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RLX TECHNOLOGY INC-ADR (RLX) Stock Fundamental Analysis

NYSE:RLX - US74969N1037 - ADR

2.54 USD
+0.07 (+2.83%)
Last: 8/29/2025, 8:04:01 PM
2.52 USD
-0.02 (-0.79%)
After Hours: 8/29/2025, 8:04:01 PM
Fundamental Rating

5

Taking everything into account, RLX scores 5 out of 10 in our fundamental rating. RLX was compared to 8 industry peers in the Tobacco industry. While RLX has a great health rating, its profitability is only average at the moment. RLX is valued quite expensively, but it does show have an excellent growth rating.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

RLX had positive earnings in the past year.
In the past year RLX had a positive cash flow from operations.
RLX had positive earnings in 4 of the past 5 years.
RLX had a positive operating cash flow in each of the past 5 years.
RLX Yearly Net Income VS EBIT VS OCF VS FCFRLX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 1B 2B

1.2 Ratios

RLX's Return On Assets of 3.76% is fine compared to the rest of the industry. RLX outperforms 62.50% of its industry peers.
RLX's Return On Equity of 3.96% is fine compared to the rest of the industry. RLX outperforms 62.50% of its industry peers.
With a Return On Invested Capital value of 0.12%, RLX is not doing good in the industry: 62.50% of the companies in the same industry are doing better.
Industry RankSector Rank
ROA 3.76%
ROE 3.96%
ROIC 0.12%
ROA(3y)5.12%
ROA(5y)4.91%
ROE(3y)5.38%
ROE(5y)4.52%
ROIC(3y)N/A
ROIC(5y)N/A
RLX Yearly ROA, ROE, ROICRLX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40

1.3 Margins

RLX's Profit Margin of 21.36% is amongst the best of the industry. RLX outperforms 87.50% of its industry peers.
RLX's Profit Margin has improved in the last couple of years.
RLX has a worse Operating Margin (0.73%) than 62.50% of its industry peers.
The Gross Margin of RLX (27.11%) is comparable to the rest of the industry.
RLX's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 0.73%
PM (TTM) 21.36%
GM 27.11%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-5.46%
PM growth 5Y45.47%
GM growth 3Y-15.04%
GM growth 5Y-6.75%
RLX Yearly Profit, Operating, Gross MarginsRLX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40

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8

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), RLX is destroying value.
The number of shares outstanding for RLX has been reduced compared to 1 year ago.
Compared to 5 years ago, RLX has less shares outstanding
Compared to 1 year ago, RLX has an improved debt to assets ratio.
RLX Yearly Shares OutstandingRLX Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 500M 1B
RLX Yearly Total Debt VS Total AssetsRLX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

The Debt to FCF ratio of RLX is 0.08, which is an excellent value as it means it would take RLX, only 0.08 years of fcf income to pay off all of its debts.
RLX's Debt to FCF ratio of 0.08 is amongst the best of the industry. RLX outperforms 100.00% of its industry peers.
A Debt/Equity ratio of 0.00 indicates that RLX is not too dependend on debt financing.
RLX's Debt to Equity ratio of 0.00 is amongst the best of the industry. RLX outperforms 87.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0.08
Altman-Z N/A
ROIC/WACC0.02
WACC6.99%
RLX Yearly LT Debt VS Equity VS FCFRLX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B

2.3 Liquidity

RLX has a Current Ratio of 10.97. This indicates that RLX is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 10.97, RLX belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
RLX has a Quick Ratio of 10.83. This indicates that RLX is financially healthy and has no problem in meeting its short term obligations.
RLX has a Quick ratio of 10.83. This is amongst the best in the industry. RLX outperforms 100.00% of its industry peers.
Industry RankSector Rank
Current Ratio 10.97
Quick Ratio 10.83
RLX Yearly Current Assets VS Current LiabilitesRLX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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7

3. Growth

3.1 Past

The earnings per share for RLX have decreased by -8.74% in the last year.
RLX shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 70.32% yearly.
RLX shows a strong growth in Revenue. In the last year, the Revenue has grown by 73.26%.
RLX shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 12.15% yearly.
EPS 1Y (TTM)-8.74%
EPS 3Y-33.16%
EPS 5Y70.32%
EPS Q2Q%-12.44%
Revenue 1Y (TTM)73.26%
Revenue growth 3Y-31.42%
Revenue growth 5Y12.15%
Sales Q2Q%40.62%

3.2 Future

The Earnings Per Share is expected to grow by 10.05% on average over the next years. This is quite good.
The Revenue is expected to grow by 18.21% on average over the next years. This is quite good.
EPS Next Y6.05%
EPS Next 2Y11.27%
EPS Next 3Y10.05%
EPS Next 5YN/A
Revenue Next Year14.97%
Revenue Next 2Y17.26%
Revenue Next 3Y18.21%
Revenue Next 5YN/A

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
RLX Yearly Revenue VS EstimatesRLX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2B 4B 6B 8B
RLX Yearly EPS VS EstimatesRLX Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1

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2

4. Valuation

4.1 Price/Earnings Ratio

RLX is valuated quite expensively with a Price/Earnings ratio of 25.40.
The rest of the industry has a similar Price/Earnings ratio as RLX.
RLX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.13, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 20.52, which indicates a rather expensive current valuation of RLX.
Compared to the rest of the industry, the Price/Forward Earnings ratio of RLX is on the same level as its industry peers.
The average S&P500 Price/Forward Earnings ratio is at 22.76. RLX is around the same levels.
Industry RankSector Rank
PE 25.4
Fwd PE 20.52
RLX Price Earnings VS Forward Price EarningsRLX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, RLX is valued a bit more expensive than the industry average as 62.50% of the companies are valued more cheaply.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of RLX indicates a somewhat cheap valuation: RLX is cheaper than 62.50% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 20.87
EV/EBITDA 107.33
RLX Per share dataRLX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0.5 1 1.5

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates RLX does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)4.2
PEG (5Y)0.36
EPS Next 2Y11.27%
EPS Next 3Y10.05%

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1

5. Dividend

5.1 Amount

With a yearly dividend of 0.65%, RLX is not a good candidate for dividend investing.
RLX's Dividend Yield is comparable with the industry average which is at 3.72.
Compared to an average S&P500 Dividend Yield of 2.32, RLX's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.65%

5.2 History

RLX has paid a dividend for less than 5 years, so there is no long track record yet.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
RLX Yearly Dividends per shareRLX Yearly Dividends per shareYearly Dividends per share 2023 2024 2025 0.01 0.01 0.02

5.3 Sustainability

DPN/A
EPS Next 2Y11.27%
EPS Next 3Y10.05%
RLX Yearly Income VS Free CF VS DividendRLX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B 2B 2.5B

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RLX TECHNOLOGY INC-ADR

NYSE:RLX (8/29/2025, 8:04:01 PM)

After market: 2.52 -0.02 (-0.79%)

2.54

+0.07 (+2.83%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryTobacco
Earnings (Last)08-22 2025-08-22/bmo
Earnings (Next)11-13 2025-11-13
Inst Owners28.05%
Inst Owner Change0.82%
Ins Owners47.75%
Ins Owner ChangeN/A
Market Cap3.09B
Analysts77.5
Price Target2.85 (12.2%)
Short Float %21.05%
Short Ratio4.35
Dividend
Industry RankSector Rank
Dividend Yield 0.65%
Yearly Dividend0.01
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-Date09-12 2025-09-12 (0.01)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)2.65%
Min EPS beat(2)-5.94%
Max EPS beat(2)11.24%
EPS beat(4)1
Avg EPS beat(4)-1.37%
Min EPS beat(4)-9.79%
Max EPS beat(4)11.24%
EPS beat(8)4
Avg EPS beat(8)35.36%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)5.08%
Min Revenue beat(2)4.84%
Max Revenue beat(2)5.33%
Revenue beat(4)3
Avg Revenue beat(4)2.07%
Min Revenue beat(4)-2.73%
Max Revenue beat(4)5.33%
Revenue beat(8)6
Avg Revenue beat(8)1%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-2.19%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.13%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.53%
Valuation
Industry RankSector Rank
PE 25.4
Fwd PE 20.52
P/S 7.35
P/FCF 20.87
P/OCF 20.87
P/B 1.36
P/tB 1.37
EV/EBITDA 107.33
EPS(TTM)0.1
EY3.94%
EPS(NY)0.12
Fwd EY4.87%
FCF(TTM)0.12
FCFY4.79%
OCF(TTM)0.12
OCFY4.79%
SpS0.35
BVpS1.87
TBVpS1.85
PEG (NY)4.2
PEG (5Y)0.36
Profitability
Industry RankSector Rank
ROA 3.76%
ROE 3.96%
ROCE 0.13%
ROIC 0.12%
ROICexc 0.24%
ROICexgc 0.24%
OM 0.73%
PM (TTM) 21.36%
GM 27.11%
FCFM 35.19%
ROA(3y)5.12%
ROA(5y)4.91%
ROE(3y)5.38%
ROE(5y)4.52%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-5.46%
PM growth 5Y45.47%
GM growth 3Y-15.04%
GM growth 5Y-6.75%
F-Score6
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0.08
Debt/EBITDA 0.61
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 250
Cash Conversion 1082.41%
Profit Quality 164.73%
Current Ratio 10.97
Quick Ratio 10.83
Altman-Z N/A
F-Score6
WACC6.99%
ROIC/WACC0.02
Cap/Depr(3y)25.61%
Cap/Depr(5y)45.41%
Cap/Sales(3y)1.11%
Cap/Sales(5y)1.08%
Profit Quality(3y)71.47%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-8.74%
EPS 3Y-33.16%
EPS 5Y70.32%
EPS Q2Q%-12.44%
EPS Next Y6.05%
EPS Next 2Y11.27%
EPS Next 3Y10.05%
EPS Next 5YN/A
Revenue 1Y (TTM)73.26%
Revenue growth 3Y-31.42%
Revenue growth 5Y12.15%
Sales Q2Q%40.62%
Revenue Next Year14.97%
Revenue Next 2Y17.26%
Revenue Next 3Y18.21%
Revenue Next 5YN/A
EBIT growth 1Y112.87%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year60.51%
EBIT Next 3Y42.63%
EBIT Next 5YN/A
FCF growth 1Y1194.78%
FCF growth 3Y-20.26%
FCF growth 5Y27.93%
OCF growth 1Y2132.63%
OCF growth 3Y-21.99%
OCF growth 5Y20.37%