Share count
614Mpeak FY2025
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TUYA, Tuya Inc.
We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended and restated from time to time, the Companies Act of the Cayman Islands, and the common law of the Cayman Islands.
Our registered office in the Cayman Islands is located at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$322M
+7.8% YoY · 12% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $322M 5-yr avg $272M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is PaaS (72%), Smart solution (14%) and Saas and Others (14%).
- Situation
- Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Operating margin has run around −46% through the cycle on a 43% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 14% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −16%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →PaaS is 72% of revenue, with Smart solution the other meaningful line at 14%.
Revenue by product line, FY2025
- PaaS72%$231M
- Smart solution14%$46M
- Saas And Others14%$45M
- Cloud-based Connectivity and Basic IoT Services0%$1M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $106M | $180M | $302M | $208M | $230M | $299M | $322M | $322M | RevenueRevenue |
| 26% | 34% | 42% | 43% | 46% | 47% | 48% | 48% | Gross marginGross mgn |
| ($73M) | ($70M) | ($184M) | ($168M) | ($106M) | ($48M) | $11M | $11M | Operating incomeOp. inc. |
| −69.4% | −38.8% | −60.8% | −80.8% | −46.0% | −15.9% | 3.6% | 3.6% | Operating marginOp. mgn |
| $70M | ($67M) | ($175M) | ($146M) | ($60M) | $5M | $58M | $58M | Net incomeNet inc. |
| 0% | — | — | — | — | 30% | 3% | 3% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||
| ($57M) | ($49M) | ($126M) | ($71M) | $36M | $80M | $81M | $81M | Operating cash flowOp. cash |
| $758K | $2M | $3M | $3M | $2M | $2M | $1M | $1M | DepreciationDeprec. |
| ($128M) | $16M | $46M | $72M | $94M | $74M | $22M | $22M | Working capital & otherWC & other |
| $2M | $3M | $6M | $710K | $1M | $4M | $7M | $7M | CapexCapex |
| 2.4% | 1.8% | 2.1% | 0.3% | 0.7% | 1.4% | 2.2% | 2.2% | Capex / revenueCapex/rev |
| ($57M) | ($51M) | ($129M) | ($71M) | $35M | $79M | $80M | $80M | Owner earningsOwner earn. |
| −54.2% | −28.3% | −42.9% | −34.3% | 15.2% | 26.4% | 24.8% | 24.8% | Owner earnings marginOE mgn |
| ($59M) | ($52M) | ($132M) | ($71M) | $35M | $76M | $74M | $74M | Free cash flowFCF |
| −55.8% | −29.1% | −43.8% | −34.3% | 15.2% | 25.5% | 23.0% | 23.0% | Free cash flow marginFCF mgn |
| — | — | — | — | — | $33M | $70M | $70M | Dividends paidDiv. paid |
| — | — | $64M | $49M | $3M | $70K | $12K | — | BuybacksBuybacks |
| — | — | -97% | -16% | -18% | -9% | 8% | 8% | ROICROIC |
| — | — | -16% | -15% | -6% | 0% | 6% | 6% | Return on equityROE |
| — | — | — | — | — | −3% | −1% | −1% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| $213M | $180M | $1.1B | $954M | $790M | $848M | $952M | $952M | Cash & investmentsCash+inv |
| — | $12M | $33M | $12M | $9M | $8M | $13M | $13M | ReceivablesReceiv. |
| — | $42M | $63M | $45M | $33M | $24M | $31M | $31M | InventoryInvent. |
| — | $23M | $12M | $10M | $12M | $19M | $32M | $32M | Accounts payablePayables |
| — | $31M | $83M | $48M | $31M | $12M | $12M | $12M | Operating working capitalOper. WC |
| — | $248M | $1.2B | $1.0B | $848M | $903M | $1.0B | $1.0B | Current assetsCur. assets |
| — | $92M | $109M | $81M | $88M | $94M | $106M | $106M | Current liabilitiesCur. liab. |
| — | 2.7× | 10.9× | 12.6× | 9.7× | 9.6× | 9.6× | 9.6× | Current ratioCurr. ratio |
| — | $267M | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | Total assetsAssets |
| ($213M) | ($180M) | ($1.1B) | ($954M) | ($790M) | ($848M) | ($952M) | ($952M) | Net debt / (cash)Net debt |
| ($110M) | ($165M) | $1.1B | $962M | $971M | $1.0B | $1.0B | $1.0B | Shareholders’ equityEquity |
| Per share | ||||||||
| 222M | 222M | 489M | 554M | 555M | 591M | 614M | 0K | Shares out (diluted)Shares |
| $0.48 | $0.81 | $0.62 | $0.38 | $0.41 | $0.51 | $0.52 | — | Revenue / shareRev/sh |
| $0.32 | $-0.30 | $-0.36 | $-0.26 | $-0.11 | $0.01 | $0.09 | — | EPS (diluted)EPS |
| $-0.26 | $-0.23 | $-0.26 | $-0.13 | $0.06 | $0.13 | $0.13 | — | Owner earnings / shareOE/sh |
| $-0.27 | $-0.24 | $-0.27 | $-0.13 | $0.06 | $0.13 | $0.12 | — | Free cash flow / shareFCF/sh |
| $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.01 | — | Cap. spending / shareCapex/sh |
| $-0.50 | $-0.74 | $2.28 | $1.74 | $1.75 | $1.70 | $1.67 | — | Book value / shareBVPS |
The diluted share count moved ×2.2 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | +1.6%/yr | −8.3%/yr |
| EPS | −18.3%/yr | — |
| Dividends / share | +103.7%/yr (1-yr) | +103.7%/yr (1-yr) |
| Capital spending / share | +0.6%/yr | −4.2%/yr |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
ROIC
8%low FY2021
Gross margin
48%low FY2019
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$80Mowner earningsvs.$58Mnet incomelow FY2021
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $80M of owner earnings, the operating cash left after the $1M it takes just to hold its position. It put $6M more into growth; free cash flow, after that spending, was $74M.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $58M | $5M | ($60M) | ($146M) | ($175M) |
| Depreciation & amortizationnon-cash charge added back | +$1M | +$2M | +$2M | +$3M | +$3M |
| Working capital & othertiming of cash in and out, other non-cash items | +$22M | +$74M | +$94M | +$72M | +$46M |
| Cash from operations | $81M | $80M | $36M | ($71M) | ($126M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$1M | −$2M | −$1M | −$710K | −$3M |
| Owner earnings | $80M | $79M | $35M | ($71M) | ($129M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$6M | −$3M | — | — | −$3M |
| Free cash flow | $74M | $76M | $35M | ($71M) | ($132M) |
| Owner-earnings marginowner earnings ÷ revenue | 25% | 26% | 15% | -34% | -43% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $1M, roughly its depreciation, the rate its assets wear out). The other $6M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $891M + ST investments $62M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $952M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 15 + DIO 68 − DPO 70 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -11%
What this means
The filing data didn't include the inputs for this check.
- High, recently turned positivelatest $80M = operating cash $81M − maintenance capex $1M; positive each of the last 3 years, after an earlier loss stretch (7-yr median -28%)Industry peers: median -4%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 25% of revenue this year, a -28% median across 7 years.
- Cash-backedCash from ops $81M ÷ net income $58M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returns about halfDividends + buybacks $70M ÷ Owner Earnings $80M
What this means
Of $80M Owner Earnings, $70M (88%) went back to shareholders, $70M dividends, $12K buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 5.86×ExpandingCapex $7M ÷ depreciation $1M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $322M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 9.63×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (7-yr record) · 4 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 2 of 7 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.00/share (latest year $0.09), the averaged base the calculator's gate runs on, and book value is $1.67/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 7
What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
- Operating margin −56% → −19% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about −56% early to −19% lately, median −46% — pricing power intact or improving.
- Worst year 2022 · −80.8% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“We believe that the comprehensive product offerings and our continued efforts to introduce new features and capabilities, particularly AI capabilities, on our platform provide us with a significant competitive advantage.”
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.0B
- Cash & short-term investments$952M
- Receivables$13M
- Inventory$31M
- Other current assets$27M
Current liabilities$106M
- Accounts payable$32M
- Other current liabilities$74M
Current ratio9.63×all current assets ÷ what's due · Graham looked for 2×
Quick ratio9.34×stricter: inventory excluded
Cash ratio8.97×strictest: cash alone against what's due
Working capital$917Mthe cushion left after near-term bills
Deeper floors
Tangible book value$1.0Bequity stripped of goodwill & intangibles
Net current asset value$913MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$2M$2M of it operating leases
Deferred revenue$10Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Software
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| GDYNGrid Dynamics Holdings Inc. | $412M | 38% | -0.5% | -1% | 7% |
| DDD3D Systems Corporation | $387M | 42% | -15.2% | -11% | -6% |
| CCSIConsensus Cloud Solutions Inc. | $350M | 83% | 43.0% | 24% | 30% |
| AMPLAmplitude Inc. | $343M | 70% | -32.2% | -77% | -4% |
| MKTWMarketWise Inc. | $328M | 57% | 11.6% | — | 14% |
| TUYATuya Inc. | $322M | 43% | -46.0% | -16% | -28% |
| DOMODomo, Inc. | $319M | 73% | -34.5% | — | -8% |
| AIC3.ai Inc. | $250M | 67% | -80.5% | -36% | -37% |
| Group median | — | 62% | -23.7% | -13% | -5% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each representing one Class”; Tuya Inc. reports in USD, so every figure in this tool is stated per ADS so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Tuya Inc. has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+45%/yr
Owner-earnings growth · since FY2023+51%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $74M on 612M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $952M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($7M) runs well above depreciation ($1M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $80M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Tuya Inc. (TUYA), the owner's record," https://ownerscorecard.com/c/TUYA, data as of 2026-07-09.
Manual order: ← TU its page in the Manual TV →
Industry order: ← TTWO the Software chapter TWLO →