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RLX TECHNOLOGY INC-ADR (RLX) Stock Fundamental Analysis

NYSE:RLX - New York Stock Exchange, Inc. - US74969N1037 - ADR - Currency: USD

2.43  +0.11 (+4.74%)

After market: 2.45 +0.02 (+0.82%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to RLX. RLX was compared to 8 industry peers in the Tobacco industry. RLX is in great health and has no worries on liquidiy or solvency at all, but the profibility rating is only average. RLX is not overvalued while it is showing excellent growth. This is an interesting combination.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

RLX had positive earnings in the past year.
RLX had a positive operating cash flow in the past year.
RLX had positive earnings in 4 of the past 5 years.
Each year in the past 5 years RLX had a positive operating cash flow.
RLX Yearly Net Income VS EBIT VS OCF VS FCFRLX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 0 1B 2B

1.2 Ratios

RLX has a Return On Assets (3.99%) which is in line with its industry peers.
RLX has a Return On Equity of 4.17%. This is in the better half of the industry: RLX outperforms 62.50% of its industry peers.
Industry RankSector Rank
ROA 3.99%
ROE 4.17%
ROIC N/A
ROA(3y)8.15%
ROA(5y)4.92%
ROE(3y)9.22%
ROE(5y)12.83%
ROIC(3y)N/A
ROIC(5y)N/A
RLX Yearly ROA, ROE, ROICRLX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 0 10 20 30 40

1.3 Margins

The Profit Margin of RLX (29.69%) is better than 87.50% of its industry peers.
RLX's Gross Margin of 24.75% is in line compared to the rest of the industry. RLX outperforms 50.00% of its industry peers.
RLX's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM N/A
PM (TTM) 29.69%
GM 24.75%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-15.14%
GM growth 5Y-11.35%
RLX Yearly Profit, Operating, Gross MarginsRLX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 0 20 -20 40

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7

2. Health

2.1 Basic Checks

RLX does not have a ROIC to compare to the WACC, probably because it is not profitable.
RLX has less shares outstanding than it did 1 year ago.
Compared to 5 years ago, RLX has less shares outstanding
RLX has a worse debt/assets ratio than last year.
RLX Yearly Shares OutstandingRLX Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 500M 1B 1.5B
RLX Yearly Total Debt VS Total AssetsRLX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 5B 10B 15B

2.2 Solvency

There is no outstanding debt for RLX. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0.02
Altman-Z N/A
ROIC/WACCN/A
WACC7.51%
RLX Yearly LT Debt VS Equity VS FCFRLX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 0 5B 10B 15B

2.3 Liquidity

RLX has a Current Ratio of 14.38. This indicates that RLX is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of RLX (14.38) is better than 100.00% of its industry peers.
A Quick Ratio of 14.25 indicates that RLX has no problem at all paying its short term obligations.
The Quick ratio of RLX (14.25) is better than 100.00% of its industry peers.
Industry RankSector Rank
Current Ratio 14.38
Quick Ratio 14.25
RLX Yearly Current Assets VS Current LiabilitesRLX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B 10B

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8

3. Growth

3.1 Past

RLX shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 773.35%, which is quite impressive.
Looking at the last year, RLX shows a very strong growth in Revenue. The Revenue has grown by 89.23%.
RLX shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 64.28% yearly.
EPS 1Y (TTM)773.35%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%36.99%
Revenue 1Y (TTM)89.23%
Revenue growth 3Y-25.39%
Revenue growth 5Y64.28%
Sales Q2Q%76.67%

3.2 Future

The Earnings Per Share is expected to grow by 31.01% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 46.40% on average over the next years. This is a very strong growth
EPS Next Y60.92%
EPS Next 2Y39.72%
EPS Next 3Y31.01%
EPS Next 5YN/A
Revenue Next Year78.09%
Revenue Next 2Y61.25%
Revenue Next 3Y46.4%
Revenue Next 5YN/A

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
RLX Yearly Revenue VS EstimatesRLX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2B 4B 6B 8B
RLX Yearly EPS VS EstimatesRLX Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1

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4

4. Valuation

4.1 Price/Earnings Ratio

RLX is valuated rather expensively with a Price/Earnings ratio of 20.25.
75.00% of the companies in the same industry are more expensive than RLX, based on the Price/Earnings ratio.
RLX's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 29.63.
The Price/Forward Earnings ratio is 20.46, which indicates a rather expensive current valuation of RLX.
Based on the Price/Forward Earnings ratio, RLX is valued a bit cheaper than the industry average as 62.50% of the companies are valued more expensively.
RLX is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.68, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 20.25
Fwd PE 20.46
RLX Price Earnings VS Forward Price EarningsRLX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

The rest of the industry has a similar Price/Free Cash Flow ratio as RLX.
Industry RankSector Rank
P/FCF 49.8
EV/EBITDA N/A
RLX Per share dataRLX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0.2 0.4 0.6 0.8 1

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
RLX's earnings are expected to grow with 31.01% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.33
PEG (5Y)N/A
EPS Next 2Y39.72%
EPS Next 3Y31.01%

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1

5. Dividend

5.1 Amount

RLX has a yearly dividend return of 0.34%, which is pretty low.
RLX's Dividend Yield is slightly below the industry average, which is at 4.31.
With a Dividend Yield of 0.34, RLX pays less dividend than the S&P500 average, which is at 2.27.
Industry RankSector Rank
Dividend Yield 0.34%

5.2 History

RLX does not have a reliable dividend history as it only pays dividend since a couple or years.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years1
RLX Yearly Dividends per shareRLX Yearly Dividends per shareYearly Dividends per share 2023 2024 0.01 0.01 0.02

5.3 Sustainability

14.15% of the earnings are spent on dividend by RLX. This is a low number and sustainable payout ratio.
DP14.15%
EPS Next 2Y39.72%
EPS Next 3Y31.01%
RLX Yearly Income VS Free CF VS DividendRLX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B 2.5B
RLX Dividend Payout.RLX Dividend Payout, showing the Payout Ratio.RLX Dividend Payout.PayoutRetained Earnings

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RLX TECHNOLOGY INC-ADR

NYSE:RLX (2/21/2025, 8:04:01 PM)

After market: 2.45 +0.02 (+0.82%)

2.43

+0.11 (+4.74%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryTobacco
Earnings (Last)11-15 2024-11-15/bmo
Earnings (Next)03-13 2025-03-13/amc
Inst Owners25.9%
Inst Owner Change-1.4%
Ins Owners45.11%
Ins Owner ChangeN/A
Market Cap3.82B
Analysts82.5
Price Target3.51 (44.44%)
Short Float %7.89%
Short Ratio2.19
Dividend
Industry RankSector Rank
Dividend Yield 0.34%
Yearly Dividend0.07
Dividend Growth(5Y)N/A
DP14.15%
Div Incr Years0
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-5.7%
Min EPS beat(2)-9.79%
Max EPS beat(2)-1.61%
EPS beat(4)2
Avg EPS beat(4)39.63%
Min EPS beat(4)-9.79%
Max EPS beat(4)128.21%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)0.48%
Min Revenue beat(2)-2.73%
Max Revenue beat(2)3.68%
Revenue beat(4)2
Avg Revenue beat(4)-2.69%
Min Revenue beat(4)-19.53%
Max Revenue beat(4)7.8%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)6.68%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)1.75%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.6%
Valuation
Industry RankSector Rank
PE 20.25
Fwd PE 20.46
P/S 12.6
P/FCF 49.8
P/OCF 47.06
P/B 1.77
P/tB 1.78
EV/EBITDA N/A
EPS(TTM)0.12
EY4.94%
EPS(NY)0.12
Fwd EY4.89%
FCF(TTM)0.05
FCFY2.01%
OCF(TTM)0.05
OCFY2.12%
SpS0.19
BVpS1.37
TBVpS1.36
PEG (NY)0.33
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 3.99%
ROE 4.17%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 29.69%
GM 24.75%
FCFM 25.31%
ROA(3y)8.15%
ROA(5y)4.92%
ROE(3y)9.22%
ROE(5y)12.83%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-15.14%
GM growth 5Y-11.35%
F-Score5
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0.02
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 85.24%
Current Ratio 14.38
Quick Ratio 14.25
Altman-Z N/A
F-Score5
WACC7.51%
ROIC/WACCN/A
Cap/Depr(3y)142.73%
Cap/Depr(5y)678.29%
Cap/Sales(3y)1.5%
Cap/Sales(5y)2.19%
Profit Quality(3y)47.95%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)773.35%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%36.99%
EPS Next Y60.92%
EPS Next 2Y39.72%
EPS Next 3Y31.01%
EPS Next 5YN/A
Revenue 1Y (TTM)89.23%
Revenue growth 3Y-25.39%
Revenue growth 5Y64.28%
Sales Q2Q%76.67%
Revenue Next Year78.09%
Revenue Next 2Y61.25%
Revenue Next 3Y46.4%
Revenue Next 5YN/A
EBIT growth 1Y20.99%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year253.54%
EBIT Next 3Y75.27%
EBIT Next 5YN/A
FCF growth 1Y-73.19%
FCF growth 3Y-59.86%
FCF growth 5YN/A
OCF growth 1Y-71.63%
OCF growth 3Y-57.51%
OCF growth 5YN/A