RLX Technology Inc.(RLX)Earnings, Financials & Key Ratios
RLX•NYSE
$1.96
19.0× P/E·Price updated Jul 6, 2026
AboutRLX Technology Inc., together with its subsidiaries, researchers, develops, manufactures, distributes, and sells e-vapor products in the People's Republic of China. It serves RELX branded partner stores and other retail outlets through distributors. RLX Technology Inc. was founded in 2018 and is based in Beijing, China.Show more
- Revenue$3.52B+43.9%
- EBITDA$411M+778.1%
- Net Income$897M+62.5%
- EPS (Diluted)0.70+62.8%
- Gross Margin32.72%+10.1%
- EBITDA Margin11.68%+571.1%
- Operating Margin9.08%+307.2%
- Net Margin25.49%+12.9%
- ROE5.65%+61.8%
RLX Price & Volume
RLX Technology Inc. (RLX) stock price & volume — 10-year historical chart
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Regulatory Constraints Limit Long Term Margin Expansion
Investment Thesis • Updated 2025Q4
VerdictNeutral
Growth:Accelerating
Profitability:Moderate
Financial:Fortress
Cash Flow:Robust
Primary Risk:Regulatory Policy Overhang
Key Thesis Takeaways
- RLX Technology demonstrates a resilient recovery with 44.8% year-over-year revenue growth in 2025Q4, yet the business model remains structurally constrained by a 36% excise tax and mandatory state-platform integration.
- While the company maintains a fortress balance sheet with $5.5 billion in cash, its profitability is heavily reliant on non-operating interest income rather than core operational leverage.
- Investors should monitor whether the recent $117.7 million spike in capital expenditure signals a sustainable pivot toward infrastructure compliance or merely a temporary increase in regulatory-driven costs.
Verdict Logic
while the forward P/E of 1.99 appears attractive, the company's reliance on non-operating interest income to support a 25.9% net margin suggests significant underlying operational risks in a state-controlled environment.
RLX Growth Metrics
RLX Technology Inc. (RLX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-1.63%
3 Years-12.94%
TTM47.36%
Profit CAGR
10 Years-
5 Years-
3 Years-14.63%
TTM66.36%
EPS CAGR
10 Years-
5 Years-
3 Years-13.72%
TTM69.65%
Return on Capital
10 Years20.35%
5 Years7.72%
3 Years-0.62%
Last Year2%
RLX Recent Earnings
RLX Technology Inc. (RLX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (8%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 20, 2026Metric
Actual
Est
EPS
$0.03-3.3%
$0.03
Rev
$230M+37.6%
$167M
Q2 2026
Mar 13, 2026Metric
Actual
Est
EPS
$0.03-9.7%
$0.03
Rev
$163M+5.7%
$154M
Q4 2025
Nov 14, 2025Metric
Actual
Est
EPS
$0.02-38.9%
$0.03
Rev
$145M-4.5%
$152M
Q3 2025
Aug 22, 2025Metric
Actual
Est
EPS
$0.02-24.7%
$0.03
Rev
$111M+9.5%
$101M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 20, 2026 | $0.03vs $0.03-3.3% | $230Mvs $167M+37.6% |
| Q2 2026 | Mar 13, 2026 | $0.03vs $0.03-9.7% | $163Mvs $154M+5.7% |
| Q4 2025 | Nov 14, 2025 | $0.02vs $0.03-38.9% | $145Mvs $152M-4.5% |
| Q3 2025 | Aug 22, 2025 | $0.02vs $0.03-24.7% | $111Mvs $101M+9.5% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for RLX Technology Inc. (RLX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $1.96 | $2.4B | 19.02 | 43.94% | 25.49% | 5.65% | 0.56% | |
| $71.88 | $120.18B | 17.49 | -1.49% | 36.91% | — | — | |
| $184.76 | $287.95B | 25.45 | 7.31% | 26.74% | — | — | |
| $61.46 | $133.15B | 13.21 | -0.99% | 21.04% | 21.69% | — | |
| $85.54 | $1.66B | 27.50 | 28.39% | 11.53% | 16.54% | — | |
| $4.28 | $1.48M | -0.08 | -40.66% | -44.9% | -25.03% | — |
Compare RLX vs Peers
RLX Technology Inc. (RLX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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RLX Frequently Asked Questions
RLX Technology Inc. (RLX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is RLX Technology Inc.'s revenue?
RLX Technology Inc. (RLX) reported $3.60B in revenue for fiscal year 2025. This represents a 2616% increase from $132.6M in 2018.
How fast is RLX Technology Inc. growing?
RLX Technology Inc. (RLX) grew revenue by 43.9% over the past year. This is strong growth.
Is RLX profitable?
Yes, RLX Technology Inc. (RLX) is profitable, generating $918.0M in net income for fiscal year 2025 (25.5% net margin).
Dividend & Returns
Does RLX pay dividends?
Yes, RLX Technology Inc. (RLX) pays a dividend with a yield of 0.56%. This makes it attractive for income-focused investors.
What is RLX's return on equity?
RLX Technology Inc. (RLX) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.
What is RLX Technology Inc.'s free cash flow?
RLX Technology Inc. (RLX) generated $985.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.