RLX Technology (RLX) Net Margin (2019 - 2026)
RLX Technology's (RLX) quarterly Net Margin came in at 24.26% in Q1 2026, down 1027.0% YoY from 2.62% in Q1 2025, and down 13.24% on a QoQ basis from 27.96% in Q4 2025.
RLX Technology (RLX) Net Margin (2019 - 2026) Analysis & Trends
RLX Technology (RLX) has 8 years of Net Margin data on file, last reported at 24.26% in Q1 2026.
- Quarterly Net Margin fell 1027.0% year-over-year to 24.26% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 26.95% (down 192.0% YoY) and the FY2025 annual result came in at 21.74%, up 121.0% from the prior year.
- Net Margin retreated to 24.26% in Q1 2026, from 27.96% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 68.24% in Q2 2023 to a low of 70.84% in Q4 2022.
- A 5-year average of 25.42% and a median of 28.77% in 2022 frame the typical range for Net Margin.
- Annual changes were most pronounced in 2022 — Net Margin slumped 10363 bps — and 2023, when it surged 11520 bps.
- Tracing RLX's Net Margin over 5 years: stood at 70.84% in 2022, then jumped by 163 bps to 44.35% in 2023, then plunged by 50 bps to 22.13% in 2024, then grew by 26 bps to 27.96% in 2025, then dropped by 13 bps to 24.26% in 2026.
- The last three Net Margin figures came in at 24.26% (Q1 2026), 27.96% (Q4 2025), and 26.45% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 298.83 Bn | 292.83 Bn | 7.66 Bn | 29.82% |
| 2 | British American Tobacco p.l.c | 122.98 Bn | 119.29 Bn | - | - |
| 3 | Altria | 111.97 Bn | 109.61 Bn | 3.82 Bn | 37.60% |
| 4 | RLX Technology | 2.22 Bn | 1.48 Bn | 52.74 Mn | 3.89% |
| 5 | Turning Point Brands | 1.73 Bn | 1.46 Bn | 93.70 Mn | 2.52% |
| 6 | Universal | 1.15 Bn | 869.50 Mn | 83.09 Mn | -1.59% |
| 7 | Ispire Technology | 87.09 Mn | 67.86 Mn | 1.99 Mn | -50.96% |
| 8 | Rythm | 45.53 Mn | 3.62 Mn | 18.54 Mn | 5.14% |
| 9 | Greenlane Holdings | 14.10 Mn | -10.40 Mn | 32,000.00 | -30,284.15% |
| 10 | VPR Brands | 9.14 Mn | 6.80 Mn | 161,075.00 | -7.77% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 24.26% |
| Dec 31, 2025 | 27.96% |
| Sep 30, 2025 | 26.45% |
| Jun 30, 2025 | 31.30% |
| Mar 31, 2025 | 34.53% |
| Dec 31, 2024 | 22.13% |
| Sep 30, 2024 | 30.44% |
| Jun 30, 2024 | 28.34% |
| Mar 31, 2024 | 27.04% |
| Dec 31, 2023 | 44.35% |
| Sep 30, 2023 | 40.19% |
| Jun 30, 2023 | 68.24% |
| Mar 31, 2023 | -39.08% |
| Dec 31, 2022 | -70.84% |
| Sep 30, 2022 | 54.89% |
| Jun 30, 2022 | 28.77% |
| Mar 31, 2022 | 53.21% |
| Dec 31, 2021 | 32.79% |
| Sep 30, 2021 | 72.72% |
| Jun 30, 2021 | 48.50% |