Stocks RLX Financial statements
Financial statementsRLX Technology Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data RLX Technology Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 585 | 1,337 | 773 | 223 | 377 | 566 |
| Cost of revenue | 351 | 761 | 431 | 121 | 235 | 348 |
| Gross profit | 234 | 576 | 334 | 54.6 | 99.5 | 169 |
| Research and development | 45.9 | 28.2 | 46 | 24.3 | 12.1 | 18.7 |
| General and administrative | 118 | 106 | 83.6 | 70.1 | 70.7 | 48.2 |
| Operating expenses | 232 | 216 | 180 | 125 | 114 | 122 |
| Operating income | 2.02 | 361 | 154 | -70 | -14.7 | 47 |
| Interest expense | 0.2 | 0.02 | 0.91 | |||
| Other non-operating income | 5.6 | 30.5 | 57.9 | 30.3 | 13.7 | 16.1 |
| Pre-tax income | 15.7 | 417 | 258 | 83.3 | 90.3 | 151 |
| Income tax | 35.3 | 99.1 | 53.9 | 7.15 | 12.9 | 17 |
| Net income to minority interests | 0.54 | -4.71 | 0.94 | 1.71 | 1.79 | |
| Net income | -19.6 | 318 | 209 | 75.3 | 75.6 | 132 |
| EBITDA | 5.03 | 367 | 165 | -64.7 | -10.9 | 51.4 |
| EPS, basic | -0.01 | 0.23 | 0.16 | 0.06 | 0.06 | 0.10 |
| EPS, diluted | -0.01 | 0.23 | 0.16 | 0.06 | 0.06 | 0.10 |
| Shares, basic (weighted) | 1,437 | 1,401 | 1,320 | 1,311 | 1,232 | 1,224 |
| Shares, diluted (weighted) | 1,437 | 1,410 | 1,328 | 1,340 | 1,289 | 1,224 |
| Dividend per share | 0.11 |
Balance sheet
| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 171 | 817 | 184 | 337 | 766 | 767 |
| Short-term investments | 226 | 568 | 353 | 436 | 98.6 | 333 |
| Receivables | 3.08 | 2.2 | 7.45 | 8.52 | 10.8 | 27.2 |
| Inventory | 50.4 | 92.4 | 19 | 20.4 | 19.5 | 42.6 |
| Other current assets | 11.4 | 75.7 | 28.8 | 71.6 | 25.4 | 45.7 |
| Total current assets | 593 | 2,189 | 1,624 | 1,265 | 1,274 | 1,602 |
| Property, plant and equipment | 11.4 | 22.5 | 12.7 | 10.9 | 6.96 | 35.2 |
| Lease right-of-use assets | 14.1 | 27.7 | 10.9 | 7.4 | 3.3 | 11.8 |
| Goodwill | 9.37 | 8.16 | 81.1 | |||
| Intangible assets | 0.83 | 1.31 | 1.1 | 9.83 | 7.23 | 30.5 |
| Long-term investments | 0.61 | 1.88 | 1.16 | 1.13 | 1.1 | 1.19 |
| Other non-current assets | 1.74 | 7.68 | 1.95 | 0.69 | 1.36 | 4.21 |
| Total assets | 622 | 2,568 | 2,375 | 2,298 | 2,311 | 2,564 |
| Accrued liabilities | 27.5 | 26.7 | 18.5 | 5.53 | 10.1 | 13.4 |
| Deferred revenue | 49.1 | 45 | 10.9 | 6.98 | 1.45 | 12 |
| Short-term debt | 5.48 | 13.2 | ||||
| Total current liabilities | 383 | 430 | 115 | 94.2 | 118 | 281 |
| Lease liabilities | 7.58 | 16.4 | 5.8 | 3.44 | 0.97 | 7.96 |
| Other non-current liabilities | 9.19 | |||||
| Total liabilities | 391 | 447 | 122 | 101 | 121 | 314 |
| Paid-in capital | 244 | 1,864 | 1,749 | 1,706 | 1,743 | 1,846 |
| Retained earnings | -12.5 | 300 | 482 | 530 | 578 | 589 |
| Treasury stock | -20 | -91 | -180 | -288 | -327 | |
| Other comprehensive income | -0.1 | -23.5 | 113 | 138 | 154 | 123 |
| Shareholders' equity | 231 | 2,121 | 2,257 | 2,199 | 2,190 | 2,236 |
| Minority interests | 0.6 | -4.16 | -1.55 | 0.24 | 14 | |
| Total equity | 231 | 2,121 | 2,253 | 2,197 | 2,191 | 2,250 |
| Total liabilities and equity | 622 | 2,568 | 2,375 | 2,298 | 2,311 | 2,564 |
| Shares outstanding | 1,437 | 1,566 | 1,528 |
Cash flow statement
| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | -19.6 | 318 | 204 | 76.2 | 77.3 | 134 |
| Depreciation and amortization | 3.02 | 6.41 | 11 | 5.3 | 3.8 | 4.42 |
| Stock-based compensation | 142 | 35 | 24.1 | 51.1 | 50.6 | 26.6 |
| Deferred income tax | -1.73 | -2.44 | -5.64 | 0.63 | 1.32 | -0.39 |
| Change in inventory | -16.8 | -54.8 | 40.4 | -5.5 | -2.98 | -7.88 |
| Change in payables | 147 | -26.8 | ||||
| Cash from operations | 397 | 282 | 70.6 | 28 | 117 | 158 |
| Capital expenditures | -1.93 | -20.5 | -5.6 | -3.98 | -1.38 | -16.8 |
| Acquisitions | -85.7 | |||||
| Purchases of investments | -834 | -2,247 | -2,167 | -328 | -273 | -143 |
| Cash from investing | -278 | -1,235 | -599 | 295 | 413 | -118 |
| Stock issued | 3.46 | 1.23 | 0.2 | 0.17 | ||
| Share buybacks | -20 | -72.5 | -140 | -80.7 | -26.3 | |
| Dividends paid | -13 | -12.2 | -13.1 | |||
| Cash from financing | 26.8 | 1,554 | -69.2 | -168 | -92.9 | -40.4 |
| Net change in cash | 149 | 589 | -568 | 159 | 442 | -14.2 |
| Free cash flow | 395 | 262 | 65 | 24 | 116 | 141 |
| Interest paid | 0.2 | 0.02 | 0.23 | |||
| Income taxes paid | 1.73 | 74 | 108 | 10.5 | 5.59 | 12.2 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 29.9% | Gross profit / revenue. |
| Operating margin | 8.3% | Operating income / revenue. |
| EBITDA margin | 9.1% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 26.6% | Pre-tax income / revenue. |
| Net margin | 23.3% | Net income / revenue. |
| FCF margin | 24.9% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 27.9% | Cash from operations / revenue. |
| Effective tax rate | 11.3% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 6.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 5.4% | Net income / average total assets. |
| Return on invested capital (ROIC) | 2.9% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 3.3% | Research and development expense / revenue. |
| Stock-based pay / revenue | 4.7% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.0% | Capital expenditures / revenue. |
| D&A / revenue | 0.8% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 50.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -9.9% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -0.7% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 70.0% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -20.3% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | -6.3% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income CAGR, 3y | -32.7% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 87.7% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA CAGR, 3y | -32.2% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 59.2% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 74.4% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -14.2% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 69.5% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -14.0% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 34.9% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 30.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -16.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 22.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 29.5% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -18.6% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 2.1% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -0.3% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 57.4% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 10.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 32.7% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -5.0% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -2.7% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -3.2% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 5.70x | Current assets / current liabilities. |
| Quick ratio | 4.01x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 3.92x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 12.3% | Total liabilities / total assets. |
| Interest coverage | 51.4x | Operating income / interest expense. |
| Working capital | $1.32B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 4.4% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $2.12B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.23x | Revenue / average total assets. |
| Fixed asset turnover | 26.9x | Revenue / average property, plant and equipment. |
| Inventory turnover | 11.2x | Cost of revenue / average inventory. |
| Days inventory | 33 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 29.8x | Revenue / average receivables. |
| Days sales outstanding | 12 days | 365 x average receivables / revenue. |
| FCF conversion | 107.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 10.7% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.10 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $0.10 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $0.46 | Revenue / diluted weighted shares. |
| FCF per share | $0.12 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.13 | Cash from operations / diluted weighted shares. |
| Book value per share | $1.83 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $1.74 | Tangible book value / shares outstanding. |
| Cash per share | $0.90 | (Cash + short-term investments) / shares outstanding. |
| Dividend per share | $0.11 | Dividend declared per common share (paid, when declared is not tagged). |
| Payout ratio | 9.9% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 9.3% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 18.6% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $2.60B | Share price x shares outstanding. |
| Enterprise value | $1.50B | Market cap + total debt - cash - short-term investments. |
| P/E | 19.7x | Market cap / net income. Only when net income is positive. |
| P/S | 4.60x | Market cap / revenue. |
| P/B | 1.16x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.23x | Market cap / tangible book value, when positive. |
| P/FCF | 18.4x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 16.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.65x | Enterprise value / revenue. |
| EV/EBIT | 32.0x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 29.2x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 10.6x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 5.4% | Free cash flow / market cap. |
| Earnings yield | 5.1% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 1.5% | (Dividends paid + share buybacks) / market cap. |
What was RLX Technology Inc.'s revenue in fiscal 2025?
RLX Technology Inc. reported revenue of $566.1M for fiscal 2025, 50.3% higher than the year before.
Was RLX Technology Inc. profitable in fiscal 2025?
Yes. Net income was $131.8M, a net margin of 23.3%.
How much free cash flow did RLX Technology Inc. generate in fiscal 2025?
Cash from operations of $157.9M minus capital expenditures of $16.8M left free cash flow of $141.1M.