RLX Technology Inc. (RLX) Financial Ratios
8 years of historical data (2018–2025) · Consumer Defensive · Tobacco
EV/EBITDA
↓
30.88
↑+3261% vs avg
5yr avg: 0.92
30Y Low0.2·High1.6
P/FCF
↓
15.46
↑+138% vs avg
5yr avg: 6.49
30Y Low2.9·High16.1
P/B Ratio
↓
0.97
↑+329% vs avg
5yr avg: 0.23
30Y Low0.2·High0.4
ROE
↓
5.7%
↑-46% vs avg
5yr avg: 10.4%
30Y Low-104%·High436%
Debt/EBITDA
↑
0.55
↑+135% vs avg
5yr avg: 0.24
30Y Low0.1·High4.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
RLX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
RLX Technology Inc. trades at 17.8x earnings, 390% above its 5-year average of 3.6x, sitting at the 100th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 18.8x, the stock trades at a discount of 5%. On a free-cash-flow basis, the stock trades at 15.5x P/FCF, 138% above the 5-year average of 6.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $2.9B | $2.8B | $2.7B | $3.1B | $5.5B | — | — | — |
| Enterprise Value | $1.5B | $-2520254845 | $-2750945080 | $386M | $1.9B | $474M | — | — | — |
| P/E Ratio → | 17.81 | 3.33 | 5.02 | 5.00 | 2.11 | 2.71 | — | — | — |
| P/S Ratio | 4.33 | 0.81 | 1.14 | 2.15 | 0.57 | 0.65 | — | — | — |
| P/B Ratio | 0.97 | 0.18 | 0.17 | 0.17 | 0.20 | 0.41 | — | — | — |
| P/FCF | 15.46 | 2.89 | 3.31 | 16.12 | 6.82 | 3.31 | — | — | — |
| P/OCF | 13.80 | 2.58 | 3.26 | 13.49 | 6.27 | 3.05 | — | — | — |
P/E links to full P/E history page with 30-year chart
RLX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
RLX Technology Inc.'s enterprise value stands at 30.9x EBITDA, 3261% above its 5-year average of 0.9x. The Consumer Defensive sector median is 11.0x, placing the stock at a 181% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.72 | -1.13 | 0.31 | 0.35 | 0.06 | — | — | — |
| EV / EBITDA | 30.88 | -7.89 | — | — | 1.64 | 0.20 | — | — | — |
| EV / EBIT | 30.88 | -7.89 | — | — | 1.76 | 0.21 | — | — | — |
| EV / FCF | — | -2.56 | -3.27 | 2.32 | 4.18 | 0.29 | — | — | — |
RLX Profitability
Margins and return-on-capital ratios measuring operating efficiency
RLX Technology Inc. earns an operating margin of 9.1%, above the Consumer Defensive sector average of 3.5%. Operating margins have expanded from -39.9% to 9.1% over the past 3 years, signaling improving operational efficiency. ROE of 5.7% is modest, trailing the sector median of 6.5%. ROIC of 2.3% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 32.7% | 29.7% | 31.2% | 43.2% | 43.1% | 40.0% | 37.5% | 44.7% |
| Operating Margin | 9.1% | 9.1% | -4.4% | -39.9% | 19.9% | 27.0% | 0.3% | 3.6% | 1.7% |
| Net Profit Margin | 25.5% | 25.5% | 22.6% | 43.0% | 27.0% | 23.8% | -3.4% | 3.1% | -0.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.7% | 5.7% | 3.5% | 3.4% | 9.9% | 29.5% | -104.2% | 436.4% | -4.3% |
| ROA | 5.2% | 5.2% | 3.3% | 3.3% | 8.8% | 23.8% | -30.9% | 30.5% | -0.3% |
| ROIC | 2.3% | 2.3% | -0.7% | -2.7% | 7.0% | 39.8% | 11.4% | 463.9% | — |
| ROCE | 2.0% | 2.0% | -0.7% | -3.2% | 7.3% | 33.2% | 7.4% | 89.3% | 27.6% |
RLX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
RLX Technology Inc. carries a Debt/EBITDA ratio of 0.6x, which is very conservative (84% below the sector average of 3.5x). The company holds a net cash position — cash of $5.5B exceeds total debt of $176M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.68 | 4.15 | 0.07 |
| Debt / EBITDA | 0.55 | 0.55 | — | — | 0.08 | 0.08 | 4.30 | 0.91 | 0.22 |
| Net Debt / Equity | — | -0.34 | -0.35 | -0.15 | -0.08 | -0.37 | -0.29 | -0.40 | -10.22 |
| Net Debt / EBITDA | -16.81 | -16.81 | — | — | -1.03 | -2.14 | -1.84 | -0.09 | -30.10 |
| Debt / FCF | — | -5.45 | -6.57 | -13.80 | -2.64 | -3.02 | -0.03 | -0.02 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | 20.66 |
Net cash position: cash ($5.5B) exceeds total debt ($176M)
RLX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
RLX Technology Inc.'s current ratio of 5.70x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 13.44x to 5.70x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.70 | 5.70 | 10.84 | 13.44 | 14.18 | 5.10 | 1.55 | 1.91 | 1.07 |
| Quick Ratio | 5.55 | 5.55 | 10.68 | 13.22 | 14.01 | 4.88 | 1.41 | 1.54 | 0.92 |
| Cash Ratio | 5.18 | 5.18 | 9.90 | 12.14 | 13.66 | 4.69 | 1.37 | 1.31 | 0.70 |
| Asset Turnover | — | 0.20 | 0.14 | 0.08 | 0.33 | 0.52 | 6.15 | 7.47 | 1.25 |
| Inventory Turnover | 7.95 | 7.95 | 12.05 | 5.91 | 23.13 | 8.23 | 43.08 | 29.23 | 5.18 |
| Days Sales Outstanding | — | 42.01 | 84.55 | 48.32 | 4.07 | 1.11 | 0.80 | 2.90 | 53.02 |
RLX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
RLX Technology Inc. returns 1.8% to shareholders annually — split between a 0.6% dividend yield and 1.2% buyback yield. The payout ratio of 10.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 3.2% | 3.2% | 3.4% | 0.0% | 5.9% | — | — | — |
| Payout Ratio | 10.2% | 10.2% | 16.1% | 17.3% | 0.0% | 16.1% | — | 75.4% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 30.0% | 19.9% | 20.0% | 47.4% | 36.9% | — | — | — |
| FCF Yield | 6.5% | 34.6% | 30.2% | 6.2% | 14.7% | 30.2% | — | — | — |
| Buyback Yield | 1.2% | 6.4% | 21.2% | 37.2% | 16.4% | 2.3% | — | — | — |
| Total Shareholder Yield | 1.8% | 9.7% | 24.4% | 40.6% | 16.4% | 8.2% | — | — | — |
| Shares Outstanding | — | $1.2B | $1.3B | $1.3B | $1.3B | $1.4B | $1.6B | $1.6B | $1.6B |
Peer Comparison
Compare RLX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 RLXYou | $2B | 17.8 | 30.9 | 15.5 | 32.7% | 9.1% | 5.7% | 2.3% | 0.6 |
 MO | $116B | 16.8 | 8.9 | 12.7 | 86.6% | 74.8% | — | 60.4% | 1.7 |
 PM | $278B | 24.6 | 19.0 | 26.1 | 67.1% | 36.7% | — | 33.2% | 2.9 |
 BTI | $128B | 32.8 | 22.0 | 10.2 | 82.9% | 10.6% | 6.0% | 2.4% | 6.3 |
 TPB | $2B | 26.4 | 16.3 | 36.2 | 57.1% | 20.6% | 20.7% | 16.6% | 3.0 |
 XXII | $2M | -0.1 | — | — | -44.5% | -162.0% | -51.1% | -81.4% | — |
 GNLN | $11M | -0.0 | — | — | -286.2% | -1245.6% | -231.3% | -164.6% | — |
 KAVL | $394338 | -0.0 | — | — | 1036.6% | -36526.0% | -239.3% | -242.7% | — |
 NRXS | $89M | -7.5 | — | — | 84.2% | -219.4% | -285.4% | — | — |
 AAPL | $4.4T | 39.9 | 30.8 | 44.3 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Consumer Defensive Median | — | 18.8 | 11.0 | 15.3 | 40.8% | 3.5% | 6.5% | 5.7% | 3.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 8 years · Updated daily
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RLX — Frequently Asked Questions
Quick answers to the most common questions about buying RLX stock.
What is RLX Technology Inc.'s P/E ratio?
RLX Technology Inc.'s current P/E ratio is 17.8x. The historical average is 3.6x. This places it at the 100th percentile of its historical range.
What is RLX Technology Inc.'s EV/EBITDA?
RLX Technology Inc.'s current EV/EBITDA is 30.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.9x.
What is RLX Technology Inc.'s ROE?
RLX Technology Inc.'s return on equity (ROE) is 5.7%. The historical average is 47.5%.
Is RLX stock overvalued?
Based on historical data, RLX Technology Inc. is trading at a P/E of 17.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is RLX Technology Inc.'s dividend yield?
RLX Technology Inc.'s current dividend yield is 0.60% with a payout ratio of 10.2%.
What are RLX Technology Inc.'s profit margins?
RLX Technology Inc. has 32.7% gross margin and 9.1% operating margin.
How much debt does RLX Technology Inc. have?
RLX Technology Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.