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RLX Technology Valuation Multiples
Discover revenue and EBITDA valuation multiples for RLX Technology and similar public comparables like Philip Morris Czech Republic, China Tobacco, Eastern Company, Gudang Garam and more.
RLX Technology Overview
About RLX Technology
RLX Technology Inc is engaged in the manufacturing of e-vapor products for adult smokers. It has an integrated offline distribution and "Branded store plus" retail model tailored to China's e-vapor market.
Founded
2018
HQ
Employees
381
Website
Sectors
Financials (LTM)
EV
$1B
RLX Technology Financials
RLX Technology reported last 12-month revenue of $648M and EBITDA of $93M.
In the same LTM period, RLX Technology generated $197M in gross profit, $93M in EBITDA, and $144M in net income.
Revenue (LTM)
RLX Technology P&L
In the most recent fiscal year, RLX Technology reported revenue of $358M and EBITDA of ($5M).
RLX Technology expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $648M | XXX | $358M | XXX | XXX | XXX |
| Gross Profit | $197M | XXX | $107M | XXX | XXX | XXX |
| Gross Margin | 30% | XXX | 30% | XXX | XXX | XXX |
| EBITDA | $93M | XXX | ($5M) | XXX | XXX | XXX |
| EBITDA Margin | 14% | XXX | (1%) | XXX | XXX | XXX |
| EBIT Margin | 13% | XXX | (4%) | XXX | XXX | XXX |
| Net Profit | $144M | XXX | $81M | XXX | XXX | XXX |
| Net Margin | 22% | XXX | 23% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
RLX Technology Stock Performance
RLX Technology has current market cap of $3B, and enterprise value of $1B.
Market Cap Evolution
RLX Technology's stock price is $2.17.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1B | $3B | 0.0% | XXX | XXX | XXX | $0.07 |
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Start Free TrialRLX Technology Valuation Multiples
RLX Technology trades at 1.9x EV/Revenue multiple, and 13.0x EV/EBITDA.
EV / Revenue (LTM)
RLX Technology Financial Valuation Multiples
As of April 20, 2026, RLX Technology has market cap of $3B and EV of $1B.
Equity research analysts estimate RLX Technology's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
RLX Technology has a P/E ratio of 18.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV/Revenue | 1.9x | XXX | 3.4x | XXX | XXX | XXX |
| EV/EBITDA | 13.0x | XXX | (261.8x) | XXX | XXX | XXX |
| EV/EBIT | 14.2x | XXX | (76.6x) | XXX | XXX | XXX |
| EV/Gross Profit | 6.1x | XXX | 11.3x | XXX | XXX | XXX |
| P/E | 18.4x | XXX | 32.7x | XXX | XXX | XXX |
| EV/FCF | — | XXX | 9.7x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified RLX Technology Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
RLX Technology Margins & Growth Rates
RLX Technology's revenue in the last 12 month grew by 33%.
RLX Technology's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.3M for the same period.
RLX Technology's rule of 40 is 60% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
RLX Technology's rule of X is 125% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
RLX Technology Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 33% | XXX | 60% | XXX | XXX | XXX |
| EBITDA Margin | 14% | XXX | (1%) | XXX | XXX | XXX |
| EBITDA Growth | 56% | XXX | (1713%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 60% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 125% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.9M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 10% | XXX | 9% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 8% | XXX | 21% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 3% | XXX | 4% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 34% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
RLX Technology Public Comps
See public comps and valuation multiples for other Tobacco comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| RLX Technology | XXX | XXX | XXX | XXX | XXX | XXX |
| Philip Morris Czech Republic | XXX | XXX | XXX | XXX | XXX | XXX |
| China Tobacco | XXX | XXX | XXX | XXX | XXX | XXX |
| Eastern Company | XXX | XXX | XXX | XXX | XXX | XXX |
| Gudang Garam | XXX | XXX | XXX | XXX | XXX | XXX |
| Turning Point Brands | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
RLX Technology M&A Activity
RLX Technology acquired XXX companies to date.
Last acquisition by RLX Technology was on XXXXXXXX, XXXXX. RLX Technology acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by RLX Technology
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialRLX Technology Investment Activity
RLX Technology invested in XXX companies to date.
RLX Technology made its latest investment on XXXXXXXX, XXXXX. RLX Technology invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by RLX Technology
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout RLX Technology
| When was RLX Technology founded? | RLX Technology was founded in 2018. |
| Where is RLX Technology headquartered? | RLX Technology is headquartered in China. |
| How many employees does RLX Technology have? | As of today, RLX Technology has over 381 employees. |
| Who is the CEO of RLX Technology? | RLX Technology's CEO is Ying Wang. |
| Is RLX Technology publicly listed? | Yes, RLX Technology is a public company listed on NYSE. |
| What is the stock symbol of RLX Technology? | RLX Technology trades under RLX ticker. |
| When did RLX Technology go public? | RLX Technology went public in 2021. |
| Who are competitors of RLX Technology? | RLX Technology main competitors are Philip Morris Czech Republic, China Tobacco, Eastern Company, Gudang Garam. |
| What is the current market cap of RLX Technology? | RLX Technology's current market cap is $3B. |
| What is the current revenue of RLX Technology? | RLX Technology's last 12 months revenue is $648M. |
| What is the current revenue growth of RLX Technology? | RLX Technology revenue growth (NTM/LTM) is 33%. |
| What is the current EV/Revenue multiple of RLX Technology? | Current revenue multiple of RLX Technology is 1.9x. |
| Is RLX Technology profitable? | Yes, RLX Technology is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of RLX Technology? | RLX Technology's last 12 months EBITDA is $93M. |
| What is RLX Technology's EBITDA margin? | RLX Technology's last 12 months EBITDA margin is 14%. |
| What is the current EV/EBITDA multiple of RLX Technology? | Current EBITDA multiple of RLX Technology is 13.0x. |
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