for fiscal year 2025. This represents a 2616% increase from $132.6M in 2018.

RLX Technology Inc. (RLX) grew revenue by 43.9% over the past year. This is strong growth.

Yes, RLX Technology Inc. (RLX) is profitable, generating $918.0M in net income for fiscal year 2025 (25.5% net margin).

Dividend & Returns

Yes, RLX Technology Inc. (RLX) pays a dividend with a yield of 0.60%. This makes it attractive for income-focused investors.

RLX Technology Inc. (RLX) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.

RLX Technology Inc. (RLX) generated $985.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in RLX back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

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How much would $100/month in RLX be worth today?

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