RLXNYSECigarettesFiscal year ends December 31
RLX Technology Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 23, 2026
$1.71+0.01 (+0.59%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
29.9%−10.1 pts over 5 years
Operating margin
8.3%+8.0 pts over 5 years
Net margin
23.3%+26.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +44.0% | -9.5% | +0.7% | – | |
| Gross profit | +62.9% | -19.9% | -5.0% | – | |
| Operating income | – | -32.4% | +90.3% | – | |
| Net income | +67.1% | -13.8% | – | – | |
| EPS, diluted | +63.1% | -13.7% | – | – | |
| Free cash flow | +16.9% | +30.1% | -17.5% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -15.9% | 5.8% | |
| Return on assets | – | -4.7% | 5.3% | |
| Current ratio | – | 1.55 | 5.70 | |
| Interest coverage | – | – | 51.4× | |
| Inventory turnover | – | 8.4× | 12.6× | |
| Capex to revenue | 0.0% | 0.3% | 3.0% | |
| Diluted shares | 1.19B | 1.44B | 1.22B |
Where the cash went
Fiscal 2021 to 2025, five years combined
RLX Technology generated CN¥4.44B from operations and spent CN¥3.00B on capital expenditure, dividends and share buybacks. 11% of that went back into the business.
Generated
CN¥4.44B
Used
CN¥3.00B
Capital expenditureCN¥325.61M11%DividendsCN¥272.69M9%Share buybacksCN¥2.40B80%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.3%
×Asset turnover0.23×
×Equity multiplier1.10×
=Return on equity, FY20255.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 23.3% | 0.23× | 1.10× | 5.8% |
| FY2024 | 20.1% | 0.17× | 1.05× | 3.5% |
| FY2023 | 33.7% | 0.10× | 1.05× | 3.4% |
| FY2022 | 27.0% | 0.33× | 1.13× | 9.9% |
| FY2021 | 23.8% | 0.83× | 1.36× | 27.0% |
| FY2020 | -3.4% | 1.39× | 3.41× | -15.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥921.87M
- Cash generatingOperating cash flow above zeroCN¥1.10B
- Return on assets improvedROA up on the prior year3.4% → 5.5%
- Earnings backed by cashOperating cash flow above net incomeCN¥1.10B vs CN¥921.87M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose10.84 → 5.70
- No dilutionShare count did not rise1.29B → 1.22B
- Gross margin improvedGross margin up on the prior year26.43% → 29.90%
- More efficientAsset turnover rose0.17 → 0.23