RLX Technology vs Turning Point Brands
RLX Technology is the larger business, with $551m of revenue in fiscal 2025 against $463m for Turning Point Brands (1.2 times as much). RLX Technology grew faster (44.2% against 28.4%). RLX Technology kept more of each dollar of sales as profit: a net margin of 23.3% against 12.6%. RLX Technology carries less debt relative to equity (0.6% against 80.6%).
| Latest fiscal year | RLX TechnologyRLX, 2025 | Turning Point BrandsTPB, 2025 |
|---|---|---|
| Revenue | $551m | $463m |
| Revenue growth | 44.2% | 28.4% |
| Net income | $128m | $58.2m |
| Operating margin | 8.3% | 20.6% |
| Net margin | 23.3% | 12.6% |
| Return on equity | 5.8% | 20.7% |
| Free cash flow | $137m | $43.8m |
| Cash | $767m | $223m |
| Total debt | $14.3m | $300m |
| Debt to equity | 0.6% | 80.6% |
| Dividend per share | — | $0.30 |
| Dividend yield | 0.6% | 0.5% |
| Share buybacks | $25.6m | $0 |
| Employees | — | 484 |
| Market value | $2.03bn | $1.34bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | — | 72 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 14 sales |