RLX Technology Inc ADR (RLX) is slightly undervalued and Turning Point Brands Inc (TPB) is overvalued.
Against our estimates of intrinsic value, RLX trades at the wider discount: a margin of safety of +5%, against -61% for TPB.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.3% (average of 3 methods) values the shares at $1.85; the price of $1.75 is 5% below that value, and 71% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $37.33; the price of $60.28 is 61% above that value, and 75% of that value comes from beyond year five.
Leak Score 49/100 on 10 of 12 signals
| Metric | RLX | TPB |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $1.75 | $60.28 |
| Intrinsic value | $1.85 | $37.33 |
| Margin of safety | +5% | -61% |
| Leak Score | 0/100 (2/12) | 49/100 (10/12) |
| Market cap | $1.6B | $1.2B |
| Revenue growth, 5 years | -1.9% | 2.7% |
| Operating margin | 13.1% | 16.9% |
| Net margin | 21.9% | 8.8% |
| Return on equity | 6.2% | 13.7% |
| Debt to equity | 0.02 | 0.72 |
| P/E | 16.0x | 25.9x |
| Forward P/E | 11.4x | 31.1x |
| P/B | 0.9x | 2.8x |
| Dividend yield | 7.4% | 0.5% |