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RLX Technology Inc. (RLX) 10-Year Financial Performance & Capital Metrics

RLX • • Industrial / General
Consumer DefensiveTobaccoNext-Generation ProductsInternational E-Vapor Leaders
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 Margin 29.72% -4.6%
  • EBITDA Margin -2.48% +92.3%
  • Operating Margin -4.38% +89.0%
  • Net Margin 22.57% -47.4%
  • ROE 3.49% +1.8%
  • ROIC -0.68% +74.9%
  • Debt/Equity 0.00 -39.9%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial 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
  • ✓Healthy dividend yield of 3.0%

✗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.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y9.55%
3Y-34.05%
TTM46.76%

Profit (Net Income) CAGR

10Y-
5Y63.14%
3Y-35.16%
TTM18.05%

EPS CAGR

10Y-
5Y69.54%
3Y-33.16%
TTM21.31%

ROCE

10Y Avg22.98%
5Y Avg8.79%
3Y Avg1.14%
Latest-0.68%

Peer Comparison

International E-Vapor Leaders
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
RLXRLX Technology Inc.2.07B2.285.3096.5%23.35%4.72%40.6%0.00

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+132.61M1.55B3.82B8.52B5.33B1.24B2.44B
Revenue Growth %-10.68%1.47%1.23%-0.37%-0.77%0.96%
Cost of Goods Sold+73.37M968.41M2.29B4.85B3.03B856.33M1.72B
COGS % of Revenue0.55%0.63%0.6%0.57%0.57%0.69%0.7%
Gross Profit+59.25M580.94M1.53B3.67B2.31B387.71M726.52M
Gross Margin %0.45%0.37%0.4%0.43%0.43%0.31%0.3%
Gross Profit Growth %-8.81%1.63%1.4%-0.37%-0.83%0.87%
Operating Expenses+57.04M524.56M1.51B1.37B1.24B884.42M833.66M
OpEx % of Revenue0.43%0.34%0.4%0.16%0.23%0.71%0.34%
Selling, General & Admin54.97M492.63M1.22B1.19B924.61M711.74M745.35M
SG&A % of Revenue0.41%0.32%0.32%0.14%0.17%0.57%0.3%
Research & Development2.06M31.93M299.29M179.91M317.11M172.69M88.31M
R&D % of Revenue0.02%0.02%0.08%0.02%0.06%0.14%0.04%
Other Operating Expenses-6K000000
Operating Income+2.21M56.39M13.15M2.3B1.06B-496.71M-107.14M
Operating Margin %0.02%0.04%0%0.27%0.2%-0.4%-0.04%
Operating Income Growth %-24.5%-0.77%173.82%-0.54%-1.47%0.78%
EBITDA+2.25M69.79M36.22M2.34B1.14B-400.11M-60.63M
EBITDA Margin %0.02%0.05%0.01%0.28%0.21%-0.32%-0.02%
EBITDA Growth %-30.05%-0.48%63.73%-0.51%-1.35%0.85%
D&A (Non-Cash Add-back)37K13.41M23.07M45.64M81.41M96.6M46.51M
EBIT2.21M56.39M13.15M2.3B1.06B-496.71M-107.14M
Net Interest Income+-107K745K52.76M72.41M180.73M627.88M616.39M
Interest Income0745K52.76M72.41M180.73M627.88M616.39M
Interest Expense107K000000
Other Income/Expense-113K17.29M89.28M360.85M716.9M1.09B765.95M
Pretax Income+2.1M73.67M102.43M2.66B1.78B591.74M658.8M
Pretax Margin %0.02%0.05%0.03%0.31%0.33%0.48%0.27%
Income Tax+2.38M25.92M230.53M631.43M371.58M50.76M94.46M
Effective Tax Rate %-0.14%0.65%-1.25%0.76%0.81%0.9%0.84%
Net Income+-287K47.75M-128.1M2.02B1.44B534.33M551.84M
Net Margin %-0%0.03%-0.03%0.24%0.27%0.43%0.23%
Net Income Growth %-167.37%-3.68%16.81%-0.29%-0.63%0.03%
Net Income (Continuing)-287K47.75M-128.1M2.03B1.41B540.99M564.34M
Discontinued Operations0000000
Minority Interest0003.8M-28.69M-10.98M1.74M
EPS (Diluted)+-0.000.03-0.081.441.090.400.43
EPS Growth %---3.69%18.45%-0.24%-0.63%0.07%
EPS (Basic)-0.000.03-0.081.441.090.400.45
Diluted Shares Outstanding1.55B1.55B1.55B1.41B1.33B1.34B1.29B
Basic Shares Outstanding1.55B1.55B1.55B1.4B1.32B1.34B1.23B
Dividend Payout Ratio-0.75%-0.16%0%0.17%0.16%

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+104.34M169.81M591.29M13.95B11.2B8.98B9.3B
Cash & Short-Term Investments68.17M116.53M523.17M12.85B10.79B8.11B8.49B
Cash Only68.17M69.5M222.45M5.21B1.27B2.39B5.59B
Short-Term Investments047.04M300.72M7.64B9.52B5.72B2.9B
Accounts Receivable19.26M12.31M8.34M25.97M59.49M164.7M566.24M
Days Sales Outstanding53.022.90.81.114.0748.3284.55
Inventory14.15M33.13M53.2M589.09M130.9M144.85M142.55M
Days Inventory Outstanding70.412.498.4744.3415.7861.7430.29
Other Current Assets185K02.18M174.81M219.51M559.61M70.62M
Total Non-Current Assets+1.4M37.5M29.51M2.41B5.18B7.33B7.57B
Property, Plant & Equipment889K25.33M27.16M319.41M162.88M129.92M81.95M
Fixed Asset Turnover149.17x61.16x140.66x26.68x32.74x9.58x29.83x
Goodwill00002.83M66.51M59.58M
Intangible Assets0775.08K824.64K8.37M4.72M69.78M52.8M
Long-Term Investments011.17M611.64K2.02B4.93B7B7.33B
Other Non-Current Assets0214.62K048.96M13.46M4.87M2.86M
Total Assets+105.74M207.32M620.8M16.37B16.38B16.32B16.87B
Asset Turnover1.25x7.47x6.15x0.52x0.33x0.08x0.14x
Asset Growth %-0.96%1.99%25.36%0%-0%0.03%
Total Current Liabilities+97.73M88.99M381.75M2.74B789.83M668.67M857.85M
Accounts Payable17.23M21.6M81.93M506.09M52.49M109.41M295.49M
Days Payables Outstanding85.758.1413.0538.16.3346.6362.78
Short-Term Debt-50.93M54.55M148.18M0041.11M40M
Deferred Revenue (Current)538K1000K1000K1000K1000K1000K0
Other Current Liabilities-2.93M3.72M19.59M214.92M38.16M-4.19M165.31M
Current Ratio1.07x1.91x1.55x5.10x14.18x13.44x10.84x
Quick Ratio0.92x1.54x1.41x4.88x14.01x13.22x10.68x
Cash Conversion Cycle37.687.24-3.787.3613.5263.4352.05
Total Non-Current Liabilities+1.38M103.07M8.36M108.75M48.62M48.01M23.25M
Long-Term Debt0000000
Capital Lease Obligations283K8.81M7.56M104.23M39.97M24.42M7.05M
Deferred Tax Liabilities01.52M796.66K4.51M8.65M23.59M0
Other Non-Current Liabilities1.1M92.74M04.51M8.65M23.59M16.2M
Total Liabilities99.11M192.06M390.11M2.85B838.45M716.68M881.1M
Total Debt+492K63.36M155.74M184.81M85.92M94.96M58.5M
Net Debt-67.68M-6.14M-66.71M-5.02B-1.18B-2.3B-5.53B
Debt / Equity0.07x4.15x0.68x0.01x0.01x0.01x0.00x
Debt / EBITDA0.22x0.91x4.30x0.08x0.08x--
Net Debt / EBITDA-30.10x-0.09x-1.84x-2.14x-1.03x--
Interest Coverage20.66x------
Total Equity+6.62M15.26M230.68M13.52B15.54B15.6B15.99B
Equity Growth %-1.3%14.12%57.6%0.15%0%0.03%
Book Value per Share0.000.010.159.5911.7011.6412.41
Total Shareholders' Equity6.62M15.26M230.68M13.51B15.57B15.61B15.99B
Common Stock94K13.49K14.37K103K104K104K104K
Retained Earnings-1.13M6.67M-12.48M1.91B3.32B3.77B4.25B
Treasury Stock000-127.52M-627.89M-1.28B-2.11B
Accumulated OCI830K25.98K49.24K-147.55M809.95M981.3M1.12B
Minority Interest0003.8M-28.69M-10.98M1.74M

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-977K338.13M2.59B1.8B486.83M198.7M854.35M
Operating CF Margin %-0.01%0.22%0.68%0.21%0.09%0.16%0.35%
Operating CF Growth %-347.08%6.66%-0.3%-0.73%-0.59%3.3%
Net Income-287K47.75M-128.1M2.02B1.41B540.99M564.34M
Depreciation & Amortization37K13.41M62.45M113.55M159.09M96.6M75.8M
Stock-Based Compensation6.8M52.71M929.1M223.34M166.16M362.87M369.65M
Deferred Taxes-511K10.98M-11.26M0-38.9M4.5M9.66M
Other Non-Cash Items122K2.61M-18.76M95.87M-368.45M-498.38M-44.47M
Working Capital Changes-7.14M210.67M1.76B-657.58M-839.8M-307.86M-120.64M
Change in Receivables-15.64M-32.7M27.39M-3.22M-30.41M23.08M-244.53M
Change in Inventory-14.15M-207.77M-109.81M-349.04M179.69M-39.05M-21.74M
Change in Payables17.23M481.79M960.76M0-1.02B-30.06M192.11M
Cash from Investing+-397K-497.84M-1.81B-7.87B-4.13B2.09B3.02B
Capital Expenditures-397K-92.39M-17.45M-138.84M-38.64M-28.22M-10.09M
CapEx % of Revenue0%0.06%0%0.02%0.01%0.02%0%
Acquisitions-------
Investments-------
Other Investing-368K-51.78M-65.83M-7.9M25.58B2.09B-612K
Cash from Financing+69.59M576.4M174.88M9.9B-477.27M-1.19B-678.03M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0-36M0-325.45M-640K-92.38M-88.84M
Share Repurchases-------
Other Financing33.59M612.4M174.88M314.66M25.14M-104.2M-39.84M
Net Change in Cash-------
Free Cash Flow+-1.37M245.73M2.57B1.66B448.19M166.29M842.09M
FCF Margin %-0.01%0.16%0.67%0.19%0.08%0.13%0.34%
FCF Growth %-179.84%9.47%-0.35%-0.73%-0.63%4.06%
FCF per Share-0.000.161.661.180.340.120.65
FCF Conversion (FCF/Net Income)3.40x7.08x-20.21x0.89x0.34x0.37x1.55x
Interest Paid00001.4M0176K
Taxes Paid379K27.89M11.31M471.25M743.53M74.84M40.8M

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)-4.33%436.44%-104.17%29.45%9.92%3.43%3.49%
Return on Invested Capital (ROIC)-463.87%11.39%39.82%6.98%-2.69%-0.68%
Gross Margin44.68%37.5%39.99%43.09%43.23%31.17%29.72%
Net Margin-0.22%3.08%-3.35%23.76%27.03%42.95%22.57%
Debt / Equity0.07x4.15x0.68x0.01x0.01x0.01x0.00x
Interest Coverage20.66x------
FCF Conversion3.40x7.08x-20.21x0.89x0.34x0.37x1.55x
Revenue Growth-1068.33%146.54%123.08%-37.42%-76.67%96.5%

Revenue by Geography

20232024
PRC1.36B2.04B
PRC Growth-50.21%
International228.51M708.83M
International Growth-210.19%

Frequently Asked Questions

Valuation & Price

RLX Technology Inc. (RLX) has a price-to-earnings (P/E) ratio of 5.3x. This may indicate the stock is undervalued or faces growth challenges.

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 3.02%. 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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