RLX Stock Analysis: RLX Technology | NYSE
Tobacco | NYSE, USA | Market Cap: 2.432m USD | 12M Return: -8.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.37M
EPS Trend: 69.7%
Qual. Beats: 1
Rev. Trend: 93.7%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 5.4 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
RLX Technology Inc. is a Chinese company that develops, manufactures, and sells e-vapor products in the Peoples Republic of China and select international markets. Its product lineup includes rechargeable devices sold under the Qingyu, Phantom, Phantom Pro, Zeus, Leili, and Daqian brands, and disposable devices under the Feiliu and Feiliu Mega brands. The portfolio spans closed-system rechargeable and disposable products, open-system devices, and modern oral products.
The company distributes through local channels, third-party distributors, co-managed networks, and both online and offline retail. Founded in 2018 and headquartered in Shenzhen, RLX operates in a sector where e-vapor devices are generally positioned as alternatives to combustible cigarettes, with closed-system products relying on proprietary pods and open-system products allowing user refilling.
In China, e-vapor products are regulated as tobacco products under the State Tobacco Monopoly Administration, a framework that sets standards for product composition, packaging, distribution, and retail licensing across the industry.
- China tightens e-vapor flavor and tax regulations
- Disposable product line drives margin expansion
- International markets offset China domestic regulatory pressure
- Competition intensifies from licensed domestic vape brands
| Net Income: 978.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -0.65 > 1.0 |
| NWC/Revenue: 233.3% < 20% (prev 304.7%; Δ -71.43% < -1%) |
| CFO/TA 0.07 > 3% & CFO 1.21b > Net Income 978.4m |
| Net Debt (-9.42b) to EBITDA (584.2m): -16.12 < 3 |
| Current Ratio: 8.53 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.31b) vs 12m ago 0.36% < -2% |
| Gross Margin: 33.03% > 18% (prev 30.37%; Δ 2.67% > 0.5%) |
| Asset Turnover: 25.20% > 50% (prev 15.71%; Δ 9.48% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.58 (Total Current Assets 11.5b - Total Current Liabilities 1.35b) / Total Assets 17.5b |
| B: 0.24 (Retained Earnings 4.12b / Total Assets 17.5b) |
| C: 0.03 (EBIT TTM 492.6m / Avg Total Assets 17.3b) |
| D: 10.15 (Book Value of Equity 15.8b / Total Liabilities 1.56b) |
| Altman-Z'' = 15.42 = AAA |
| DSRI: 1.64 (Receivables 884.9m/331.7m, Revenue 4.35b/2.68b) |
| GMI: 0.92 (GM 30.37% / 33.03%) |
| AQI: 0.69 (AQ_t 0.32 / AQ_t-1 0.47) |
| SGI: 1.62 (Revenue 4.35b / 2.68b) |
| TATA: -0.01 (NI 978.4m - CFO 1.21b) / TA 17.5b) |
| Beneish M = -2.31 (Cap -4..+1) = BBB |
As of July 17, 2026, the stock is trading at USD 2.03 with a total of 1,690,832 shares traded. Over the past week, the price has changed by +2.01%, over one month by +3.05%, over three months by -6.88% and over the past year by -8.73%.
Current recommended Stop Loss: 1.90 (which is 6.4% or 1.9 ATR below the current price).
RLX Technology has received a consensus analysts rating of 4.60. Therefore, it is recommended to buy RLX.
- StrongBuy: 4
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 3 | 46.8% |
Market Cap CNY = 16.5b (2.43b USD * 6.7733 USD.CNY)
P/E Trailing = 18.0909
P/E Forward = 6.6578
P/S = 0.5555
P/B = 1.0201
Revenue TTM = 4.35b CNY
EBIT TTM = 492.6m CNY
EBITDA TTM = 584.2m CNY
Long Term Debt = 50.3m CNY (estimated: total debt 210.8m - short term 160.5m)
Short Term Debt = 160.5m CNY (from shortTermDebt, last quarter)
Debt = 221.9m CNY (from shortLongTermDebtTotal, last quarter) + Leases 11.1m
Net Debt = -9.42b CNY (calculated: Debt 221.9m - CCE 9.64b)
Enterprise Value = 7.06b CNY (16.5b + Debt 221.9m - CCE 9.64b)
Interest Coverage Ratio = unknown (Ebit TTM 492.6m / Interest Expense TTM 0.0)
EV/FCF = 7.27x (Enterprise Value 7.06b / FCF TTM 970.2m)
FCF Yield = 13.75% (FCF TTM 970.2m / Enterprise Value 7.06b)
FCF Margin = 22.28% (FCF TTM 970.2m / Revenue TTM 4.35b)
Net Margin = 22.47% (Net Income TTM 978.4m / Revenue TTM 4.35b)
Gross Margin = 33.03% ((Revenue TTM 4.35b - Cost of Revenue TTM 2.92b) / Revenue TTM)
Gross Margin QoQ = 33.60% (prev 33.12%)
Tobins Q-Ratio = 0.40 (Enterprise Value 7.06b / Total Assets 17.5b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 221.9m)
Taxrate = 11.94% (135.6m / 1.14b)
NOPAT = 433.8m (EBIT 492.6m * (1 - 11.94%))
Current Ratio = 8.53 (Total Current Assets 11.5b / Total Current Liabilities 1.35b)
Debt / Equity = 0.01 (Debt 221.9m / totalStockholderEquity, last quarter 15.8b)
Debt / EBITDA = -16.12 (Net Debt -9.42b / EBITDA 584.2m)
Debt / FCF = -9.71 (Net Debt -9.42b / FCF TTM 970.2m)
Total Stockholder Equity = 15.9b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.66% (Net Income 978.4m / Total Assets 17.5b)
RoE = 6.14% (Net Income TTM 978.4m / Total Stockholder Equity 15.9b)
RoCE = 3.08% (EBIT 492.6m / Capital Employed (Equity 15.9b + L.T.Debt 50.3m))
RoIC = 2.70% (NOPAT 433.8m / Invested Capital 16.1b)
WACC = 7.68% (E(16.5b)/V(16.7b) * Re(7.78%) + D(221.9m)/V(16.7b) * Rd(0.0%) * (1-Tc(0.12)))
Discount Rate = 7.78% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -32.35 | Cagr: -0.37%
[DCF] Terminal Value 74.24% ; FCFF base≈1.01b ; Y1≈939.3m ; Y5≈861.9m
[DCF] Fair Price = 25.22 (EV 13.6b - Net Debt -9.42b = Equity 23.0b / Shares 913.5m; r=8.35% [WACC [floored]]; 5y FCF grow -8.26% → 2.50% )
EPS Correlation: 69.65 | EPS CAGR: 47.81% | SUE: 1.86 | # QB: 1
Revenue Correlation: 93.69 | Revenue CAGR: 52.35% | SUE: 1.06 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.63 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.25 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=0.98 | Chg30d=+0.41% | Revisions=-40% | GrowthEPS=+12.1% | GrowthRev=+42.0%
EPS next Year (2027-12-31): EPS=1.13 | Chg30d=-0.21% | Revisions=-40% | GrowthEPS=+15.0% | GrowthRev=+17.4%
[Analyst] Revisions Ratio: -57% (up=0, down=4)