Last 21 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 4.1x, up 18.1% year-over-year — indicating the stock has re-rated higher or earnings have softened.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 34.09 | 4.11 | 3.25 | 2.76 | 5.72 | 3.48 | 4.60 | 4.80 | 3.13 | 2.90 | 2.95 | — | — |
| — | +18.1% | -29.3% | -42.4% | +83.1% | +19.9% | +55.9% | — | — | +320.4% | +93.9% | — | — | |
| P/S Ratio | 5.46 | 0.82 | 0.91 | 0.87 | 0.95 | 0.86 | 1.06 | 1.33 | 1.27 | 1.55 | 1.58 | 7.67 | 2.62 |
| — | -4.0% | -13.9% | -34.6% | -25.4% | -44.6% | -33.2% | -82.7% | -51.6% | +363.5% | +399.5% | +2070.6% | +277.0% | |
| P/B Ratio | 1.18 | 0.21 | 0.18 | 0.15 | 0.17 | 0.15 | 0.15 | 0.16 | 0.17 | 0.93 | 1.09 | 0.25 | 0.19 |
| — | +41.3% | +18.0% | -6.6% | +2.8% | -84.0% | -86.1% | -33.7% | -12.4% | +46.0% | -16.4% | -78.4% | -50.5% | |
| P/FCF | 15.84 | 2.38 | 3.15 | 2.97 | 1.43 | 3.72 | 3.00 | 155.39 | 2.26 | 7.52 | 14.49 | — | — |
| — | -36.0% | +4.9% | -98.1% | -36.7% | -50.5% | -79.3% | — | — | — | +2854.2% | — | — | |
| EV / EBITDA | — | 0.28 | -5.17 | -7.00 | — | — | — | — | — | — | 7.54 | — | — |
| — | — | — | — | — | — | — | — | — | — | +428.8% | — | — | |
| EV / EBIT | — | 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 9.0% in Q3 2025, up 4.1 pp QoQ and up 10.6 pp YoY. The trailing four-quarter average of 5.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 12.5% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.7% | 34.1% | 30.5% | 32.6% | 29.9% | 30.3% | 28.3% | 30.4% | 26.4% | 32.2% | 26.1% | 36.8% | 51.6% |
| — | +12.5% | +7.9% | +7.4% | +13.1% | -6.0% | +8.5% | -17.4% | -48.8% | -35.5% | -40.5% | -4.1% | +28.4% | |
| Operating Margin | -4.4% | 9.0% | 4.9% | 10.9% | -1.6% | -1.6% | -6.0% | -11.0% | -26.0% | -12.0% | 13.6% | -300.0% | -164.3% |
| — | +674.8% | +182.2% | +199.6% | +94.0% | +86.9% | -143.9% | +96.3% | +84.2% | -126.9% | -32.1% | -924.9% | -686.0% | |
| Net Margin | 22.6% | 19.7% | 27.3% | 31.3% | 16.6% | 24.4% | 23.7% | 28.0% | 41.7% | 52.2% | 53.6% | -45.8% | -79.5% |
| — | -19.4% | +15.4% | +11.8% | -60.3% | -53.3% | -55.8% | +161.2% | +152.4% | +8.2% | +159.8% | -211.3% | -406.8% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 1.3% | 1.3% | 1.4% | 0.8% | 1.1% | 0.9% | 0.9% | 2.4% | 7.8% | 2.3% | -0.4% | -2.6% |
| — | +18.4% | +56.9% | +61.9% | -68.5% | -86.4% | -62.6% | +332.6% | +194.9% | -66.2% | -89.3% | -104.1% | -140.7% | |
| ROA | 3.3% | 1.2% | 1.3% | 1.3% | 0.7% | 1.0% | 0.8% | 0.8% | 2.3% | 7.5% | 2.2% | -0.4% | -2.4% |
| — | +15.0% | +53.7% | +60.4% | -68.7% | -86.5% | -62.9% | +332.6% | +196.1% | -62.7% | -87.7% | -104.7% | -146.5% | |
| ROIC | -0.7% | 0.5% | 0.2% | 0.5% | -0.1% | -0.1% | -0.2% | -0.3% | -1.3% | -1.5% | 0.5% | -2.0% | -4.3% |
| — | +960.4% | +224.6% | +279.8% | +94.4% | +95.9% | -140.8% | +85.1% | +68.8% | -109.0% | -97.5% | -120.9% | -151.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
RLX Technology Inc.'s Debt/EBITDA ratio is 1.6x, down from 4.1x last quarter — comfortably within a safe range. The current ratio has weakened 25.1% YoY to 9.30x, tightening the short-term liquidity position.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 0.01 |
| — | +571.0% | +268.5% | +61.5% | -39.9% | -62.9% | -52.0% | -30.4% | +10.1% | -68.0% | -67.2% | -77.4% | -59.6% | |
| Debt / EBITDA | — | 1.60 | 4.06 | 1.08 | — | — | — | — | — | — | 0.17 | — | — |
| — | — | — | — | — | — | — | — | — | — | +112.1% | — | — | |
| Current Ratio | 10.84 | 9.30 | 8.35 | 10.97 | 10.84 | 12.42 | 14.38 | 14.03 | 13.44 | 14.86 | 17.17 | 20.13 | 14.18 |
| — | -25.1% | -41.9% | -21.8% | -19.3% | -16.4% | -16.2% | -30.3% | -5.2% | +38.1% | +312.4% | +305.1% | +178.2% | |
| Quick Ratio | 10.68 | 9.08 | 8.12 | 10.83 | 10.68 | 12.31 | 14.25 | 13.86 | 13.22 | 14.73 | 17.01 | 19.92 | 14.01 |
| — | -26.2% | -43.0% | -21.9% | -19.2% | -16.5% | -16.2% | -30.4% | -5.7% | +37.4% | +313.3% | +310.3% | +187.1% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 21 years · Updated daily
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RLX Technology Inc.'s current P/E is 34.1x. The average P/E over the last 4 quarters is 4.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
RLX Technology Inc.'s current operating margin is -4.4%. 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.