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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on Sales

RLX Technology (RLX) Gross Margin (2019 - 2025)

RLX Technology filings provide 7 years of Gross Margin readings, the most recent being 31.37% for Q4 2025.

  • On a quarterly basis, Gross Margin rose 434.0% to 31.37% in Q4 2025 year-over-year; TTM through Dec 2025 was 29.91%, a 348.0% increase, with the full-year FY2025 number at 29.9%, up 347.0% from a year prior.
  • Gross Margin hit 31.37% in Q4 2025 for RLX Technology, roughly flat from 31.22% in the prior quarter.
  • In the past five years, Gross Margin ranged from a high of 49.98% in Q3 2022 to a low of 23.71% in Q4 2023.
  • Median Gross Margin over the past 5 years was 29.9% (2025), compared with a mean of 33.44%.
  • Biggest five-year swings in Gross Margin: surged 1085bps in 2022 and later plummeted -2528bps in 2023.
  • RLX Technology's Gross Margin stood at 40.2% in 2021, then grew by 8bps to 43.61% in 2022, then plummeted by -46bps to 23.71% in 2023, then grew by 14bps to 27.03% in 2024, then rose by 16bps to 31.37% in 2025.
  • The last three reported values for Gross Margin were 31.37% (Q4 2025), 31.22% (Q3 2025), and 27.51% (Q2 2025) per Business Quant data.