RLX Technology vs Universal
Universal is the larger business, with $2.89bn of revenue in fiscal 2026 against $551m for RLX Technology (5.2 times as much). RLX Technology grew faster (44.2% against -1.3%). RLX Technology kept more of each dollar of sales as profit: a net margin of 23.3% against 1.1%. RLX Technology carries less debt relative to equity (0.6% against 63.9%).
| Latest fiscal year | RLX TechnologyRLX, 2025 | UniversalUVV, 2026 |
|---|---|---|
| Revenue | $551m | $2.89bn |
| Revenue growth | 44.2% | -1.3% |
| Net income | $128m | $32.6m |
| Operating margin | 8.3% | 5.8% |
| Net margin | 23.3% | 1.1% |
| Return on equity | 5.8% | 2.3% |
| Free cash flow | $137m | $80.3m |
| Cash | $767m | $62.2m |
| Total debt | $14.3m | $904m |
| Debt to equity | 0.6% | 63.9% |
| Dividend per share | — | $3.28 |
| Dividend yield | 0.6% | 8.1% |
| Share buybacks | $25.6m | $0 |
| Employees | — | — |
| Market value | $2.04bn | $985m |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | — | 51 (Moderate) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 4 sales |