RLX Technology Inc. American (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 Sep 12, 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. American (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 6 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 2025 rebound is driven by operating-cost absorption and cash-backed profitability, not just top-line recovery.
From FY2024 to FY2025, operating margin moved from-3.9% to8.3% , showing that the rebound reached operating profit rather than stopping at gross profit. Meanwhile, SG&A fell from$70.7M to$48.2M while revenue expanded, pointing to fixed-cost absorption alongside better gross economics.
Cash conversion strengthened materially: FY2025 operating cash flow exceeded net income, at
Free cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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. American'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. American has an operating margin of 8.3%, meaning the company retains $8 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is up from -3.9% the prior year.
RLX Technology Inc. American's revenue surged 50.3% year-over-year to $566.1M, reflecting rapid business expansion. This strong growth earns a score of 96/100.
RLX Technology Inc. American carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.70, RLX Technology Inc. American 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. American converts 24.9% of revenue into free cash flow ($141.1M). This strong cash generation earns a score of 90/100.
RLX Technology Inc. American's ROE of 5.9% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 3.5% the prior year.
RLX Technology Inc. American scores 5.35, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.2B) relative to total liabilities ($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. American 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. American 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. American earns $51.40 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
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
RLX Technology Inc. American held $767.5M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
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.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
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 | Q4'2520-F | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K |
|---|---|---|---|---|---|---|
| Total Assets | $2.6B+10.9% | $2.3B+0.6% | $2.3B-3.2% | $2.4B-7.5% | $2.6B+312.7% | $622.2M |
| Current Assets | $1.6B+25.7% | $1.3B+0.7% | $1.3B-22.1% | $1.6B-25.8% | $2.2B+269.4% | $592.6M |
| Cash & Equivalents | $767.5M+0.2% | $766.3M+127.6% | $336.7M+83.1% | $183.9M-77.5% | $817.4M+378.8% | $170.7M |
| 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 |
| Inventory | $42.6M+118.0% | $19.5M-4.3% | $20.4M+7.5% | $19.0M-79.5% | $92.4M+83.3% | $50.4M |
| Long-Term Investments | $1.2M+8.7% | $1.1M-2.8% | $1.1M-2.8% | $1.2M-38.4% | $1.9M+207.2% | $613K |
| Goodwill | $81.1M+893.6% | $8.2M-12.9% | $9.4M | 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 |
| Current Liabilities | $281.0M+139.1% | $117.5M+24.8% | $94.2M-17.8% | $114.5M-73.3% | $429.6M+12.3% | $382.6M |
| 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 |
| Total Equity | $2.2B+2.1% | $2.2B-0.4% | $2.2B-2.6% | $2.3B+6.4% | $2.1B+817.3% | $231.2M |
| Retained Earnings | $589.1M+1.9% | $578.1M+9.0% | $530.4M+10.0% | $482.0M+60.9% | $299.5M+2494.1% | -$12.5M |
Not reported in any period shown, so not listed: Accounts Receivable, 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.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
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.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
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. American RLX | FY2025 | $566.1M | $131.8M | 23.3% | $2.2B | 68/100 |
| Turning Pt Brands Inc TPB | FY2025 | $463.1M | $58.2M | 12.6% | $1.4B | 80/100 |
| Universal UVV | FY2026 | $2.9B | $33K | 0.0% | $1.1B | 54/100 |
| Altria Group MO | FY2025 | $23.3B | $6.9B | 29.8% | $114.9B | 59/100 |
| ISPIRE TECHNOLOGY INC ISPR | FY2025 | $127.5M | -$39.2M | -30.8% | $82.1M | 44/100 |
Where RLX Technology Inc. American Ranks
Frequently Asked Questions
What is RLX Technology Inc. American's annual revenue?
RLX Technology Inc. American (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. American's revenue growing?
RLX Technology Inc. American (RLX) revenue grew by 50.3% year-over-year, from $376.6M to $566.1M in fiscal year 2025.
Is RLX Technology Inc. American profitable?
Yes, RLX Technology Inc. American (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. American's EBITDA?
RLX Technology Inc. American (RLX) had EBITDA of $55.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is RLX Technology Inc. American's gross margin?
RLX Technology Inc. American (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. American's operating margin?
RLX Technology Inc. American (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. American's net profit margin?
RLX Technology Inc. American (RLX) had a net profit margin of 23.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does RLX Technology Inc. American pay dividends?
Yes, RLX Technology Inc. American (RLX) paid $0.11 per share in dividends during fiscal year 2025.
What is RLX Technology Inc. American's return on equity (ROE)?
RLX Technology Inc. American (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. American's free cash flow?
RLX Technology Inc. American (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. American's operating cash flow?
RLX Technology Inc. American (RLX) generated $157.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are RLX Technology Inc. American's total assets?
RLX Technology Inc. American (RLX) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are RLX Technology Inc. American's capital expenditures?
RLX Technology Inc. American (RLX) invested $16.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does RLX Technology Inc. American spend on research and development?
RLX Technology Inc. American (RLX) invested $18.7M in research and development during fiscal year 2025.
What is RLX Technology Inc. American's current ratio?
RLX Technology Inc. American (RLX) had a current ratio of 5.70 as of fiscal year 2025, which is generally considered healthy.
What is RLX Technology Inc. American's debt-to-equity ratio?
RLX Technology Inc. American (RLX) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is RLX Technology Inc. American's return on assets (ROA)?
RLX Technology Inc. American (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. American's P/E ratio?
RLX Technology Inc. American (RLX) trades at 16.4x earnings, its market capitalization divided by net income of $131.8M net income, FY2025. The market capitalization is $2.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is RLX Technology Inc. American's price-to-sales ratio?
RLX Technology Inc. American (RLX) trades at 3.8x sales, its market capitalization divided by revenue of $566.1M revenue, FY2025. The market capitalization is $2.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is RLX Technology Inc. American's Altman Z-Score?
RLX Technology Inc. American (RLX) has an Altman Z-Score of 5.35, 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. American's Piotroski F-Score?
RLX Technology Inc. American (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. American's earnings high quality?
RLX Technology Inc. American (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. American cover its interest payments?
RLX Technology Inc. American (RLX) has an interest coverage ratio of 51.40x, 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. American?
RLX Technology Inc. American (RLX) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite 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.