6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $566M | $132M | 29.9% | 8.3% | $141M | — | $767M |
| 2024 | $377M | $76M | 26.4% | -3.9% | $116M | — | $766M |
| 2023 | $223M | $75M | 24.4% | -31.3% | $24M | — | $337M |
| 2022 | $773M | $209M | 43.2% | 19.9% | $65M | — | $184M |
| 2021 | $1.3B | $318M | 43.1% | 27.0% | $262M | — | $817M |
| 2020 | $585M | -$20M | 40.0% | 0.3% | $395M | — | $171M |
How the market has priced RLX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Rlx Technology Inc.'s revenue has declined 0.7% per year. These are computed facts, not advice.
As of FY2025, Rlx Technology Inc. reported — of total debt against $767M of cash; operating income covered interest expense 51×.
In FY2025, gross margin was 29.9%, operating margin 8.3%, and net margin 23.3%.
As of Jun '26, Rlx Technology Inc. traded at a price-to-earnings ratio of about 16.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.