RLX Stock Analysis: RLX Technology | NYSE

Rechargeable E-Vapor, Disposable E-Vapor, Closed-System Devices, Oral Products

Total Rating 20

Safety 82

Buy Signal -0.24

Tobacco
Industry Rotation: -14.6

Market Cap: 2.24B
Avg Turnover: 5.23M

Risk 3d forecast

Volatility32.2%

VaR 5^th Pctl5.18%

VaR vs Median-2.41%

Reward TTM

Sharpe Ratio-0.96

Rel. Str. IBD6.3

Rel. Str. Peer Group10.2

Character TTM

Beta0.270

Beta Downside0.143

Hurst Exponent0.329

Drawdowns 3y

Max DD32.89%

CAGR/Max DD0.24

CAGR/Mean DD0.49

EPS (Earnings per Share)

EPS CAGR: 19.72%
EPS Trend: 59.9%

Last SUE: -4.00
Qual. Beats: -1

Revenue

Rev. CAGR: 62.53%
Rev. Trend: 99.1%

Last SUE: -2.52
Qual. Beats: -1

Warnings

Below Avwap Earnings

Below Sma 200d

Tailwinds

Shakeout

Confidence

Seasonality 5.6 years of data

Jan -0.1% 9

Feb +2.2% 26

Mar -12.2% 29

Apr +0.8% 10

May -1.4% 9

Jun +2.2% 10

Jul -0.7% 24

Aug -3.6% 30

Sep -1.2% 19

Oct +2.0% 0

Nov +28.7% 25

Dec -1.9% 0

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.

Description: RLX RLX Technology

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.

Headlines to Watch Out For

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

Piotroski VR-10 (Strict) 3.5

Net Income: 978.4m TTM > 0 and > 6% of Revenue
FCF/TA: 0.02 > 0.02 and ΔFCF/TA -3.76 > 1.0
NWC/Revenue: 218.5% < 20% (prev 252.3%; Δ -33.87% < -1%)
CFO/TA 0.03 > 3% & CFO 535.7m > Net Income 978.4m
Net Debt (-8.72b) to EBITDA (675.2m): -12.91 < 3
Current Ratio: 10.61 > 1.5 & < 3
Outstanding Shares: last quarter (1.31b) vs 12m ago -0.15% < -2%
Gross Margin: 34.71% > 18% (prev 30.80%; Δ 3.91% > 0.5%)
Asset Turnover: 26.06% > 50% (prev 16.69%; Δ 9.37% > 0%)
Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM)

Altman Z'' 10.00

A: 0.58 (Total Current Assets 10.8b - Total Current Liabilities 1.02b) / Total Assets 16.9b
B: 0.24 (Retained Earnings 4.12b / Total Assets 16.9b)
C: 0.03 (EBIT TTM 583.7m / Avg Total Assets 17.2b)
D: 12.66 (Book Value of Equity 15.5b / Total Liabilities 1.23b)
Altman-Z'' = 18.13 = AAA

Beneish M -2.67

DSRI: 1.32 (Receivables 827.0m/407.0m, Revenue 4.47b/2.92b)
GMI: 0.89 (GM 30.80% / 34.71%)
AQI: 0.67 (AQ_t 0.34 / AQ_t-1 0.51)
SGI: 1.53 (Revenue 4.47b / 2.92b)
TATA: 0.03 (NI 978.4m - CFO 535.7m) / TA 16.9b)
Beneish M = -2.67 (Cap -4..+1) = A

What is the price of RLX shares?

As of September 02, 2026, the stock is trading at USD 1.79 with a total of 4,924,153 shares traded. Over the past week, the price has changed by +0.00%, over one month by -10.05%, over three months by -13.11% and over the past year by -25.88%.

Current recommended Stop Loss: 1.70 (which is 5% or 1.5 ATR below the current price).

Is RLX a buy, sell or hold?

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

What are the forecasts/targets for the RLX price?

Analysts Target Price	2.8	54.7%

RLX Technology (RLX) - Fundamental Data Overview as of 02 September 2026

Market Cap USD = 2.24b (2.24b USD * 1.0 USD.USD)
Market Cap CNY = 15.0b (2.24b USD * 6.7208 USD.CNY)
P/E Trailing = 16.6364
P/E Forward = 6.6578
P/S = 0.4969
P/B = 0.9531
Revenue TTM = 4.47b CNY
EBIT TTM = 583.7m CNY
EBITDA TTM = 675.2m CNY
Long Term Debt = 56.1m CNY (estimated: total debt 244.1m - short term 188.0m)
Short Term Debt = 188.0m CNY (from shortTermDebt, last quarter)
Debt = 255.2m CNY (from shortLongTermDebtTotal, last quarter) + Leases 11.1m
Net Debt = -8.72b CNY (calculated: Debt 255.2m - CCE 8.97b)
Enterprise Value = 6.31b CNY (15.0b + Debt 255.2m - CCE 8.97b)
Interest Coverage Ratio = unknown (Ebit TTM 583.7m / Interest Expense TTM 0.0)
EV/FCF = 15.14x (Enterprise Value 6.31b / FCF TTM 417.0m)
FCF Yield = 6.60% (FCF TTM 417.0m / Enterprise Value 6.31b)
FCF Margin = 9.32% (FCF TTM 417.0m / Revenue TTM 4.47b)
Net Margin = 21.86% (Net Income TTM 978.4m / Revenue TTM 4.47b)
Gross Margin = 34.71% ((Revenue TTM 4.47b - Cost of Revenue TTM 2.92b) / Revenue TTM)
Gross Margin QoQ = 39.03% (prev 33.60%)
Tobins Q-Ratio = 0.37 (Enterprise Value 6.31b / Total Assets 16.9b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 255.2m)
Taxrate = 11.62% (131.9m / 1.13b)
NOPAT = 515.9m (EBIT 583.7m * (1 - 11.62%))
Current Ratio = 10.61 (Total Current Assets 10.8b / Total Current Liabilities 1.02b)
Debt / Equity = 0.02 (Debt 255.2m / totalStockholderEquity, last quarter 15.5b)
Debt / EBITDA = -12.91 (Net Debt -8.72b / EBITDA 675.2m)
Debt / FCF = -20.91 (Net Debt -8.72b / FCF TTM 417.0m)
Total Stockholder Equity = 15.8b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.70% (Net Income 978.4m / Total Assets 16.9b)
RoE = 6.20% (Net Income TTM 978.4m / Total Stockholder Equity 15.8b)
RoCE = 3.69% (EBIT 583.7m / Capital Employed (Equity 15.8b + L.T.Debt 56.1m))
RoIC = 3.26% (NOPAT 515.9m / Invested Capital 15.8b)
WACC = 6.81% (E(15.0b)/V(15.3b) * Re(6.93%) + D(255.2m)/V(15.3b) * Rd(0.0%) * (1-Tc(0.12)))
Discount Rate = 6.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -0.62 | Cagr: 0.21%
[DCF] Terminal Value 73.10% ; FCFF base≈686.3m ; Y1≈601.9m ; Y5≈486.3m
[DCF] Fair Price = 18.09 (EV 7.81b - Net Debt -8.72b = Equity 16.5b / Shares 913.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 59.88 | EPS CAGR: 19.72% | SUE: -4.0 | # QB: -1
Revenue Correlation: 99.07 | Revenue CAGR: 62.53% | SUE: -2.52 | # QB: -1
EPS current Quarter (2026-09-30): EPS=0.23 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=0.90 | Chg30d=-8.22% | Revisions=+25% | GrowthEPS=+3.1% | GrowthRev=+48.8%
EPS next Year (2027-12-31): EPS=1.09 | Chg30d=-3.99% | Revisions=-25% | GrowthEPS=+21.3% | GrowthRev=+23.9%
[Analyst] Revisions Ratio: +0% (up=1, down=1)