The company maintains a conservative capital structure with a debt-to-equity ratio of 0.01 and a robust current ratio of 5.70 as of 2025Q4.
| Total Current Assets | 11.21B | 9.3B | 8.98B | 11.2B | 13.95B | 591.29M | 169.81M | 104.34M |
| Cash & Short-Term Investments | 10.19B | 8.49B | 8.11B | 10.79B | 12.85B | 523.17M | 116.53M | 68.17M |
| Cash Only | 5.55B | 5.59B | 2.39B | 1.27B | 5.21B | 222.45M | 69.5M | 68.17M |
| Short-Term Investments | 4.64B | 2.9B | 5.72B | 9.52B | 7.64B | 300.72M | 47.04M | 0 |
| Accounts Receivable | 405.02M | 566.24M | 662.75M | 59.49M | 25.97M | 8.34M | 12.31M | 19.26M |
| Days Sales Outstanding | 42.01 | 84.55 | 194.45 | 4.07 | 1.11 | 0.8 | 2.9 | 53.02 |
| Inventory | 297.87M | 142.55M | 144.85M | 130.9M | 589.09M | 53.2M | 33.13M | 14.15M |
| Days Inventory Outstanding | 45.93 | 30.29 | 61.74 | 15.78 | 44.34 | 8.47 | 12.49 | 70.4 |
| Other Current Assets | 319.68M | 70.62M | 39.35M | 219.51M | 174.81M | 2.18M | 0 | 185K |
| Total Non-Current Assets | 6.73B | 7.57B | 7.33B | 5.18B | 2.41B | 29.51M | 37.5M | 1.4M |
| Property, Plant & Equipment | 328.62M | 81.95M | 129.92M | 162.88M | 319.41M | 27.16M | 25.33M | 889K |
| Fixed Asset Turnover | 10.71x | 29.83x | 9.58x | 32.74x | 26.68x | 140.66x | 61.16x | 149.17x |
| Goodwill | 567.54M | 59.58M | 66.51M | 2.83M | 0 | 0 | 0 | 0 |
| Intangible Assets | 213.28M | 52.8M | 69.78M | 4.72M | 8.37M | 824.64K | 775.08K | 0 |
| Long-Term Investments | 5.56B | 7.33B | 7B | 4.93B | 2.02B | 611.64K | 11.17M | 0 |
| Other Non-Current Assets | 29.43M | 2.86M | 4.87M | 13.46M | 48.96M | 0 | 214.62K | 0 |
| Total Assets | 17.94B | 16.87B | 16.32B | 16.38B | 16.37B | 620.8M | 207.32M | 105.74M |
| Asset Turnover | 0.20x | 0.14x | 0.08x | 0.33x | 0.52x | 6.15x | 7.47x | 1.25x |
| Asset Growth % | 6.34% | 3.41% | -0.39% | 0.08% | 2536.15% | 199.44% | 96.07% | - |
| Total Current Liabilities | 1.97B | 857.85M | 668.67M | 789.83M | 2.74B | 381.75M | 88.99M | 97.73M |
| Accounts Payable | 403.97M | 295.49M | 109.41M | 52.49M | 506.09M | 81.93M | 21.6M | 17.23M |
| Days Payables Outstanding | 62.28 | 62.78 | 46.63 | 6.33 | 38.1 | 13.05 | 8.14 | 85.75 |
| Short-Term Debt | 120.76M | 40M | 41.11M | 0 | 0 | 148.18M | 54.55M | -50.93M |
| Deferred Revenue (Current) | 84.06M | 10.61M | 49.59M | 75.23M | 286.65M | 49M | 2.64M | 538K |
| Other Current Liabilities | 624.58M | 29.24M | -4.19M | 38.16M | 214.92M | 19.59M | 3.72M | -2.93M |
| Current Ratio | 5.70x | 10.84x | 13.44x | 14.18x | 5.10x | 1.55x | 1.91x | 1.07x |
| Quick Ratio | 5.55x | 10.68x | 13.22x | 14.01x | 4.88x | 1.41x | 1.54x | 0.92x |
| Cash Conversion Cycle | 25.66 | 52.05 | 209.55 | 13.52 | 7.36 | -3.78 | 7.24 | 37.68 |
| Total Non-Current Liabilities | 233.02M | 23.25M | 48.01M | 48.62M | 108.75M | 8.36M | 103.07M | 1.38M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 55.71M | 7.05M | 24.42M | 39.97M | 104.23M | 7.56M | 8.81M | 283K |
| Deferred Tax Liabilities | 112.98M | 0 | 23.59M | 8.65M | 4.51M | 796.66K | 1.52M | 0 |
| Other Non-Current Liabilities | 64.33M | 16.2M | 23.59M | 8.65M | 4.51M | 0 | 92.74M | 1.1M |
| Total Liabilities | 2.2B | 881.1M | 716.68M | 838.45M | 2.85B | 390.11M | 192.06M | 99.11M |
| Total Debt | 176.47M | 58.5M | 94.96M | 85.92M | 184.81M | 155.74M | 63.36M | 492K |
| Net Debt | -5.37B | -5.53B | -2.3B | -1.18B | -5.02B | -66.71M | -6.14M | -67.68M |
| Debt / Equity | 0.01x | 0.00x | 0.01x | 0.01x | 0.01x | 0.68x | 4.15x | 0.07x |
| Debt / EBITDA | 0.43x | - | - | 0.08x | 0.08x | 4.30x | 0.91x | 0.22x |
| Net Debt / EBITDA | -13.07x | - | - | -1.03x | -2.14x | -1.84x | -0.09x | -30.10x |
| Interest Coverage | - | - | - | - | - | - | - | 20.66x |
| Total Equity | 15.74B | 15.99B | 15.6B | 15.54B | 13.52B | 230.68M | 15.26M | 6.62M |
| Equity Growth % | -1.55% | 2.51% | 0.37% | 14.95% | 5760.27% | 1411.93% | 130.37% | - |
| Book Value per Share | 12.86 | 12.41 | 11.64 | 11.70 | 9.59 | 0.15 | 0.01 | 0.00 |
| Total Shareholders' Equity | 15.64B | 15.99B | 15.61B | 15.57B | 13.51B | 230.68M | 15.26M | 6.62M |
| Common Stock | 0 | 104K | 104K | 104K | 103K | 14.37K | 13.49K | 94K |
| Retained Earnings | 0 | 4.25B | 3.77B | 3.32B | 1.91B | -12.48M | 6.67M | -1.13M |
| Treasury Stock | 0 | -2.11B | -1.28B | -627.89M | -127.52M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 1.12B | 981.3M | 809.95M | -147.55M | 49.24K | 25.98K | 830K |
| Minority Interest | 97.93M | 1.74M | -10.98M | -28.69M | 3.8M | 0 | 0 | 0 |
Regulatory Policy Overhang
According to recent financial statements, RLX maintains a robust liquidity position with $5.5 billion in cash as of 2025Q4, resulting in a current ratio of 5.70, which provides a substantial buffer against potential regulatory fines or sudden shifts in the state-mandated distribution environment.
The company's liquidity profile is characterized by an exceptionally high cash-to-liability ratio, suggesting that management is prioritizing capital preservation over aggressive reinvestment. This defensive posture appears prudent given the volatility of the Chinese e-vapor market, though investors should monitor whether this idle capital could be deployed more efficiently.
As reported in quarterly filings, RLX's total assets reached $17.9 billion in 2025Q4, with a notable increase in net PPE to $328.6 million, indicating a strategic shift toward infrastructure investment required to comply with the national transaction platform's operational standards.
The asset composition suggests a transition from a lean, brand-focused model to one requiring more tangible infrastructure to maintain its licensed status. The relatively low level of goodwill relative to total assets implies that the company's valuation is not overly dependent on intangible acquisition premiums.
Based on the provided balance sheet data, RLX has maintained a strong equity base of $15.6 billion as of 2025Q4, reflecting a conservative capital structure that has remained largely insulated from dilution despite the company's ongoing efforts to navigate a complex regulatory landscape.
The stability of the equity position suggests that the company has not needed to tap capital markets for survival, which is a positive indicator of self-sufficiency. However, the lack of significant retained earnings growth warrants further investigation into the company's long-term ability to generate organic value for shareholders.
As evidenced by the $5.5 billion cash balance, RLX's headline balance sheet strength is heavily skewed by non-operating assets, which may mask the underlying operational challenges of a business model that is increasingly constrained by state-mandated pricing and distribution controls.
Investors should be cautious in interpreting the fortress balance sheet as a sign of operational dominance, as the cash pile is largely a byproduct of historical capital raises rather than current core earnings. This creates a risk that the market may overvalue the company based on its cash reserves while underestimating the structural limitations on its future growth.
Quick answers to the most common questions about buying RLX stock.
As of 2025, RLX Technology Inc. (RLX) had total assets of $17.94B including $11.21B in current assets.
RLX Technology Inc. (RLX) carries total debt of $176.5M, offset by $10.19B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
RLX Technology Inc. (RLX) has total shareholders' equity (book value) of $15.64B ($12.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
RLX Technology Inc. (RLX) reported a current ratio of 5.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.