RLX Technology Inc.
Rank #459HypergrowthRLX · NYSE · Consumer Defensive
RLX Technology Inc. (RLX) — Rank #459 by gross profitability (GP/assets 0.07) · ROE 5.9% · Piotroski F-Score 7 / 9.
As-of 2026-09-15 · 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
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$2.15B
P/E (annual)
2.5
P/S (annual)
0.5
P/B
0.1
P/OCF (annual)
1.9
Shareholder Yield
9.3%
Employees
897
Industry
Tobacco
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholdsWhat Growth Is Priced In
Implied revenue growth (10Y)
-26.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -5.0% — per-share value needs a total required return of -31.9% once share-count change is priced in.
vs. own 6-year median revenue growth: 58.6%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-28.9%
r = 10% (base)
-26.9%
r = 12%
-25.1%
Net debt / market cap: -354.3%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
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%
Anti-fragile safety
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.
Cash-flow health
Free cash flow
$986.82M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.07
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
4.7%
Stock-based comp intensity.
Dividend safety
Composite score
4.0 / 5
Piotroski F-Score
F-Score
7 / 9
Fundamental-strength score (0-9).