RLX Technology Inc.
RLX
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Bull / bear case
Site-generated summary from fundamentals, news, and score — not investment advice. As of 2026-10-08.
- RLX Technology Inc. operates in the tobacco industry, which has a consistent demand despite regulatory challenges, providing a stable revenue base.
- The company reported a gross margin of 39% in Q2 2026, an increase from 34.3% in the previous quarter.
- RLX's trailing P/E ratio is 15.45, indicating it may be undervalued compared to industry peers.
- The company's revenue decreased by 38% compared to the prior quarter, dropping from $1.5 billion to $917 million.
- RLX's operating margin was 14.22% in Q2 2026, down from 16.65% in Q1 2026, indicating declining profitability.
- The stock has a sell signal with a score of -12.00, reflecting negative trends in key performance indicators.
Fundamentals
| Market cap | $2.10B | Enterprise value | -$6.29B | Trailing P/E | 15.64 | Forward P/E | 10.57 |
| PEG | — | Price / book | 0.91 | Beta | 1.13 | Dividend yield | 5.81% |
| Revenue growth | 15.5% | Earnings growth | 0.6% | Gross margin | 34.9% | Operating margin | 14.2% |
| Profit margin | 21.9% | ROE | 6.3% | ROA | 2.1% | Debt / equity | 0.02 |
| Current ratio | 10.61 | Free cash flow | -$621.44M | Analyst recommendation | none | Mean target | $2.78 |
| 52w high | $2.60 | 52w low | $1.65 |
Quarterly
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | |
|---|---|---|---|---|---|
| Revenue | $917M | $1.5B | $1.1B | $1.0B | $794M |
| Op margin | 14.2% | 16.6% | 11.0% | 9.0% | 4.9% |
| Net income | $218M | $284M | $280M | $203M | $217M |
| Gross margin | 39.0% | 34.3% | 33.1% | 34.1% | 30.5% |
| Gross profit | $358M | $504M | $358M | $353M | $242M |
| Operating income | $130M | $245M | $119M | $93.3M | $39.0M |
- Revenue -38% vs prior quarter ($917M vs $1.5B).
- Gross margin 39% (was 34.3% prior quarter).
Yearly (6y)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $3.6B | $2.4B | $1.2B | $5.3B | — |
| Op margin | 9.1% | -4.4% | -39.9% | 20.1% | — |
| Net income | $922M | $552M | $534M | $1.4B | — |
| Gross margin | 32.7% | 29.7% | 31.2% | 43.7% | — |
| Gross profit | $1.2B | $727M | $388M | $2.3B | — |
| Operating income | $329M | -$107M | -$497M | $1.1B | — |
No flags
• No distress or material-risk keywords in recent headlines (keyword scan only — not a guarantee).
News
2026-08-27 · RLX Technology (RLX) Bets Big On Europe And Nicotine Pouches
2026-08-20 · AIR Global Reports 1H Revenue & Gross Profit Growth, Maintains 2026 Guidance
2026-08-17 · RLX Technology Inc (RLX) (Q2 2026) Earnings Call Highlights: International Expansion Drives 14. ...
2026-08-14 · RLX Technology Q2 Earnings Call Highlights
2026-08-14 · RLX Technology Announces Unaudited Second Quarter 2026 Financial Results
2026-08-05 · RLX Technology to Report Second Quarter 2026 Financial Results on August 14, 2026
Price (daily)
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