RLX Technology Inc.

RLXNYSEConsumer Defensive● Active

$2.00

$-0.02(-0.99%)

Market Cap$2.4B

P/E Ratio—

52W High$2.84

52W Low$1.96

Avg Volume2.5M

Open$2.02

Beta1.14

Free Cash Flow Financials Revenue

RLX Technology Inc. (RLX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

RLX · free cash flow · updated Jun 8, 2026

Core FCF metrics

RLX · FCF · TTM · margin & CAGR

Free cash flow was $985.8M for FY2025 (fiscal year ending 2025-12-31), up 17.1% year-over-year The FCF margin was 28.0%. Five-year CAGR stands at -17.4%.

FY2025 Free Cash Flow$985.8M▲ +17.1% YoY

Trailing 12M (TTM)$985.8Mtrailing 4 quarters sum

FCF Margin28.0%$985.8M ÷ revenue

3-Year CAGR+30.1%FY2022 → FY2025

5-Year CAGR-17.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

RLX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.10B(119M)$985.8M▲ +17.1%28.0%

FY2024$854.3M(12M)$842.1M▲ +406.4%34.5%

FY2023$198.7M(32M)$166.3M▼ 62.9%13.4%

FY2022$486.8M(39M)$448.2M▼ 73.0%8.4%

FY2021$1.80B(139M)$1.66B▼ 35.4%19.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

RLX · P/FCF · FCF yield · FCF per share

RLX Technology Inc. (RLX) trades at a FCF yield of 5.95% and a price-to-free-cash-flow ratio of 2.5x. FCF per share stands at $0.81, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.95%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.81

TTM FCF ÷ Shares Outstanding

Price / FCF

x2.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x12.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

RLX · cash flow statement · operating / investing / financing

For FY2025, RLX Technology Inc. generated $1.10B in operating cash flow and spent 119M in capital expenditures, yielding $985.8M in free cash flow.

Operating Activities

+$1.10B

Cash from core business operations

2025-12-31

Investing Activities

−$822.2M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$282.7M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.10B) − |CapEx| (119M) = FCF ($985.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Defensive)

RLX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

RLX Technology Inc.YOU

RLX

$985.8M+17.1%28.0%

The Procter & Gamble Company

$14.04B-15.0%16.7%

94%

Philip Morris International Inc.

$10.66B-1.0%26.2%

71%

Costco Wholesale Corporation

COST

$7.84B+18.2%2.8%

53%

The Coca-Cola Company

$5.30B+11.7%11.0%

35%

Consumer Defensive · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

RLX Technology Inc. (RLX) reported free cash flow of $985.8M for FY2025 (fiscal year ending 2025-12-31), up 17.1% year-over-year. The FCF margin was 28.0%.

Based on available data, RLX Technology Inc. has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $2.57B in FY2020. The 5-year CAGR stands at -17.4%.

RLX Technology Inc.'s FCF yield is 5.95% and price-to-FCF ratio is 2.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

RLX free cash flow · 8 questions

RLX Technology Inc. free cash flow was $985.8M for FY2025, up 17.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $985.8M.

RLX free cash flowRLX FCFRLX FCF 2025RLX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · RLX Technology Inc. · RLX Technology Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026