Tuya Inc. (TUYA)

Price$1.72Cached quoteAs of 2026-10-11 13:03 UTC

AI: Undervalued

Price checkThe market assigns a low value to Tuya’s profitable operations after subtracting its cash.

Using 613.1 million shares and the latest quote, Tuya’s market value is about $1.10 billion. June net cash—cash and equivalents minus debt—was about $862 million, leaving only $241 million for the operating business. That residual is roughly eight times the last four quarters’ $28.6 million operating profit, while the whole company trades near 16 times approximately $68.7 million net profit. The cash cushion and low implied operating valuation support an Undervalued verdict, although interest earned on cash contributes meaningfully to net profit.

Big pictureTuya has recovered strongly, but its cash generation and demand history remain uneven.

Revenue fell from $302.1 million in 2021 to $208.2 million in 2022 before reaching $321.8 million in 2025, showing that connected-device demand can swing sharply. Operating results improved from a $47.6 million loss in 2024 to an $11.5 million profit in 2025, followed by $16.8 million of profit in the first half of 2026. However, cash from everyday operations was only $12.6 million that half, down from $27.6 million a year earlier, despite $34.4 million of net profit.

Business strengthA cash-heavy balance sheet protects downside, while customer growth supports the recovering platform.

At June 2026, Tuya held $871.7 million of cash and equivalents against only $9.3 million of debt; broader cash, deposits and Treasury securities totaled $976.1 million. Premium platform customers—each contributing over $100,000 of annual platform revenue—rose to 318 from 285, although they produced a concentrated 89.5% of platform revenue. Tuya paid $69.8 million of dividends during 2025 and declared another roughly $37 million in March 2026. Yet buybacks were negligible, shares increased 8.1% during 2025, and stock-based pay remained $22.3 million.

What could change the storyFaster platform growth could unlock value, but weaker margins or dilution could erase the discount.

The bull case strengthens if platform revenue keeps growing near the second quarter’s 16.9% rate, operating margin holds around 10%, and annual operating cash recovers toward the roughly $80 million achieved in both 2024 and 2025. The bear case wins if semiconductor costs keep gross margin below 47%, concentrated premium customers reduce spending, or new shares absorb the earnings gains. The valuation assumes Tuya preserves most of its cash while sustaining modest profitable growth and returning more value through dividends or buybacks than it issues through employee awards.

AI: News

Second-quarter growth acceleratedRevenue growth accelerated and operating profit widened, though lower cash generation tempered the improvement.

On August 24, Tuya reported second-quarter revenue of $92.9 million, up 16.0% from a year earlier. Platform-service revenue rose 16.9%, and operating profit increased to $9.3 million from $1.1 million. However, gross margin slipped to 46.3% from 48.4%, while cash from operations fell to $6.2 million from $18.2 million. Shares gained 1.7% in the next session on elevated volume, but timing alone cannot establish that the results caused the move.

First-quarter margin splitSales and reported profit improved, but shrinking product margins and soft cash flow worried investors.

Tuya’s May 11 release showed first-quarter revenue rising 8.3% to $80.9 million and operating profit reaching $7.5 million, versus a $1.5 million loss one year earlier. At the same time, gross margin fell to 46.9% from 48.5%, and cash from operations declined to $6.4 million from $9.4 million. Shares fell 4.1% in the following session; the mixed figures offer a plausible explanation, but the available evidence does not prove attribution.

Profit milestone and dividendTuya became profitable for the year and returned more of its large cash reserve.

On March 2, Tuya reported 2025 revenue of $321.8 million, up 7.8%, and operating profit of $11.5 million after a $47.6 million loss in 2024. Net profit climbed to $57.9 million from $5.0 million. The board also declared a dividend of $0.0605 per share, totaling about $37 million. This strengthened evidence of shareholder returns, although the next session’s 0.4% gain was modest and the distribution relied partly on Tuya’s accumulated cash.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$321.8M	$298.6M	$230.0M	$208.2M	$302.1M	$179.9M	$105.8M
Gross profit	$155.0M	$141.4M	$106.7M	$89.4M	$127.9M	$61.9M	$27.8M
Gross margin	48.18%	47.36%	46.37%	42.96%	42.33%	34.43%	26.27%
Research & development	$89.7M	$95.0M	$102.3M	$144.9M	$174.3M	$77.4M	$52.0M
Operating expenses	$143.6M	$189.1M	$212.5M	$257.6M	$311.4M	$131.8M	$101.2M
Operating income	$11.5M	−$47.6M	−$105.8M	−$168.2M	−$183.6M	−$69.8M	−$73.4M
Operating margin	3.57%	−15.95%	−46.01%	−80.79%	−60.77%	−38.83%	−69.42%
EBITDA	$12.7M	−$46.0M	−$103.4M	−$164.7M	−$180.2M	−$68.2M	−$72.7M
EBITDA margin	3.95%	−15.41%	−44.95%	−79.14%	−59.65%	−37.91%	−68.70%
Net income	$57.9M	$5.0M	−$60.3M	−$146.2M	−$175.4M	−$66.9M	−$70.5M
Net profit margin	17.99%	1.67%	−26.23%	−70.22%	−58.07%	−37.20%	−66.62%
Basic EPSper basic share	$0.09	$0.01	-$0.11	-$0.26	-$0.36	-$0.30	-$0.33
Diluted EPSper diluted share	$0.09	$0.01	-$0.11	-$0.26	-$0.36	-$0.30	-$0.33

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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