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China's leading e-cigarette brand RELX, designing vapor devices and flavored pods sold through licensed retail in China.
China's leading e-cigarette brand RELX, designing vapor devices and flavored pods sold through licensed retail in China.
Sells devices once but earns most from pods, the flavoured cartridges users keep replacing, which it supplies through distributors to licensed shops. Since 2022 vapes sold in China fall under the state tobacco monopoly's rules and a consumption tax, with domestic flavours limited to tobacco taste.
In one line: China's JUUL.
Moat: narrow (brand, distribution, regulatory licence). Dominant domestic brand recognition and licensed retail network amid tightening China vape regulation.
Headquarters: Shenzhen, China · Founded: 2018 · Employees: 897
Size RLX Technology, Inc. Sponsored ADR (RLX) is a United States Consumer Staples company (Industrial Conglomerates) with a market value of $2.00B, the 1787th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.61 on 6 Nov 2026.
Performance Over six months the shares fell 23.3%, against +8.2% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 59.2% over the last twelve months (peer median +1.0%); the operating margin is 13.1% (peer median 6.3%).
Valuation It trades at 12.6× forward earnings against a peer median of 14.7× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points below its cost of capital (10.4% WACC).
Short interest Short interest is 0.9% of the free float (15 Oct 2026).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $644M | $503M | $340M | $176M | $784M |
| Revenue growth | — | +48% | +93% | -78% | — |
| Gross profit | $225M | $165M | $101M | $54.7M | $342M |
| EBITDA | n/a | $58.4M | -$4.36M | -$56.5M | $182M |
| Net income | $141M | $128M | $76.7M | $75.4M | $214M |
| Free cash flow | n/a | $137M | $117M | $24.2M | $66.6M |
| Capital expenditure | n/a | $16.5M | $1.70M | $4.57M | $6.62M |
| Total debt | $36.0M | $41.8M | $30.4M | $29.7M | $43.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RLX Technology, Inc. Sponsored ADR RLX | $2.00B | -23% | +59% | 13% | 12.6× | -2.1% |
| Smoore International 6969.HK | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% |
| British American Tobacco p.l.c BATS.L | $132B | -1% | +1% | 38% | 12.6× | 3.8% |
| Altria MO | $127B | +13% | +2% | 75% | 12.9× | -10.9% |
| Imperial Brands IMB.L | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% |
| Philip Morris International PM | $308B | +17% | +8% | 38% | 22.6× | -0.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RLX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.4% | +6.7% | 2nd lowest of 21 |
| 6-month return | -23.3% | +8.2% | lowest of 21 |
| Distance from 52-week high | -38.1% | -14.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +59.2% | +1.0% | highest of 20 |
| Operating margin | 13.1% | 6.3% | 3rd highest of 20 |
| Forward P/E | 12.6× | 14.7× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -2.1% | 0.4% | 8th least demanding of 18 |
| Growth delivered (Del g) | -1.9% | +3.8% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | -0.2 pp | -5.1 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | -4.0 pp | +0.6 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RLX Technology, Inc. Sponsored ADR RLX | United States | $2.00B | -23% | +59% | 13% | 12.6× | -2.1% | -1.9% |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| UTZ Brands UTZ | United States | $2.05B | +90% | +2% | 4% | 17.9× | 31.8% | +8.3% |
| Weis Markets WMK | United States | $1.92B | +10% | +4% | 2% | n/a | 4.3% | +3.8% |
| Andersons ANDE | United States | $1.87B | -23% | -4% | 1% | 8.7× | n/a | n/a |
| Trulieve Cannabis TRLV | United States | $2.23B | +31% | -4% | 14% | 31.1× | 13.5% | +17.8% |
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Chagee Holdings Limited Unsponsored ADR CHA | United States | $2.44B | +19% | 0% | 11% | 7.9× | -4.1% | +190.8% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Energizer ENR | United States | $1.63B | +26% | +2% | 16% | 7.2× | -5.2% | +1.5% |
| Herbalife HLF | United States | $1.60B | +7% | +6% | 9% | 5.4× | -14.8% | -1.9% |
| Yesway YSWY | United States | $1.56B | -4% | n/a | n/a | 21.2× | n/a | n/a |
| Ingles Markets IMKTA | United States | $1.53B | -5% | +1% | 3% | n/a | -1.4% | +3.0% |
| Central Garden & Pet CENT | United States | $2.64B | +25% | -1% | 9% | 16.0× | -4.0% | +3.0% |
| Guardian Pharmacy Services GRDN | United States | $2.68B | +17% | +10% | 6% | 30.6× | 4.1% | +16.8% |
| United Natural Foods UNFI | United States | $2.73B | -13% | -2% | 1% | 13.6× | 6.5% | +2.9% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Marzetti MZTI | United States | $2.86B | -8% | -1% | 11% | 15.6× | -2.4% | +5.6% |
| Tootsie Roll Industries TR | United States | $2.92B | -8% | +2% | 12% | n/a | 14.1% | +9.2% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |