RLX · NYSE · Consumer Defensive
RLX Technology Inc. (RLX) — Rank #436 by gross profitability (GP/assets 0.07) · ROE 5.9% · Piotroski F-Score 7 / 9.
As-of 2026-10-30 · CIK 0001828365 · all metrics point-in-time as of the filing date.
About
RLX Technology Inc., through its subsidiaries, develops, manufactures, and sells e-vapor products in the People's Republic of China and internationally.
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It offers rechargeable e-vapor products under the Qingyu, Phantom, Phantom Pro, Zeus, Leili, and Daqian names; and disposable e-vapor products under the Feiliu and Feiliu Mega names. The company also provides closed-system rechargeable products, open-system products, closed-system disposable products, and modern oral products. It sells its products through local channels, third-party distribution channels, and distribution channels co-managed with third parties, as well as online and offline end users.
The company was founded in 2018 and is headquartered in Shenzhen, the People's Republic of China.
- Industry
- Tobacco
- Sector
- Consumer Defensive
- State
- E9
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- ir.relxtech.com
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
897
Industry
Tobacco
Exchange
NYSE
12/12
Flags passed
RLX passes 12/12 quality flags
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Deferred revenue growing
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passRevenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Does it make money well?
No warning flags · GP/assets 0.07
Gross profitability (GP / assets)
0.07
Primary signal (Novy-Marx).
Return on equity
5.9%
Gross margin
29.9%
Revenue growth (YoY)
44.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-9.5%
Revenue CAGR (5Y)
0.7%
Earnings CAGR (3Y)
-13.8%
FCF CAGR (3Y)
30.1%
Cash Flow Health
Is the cash real?
No warning flags · FCF 7% above net income
Free cash flow
$986.82M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
7.0%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
4.7%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net cash $7.61B, F-Score 7/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.14
Current ratio
5.70×
Quick ratio
—
Net cash
$7.61B
Cash & equivalents minus total debt.
Piotroski F-Score
7 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Dividend safety
Composite score
4.0 / 5
Capital allocation quality
Composite score
3.7 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports