(RLX) RLX Technology - Overview
Sector: Consumer Defensive | Industry: Tobacco | Exchange: NYSE (USA) | Market Cap: 2.518m USD | Total Return: 4.3% in 12m
Avg Turnover: 5.62M
EPS Trend: 69.7%
Qual. Beats: 1
Rev. Trend: 93.7%
Qual. Beats: 1
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
RLX Technology Inc. is a Shenzhen-based company specializing in the development, manufacturing, and distribution of e-vapor products. Founded in 2018, the firm operates primarily through an offline distribution model to reach consumers in China and various international markets.
The e-vapor sector is characterized by a shift toward closed-system devices, which utilize pre-filled pods to simplify user experience and maintain brand loyalty. Despite its classification in the Packaged Foods & Meats sub-industry, the companys business model is heavily influenced by evolving tobacco regulations and excise tax frameworks in the Peoples Republic of China.
Investors should consult ValueRay to examine the regulatory risks and financial metrics associated with this stock. Following its 2021 IPO, RLX has focused on integrated research and development to enhance product safety and navigate tightening industry standards.
- Chinese regulatory compliance and licensing shifts dictate domestic market share stability
- High consumption tax on e-cigarettes pressures gross margins and retail pricing
- International expansion into Southeast Asia offsets slowing domestic revenue growth
- Enforcement against illegal fruit-flavored products impacts legal sales volume and demand
- Research and development in harm reduction technology influences long-term competitive positioning
| 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 0.30%; Δ 3.27k% > 0.5%) |
| Asset Turnover: 25.20% > 50% (prev 15.71%; Δ 9.48% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA 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: 2.64 (Book Value of Equity 4.12b / Total Liabilities 1.56b) |
| Altman-Z'' = 7.54 = AAA |
| DSRI: 1.64 (Receivables 884.9m/331.7m, Revenue 4.35b/2.68b) |
| GMI: 0.92 (GM 33.03% / 30.37%) |
| 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 = -2.32 (Cap -4..+1) = BBB |
As of June 02, 2026, the stock is trading at USD 2.06 with a total of 2,596,685 shares traded.
Over the past week, the price has changed by -4.19%,
over one month by -6.79%,
over three months by -11.59% and
over the past year by +4.25%.
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 | 3.1 | 50.5% |
Market Cap CNY = 17.0b (2.52b USD * 6.7663 USD.CNY)
P/E Trailing = 18.7273
P/E Forward = 6.6578
P/S = 0.575
P/B = 1.0747
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 = 7.62b CNY (17.0b + Debt 221.9m - CCE 9.64b)
Interest Coverage Ratio = unknown (Ebit TTM 492.6m / Interest Expense TTM 0.0)
EV/FCF = 7.85x (Enterprise Value 7.62b / FCF TTM 970.2m)
FCF Yield = 12.73% (FCF TTM 970.2m / Enterprise Value 7.62b)
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 = 0.44 (Enterprise Value 7.62b / Total Assets 17.5b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 221.9m)
Taxrate = 13.33% (45.0m / 337.4m)
NOPAT = 426.9m (EBIT 492.6m * (1 - 13.33%))
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 = 2.62% (NOPAT 426.9m / Invested Capital 16.3b)
WACC = 7.52% (E(17.0b)/V(17.3b) * Re(7.62%) + D(221.9m)/V(17.3b) * Rd(0.0%) * (1-Tc(0.13)))
Discount Rate = 7.62% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 2.22 | 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=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.25 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=0.98 | Chg30d=-1.24% | Revisions=-20% | GrowthEPS=+11.9% | GrowthRev=+41.4%
EPS next Year (2027-12-31): EPS=1.13 | Chg30d=+0.03% | Revisions=-20% | GrowthEPS=+15.9% | GrowthRev=+18.0%
[Analyst] Revisions Ratio: -20%