$1.63

-0.02 (-1.21%)

Weekly Expected Move ±2.3%

$2 $2 $2 $2 $2

NYSE · Consumer Defensive · Tobacco · Tech Score Sell · Power 40 · $2.0B mcap · 851M float · 0.338% daily turnover · Short 45% of daily vol

Credit Risk of going bust: lower than 91% of companies Debt: 1.8% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $0.00 (down 99.8%), RLX Technology Inc. would be worth roughly what it owes.
Total debt $36.7M against a stock market value of $1.99B.
Distance to default 14.33 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $28.2M (short-term plus half of long-term), stock volatility 30.2%; Altman Z'' 17.44. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Revenue Segmentation

By Geography

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$3.5B +43.9% ▲

5Y CAGR: -1.6%

Gross Profit

$1.2B +58.5% ▲

5Y CAGR: -5.5%

Operating Income

$320M +398.3% ▲

5Y CAGR: +89.3%

Net Income

$897M +62.5% ▲

EPS (Diluted)

$0.70 +62.8% ▲

EBITDA

$320M +627.1% ▲

5Y CAGR: +54.6%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$8.5B	$5.3B	$1.2B	$2.4B	$3.5B
YoY Growth	+123.1%	-37.4%	-76.7%	+96.5%	+43.9%
Cost of Revenue	$4.8B	$3.0B	$856M	$1.7B	$2.4B
Gross Profit	$3.7B	$2.3B	$388M	$727M	$1.2B
Gross Margin	43.1%	43.2%	31.2%	29.7%	32.7%
R&D Expenses	$180M	$317M	$173M	$88M	$127M
SG&A Expenses	$1.2B	$925M	$712M	$745M	$704M
Operating Expenses	$1.4B	$1.2B	$884M	$834M	$832M
Operating Income	$2.3B	$1.1B	-$497M	-$107M	$320M
Operating Margin	27.0%	19.9%	-39.9%	-4.4%	9.1%
Interest Expense	$0	$0	$0	$0	$0
Income Before Tax	$2.7B	$1.8B	$592M	$659M	$1.0B
Tax Expense	$631M	$372M	$51M	$94M	$116M
Net Income	$2.0B	$1.4B	$534M	$552M	$897M
Net Margin	23.8%	27.0%	43.0%	22.6%	25.5%
EPS (Diluted)	$1.44	$1.09	$0.40	$0.43	$0.70
EBITDA	$2.3B	$1.1B	-$400M	-$61M	$320M
Shares Outstanding	1.41B	1.33B	1.34B	1.29B	1.22B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$679M	$736M	$708M	$794M	$1.0B	$1.1B	$1.5B	$914M
Cost of Revenue	$473M	$516M	$478M	$552M	$681M	$713M	$970M	$557M
Gross Profit	$206M	$220M	$231M	$242M	$353M	$353M	$491M	$357M
Gross Margin	30.3%	29.9%	32.6%	30.5%	34.1%	33.1%	33.6%	39.0%
R&D Expenses	$24M	$32M	$27M	$30M	$41M	$32M	$30M	$29M
SG&A Expenses	$192M	$199M	$126M	$173M	$218M	$204M	$217M	$198M
Operating Expenses	$217M	$231M	$154M	$203M	$259M	$236M	$248M	$227M
Operating Income	-$11M	-$12M	$77M	$39M	$93M	$117M	$243M	$130M
Operating Margin	-1.6%	-1.6%	10.9%	4.9%	9.0%	11.0%	16.6%	14.2%
Interest Expense	$0	$0	$0	$0	$0	$0	$0	$0
Income Before Tax	$200M	$154M	$251M	$247M	$253M	$299M	$337M	$246M
Tax Expense	$30M	$26M	$28M	$28M	$46M	$16M	$45M	$25M
Net Income	$166M	$122M	$222M	$217M	$203M	$276M	$282M	$217M
Net Margin	24.4%	16.6%	31.3%	27.3%	19.7%	25.9%	19.3%	23.7%
EPS (Diluted)	$0.13	$0.09	$0.17	$0.17	$0.16	$0.22	$0.21	$0.17
EBITDA	-$11M	-$1M	$77M	$39M	$103M	$390M	$348M	$130M
Shares Outstanding	1.29B	1.29B	1.31B	1.31B	1.30B	1.23B	1.31B	1.31B

RLX NYSE