RLX TechnologyRLX -3.32%68 3-Year ROIIC % is -63.94 as of Dec. 2025. GuruFocus rates RLX with a GF Score™ of 68/100 and a GF Value™ of $4.13 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 46 Tobacco Products companies, RLX Technology ranks worse than 89.13% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
RLX Technology's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was -63.94%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for RLX Technology's 3-Year ROIIC % or its related term are showing as below:
RLX's 3-Year ROIIC % is ranked worse than 89.13% of 46
companies
in the Tobacco Products industry
Industry Median: 3.585
vs RLX: -63.94
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
RLX Technology 3-Year ROIIC % Related Terms
RLX Technology 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for RLX Technology's 3-Year ROIIC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Tobacco subindustry, RLX Technology's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
RLX Technology 3-Year ROIIC % vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, RLX Technology's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where RLX Technology's 3-Year ROIIC % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
RLX Technology (RLX) has a 3-Year ROIIC % of -63.94 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on RLX Technology and its competitors. According to the industry distribution chart, RLX Technology ranks #41 out of 46 companies in the Tobacco Products industry, placing it in the top 89.1%.
Is RLX Technology's 3-Year ROIIC % too high?
RLX Technology's current 3-Year ROIIC % is -63.94. Based on the distribution chart, RLX Technology ranks #41 out of 46 companies in the Tobacco Products industry, which is in the bottom quartile relative to peers. Overall, RLX Technology has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does RLX Technology's 3-Year ROIIC % compare to TPB and UVV?
According to the Tobacco Products industry distribution chart, RLX Technology ranks #41 out of 46 companies for 3-Year ROIIC %. This places RLX Technology in the lower half of its industry. The industry median 3-Year ROIIC % is 3.59. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Tobacco Products company?
The median 3-Year ROIIC % among Tobacco Products companies is 3.59, based on 46 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on RLX Technology and its competitors. For the Tobacco Products industry, the median 3-Year ROIIC % is 3.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. RLX Technology's current 3-Year ROIIC % is -63.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RLX Technology stock overvalued right now?
Based on GuruFocus' analysis, RLX Technology (RLX) is currently considered Significantly Undervalued. The stock's GF Value™ is $4.13, compared to a current price of $1.90 — trading 54.1% below its estimated fair value. The current 3-Year ROIIC % is -63.94. RLX Technology's overall GF Score™ is 68/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For RLX Technology (RLX), the current 3-Year ROIIC % is -63.94 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is RLX Technology (RLX) Overvalued in 2026?
Based on GuruFocus' analysis, RLX Technology stock appears to be undervalued.
The current stock price of $1.90 is trading 54.1% below its estimated GF Value™ of $4.13.
GuruFocus considers RLX Technology to be Significantly Undervalued.
Key valuation signals for RLX:
3-Year ROIIC %: -63.94
GF Value™: $4.13 vs. price of $1.90 (54.1% below fair value)
No single metric tells the full story. See the RLX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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. The company has two reportable segments, Core Markets and Europe Acquisition. The majority of the revenue is earn from Core Markets segment.
68GF Score
Get the complete analysis for RLX
3-Year ROIIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
RLX has been successfully added to your 
