RLX
RLX Technology Inc.
RLX's fundamentals are strong: revenue grew 53% and its operating margin rose 10 points to 13%, though free cash flow fell 61%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
RLX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Stable | |
| Strong |
RLX's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
RLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $1.16 | -25% |
| Current | 14x | $1.56 | — |
| Fair | 24x | $2.69 | +73% |
| Expensive | 35x | $3.81 | +144% |
Historical ranges are pointers, not guarantees.
RLX's PE is 14x, but its earnings don't support one, so it isn't a reliable read right now.
RLX Forward outlook
There aren't enough analyst estimates for RLX to show an outlook.
RLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.11 | +38% |
| Q1 2026 | $0.11 | +57% |
| Q4 2025 | $0.11 | +83% |
| Q3 2025 | $0.09 | +29% |
| Q2 2025 | $0.08 | +14% |
| Q1 2025 | $0.07 | -12% |
| Q4 2024 | $0.06 | 0% |
| Q3 2024 | $0.07 | +600% |
RLX's earnings per share have fallen from their peak: $0.11 over the past year, against $0.33 in early 2022. Its recent earnings include one-off gains.
RLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $137.2M | +15% |
| Q1 2026 | $219.2M | +106% |
| Q4 2025 | $160M | +45% |
| Q3 2025 | $155.2M | +52% |
| Q2 2025 | $119.2M | +42% |
| Q1 2025 | $106.3M | +51% |
| Q4 2024 | $110.5M | +41% |
| Q3 2024 | $102M | +107% |
RLX's revenue has grown year over year for 11 quarters in a row: $137M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | +9.3 points |
| Q1 2026 | 17% | +5.7 points |
| Q4 2025 | 11% | +13 points |
| Q3 2025 | 9% | +11 points |
| Q2 2025 | 4.9% | +11 points |
| Q1 2025 | 11% | +22 points |
| Q4 2024 | -1.6% | +24 points |
| Q3 2024 | -1.6% | +10 points |
RLX's operating margin was 14% last quarter, up 9.3 points from the same quarter a year ago.
RLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$9.5M | -128% |
| Q1 2026 | -$10.3M | -133% |
| Q4 2025 | $28.7M | -61% |
| Q3 2025 | $53.7M | +128% |
| Q2 2025 | $34.5M | +17% |
| Q1 2025 | $31.1M | +5053% |
| Q4 2024 | $73.1M | +67% |
| Q3 2024 | $23.5M | +132% |
RLX usually generates cash, though not every quarter: the latest was −$9M, but it generated $63M over the past year.
RLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -6M shares |
| 1 year | -0.2% | -2M shares |
| 3 years | -3.4% | -45.8M shares |
| 5 years | -6.2% | -87.1M shares |
| Available history | -9% | -129M shares |
RLX has 1.3B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $27.6M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $88.4M |
| Q3 2024 | — |
RLX spent $28M buying back its own shares over the past year, down 69% from the year before.
RLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -4.1x | Net Cash |
| Q1 2026 | -3.4x | Net Cash |
| Q4 2025 | -4.7x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -4.0x | Net Cash |
| Q1 2025 | -5.5x | Net Cash |
| Q4 2024 | -7.5x | Net Cash |
| Q3 2024 | -4.3x | Net Cash |
RLX has more cash than debt.
RLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.0 | Oversold |
| Stochastic | 5.9 | Oversold |
RLX's weekly RSI is 27 (oversold) and its Stochastic is 6 (oversold).
RLX PE vs Consumer Defensive Sector
| Metric | RLX | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 19x | 30% below |
| PE % | 20 | 20 | Same percentile |
RLX is trading at 14x earnings, a 30% discount to the Consumer Defensive sector's median of 19x, though its earnings don't support one.
RLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.65 | 5.5% below |
| 20 week MA | $1.80 | 13% below |
| 50 week MA | $2.05 | 24% below |
| 100 week MA | $2.14 | 27% below |
| 200 week MA | $2.02 | 23% below |
RLX is in a downtrend: it's below all five of its weekly moving averages, and 23% below its 200-week average.
RLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.5 | $4.11 | -86% |
| 2022 | $4.11 | $2.51 | -39% |
| 2023 | $2.51 | $2.00 | -20% |
| 2024 | $2.00 | $2.12 | +6% |
| 2025 | $2.12 | $2.28 | +7.5% |
| 2026 YTD | $2.28 | $1.56 | -32% |
RLX has finished lower in three of the last five years. It's down 32% so far in 2026.