RLX Technology Inc. (RLX)
As-reported financials and SEC filings for RLX Technology Inc. The latest annual period is FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About RLX Technology Inc.
RLX Technology Inc. sells e-vapor products primarily to offline distributors who then supply retailers in China and international markets. The company offers a range of products including closed-system rechargeable devices, open-system products, disposable e-vapor products, and modern oral products. RLX serves adult smokers through a distribution network that includes licensed distributors and retailers, complying with regulatory requirements in China and expanding internationally through partnerships and direct operations.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at RLX Technology
- Revenue grew 50.3% to $566M in FY2025, slower than the 68.5% the year before.
- Operating margin is 8.3% in FY2025, -18.7 pp against 27.0% in FY2021.
- Free cash flow was $141M in FY2025, 24.9% of revenue.
- Net income rose 74.4% to $132M in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where RLX Technology’s fundamentals sit among the 113 Consumer Staples companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
RLX Technology’s FCF margin of 24.9% ranks in the 98th percentile of the 99 Consumer Staples companies reporting it. RLX Technology’s revenue growth of +50.3% ranks in the 96th percentile of the 110 Consumer Staples companies reporting it. RLX Technology’s net margin of 23.3% ranks in the 94th percentile of the 105 Consumer Staples companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| D. E. Shawquant | Q2 2026 | $18.1M | 9.6M | Reduced |
| Two Sigma Investmentsquant | Q2 2026 | $4.5M | 2.3M | Added |
| Citadel Advisorsquant | Q2 2026 | $1.5M | 805.0K | Reduced |
| Renaissance Technologiesquant | Q2 2026 | $498,180 | 262.2K | Reduced |
| Millennium Managementquant | Q2 2026 | $464,656 | 244.6K | Reduced |
No longer held by: AQR Capital Management (as of Q2 2026), Point72 Asset Management (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 5.2M | +12.2% | 1.98 |
| 2026-07-31 | 4.7M | -4.8% | 3.33 |
| 2026-07-15 | 4.9M | -6.8% | 2.03 |
| 2026-06-30 | 5.2M | -3.5% | 1.83 |
| 2026-06-15 | 5.4M | +23.2% | 1.93 |
| 2026-05-29 | 4.4M | -5.3% | 1.00 |
| 2026-05-15 | 4.7M | +7.3% | 2.88 |
| 2026-04-30 | 4.3M | +1.3% | 3.16 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $566.1M | $376.6M | $223.4M | $773.2M | $1.34B |
| Gross profit | $218.1M | $141.2M | $102.8M | $341.8M | $576.2M |
| Operating income | $47.0M | $-14.7M | $-70.0M | $154.2M | $360.7M |
| Net income | $131.8M | $75.6M | $75.3M | $209.0M | $317.7M |
| Diluted EPS | $0.10 | $0.06 | $0.06 | $0.16 | $0.23 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $767.5M | $766.3M | $336.7M | $183.9M | $817.4M |
| Current assets | $1.60B | $1.27B | $1.27B | $1.62B | $2.19B |
| Total assets | $2.56B | $2.31B | $2.30B | $2.37B | $2.57B |
| Current liabilities | $281.0M | $117.5M | $94.2M | $114.5M | $429.6M |
| Long-term debt | — | — | — | — | — |
| Total liabilities | $314.3M | $120.7M | $100.9M | $121.6M | $446.7M |
| Total equity | $2.25B | $2.19B | $2.20B | $2.25B | $2.12B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $157.9M | $117.0M | $28.0M | $70.6M | $282.4M |
| Capital expenditure | $16.8M | $1.4M | $4.0M | $5.6M | $20.5M |
| Free cash flow | $141.1M | $115.7M | $24.0M | $65.0M | $261.9M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Company facts
Selected SEC filings
Largest Consumer Staples peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.