RLX Technology Inc. key statistics and ratios

In fiscal 2025, RLX Technology Inc. had return on equity of 5.8%, an operating margin of 8.3%, debt equal to 0.6% of equity and a current ratio of 5.70. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

RLX Technology Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	44.7%	37.5%	40.0%	43.1%	43.2%	24.4%	26.4%	29.9%
Operating margin	1.7%	3.6%	0.3%	27.0%	19.9%	−31.3%	−3.9%	8.3%
Net margin	−0.2%	3.1%	−3.4%	23.8%	27.0%	33.7%	20.1%	23.3%
Free-cash-flow margin	−0.8%	16.3%	67.5%	19.6%	8.4%	10.7%	30.7%	24.9%
Return on equity	−4.5%	85.2%	−15.1%	26.7%	9.8%	3.4%	3.5%	5.8%
Return on assets	—	3.3%	−4.5%	19.7%	8.7%	3.2%	3.3%	5.3%
Asset turnover	—	1.08	1.33	0.83	0.32	0.10	0.17	0.23
Current ratio	—	1.91	1.55	5.10	14.18	13.44	10.84	5.70
Debt to equity	0.0%	327.9%	61.2%	5.8%	1.4%	1.0%	1.0%	0.6%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	n/m	51.4x
Effective tax rate	—	35.2%	—	23.7%	20.9%	8.6%	14.3%	11.3%
R&D as % of revenue	1.6%	2.1%	7.8%	2.1%	5.9%	10.9%	3.2%	3.3%
Capital spending as % of revenue	0.0%	5.5%	0.3%	1.5%	0.7%	1.8%	0.4%	3.0%
Free cash flow ÷ net income	—	530.2%	—	82.4%	31.1%	31.9%	153.0%	107.0%
Dividends ÷ net income	—	75.4%	—	—	—	17.3%	16.1%	9.9%
Dividends and buybacks ÷ free cash flow	—	14.2%	—	7.6%	111.6%	638.8%	80.3%	27.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $2.6bn

Short-term assets $1.6bnLonger-term assets $962m

What it owes, and who funded it · $2.5bn

Short-term liabilities $281mLonger-term liabilities $33mShareholders' equity $2.2bn

Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $281m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.6bn short-term assets against $33m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $46m against $889,845 of interest.

From RLX Technology Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from RLX Technology Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to RLX Technology Inc.