BTI vs RLX: British American Tobacco p.l.c. and RLX Technology compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- British American Tobacco p.l.c. is the larger company, worth $119.6B, about 58.4 times RLX Technology.
- RLX Technology grew revenue faster over the last year (+44.0% vs -1.0%).
- British American Tobacco p.l.c. keeps more of each dollar of revenue as operating profit (39.0% vs 8.3%).
- On earnings, British American Tobacco p.l.c. is the cheaper stock (11.7x vs 16.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BTI | RLX |
|---|---|---|
| Market cap | $119.6B | $2.0B |
| Share price | $55.50 | $1.73 |
| Revenue (last fiscal year) | $25.6B | $4.0B |
| Free cash flow (last fiscal year) | $5.6B | $987M |
| Revenue growth, last year | -1.0% | +44.0% |
| Revenue growth per year, last 5 fiscal years | -0.1% | -17.4% |
| Operating margin | 39.0% | 8.3% |
| Net margin | 30.3% | 23.3% |
| Return on equity | 16.9% | 5.9% |
| P/E (trailing) | 11.7x | 16.7x |
| Price / free cash flow | 20.6x | 2.07x |
| EV / EBITDA | 8.67x | 18.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 6.0% | 6.0% |
| Debt / equity | 1.33x | 0.14x |
| Fundamental grade | B | A |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
British American Tobacco p.l.c.
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $25.7B | $9.0B | 39.8% |
| 2022 | $27.7B | $9.7B | 38.1% |
| 2023 | $27.3B | $10.1B | -57.7% |
| 2024 | $25.9B | $9.5B | 10.6% |
| 2025 | $25.6B | $5.6B | 39.0% |
RLX Technology
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.5B | $1.7B | 27.0% |
| 2022 | $5.3B | $448M | 19.9% |
| 2023 | $1.6B | $170M | -31.3% |
| 2024 | $2.7B | $844M | -3.9% |
| 2025 | $4.0B | $987M | 8.3% |
Where the revenue comes from
British American Tobacco p.l.c. · by segments, 2019
Combustibles$23.0B89%
New Categories$1.3B5%
Traditional Oral$1.1B4%
Other$540M2%
RLX Technology · by regions, 2025
Hong Kong$1.3B34%
PRC$1.2B31%
Other International Areas$933M24%
UK$468M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BTI in InvestinglyQuestions
Which is bigger, British American Tobacco p.l.c. or RLX Technology?
British American Tobacco p.l.c. (BTI), at $119.6B against $2.0B.
Is BTI or RLX cheaper?
By trailing P/E, British American Tobacco p.l.c. (11.7x) is cheaper than RLX Technology (16.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BTI or RLX?
RLX Technology: revenue grew +44.0% over the last year, against -1.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.