RLX Technology Inc. (RLX) Financial Ratios
7 years of historical data (2018–2024) · Consumer Defensive · Tobacco
EV/EBITDA
↑
N/A
—
5yr avg: 0.92
30Y Low0.2·High1.6
P/FCF
↓
15.84
↑+114% vs avg
5yr avg: 7.39
30Y Low3.3·High16.1
P/B Ratio
↓
1.18
↑+398% vs avg
5yr avg: 0.24
30Y Low0.2·High0.4
ROE
↑
3.5%
↓+130% vs avg
5yr avg: -11.6%
30Y Low-104%·High436%
Debt/EBITDA
↓
N/A
—
5yr avg: 1.48
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 34.1x earnings, 819% above its 5-year average of 3.7x, sitting at the 100th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 19.4x, the stock trades at a premium of 76%. On a free-cash-flow basis, the stock trades at 15.8x P/FCF, 114% above the 5-year average of 7.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.8B | $2.7B | $3.1B | $5.5B | — | — | — |
| Enterprise Value | $1.1B | $-2750945080 | $386M | $1.9B | $474M | — | — | — |
| P/E Ratio → | 34.09 | 5.02 | 5.00 | 2.11 | 2.71 | — | — | — |
| P/S Ratio | 5.46 | 1.14 | 2.15 | 0.57 | 0.65 | — | — | — |
| P/B Ratio | 1.18 | 0.17 | 0.17 | 0.20 | 0.41 | — | — | — |
| P/FCF | 15.84 | 3.31 | 16.12 | 6.82 | 3.31 | — | — | — |
| P/OCF | 15.61 | 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
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.13 | 0.31 | 0.35 | 0.06 | — | — | — |
| EV / EBITDA | — | — | — | 1.64 | 0.20 | — | — | — |
| EV / EBIT | — | — | — | 1.76 | 0.21 | — | — | — |
| EV / FCF | — | -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 -4.4%, below the Consumer Defensive sector average of 1.1%. Operating margins have compressed from 19.9% to -4.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 3.5% is modest, trailing the sector median of 6.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.7% | 29.7% | 31.2% | 43.2% | 43.1% | 40.0% | 37.5% | 44.7% |
| Operating Margin | -4.4% | -4.4% | -39.9% | 19.9% | 27.0% | 0.3% | 3.6% | 1.7% |
| Net Profit Margin | 22.6% | 22.6% | 43.0% | 27.0% | 23.8% | -3.4% | 3.1% | -0.2% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | 3.4% | 9.9% | 29.5% | -104.2% | 436.4% | -4.3% |
| ROA | 3.3% | 3.3% | 3.3% | 8.8% | 23.8% | -30.9% | 30.5% | -0.3% |
| ROIC | -0.7% | -0.7% | -2.7% | 7.0% | 39.8% | 11.4% | 463.9% | — |
| ROCE | -0.7% | -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
The company holds a net cash position — cash of $5.6B exceeds total debt of $58M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.68 | 4.15 | 0.07 |
| Debt / EBITDA | — | — | — | 0.08 | 0.08 | 4.30 | 0.91 | 0.22 |
| Net Debt / Equity | — | -0.35 | -0.15 | -0.08 | -0.37 | -0.29 | -0.40 | -10.22 |
| Net Debt / EBITDA | — | — | — | -1.03 | -2.14 | -1.84 | -0.09 | -30.10 |
| Debt / FCF | — | -6.57 | -13.80 | -2.64 | -3.02 | -0.03 | -0.02 | — |
| Interest Coverage | — | — | — | — | — | — | — | 20.66 |
Net cash position: cash ($5.6B) exceeds total debt ($58M)
RLX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
RLX Technology Inc.'s current ratio of 10.84x 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 14.18x to 10.84x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.84 | 10.84 | 13.44 | 14.18 | 5.10 | 1.55 | 1.91 | 1.07 |
| Quick Ratio | 10.68 | 10.68 | 13.22 | 14.01 | 4.88 | 1.41 | 1.54 | 0.92 |
| Cash Ratio | 9.90 | 9.90 | 12.14 | 13.66 | 4.69 | 1.37 | 1.31 | 0.70 |
| Asset Turnover | — | 0.14 | 0.08 | 0.33 | 0.52 | 6.15 | 7.47 | 1.25 |
| Inventory Turnover | 12.05 | 12.05 | 5.91 | 23.13 | 8.23 | 43.08 | 29.23 | 5.18 |
| Days Sales Outstanding | — | 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 4.9% to shareholders annually — split between a 0.5% dividend yield and 4.4% buyback yield. The payout ratio of 16.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.9% (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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 3.2% | 3.4% | 0.0% | 5.9% | — | — | — |
| Payout Ratio | 16.1% | 16.1% | 17.3% | 0.0% | 16.1% | — | 75.4% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 19.9% | 20.0% | 47.4% | 36.9% | — | — | — |
| FCF Yield | 6.3% | 30.2% | 6.2% | 14.7% | 30.2% | — | — | — |
| Buyback Yield | 4.4% | 21.2% | 37.2% | 16.4% | 2.3% | — | — | — |
| Total Shareholder Yield | 4.9% | 24.4% | 40.6% | 16.4% | 8.2% | — | — | — |
| Shares Outstanding | — | $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 | 34.1 | — | 15.8 | 29.7% | -4.4% | 3.5% | -0.7% | — |
 MO | $115B | 16.8 | 8.9 | 12.7 | 86.6% | 74.8% | — | 60.4% | 1.7 |
 PM | $267B | 23.6 | 18.3 | 25.0 | 67.1% | 36.7% | — | 33.2% | 2.9 |
 BTI | $126B | 31.5 | 21.3 | 9.8 | 82.9% | 10.6% | 6.0% | 2.4% | 6.3 |
 TPB | $2B | 29.0 | 17.8 | 39.8 | 57.1% | 20.6% | 20.7% | 16.6% | 3.0 |
 XXII | $118791 | -0.0 | — | — | -20.2% | -64.9% | -51.1% | -81.4% | — |
 GNLN | $320058 | -0.1 | — | — | -286.2% | -1245.6% | -231.3% | -164.6% | — |
 KAVL | $238223 | -0.0 | — | — | 1036.6% | -36526.0% | -239.3% | -242.7% | — |
 NRXS | $94M | -9.3 | — | — | 84.2% | -219.4% | -285.4% | -477.9% | — |
 AAPL | $4.2T | 38.5 | 29.7 | 42.7 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 AMZN | $2.9T | 37.8 | 20.5 | 379.0 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Consumer Defensive Median | — | 19.4 | 11.3 | 15.0 | 40.1% | 1.1% | 6.8% | 5.5% | 3.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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Start ComparisonRLX — 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 34.1x. The historical average is 3.7x. This places it at the 100th percentile of its historical range.
What is RLX Technology Inc.'s ROE?
RLX Technology Inc.'s return on equity (ROE) is 3.5%. The historical average is 53.5%.
Is RLX stock overvalued?
Based on historical data, RLX Technology Inc. is trading at a P/E of 34.1x. 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 0.47% with a payout ratio of 16.1%.
What are RLX Technology Inc.'s profit margins?
RLX Technology Inc. has 29.7% gross margin and -4.4% operating margin.