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RLX Technology Inc. Sponsored ADR

RLX Consumer Defensive Tobacco

RLX Technology Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $566.1 million, up 50.3% from fiscal 2024.

Revenue
+21.9%
EPS
+30.0%
Free cash flow
−129.3%
Total debt
+72.5%

Quarter to June 2026, against a year earlier

1.62 0.02 −1.22%
Market cap
$1.5B
P/E
15.3×
Fwd P/E
12.2×
Dividend yield
—
F-score
7/9
Altman Z
6.66
Beneish M
−2.72
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 30.63%

Capital & Financial Ratios $m

Size
Market Cap 1,480.00
Revenue ttm 656.97
Net income ttm 133.62
Free cash flow ttm 77.51
Net debt Q (1,289.38)
Valuation
P/E 15.28
Forward P/E 12.20
Price / sales 3.02
Forward P/S Powerpack
Price / FCF 41.43
Price / book 0.88
Financial health
Current ratio Q 10.61 (at or above 1.5: strong)
Debt / equity Q 0.01 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +21.90% (above 0%: growing)
Operating income growth Q +253.35% (above 0%: growing)
EPS, this year +22.00% (at or above 15%: strong)
EPS, next year A +23.26% (at or above 15%: strong)
Revenue, next year A +56.27% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +18.86% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 3.4×; over the ten years it ranged from −0.6× in 2022 to 15.6× in 2023.
P/E against its own 10 years 19.41%
10-year low 10-year high
P/S against its own 10 years 14.80%
10-year low 10-year high
P/B against its own 10 years 4.95%
10-year low 10-year high
EV/Sales against its own 10 years 11.03%
10-year low 10-year high
EV/FCF against its own 10 years 51.50%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,147 1,171 1,456 1,322
Receivables 26 59 58 122
Inventory 20 20 43 61
Other — — — —
1,265 1,274 1,602 1,590
2023 2024 2025 Q'26
Payables 38 63 58 34
ST’ Debt — 5 13 24
Other 7 1 12 12
94 118 281 150

Compound Annual Growth %

10y 5y 3y
Sales — (0.67%) (9.57%)
Cash Flow — (16.83%) 30.80%
Earnings — 0.00% (14.23%)
Book Value — 57.62% (0.05%)

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.03 — — —
’25 0.02 0.02 0.02 0.03 0.10
’24 0.01 0.01 0.02 0.01 0.06
’23 (0.01) 0.02 0.02 0.02 0.06
’22 0.08 0.05 0.05 (0.03) 0.16
’21 (0.03) 0.09 0.11 0.06 0.23
’20 0.00 — — (0.03) (0.01)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 213 135 — — —
’25 98 111 145 164 566
’24 65 77 97 96 377
’23 18 37 45 75 223
’22 270 334 147 15 766
’21 366 394 260 317 1,337
’20 53 — — 248 585
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (9) — — —
’25 29 32 51 46 158
’24 1 27 23 66 117
’23 (34) 7 9 45 28
’22 49 213 (158) (33) 71
’21 126 102 (22) 75 282
’20 (10) — 191 205 397
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (9) — — —
’25 29 32 51 30 141
’24 1 27 23 65 115
’23 (34) 7 9 41 23
’22 49 213 (158) (38) 64
’21 126 102 (22) 55 261
’20 (10) — 190 205 394
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 228 585 1,337 766 223 377 566 657 +16.3% 885 1,096 1,234 +29.7%
Gross margin, % — — — 37.50 39.99 43.09 43.66 24.44 26.43 29.90 34.93 (7.6) pt
EBT — — — 11 16 417 258 83 90 151 167 +55.0%
EBT margin, % — — — 4.76 2.68 31.21 33.72 37.30 23.97 26.61 25.44 +21.9 pt
Net income — 0 — 7 (20) 318 204 76 77 134 134 n/m
Per share, $
Per share, $ Revenue — — — 0.16 0.41 0.95 0.58 0.17 0.31 0.46 0.54 +19.5%
Earnings — — — 0.00 (0.01) 0.23 0.16 0.06 0.06 0.10 0.11 +65.3%
Cash flow — — — 0.03 0.28 0.20 0.05 0.02 0.10 0.13 0.06 +24.5%
Capex — — — (0.01) 0.00 (0.02) 0.00 0.00 0.00 (0.01) 0.00 +6.4%
Free cash flow — — — 0.03 0.27 0.19 0.05 0.02 0.09 0.12 0.06 +28.8%
Book value — — — 0.01 0.16 1.51 1.71 1.68 1.78 1.84 1.88 +135.1%
Shares, m — — — 1,437 1,437 1,401 1,320 1,311 1,232 1,224 1,224 (2.6%)
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 16.96 16.40 36.25 36.12 23.30 15.28 18.4
P/S — — — 0.00 0.00 4.09 4.24 14.59 7.95 5.51 3.02 5.2
P/B — — — 183.39 183.39 2.58 1.44 1.16 1.21 1.27 0.88 53.5
EV/Sales — — — 0.00 0.00 2.69 2.25 8.10 4.47 2.74 1.06 2.9
EV/FCF — — — 96.27 96.27 14.55 40.54 (238.01) 18.13 11.03 14.54 5.5
Cash, $m
Cash, $m Operating cash flow — — — 50 397 282 71 28 117 158 78 +21.2%
Capex — — — (14) (3) (22) (6) (5) (2) (17) (30) +3.7%
Free cash flow — — — 36 394 261 64 23 115 141 78 +25.4%
Balance, $m
Balance, $m Working capital — — — 83 210 1,760 1,509 1,171 1,157 1,321 1,440 +58.6%
Net debt — — — (56) (369) (1,866) (1,523) (1,144) (1,164) (1,435) (1,289) +71.9%
Shareholders’ equity — — — 16 231 2,121 2,253 2,197 2,191 2,250 2,303 +128.9%
Returns, %
Returns, % ROA — — — 6.61 (4.70) 19.92 8.46 3.22 3.28 5.41 5.86 (1.2) pt
ROIC — — — 0.00 0.00 88.14 13.20 (4.15) (0.89) 3.60 5.28 +3.6 pt
ROE — — — 5.72 (15.90) 27.01 9.55 3.38 3.45 5.94 0.00 +0.2 pt
People
People Employees — — — 661 725 1,235 707 397 381 897 — +5.2%
Revenue/emp, $m — — — 0.35 0.81 1.08 1.08 0.56 0.99 0.63 — +10.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

RLX Technology Inc. Sponsored ADR vs peers in Tobacco (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PM Philip Morris International Inc. $314.1B 29.5× 28.3× +5.47% (above 0%: growing) −4.93% (below 0%: shrinking) +21.31% (above 0%: growing) 68.67% 42.54% Compare
BTI British American Tobacco p.l.c. $135.6B 8.0× 13.9× +0.62% (above 0%: growing) +13.60% (above 0%: growing) +12.44% (above 0%: growing) 69.38% 0.00% Compare
MO Altria Group, Inc. $129.1B 16.1× 14.1× +0.99% (above 0%: growing) +6.83% (above 0%: growing) −1.35% (below 0%: shrinking) 64.27% 54.03% Compare
RLX RLX Technology Inc. Sponsored ADR $1.5B 15.3× 12.2× +21.90% (above 0%: growing) +30.00% (above 0%: growing) −129.25% (below 0%: shrinking) 39.03% 14.22%
TPB Turning Point Brands, Inc. $1.4B 28.4× 55.2× +22.57% (above 0%: growing) −77.78% (below 0%: shrinking) +235.11% (above 0%: growing) 65.55% 11.69% Compare
AIIR Air Global PLC $1.2B 285× — — n/m −487.91% (below 0%: shrinking) 56.58% (46.44%) Compare
UVV Universal Corporation $1.0B — (loss-making) 13.0× −17.55% (below 0%: shrinking) −63.24% (below 0%: shrinking) −551.15% (below 0%: shrinking) 17.29% 6.86% Compare
ISPR Ispire Technology Inc. $82.6M — (loss-making) — (loss-making) +32.55% (above 0%: growing) n/m −26.12% (below 0%: shrinking) 6.32% (50.72%) Compare
RYM RYTHM, Inc. $35.4M 5.1× — (loss-making) +490.08% (above 0%: growing) n/m +217.62% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $1.3B 22.2× 14.1× +5.47% −4.93% +5.55% 60.43% 3.43%

All 11 Tobacco stocks →

RLX Technology Inc. Sponsored ADR (RLX) Latest News

19 Oct

Impact 3 · · Simply Wall St.

27 Aug

Impact 4 ·

20 Aug

Impact 3 ·

17 Aug

Impact 4 ·

14 Aug

Impact 3 · · MarketBeat
Impact 3 ·

9 Jun

Impact 3 · · Simply Wall St.

3 Jun

Impact 4 ·

20 May

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat
Impact 3 · · PR Newswire

13 May

Impact 3 · · Simply Wall St.

13 Mar

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com
Impact 4 · · PR Newswire

24 Jan

Impact 3 · · Simply Wall St.

31 Dec

Impact 4 · · PR Newswire

18 Dec

Impact 3 · · Simply Wall St.Simply Wall St.

2 Dec

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.

15 Nov

Impact 4 · · Simply Wall St.
Impact 4 · · Insider Monkey

14 Nov

Impact 4 · · GuruFocus.com transcript
Impact 3 · · PR Newswire

30 Oct

Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · Simply Wall St.

1 Oct

Impact 3 · · Simply Wall St.

30 Sep

Impact 3 · · Simply Wall St.

14 Sep

Impact 4 · · Simply Wall St.

24 Aug

Impact 3 ·

23 Aug

Impact 4 ·
stockrow.com/RLX · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com