RLX Technology Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

RLX Technology Inc. trades at $2.0, building a base and 22 weeks into that stage. That is −10.8% against its own 200-day average. It sits at 19% of a 52-week range of $2 to $3. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (18 weeks and counting).

Today the stock is building a base — week 22 of stage 1. At $2.0 it trades −10.8% versus its 200-day average and sits at 19% of its 52-week range ($2–$3).

Against the market, two honest reads. Cumulative: over the last 5.5 years the stock moved −91% while the S&P 500 moved +100% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (18 weeks and counting; last ahead the week of 2026-03-27) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

RLX Technology Inc. trades at 18.4× P/E, against too little history to rank. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 18.4× is against too little history to rank. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +63.1% against a −10.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +5.4%/yr price move, ~+31.8%/yr came from earnings growth and ~−26.4 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

RLX Technology Inc. reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 3.0% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — RLX Technology Inc. is not among the largest members shown in this industry comparison for Tobacco.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

RLX Technology Inc. reported $1.6 B of revenue in the Mar 26 quarter, +96.3% year on year. That is the 10th straight quarter of year-on-year growth. Over 4 years it has compounded at −17.4% a year. The last full year, FY25, came in at $4.0 B. The last four reported quarters add to $4.7 B.

RLX Technology Inc. reported $1.6 B of revenue in the Mar 26 quarter, +96.3% year on year. That is the 10th straight quarter of year-on-year growth. Over 4 years it has compounded at −17.4% a year. The last full year, FY25, came in at $4.0 B. The last four reported quarters add to $4.7 B.

FY25 revenue came in at $4.0 B (+44.0% on the year), capping 4 years at −17.4% compound. The latest quarter (Mar 26) printed $1.6 B, +96.3% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +56.4% growth against the decade's −17.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +57.5% over the last 4 quarters against +55.9%/yr over the last 8 — stabilising; TTM profit +55.4% vs +17.6%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 15.1% this quarter (+5.2 pp YoY).

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

RLX Technology Inc.'s operating margin is 15.1% in the Mar 26 quarter, +5.2 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −31.4% to 27.0%. The current quarter sits inside that band.

RLX Technology Inc.'s operating margin is 15.1% in the Mar 26 quarter, +5.2 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −31.4% to 27.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.1%, +5.2 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −31.4%–27.0%.

Why the margin moved: operating margin went +5.2 pp year on year while gross margin went +3.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +31.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

RLX Technology Inc. earned $0.3 B of net profit in the Mar 26 quarter, +31.8% year on year. It is the 5th consecutive quarter of growth. Full-year FY25 profit was $0.9 B. The 4-year compound rate is −17.7%. That is 18.2% of the quarter's revenue. The same quarter a year earlier earned $0.2 B.

RLX Technology Inc. earned $0.3 B of net profit in the Mar 26 quarter, +31.8% year on year. It is the 5th consecutive quarter of growth. Full-year FY25 profit was $0.9 B. The 4-year compound rate is −17.7%. That is 18.2% of the quarter's revenue. The same quarter a year earlier earned $0.2 B.

Mar 26 profit was $0.3 B, +31.8% year on year — the 5th consecutive quarter of growth. On the full year, FY25 printed $0.9 B (+66.1%), and the 4-year compound rate is −17.7%.

Why profit moved: revenue contributed +96.3% and the margin +5.2 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +61.9% vs revenue +56.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra dollar of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 106% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 106% of RLX Technology Inc.'s reported profit arrived as operating cash — the cash follows the profit. In FY25 that was $1.1 B of operating cash against $0.9 B of profit. After $0.1 B of capital spending, $1.0 B was left as free cash.

FY25: operating cash of $1.1 B against reported profit of $0.9 B, leaving free cash of $1.0 B after $0.1 B of capital spending. Across the last 3 fiscal years the conversion rate is 106% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

→ So follow the cash to where it goes. Next: $0.0 B of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

RLX Technology Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Averaged over those years that is 0.0% of FY25 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROE is 6% and the ROIC − WACC spread is −3.5 pp.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

RLX Technology Inc. earns a ROE of 6% in FY25. That is up from a trough of 4% in FY23. Return on invested capital clears the cost of that capital by −3.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 23.5% net margin on 0.22× asset turns.

FY25 ROE is 6%, recovered from a FY23 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): 23.5% net margin × 0.22× asset turns × 1.14× balance-sheet leverage ≈ 5.9% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 6.9% − 10.4% = a −3.5 pp spread. The 10.4% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.

RLX Technology Inc. paid $0.86 per share over the last four reported quarters, up 915.5% on a year ago. The most recent declaration was $0.71 for Sep 25. Against the current price of $2.0 that is a trailing yield of 43.22%, measured on dividends already paid rather than on a forecast.

RLX Technology Inc. paid $0.86 per share over the last four reported quarters, up 915.5% on a year ago. The most recent declaration was $0.71 for Sep 25. Against the current price of $2.0 that is a trailing yield of 43.22%, measured on dividends already paid rather than on a forecast.

RLX Technology Inc. paid $0.86 per share across the last four reported quarters, most recently $0.71 for Sep 25. That is up 915.5% against the same quarter a year earlier. Against the current price of $2.0 the trailing twelve months work out to 43.22% — trailing dividends measured against today's price, not a forward estimate.

→ A payout is cash leaving the business. Next: what the balance sheet looks like behind it.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

RLX Technology Inc. carries total debt of $0.2 B against shareholder equity of $16.0 B as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.01 in FY21 to 0.01 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of $0.2 B against shareholder equity of $16.0 B — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.01 (FY21) to 0.01 (FY25). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

No ownership or positioning reading is held for RLX Technology Inc., so this section names the gap rather than filling it. At typical trading volumes those positions would take about 1.9 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

We hold no ownership or positioning reading for this stock, so this section says that plainly.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

RLX Technology Inc.: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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