RLX Technology (RLX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RLX SEC filings page.
RLX Technology Inc. (RLX) reported $566.1M in revenue for fiscal year 2025, up 50.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
RLX’s recovery is becoming more profitable and cash-generative, but FY2025 also brought a sharp shift toward greater short-term balance-sheet obligations.
FY2025’s operating turnaround was not just sales growth: revenue rose50.3% while SG&A increased only1.4% , helping operating margin move from-3.9% to8.3% . That pattern points to fixed-cost absorption as an important profit mechanism, rather than allowing the margin improvement to be attributed solely to pricing or product mix.
Operating cash flow exceeded net income, with conversion at
Total liabilities grew
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of RLX Technology Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
RLX Technology Inc. has an operating margin of 8.3%, meaning the company retains $8 of operating profit per $100 of revenue. Among its peers this margin ranks in the lower range, for a profitability score of 20/100. This is up from -3.9% the prior year.
RLX Technology Inc.'s revenue surged 50.3% year-over-year to $566.1M, reflecting rapid business expansion. This strong growth earns a score of 96/100.
With a current ratio of 5.70, RLX Technology Inc. holds $5.70 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
RLX Technology Inc. converts 24.9% of revenue into free cash flow ($141.1M). This strong cash generation earns a score of 90/100.
RLX Technology Inc. generates a 5.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 3.5% the prior year.
RLX Technology Inc. scores 5.07, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $2.0B against total liabilities of $314.3M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
RLX Technology Inc. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, RLX Technology Inc. generates $1.20 in operating cash flow ($157.9M OCF vs $131.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
RLX Technology Inc. earns $51.38 in operating income for every $1 of interest expense ($47.0M vs $914K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
RLX Technology Inc. generated $566.1M in revenue in fiscal year 2025. This represents an increase of 50.3% from the prior year.
RLX Technology Inc.'s EBITDA was $55.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
RLX Technology Inc. reported $131.8M in net income in fiscal year 2025. This represents an increase of 74.4% from the prior year.
RLX Technology Inc. earned $0.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 70.3% from the prior year.
Cash & Balance Sheet
RLX Technology Inc. generated $141.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.0% from the prior year.
RLX Technology Inc. held $767.5M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
RLX Technology Inc.'s gross margin was 29.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.5 percentage points from the prior year.
RLX Technology Inc.'s operating margin was 8.3% in fiscal year 2025, reflecting core business profitability. This is up 12.2 percentage points from the prior year.
RLX Technology Inc.'s net profit margin was 23.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.
RLX Technology Inc.'s ROE was 5.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.
Capital Allocation
RLX Technology Inc. invested $18.7M in research and development in fiscal year 2025. This represents an increase of 54.8% from the prior year.
RLX Technology Inc. spent $26.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 67.4% from the prior year.
RLX Technology Inc. invested $16.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1118.4% from the prior year.
RLX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Revenue | $566.1M+50.3% | $376.6M+68.5% | $223.4M-71.1% | $773.2M-42.2% | $1.3B+128.4% | $585.4M+163.0% | $222.6M+1053.8% | $19.3M |
| Cost of Revenue | $348.0M+47.9% | $235.4M+95.1% | $120.6M-72.0% | $431.3M-43.3% | $760.9M+116.6% | $351.3M+152.5% | $139.1M+1203.6% | $10.7M |
| Gross Profit | $169.3M+70.0% | $99.5M+82.3% | $54.6M-83.7% | $334.2M-42.0% | $576.2M+146.1% | $234.1M+180.5% | $83.4M+868.4% | $8.6M |
| R&D Expenses | $18.7M+54.8% | $12.1M-50.3% | $24.3M-47.1% | $46.0M+62.9% | $28.2M-38.4% | $45.9M+900.0% | $4.6M+1427.2% | $300K |
| SG&A Expenses | $103.5M+1.4% | $102.1M+1.9% | $100.2M-25.2% | $134.1M-28.4% | $187.3M+0.6% | $186.2M+163.2% | $70.8M+785.0% | $8.0M |
| Operating Income | $47.0Mn/m | -$14.7Mn/m | -$70.0M-145.4% | $154.2M-57.3% | $360.7M+17800.1% | $2.0M-75.1% | $8.1M+2418.6% | $322K |
| EBITDA | $55.6Mn/m | -$9.2Mn/m | -$63.4M-138.2% | $166.0M-54.9% | $367.9M+6528.0% | $5.6M-35.1% | $8.6M+2559.6% | $322K |
| Interest Expense | $914K+3692.6% | $24K | N/A | $203K | N/A | N/A | N/A | $16K |
| Income Tax | $17.0M+31.5% | $12.9M+81.0% | $7.1M-86.7% | $53.9M-45.6% | $99.1M+180.4% | $35.3M+848.8% | $3.7M+973.5% | $347K |
| Net Income | $131.8M+74.4% | $75.6M+0.5% | $75.3M-64.0% | $209.0M-34.2% | $317.7Mn/m | -$19.6M-386.2% | $6.9Mn/m | -$42K |
| EPS (Basic) | $0.10+62.5% | $0.06+7.2% | $0.06-63.8% | $0.16-30.2% | $0.23n/m | -$0.01-389.4% | $0.00n/m | $0.00 |
| EPS (Diluted) | $0.10+70.3% | $0.06+4.3% | $0.06-64.3% | $0.16-30.2% | $0.23n/m | -$0.01-389.4% | $0.00n/m | $0.00 |
| Diluted Shares (Avg) | 1.22B-5.0% | 1.29B-3.8% | 1.34B+0.9% | 1.33B-5.8% | 1.41B-1.9% | 1.44B0.0% | 1.44B+20.3% | 1.19B |
RLX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B+10.9% | $2.3B+0.6% | $2.3B-3.2% | $2.4B-7.5% | $2.6B+312.7% | $622.2M+200.0% | $207.4M | N/A |
| Current Assets | $1.6B+25.7% | $1.3B+0.7% | $1.3B-22.1% | $1.6B-25.8% | $2.2B+269.4% | $592.6M+248.8% | $169.9M | N/A |
| Cash & Equivalents | $767.5M+0.2% | $766.3M+127.6% | $336.7M+83.1% | $183.9M-77.5% | $817.4M+378.8% | $170.7M+776.9% | $19.5M+96.4% | $9.9M |
| Short-Term Investments | $332.7M+237.4% | $98.6M-77.4% | $435.7M+23.4% | $353.0M-37.9% | $568.3M+151.7% | $225.8M+3829.9% | $5.7Mn/m | $0 |
| Inventory | $42.6M+118.0% | $19.5M-4.3% | $20.4M+7.5% | $19.0M-79.5% | $92.4M+83.3% | $50.4M+60.1% | $31.5M | N/A |
| Accounts Receivable | N/A | N/A | N/A | $7.4M+280.0% | $2.0M-12.3% | $2.2M-59.9% | $5.6M | N/A |
| Long-Term Investments | $1.2M+8.7% | $1.1M-2.7% | $1.1M-2.9% | $1.2M-38.4% | $1.9M+207.2% | $613K-14.6% | $718Kn/m | $0 |
| Goodwill | $81.1M+893.6% | $8.2M-12.9% | $9.4M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $314.3M+160.4% | $120.7M+19.6% | $100.9M-17.0% | $121.6M-72.8% | $446.7M+14.2% | $391.0M+103.5% | $192.2M | N/A |
| Current Liabilities | $281.0M+139.1% | $117.5M+24.8% | $94.2M-17.8% | $114.5M-73.3% | $429.6M+12.3% | $382.6M+329.7% | $89.0M | N/A |
| Non-Current Liabilities | $33.3M+945.6% | $3.2M-52.9% | $6.8M-4.1% | $7.0M-58.7% | $17.1M+103.7% | $8.4M-91.9% | $103.1M | N/A |
| Total Equity | $2.2B+2.1% | $2.2B-0.4% | $2.2B-2.6% | $2.3B+6.4% | $2.1B+817.3% | $231.2M+1414.5% | $15.3M+1484.8% | $963K |
| Retained Earnings | $589.1M+1.9% | $578.1M+9.0% | $530.4M+10.0% | $482.0M+60.9% | $299.5Mn/m | -$12.5M-287.5% | $6.7M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
RLX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $157.9M+34.9% | $117.0M+318.2% | $28.0M-60.3% | $70.6M-75.0% | $282.4M-28.8% | $396.8M+717.1% | $48.6Mn/m | -$142K |
| Depreciation & Amortization | $8.6M+56.4% | $5.5M-15.8% | $6.6M-44.5% | $11.8M+64.8% | $7.2M+102.6% | $3.5M+680.1% | $453Kn/m | $0 |
| Stock-Based Compensation | $26.6M-47.4% | $50.6M-0.9% | $51.1M+112.1% | $24.1M-31.3% | $35.0M-75.4% | $142.4M+1780.5% | $7.6M+665.4% | $989K |
| Capital Expenditures | $16.8M+1118.4% | $1.4M-65.2% | $4.0M-29.0% | $5.6M-72.7% | $20.5M+965.3% | $1.9M-84.2% | $12.2M+289250.9% | $4K |
| Free Cash Flow | $141.1M+22.0% | $115.7M+381.7% | $24.0M-63.0% | $65.0M-75.2% | $261.9M-33.7% | $394.9M+986.0% | $36.4Mn/m | -$146K |
| Investing Cash Flow | -$117.6M-128.4% | $413.5M+40.4% | $294.5Mn/m | -$599.2Mn/m | -$1.2Bn/m | -$277.8Mn/m | -$71.5Mn/m | -$58K |
| Financing Cash Flow | -$40.4Mn/m | -$92.9Mn/m | -$168.1Mn/m | -$69.2M-104.5% | $1.6B+5698.8% | $26.8M-67.6% | $82.8M+718.0% | $10.1M |
| Dividends Paid | $13.1M+7.5% | $12.2M-6.5% | $13.0M | N/A | N/A | N/A | $5.2M | N/A |
| Share Buybacks | $26.3M-67.4% | $80.7M-42.5% | $140.4M+93.5% | $72.5M+262.6% | $20.0M | N/A | N/A | N/A |
RLX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.9%+3.5pp | 26.4%+2.0pp | 24.4%-18.8pp | 43.2%+0.1pp | 43.1%+3.1pp | 40.0%+2.5pp | 37.5%-7.2pp | 44.7% |
| Operating Margin | 8.3%+12.2pp | -3.9%+27.4pp | -31.3%-51.2pp | 19.9%-7.0pp | 27.0%+26.6pp | 0.3%-3.3pp | 3.6%+2.0pp | 1.7% |
| Net Margin | 23.3%+3.2pp | 20.1%-13.6pp | 33.7%+6.7pp | 27.0%+3.3pp | 23.8%+27.1pp | -3.4%-6.4pp | 3.1%+3.3pp | -0.2% |
| Return on Equity | 5.9%+2.4pp | 3.5%0.0pp | 3.4%-5.8pp | 9.3%-5.7pp | 15.0%+23.5pp | -8.5%-53.4pp | 44.9%+49.3pp | -4.3% |
| Return on Assets | 5.1%+1.9pp | 3.3%0.0pp | 3.3%-5.5pp | 8.8%-3.6pp | 12.4%+15.5pp | -3.2%-6.5pp | 3.3% | N/A |
| Current Ratio | 5.70-5.1x | 10.84-2.6x | 13.44-0.7x | 14.18+9.1x | 5.10+3.5x | 1.55-0.4x | 1.91 | N/A |
| Liabilities-to-Equity | 0.14+0.1x | 0.060.0x | 0.050.0x | 0.05-0.2x | 0.21-1.5x | 1.69-10.9x | 12.59 | N/A |
| Asset Turnover | 0.22+0.1x | 0.16+0.1x | 0.10-0.2x | 0.33-0.2x | 0.52-0.4x | 0.94-0.1x | 1.07 | N/A |
| FCF Margin | 24.9%-5.8pp | 30.7%+20.0pp | 10.8%+2.3pp | 8.4%-11.2pp | 19.6%-47.9pp | 67.5%+51.1pp | 16.3%+17.1pp | -0.8% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| RLX Technology Inc. RLX | FY2025 | $566.1M | $131.8M | 23.3% | $2.0B | 68/100 |
| Turning Point Brands, Inc. TPB | FY2025 | $463.1M | $58.2M | 12.6% | $1.3B | 79/100 |
| Universal Corporation UVV | FY2026 | $2.9B | $32.6M | 1.1% | $970.1M | 54/100 |
| British American Tobacco p.l.c. BTI | FY2025 | $34.4B | $10.4B | 30.3% | $129.2B | 41/100 |
| Altria Group, Inc. MO | FY2025 | $23.3B | $6.9B | 29.8% | $122.9B | 59/100 |
| Ispire Technology Inc. ISPR | FY2026 | $96.0M | -$33.2M | -34.6% | $78.0M | 51/100 |
Where RLX Technology Inc. Ranks
Frequently Asked Questions
What is RLX Technology Inc.'s annual revenue?
RLX Technology Inc. (RLX) reported $566.1M in total revenue for fiscal year 2025. This represents a 50.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is RLX Technology Inc.'s revenue growing?
RLX Technology Inc. (RLX) revenue grew by 50.3% year-over-year, from $376.6M to $566.1M in fiscal year 2025.
Is RLX Technology Inc. profitable?
Yes, RLX Technology Inc. (RLX) reported a net income of $131.8M in fiscal year 2025, with a net profit margin of 23.3%.
What is RLX Technology Inc.'s EBITDA?
RLX Technology Inc. (RLX) had EBITDA of $55.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is RLX Technology Inc.'s gross margin?
RLX Technology Inc. (RLX) had a gross margin of 29.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is RLX Technology Inc.'s operating margin?
RLX Technology Inc. (RLX) had an operating margin of 8.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is RLX Technology Inc.'s net profit margin?
RLX Technology Inc. (RLX) had a net profit margin of 23.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is RLX Technology Inc.'s return on equity (ROE)?
RLX Technology Inc. (RLX) has a return on equity of 5.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is RLX Technology Inc.'s free cash flow?
RLX Technology Inc. (RLX) generated $141.1M in free cash flow during fiscal year 2025. This represents a 22.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is RLX Technology Inc.'s operating cash flow?
RLX Technology Inc. (RLX) generated $157.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are RLX Technology Inc.'s total assets?
RLX Technology Inc. (RLX) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are RLX Technology Inc.'s capital expenditures?
RLX Technology Inc. (RLX) invested $16.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does RLX Technology Inc. spend on research and development?
RLX Technology Inc. (RLX) invested $18.7M in research and development during fiscal year 2025.
What is RLX Technology Inc.'s current ratio?
RLX Technology Inc. (RLX) had a current ratio of 5.70 as of fiscal year 2025, which is generally considered healthy.
What is RLX Technology Inc.'s liabilities-to-equity ratio?
RLX Technology Inc. (RLX) had a liabilities-to-equity ratio of 0.14 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is RLX Technology Inc.'s return on assets (ROA)?
RLX Technology Inc. (RLX) had a return on assets of 5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is RLX Technology Inc.'s P/E ratio?
RLX Technology Inc. (RLX) trades at 15.3x earnings, its market capitalization divided by $131.8M net income, FY2025. The market capitalization is $2.0B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is RLX Technology Inc.'s price-to-sales ratio?
RLX Technology Inc. (RLX) trades at 3.6x sales, its market capitalization divided by $566.1M revenue, FY2025. The market capitalization is $2.0B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is RLX Technology Inc.'s Altman Z-Score?
RLX Technology Inc. (RLX) has an Altman Z-Score of 5.07, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is RLX Technology Inc.'s Piotroski F-Score?
RLX Technology Inc. (RLX) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are RLX Technology Inc.'s earnings high quality?
RLX Technology Inc. (RLX) has an earnings quality ratio of 1.20x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can RLX Technology Inc. cover its interest payments?
RLX Technology Inc. (RLX) has an interest coverage ratio of 51.38x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is RLX Technology Inc.?
RLX Technology Inc. (RLX) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.