Rlx Technology Inc. (RLX) intrinsic value & 10-year financials
Rlx Technology Inc. (RLX) has a Graham intrinsic value of $23.18 per share. At $1.64 on Oct 27, 2026, the stock trades 93% below that value. Over the last 8 fiscal years revenue grew 62.5% a year to $4.0B, with an average return on invested capital of 8.3%.
- Graham intrinsic value
- $23.18
- Share price (Oct 27, 2026)
- $1.64
- Price vs Graham value
- 93% below
- Market cap
- $2.0B
- Revenue (FY2025)
- $4.0B
- Revenue growth (8-yr CAGR)
- 62.5%
- ROIC (10-yr avg)
- 8.3%
- Free cash flow (FY2025)
- $986.8M
RLX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.0B | $921.9M | $0.70 | $986.8M | 8.3% | 2.8% |
| FY2024 | $2.7B | $551.8M | $0.43 | $844.3M | -3.9% | -0.8% |
| FY2023 | $1.6B | $534.3M | $0.40 | $170.5M | -31.3% | -3.3% |
| FY2022 | $5.3B | $1.4B | $1.08 | $448.2M | 19.9% | 7.1% |
| FY2021 | $8.5B | $2.0B | $1.44 | $1.7B | 27.0% | 33.2% |
| FY2020 | $3.8B | -$128.1M | -$0.09 | $2.6B | 0.3% | 0.8% |
| FY2019 | $1.5B | $47.7M | $0.03 | $253.2M | 3.6% | 9.6% |
| FY2018 | $132.6M | -$287.0K | -$0.00 | -$1.0M | 1.7% | 16.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RLX Technology Inc. is a consistent compounder, expanding top-line revenue at 62.4% annually over the past decade.
RLX Technology Inc. has historically struggled to out-earn its cost of capital, averaging just 7.1% ROIC.
RLX Technology Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RLX Technology Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.18 per share.