| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | ‡‡‡‡‡ |
|
| 2025 | ‡‡‡‡‡ |
|
| 2024 | ‡‡‡‡‡ |
|
| 2023 | ‡‡‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 1,147.12 | 1,170.52 | 1,456.02 | 1,321.99 |
| Receivables | 26.21 | 58.82 | 57.88 | 121.84 |
| Inventory | 20.40 | 19.53 | 42.57 | 61.35 |
| Other | — | — | — | — |
| 1,265.35 | 1,274.23 | 1,602.16 | 1,590.26 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 37.53 | 62.82 | 57.73 | 33.82 |
| ST’ Debt | — | 5.48 | 13.17 | 24.34 |
| Other | 6.98 | 1.45 | 12.01 | 12.13 |
| 94.18 | 117.53 | 281.00 | 149.90 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 213.06 | 135.13 | — | — |
—
|
| ’25 | 97.63 | 110.85 | 145.23 | 163.55 |
517.26
|
| ’24 | 65.15 | 76.86 | 96.81 | 96.08 |
334.90
|
| ’23 | 18.12 | 37.27 | 44.92 | 74.91 |
175.22
|
| ’22 | 270.45 | 333.51 | 146.82 | 14.76 |
765.54
|
| ’21 | 366.08 | 393.61 | 260.22 | 317.21 |
1,337.13
|
| ’20 | 52.82 | — | — | 248.04 |
585.40
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (9.98) | (9.48) | — | — |
—
|
| ’25 | 28.55 | 32.42 | 50.61 | 46.37 |
157.95
|
| ’24 | 0.56 | 27.07 | 23.29 | 66.13 |
117.05
|
| ’23 | (33.59) | 7.48 | 9.41 | 44.69 |
27.99
|
| ’22 | 48.61 | 213.04 | (158.23) | (32.84) |
70.58
|
| ’21 | 126.31 | 102.45 | (21.70) | 75.39 |
282.44
|
| ’20 | (10.04) | — | 191.36 | 205.48 |
396.84
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (9.98) | (9.48) | — | — |
—
|
| ’25 | 28.55 | 32.42 | 50.61 | 29.48 |
141.05
|
| ’24 | 0.56 | 27.07 | 23.29 | 64.48 |
115.40
|
| ’23 | (33.59) | 7.48 | 9.41 | 40.13 |
23.42
|
| ’22 | 48.61 | 213.04 | (158.23) | (39.30) |
64.12
|
| ’21 | 126.31 | 102.45 | (21.70) | 53.60 |
260.66
|
| ’20 | (10.04) | — | 189.41 | 204.92 |
394.17
|
| 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)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | ‡‡‡ | 0.90 | 1.39 | 1.50 | 1.66 | — | — | — |
Low Price
|
| — | — | — | — | — | ‡‡‡‡ | 4.09 | 3.00 | 2.21 | 2.84 | — | — | — |
High Price
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 707 | 397 | 381 | 897 | — | — | — |
Employees
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.08 | 0.44 | 0.88 | 0.58 | — | — | — |
Revenue/Emp
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 765.54 | 175.22 | 334.90 | 517.26 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 43.66% | 31.17% | 29.72% | 32.72% | — | — | — |
Gross Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 258.12 | 83.35 | 90.26 | 150.63 | ‡‡‡‡‡ | — | — |
EBT
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.72% | 47.57% | 26.95% | 29.12% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡ | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 204.25 | 76.20 | 77.32 | 133.62 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.80 | 6.55 | 5.51 | 8.62 | — | — | — |
Depreciation
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.58 | 0.13 | 0.27 | 0.42 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 0.16 | 0.06 | 0.06 | 0.10 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.05 | 0.02 | 0.10 | 0.13 | ‡‡‡‡‡ | — | — |
Cash Flow/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 0.00 | (0.01) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.05 | 0.02 | 0.09 | 0.12 | — | — | — |
Free CF/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.71 | 1.68 | 1.78 | 1.84 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,319.73 | 1,311.40 | 1,232.15 | 1,223.66 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 16.40 | 39.00 | 54.00 | 23.30 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 4.24 | 14.59 | 7.95 | 5.51 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.44 | 1.16 | 1.21 | 1.27 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 2.25 | 8.10 | 4.47 | 2.74 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.54 | (238.01) | 18.13 | 11.03 | — | — | — |
EV/FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 70.58 | 27.99 | 117.05 | 157.95 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (6.46) | (4.56) | (1.64) | (16.89) | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 64.12 | 23.42 | 115.40 | 141.05 | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,509.06 | 1,171.17 | 1,156.70 | 1,321.15 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 43.80 | 3.44 | 6.45 | 21.13 | — | — | — |
Total Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,523.34) | (1,143.68) | (1,164.08) | (1,434.89) | — | — | — |
Net Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,253.14 | 2,196.99 | 2,190.61 | 2,249.59 | — | — | — |
Sh' Equity
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.46% | 3.22% | 3.28% | 5.41% | ‡‡‡‡‡ | — | — |
ROA
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 13.20% | (4.15%) | (0.89%) | 3.60% | — | — | — |
ROIC
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.55% | 3.38% | 3.45% | 5.94% | ‡‡‡‡‡ | — | — |
ROE
|
RLX Technology Inc., once a vaping powerhouse that surged to $1.34 billion in revenue by 2021 following its blockbuster NYSE IPO, faced a brutal regulatory crackdown in China, slashing sales 77% to $175 million in 2023 amid flavor bans and licensing hurdles. Yet, 2024 signals a pivot: revenue doubled, FCF per share rocketed 423% to $0.09, and efficiency metrics like revenue per employee rebounded 99% to $879,000, underpinned by a fortress balance sheet with $1.16 billion in net cash and steady book value growth to $1.78 per share.
Analysts forecast a sharp recovery—revenue CAGR of 48% through 2027 to $875 million, EPS doubling to $0.12 by 2026, and ROE climbing to 6.6%—fueled by compliant heated-not-burned products and international expansion into a $50 billion global vaping market. Trading at depressed multiples (PS 7.9x, PB 1.2x), RLX’s recent price in the $1.5-$2.2 range implies explosive upside, with average analyst targets signaling 790% gains.
Despite no recent insider trades and risks from U.S.-China tensions or competition, RLX’s cash hoard and operational resilience position it for a 2021-like profitability revival at far more attractive valuations—making it a high-conviction play on China’s consumer rebound and vaping’s secular tailwinds.
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