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Tuya
(NYSE:TUYA)
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Rating:72Outperform
Price Target:
$2.00
▼(-19.68% Downside)
Action:Reiterated
Date:07/11/26
TUYA scores well primarily on improved financial performance and a notably strong, low-leverage balance sheet, reinforced by a constructive earnings call highlighting profitable growth and accelerating high-margin AI software traction. The overall score is held back by weak technicals (price below key moving averages and negative MACD) and some quality/sustainability questions given cash conversion trailing net income and ongoing near-term operational headwinds (chipset shortages and product-transition-related segment pressure).
Positive Factors
Balance Sheet Strength
Extremely low leverage and sizable equity give durable financial flexibility to fund AI investment, absorb cyclical demand shocks, and pursue selective R&D or M&A. Over the next 2–6 months this reduces refinancing risk and supports execution of the platform transition without capital constraints.
Negative Factors
Weak Cash Conversion
Operating cash flow materially trails reported earnings, indicating earnings include non‑cash items or timing effects. Over a 2–6 month horizon, poor conversion raises risk that profitable quarters may not translate to cash, exposing the company to working‑capital swings and limiting organic funding of growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and sizable equity give durable financial flexibility to fund AI investment, absorb cyclical demand shocks, and pursue selective R&D or M&A. Over the next 2–6 months this reduces refinancing risk and supports execution of the platform transition without capital constraints.
Read all positive factors
Tuya (TUYA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.12B
Dividend Yield4.71%
Average Volume (3M)1.21M
Price to Earnings (P/E)17.1
Beta (1Y)1.14
Revenue Growth5.43%
EPS Growth208.11%
CountryUS
Employees1,441
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.10
Shares Outstanding543,122,860
10 Day Avg. Volume713,871
30 Day Avg. Volume1,208,070
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.26
Price to Sales (P/S)4.00
P/FCF Ratio17.46
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.13
Revenue Forecast (FY)$357.08M
Tuya Business Overview & Revenue Model
Company Description
Tuya Inc. operates a global cloud platform for the Internet of Things (IoT), providing comprehensive solutions to facilitate smart technology integration. The company delivers an IoT Platform-as-a-Service (PaaS), empowering brands, original equipm...
How the Company Makes Money
Tuya primarily makes money by providing IoT cloud platform services and related software to customers that build and sell smart devices and IoT solutions. Its revenue model centers on (1) IoT PaaS: fees derived from enabling device makers and bran...
Tuya Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 31, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive picture: the company delivered healthy revenue growth (+8.3% YoY), improved profitability (GAAP operating margin ~9.2%, net profit $15.8M) and a strong cash position (~$1B+), while AI-related revenue and ecosystem metrics showed robust expansion (AI Apps +16.9% YoY, developer base ~1.96M). Management candidly highlighted near-term headwinds—chipset shortages, category-specific softness (lighting), a YoY decline in the Smart Home & Robot Products segment (-6.9%) due to deliberate phasing out of low-value hardware, and seasonal softness in AI application usage—but framed these as strategic, short-term tradeoffs to accelerate transition to higher-value AI-initial devices and software services. On balance, the positive operational and financial momentum, high-margin AI software growth, and strong liquidity outweigh the supply-chain and transitional challenges.Positive Updates
Revenue Growth
Total revenue of approximately $80.9M in Q1 2026, representing year-over-year growth of ~8.3% and continuing sequential improvement and multiple consecutive quarters of positive growth.
Negative Updates
Hardware Segment Contraction
Smart Home & Robot Products revenue declined to $10.2M, down ~6.9% YoY as management proactively phased out low-value hardware and reallocated resources toward higher-value AI-initial devices, causing near-term revenue pressure in the segment.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of approximately $80.9M in Q1 2026, representing year-over-year growth of ~8.3% and continuing sequential improvement and multiple consecutive quarters of positive growth.
Read all positive updates
Company Guidance
Management guided the company to double down on three priorities—AI-native application innovation (especially high‑engagement categories like smart toys), scaling proven AI solutions globally (notably energy/green tech in Europe and projects like Singapore HDB) and strengthening the developer ecosystem—while maintaining financial discipline and selectively investing from a cash position of roughly $1B+. They expect Smart Home & Robot Products to recover in Q2–Q3 as low‑value hardware is phased out and higher‑value AI‑initial devices scale, and forecast continued outperformance from AI Application & Others (Q1 revenue $11.6M, +16.9% YoY) alongside a stable core PaaS business (Q1 revenue $59M, +9.8% YoY; 306 premium PaaS customers). Q1 company metrics: total revenue ~$80.9M (+8.3% YoY), blended gross margin 46.9% (PaaS 46.1%, AI App & Others 71.7%, Smart Home & Robot 23%), GAAP operating margin 9.2% (non‑GAAP 10%), operating profit ~$7.5M (non‑GAAP ~$8.1M), net profit ~$15.8M, OpEx ~$30.4M, registered AI developers >1.96M, TuyaOpen >340k doc views and >16k community members; product highlights include smart door locks +73% YoY, PaaS revenue from Wi‑Fi locks +65% YoY and AI revenue from video‑enabled locks +500% YoY.Tuya Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 328.70M | 322.64M | 298.62M | 229.99M | 208.17M | 302.08M |
| Gross Profit | 157.17M | 155.45M | 141.43M | 106.66M | 89.42M | 127.87M |
| EBITDA | 64.45M | 65.19M | 12.21M | -50.52M | -136.09M | -164.58M |
| Net Income | 62.82M | 58.04M | 5.00M | -60.31M | -146.18M | -175.42M |
Balance Sheet | ||||||
| Total Assets | 1.16B | 1.13B | 1.10B | 1.07B | 1.06B | 1.25B |
| Cash, Cash Equivalents and Short-Term Investments | 951.19M | 952.48M | 847.87M | 789.71M | 954.29M | 1.07B |
| Total Debt | 10.06M | 5.31M | 4.65M | 7.79M | 9.14M | 21.75M |
| Total Liabilities | 156.64M | 109.91M | 96.33M | 95.83M | 93.97M | 134.49M |
| Stockholders Equity | 1.01B | 1.02B | 1.01B | 970.57M | 962.17M | 1.11B |
Cash Flow | ||||||
| Free Cash Flow | 52.76M | 73.90M | 76.21M | 34.91M | -71.28M | -132.47M |
| Operating Cash Flow | 78.15M | 81.04M | 80.39M | 36.41M | -70.57M | -126.27M |
| Investing Cash Flow | 139.92M | 225.98M | 107.48M | 332.17M | -713.38M | -113.11M |
| Financing Cash Flow | -69.96M | -69.87M | -33.22M | -2.22M | -38.54M | 1.04B |
Tuya Technical Analysis
Negative
2.49
Price Trends
2.01
Negative
2.20
Negative
2.19
Negative
Market Momentum
-0.06
Negative
39.34
Neutral
14.10
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TUYA, the sentiment is Negative. The current price of 2.49 is above the 20-day moving average (MA) of 1.82, above the 50-day MA of 2.01, and above the 200-day MA of 2.19, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 39.34 is Neutral, neither overbought nor oversold. The STOCH value of 14.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TUYA.
Tuya Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $2.30B | 16.53 | 15.26% | ― | 9.03% | ― | |
72 Outperform | $1.12B | 17.06 | 6.22% | 4.71% | 5.43% | 208.11% | |
64 Neutral | $2.61B | 57.29 | 21.19% | 1.33% | 12.08% | -8.14% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | $961.17M | -6.41 | -87.22% | ― | ― | ― |
* Technology Sector Average
TUYA
Tuya
1.75
-0.63
-26.32%
RAMP
LiveRamp Holdings
38.01
4.91
14.83%
ATEN
A10 Networks
36.09
17.86
97.97%
RZLV
Rezolve AI
2.37
-0.50
-17.42%
SUPX
Super X AI Technology
7.69
-2.63
-25.48%
Tuya Corporate Events
Tuya Reports No Share Count Changes in June 2026 Hong Kong Filing
Jul 10, 2026
Tuya Inc., a Cayman Islands–incorporated issuer controlled through weighted voting rights and headquartered in Hangzhou, China, maintains a dual-class structure of Class A and Class B ordinary shares listed and regulated in Hong Kong. Its au...
Tuya Reports Modest Share Increase in May 2026 Hong Kong Monthly Return
Jun 4, 2026
On June 4, 2026, Tuya Inc. filed a Form 6-K in the United States and a monthly return with the Hong Kong Stock Exchange covering movements in its share capital for May 2026. The company reported no changes to its total authorised share capital, wh...
Tuya Details May 2026 Share Capital Changes and Equity Incentive Exercises
May 20, 2026
Tuya Inc. reported changes to its issued share capital in May 2026, filing a Form 6-K with U.S. regulators after submitting a series of next day disclosure returns to the Hong Kong Stock Exchange. The filings, dated May 14, 15, 18, 19 and 20, 2026...
Tuya Posts Higher Q1 2026 Revenue and Margins While Expanding AI Platform and Discloses Share Capital Changes
May 11, 2026
Tuya reported unaudited results for the quarter ended March 31, 2026, on May 11, 2026, with total revenue rising 8.3% year over year to US$80.9 million, driven by 9.8% growth in PaaS revenue and 16.9% growth in AI application and other revenues, w...
Tuya Reports April 2026 Share Capital Movements and Confirms Public Float Compliance
May 7, 2026
On May 7, 2026, Tuya Inc. filed a Form 6-K noting it had submitted to the Hong Kong Stock Exchange its monthly return for April 2026, detailing movements in its authorised and issued share capital. The filing shows that authorised capital for both...
Tuya Files 2025 Form 20-F and Releases ESG Report on April 22, 2026
Apr 22, 2026
On April 22, 2026, Tuya Inc. announced it had filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025, and made it available via its investor relations site and the SEC...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.