TUYANYSEServices-Prepackaged SoftwareFiscal year ends December 31
Tuya Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 22, 2026
$1.66+0.01 (+0.61%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 18.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
48.2%+13.7 pts over 5 years
Operating margin
3.6%+42.4 pts over 5 years
Net margin
18.0%+55.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.8% | +15.6% | +12.3% | – | |
| Gross profit | +9.6% | +20.1% | +20.1% | – | |
| Net income | +1058.5% | – | – | – | |
| EPS, diluted | +800.0% | – | – | – | |
| Free cash flow | -3.0% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 48.7% | 5.7% | |
| Return on assets | – | – | 5.2% | |
| Current ratio | – | 2.70 | 9.63 | |
| Inventory turnover | – | – | 6.1× | |
| Capex to revenue | – | 1.8% | 2.2% | |
| Diluted shares | – | 222M | 614M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tuya generated $394.59M from operations and spent $238.69M on capital expenditure, dividends and share buybacks. 8% of that went back into the business.
Generated
$394.59M
Used
$238.69M
Capital expenditure$19.72M8%Dividends$102.87M43%Share buybacks$116.10M49%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.0%
×Asset turnover0.29×
×Equity multiplier1.10×
=Return on equity, FY20255.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 18.0% | 0.29× | 1.10× | 5.7% |
| FY2024 | 1.7% | 0.28× | 1.10× | 0.5% |
| FY2023 | -26.2% | 0.22× | 1.10× | -6.2% |
| FY2022 | -70.2% | 0.18× | 1.11× | -14.1% |
| FY2021 | -58.1% | 0.40× | 1.60× | -37.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$57.89M
- Cash generatingOperating cash flow above zero$81.04M
- Return on assets improvedROA up on the prior year0.5% → 5.2%
- Earnings backed by cashOperating cash flow above net income$81.04M vs $57.89M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose9.57 → 9.63
- No dilutionShare count did not rise591M → 614M
- Gross margin improvedGross margin up on the prior year47.36% → 48.18%
- More efficientAsset turnover rose0.28 → 0.29