stockrowRLX 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
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RLX Technology Inc. Sponsored ADR (RLX) Altman Z-score
RLX Technology Inc. Sponsored ADR's Altman Z-score for fiscal 2025 is 6.66, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.66 | (7.66) |
| FY2024 | 14.32 | (2.20) |
| FY2023 | 16.52 | (0.04) |
| FY2022 | 16.56 | 7.25 |
| FY2021 | 9.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.52 | — | 0.62 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.02 | — | 0.06 | |
| Market value of equity / total liabilities | 9.07 | — | 5.44 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Safe zone | 6.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 11.77 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RLX RLX Technology Inc. Sponsored ADR | 6.7× |
| TPB Turning Point Brands, Inc. compare | 5.0× |
| MO Altria Group, Inc. compare | 4.4× |
| PM Philip Morris International Inc. compare | 3.9× |
| UVV Universal Corporation compare | 3.1× |
| BTI British American Tobacco p.l.c. compare | 1.7× |
| ISPR Ispire Technology Inc. compare | −1.5× |
| RYM RYTHM, Inc. compare | −5.0× |
| AIIR Air Global PLC compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets