Last 22 quarters of trend data · Consumer Defensive · Tobacco
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
RLX Technology Inc.'s quarterly P/E stands at 2.6x, down 53.7% year-over-year — suggesting improving earnings relative to price.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 17.81 | 2.65 | 4.11 | 3.25 | 2.76 | 5.72 | 3.48 | 4.60 | 4.80 | 3.13 | 2.90 | 2.95 | — |
| — | -53.7% | +18.1% | -29.3% | -42.4% | +83.1% | +19.9% | +55.9% | — | — | +320.4% | +93.9% | — | |
| P/S Ratio | 4.33 | 0.67 | 0.82 | 0.91 | 0.87 | 0.95 | 0.86 | 1.06 | 1.33 | 1.27 | 1.55 | 1.58 | 7.67 |
| — | -28.9% | -4.0% | -13.9% | -34.6% | -25.4% | -44.6% | -33.2% | -82.7% | -51.6% | +363.5% | +399.5% | +2070.6% | |
| P/B Ratio | 0.97 | 0.18 | 0.21 | 0.18 | 0.15 | 0.17 | 0.15 | 0.15 | 0.16 | 0.17 | 0.93 | 1.09 | 0.25 |
| — | +4.5% | +41.3% | +18.0% | -6.6% | +2.8% | -84.0% | -86.1% | -33.7% | -12.4% | +46.0% | -16.4% | -78.4% | |
| P/FCF | 15.46 | 3.75 | 2.38 | 3.15 | 2.97 | 1.43 | 3.72 | 3.00 | 155.39 | 2.26 | 7.52 | 14.49 | — |
| — | +161.7% | -36.0% | +4.9% | -98.1% | -36.7% | -50.5% | -79.3% | — | — | — | +2854.2% | — | |
| EV / EBITDA | 30.88 | -5.33 | 0.28 | -5.17 | -7.00 | — | — | — | — | — | — | 7.54 | — |
| — | — | — | — | — | — | — | — | — | — | — | +428.8% | — | |
| EV / EBIT | 30.88 | -5.33 | 0.31 | -5.17 | -7.00 | — | — | — | — | — | — | 10.53 | — |
| — | — | — | — | — | — | — | — | — | — | — | +619.9% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
RLX Technology Inc.'s operating margin was 11.0% in Q4 2025, up 2.0 pp QoQ and up 12.6 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 9.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 10.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 33.1% | 34.1% | 30.5% | 32.6% | 29.9% | 30.3% | 28.3% | 30.4% | 26.4% | 32.2% | 26.1% | 36.8% |
| — | +10.9% | +12.5% | +7.9% | +7.4% | +13.1% | -6.0% | +8.5% | -17.4% | -48.8% | -35.5% | -40.5% | -4.1% | |
| Operating Margin | 9.1% | 11.0% | 9.0% | 4.9% | 10.9% | -1.6% | -1.6% | -6.0% | -11.0% | -26.0% | -12.0% | 13.6% | -300.0% |
| — | +801.5% | +674.8% | +182.2% | +199.6% | +94.0% | +86.9% | -143.9% | +96.3% | +84.2% | -126.9% | -32.1% | -924.9% | |
| Net Margin | 25.5% | 25.9% | 19.7% | 27.3% | 31.3% | 16.6% | 24.4% | 23.7% | 28.0% | 41.7% | 52.2% | 53.6% | -45.8% |
| — | +56.1% | -19.4% | +15.4% | +11.8% | -60.3% | -53.3% | -55.8% | +161.2% | +152.4% | +8.2% | +159.8% | -211.3% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.7% | 1.7% | 1.3% | 1.3% | 1.4% | 0.8% | 1.1% | 0.9% | 0.9% | 2.4% | 7.8% | 2.3% | -0.4% |
| — | +124.0% | +18.4% | +56.9% | +61.9% | -68.5% | -86.4% | -62.6% | +332.6% | +194.9% | -66.2% | -89.3% | -104.1% | |
| ROA | 5.2% | 1.6% | 1.2% | 1.3% | 1.3% | 0.7% | 1.0% | 0.8% | 0.8% | 2.3% | 7.5% | 2.2% | -0.4% |
| — | +112.6% | +15.0% | +53.7% | +60.4% | -68.7% | -86.5% | -62.9% | +332.6% | +196.1% | -62.7% | -87.7% | -104.7% | |
| ROIC | 2.3% | 0.8% | 0.5% | 0.2% | 0.5% | -0.1% | -0.1% | -0.2% | -0.3% | -1.3% | -1.5% | 0.5% | -2.0% |
| — | +1098.7% | +960.4% | +224.6% | +279.8% | +94.4% | +95.9% | -140.8% | +85.1% | +68.8% | -109.0% | -97.5% | -120.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
RLX Technology Inc.'s Debt/EBITDA ratio is 1.5x, down from 1.6x last quarter — comfortably within a safe range. The current ratio has weakened 47.4% YoY to 5.70x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 |
| — | +206.5% | +571.0% | +268.5% | +61.5% | -39.9% | -62.9% | -52.0% | -30.4% | +10.1% | -68.0% | -67.2% | -77.4% | |
| Debt / EBITDA | 0.55 | 1.50 | 1.60 | 4.06 | 1.08 | — | — | — | — | — | — | 0.17 | — |
| — | — | — | — | — | — | — | — | — | — | — | +112.1% | — | |
| Current Ratio | 5.70 | 5.70 | 9.30 | 8.35 | 10.97 | 10.84 | 12.42 | 14.38 | 14.03 | 13.44 | 14.86 | 17.17 | 20.13 |
| — | -47.4% | -25.1% | -41.9% | -21.8% | -19.3% | -16.4% | -16.2% | -30.3% | -5.2% | +38.1% | +312.4% | +305.1% | |
| Quick Ratio | 5.55 | 5.55 | 9.08 | 8.12 | 10.83 | 10.68 | 12.31 | 14.25 | 13.86 | 13.22 | 14.73 | 17.01 | 19.92 |
| — | -48.0% | -26.2% | -43.0% | -21.9% | -19.2% | -16.5% | -16.2% | -30.4% | -5.7% | +37.4% | +313.3% | +310.3% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying RLX stock.
RLX Technology Inc.'s current P/E is 17.8x. The average P/E over the last 4 quarters is 3.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
RLX Technology Inc.'s current operating margin is 9.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking RLX Technology Inc.'s business trajectory between earnings reports.