Tuya Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Tuya Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	106	180	302	208	230	299	322
Cost of revenue	78	118	174	119	123	157	167
Gross profit	27.8	61.9	128	89.4	107	141	155
Research and development	52	77.4	174	145	102	95	89.7
Selling and marketing	37	37.6	75.4	55.7	40.4	37.1	33.1
General and administrative	12.2	17.9	71.6	67.5	80.7	68.3	30.9
Operating expenses	101	132	311	258	212	189	144
Operating income	-73.4	-69.8	-184	-168	-106	-47.6	11.5
Other non-operating income			1.96	2.9	3.11	4.18	5.22
Pre-tax income	-70.4	-66.7	-175	-144	-57.1	7.14	59.8
Income tax	0.12	0.21	0.49	1.88	3.25	2.15	1.95
Net income	-70.5	-66.9	-175	-146	-60.3	5	57.9
EBITDA	-72.7	-68.2	-180	-165	-103	-46	12.7
EPS, basic	-0.33	-0.30	-0.36	-0.26	-0.11	0.01	0.09
EPS, diluted	-0.33	-0.30	-0.36	-0.26	-0.11	0.01	0.09
Shares, basic (weighted)	222	222	489	554	555	574	612
Shares, diluted (weighted)	222	222	489	554	555	591	614

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	213	159	964	133	499	653	891
Short-term investments		21	102	821	291	195	61.8
Receivables		12.3	32.7	12.2	9.21	7.59	13.2
Inventory		42.3	62.6	45.4	32.9	23.8	30.9
Other current assets		0.03	0.59	0.85	0.85	0.96	0.96
Total current assets		248	1,191	1,023	848	903	1,023
Property, plant and equipment		4.37	6.81	3.83	2.59	6.62	15.7
Lease right-of-use assets		12.3	22.2	9.74	7.65	4.55	5.65
Long-term investments		0.92	26.1	18	207	180	77.2
Other non-current assets		1.73	1.82	1.18	0.88	0.68	1.7
Total assets		267	1,248	1,056	1,066	1,104	1,133
Accounts payable		23.2	12.2	9.6	11.6	19.1	31.8
Deferred revenue		3.47	9.25	6.82	6.8	7.53	9.73
Total current liabilities		91.9	109	81.3	87.5	94.3	106
Lease liabilities		5.69	16	5.29	3.9	0.85	3.33
Other non-current liabilities			8.48	7	3.89	0.77
Total liabilities		98.3	134	94	95.8	96.3	110
Paid-in capital		27.3	1,526	1,585	1,616	1,613	1,549
Retained earnings		-192	-368	-514	-575	-570	-512
Treasury stock			-46.9	-86.4	-53.6	-15.7	-0.01
Other comprehensive income		0.48	2.32	-22.1	-17.1	-19.7	-14.8
Shareholders' equity	-110	-165	1,114	962	971	1,007	1,023
Total equity	-110	-165	1,114	962	971	1,007	1,023
Total liabilities and equity		267	1,248	1,056	1,066	1,104	1,133
Shares outstanding	222	222	0	0	0	0	0

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	70.5	-66.9	-175	-146	-60.3	5	57.9
Depreciation and amortization	0.76	1.66	3.37	3.44	2.45	1.6	1.22
Stock-based compensation	5.22	9.45	66.1	69	65.2	67.8	22.3
Change in receivables	-4.01	-7.24	-23.4	20.2	1.05	0.48	-4.88
Change in inventory	-11	-19.8	-22.1	13.1	9.22	7.03	-8.17
Cash from operations	-56.6	-49.2	-126	-70.7	36.4	80.4	81
Capital expenditures	-2.49	-3.2	-6.19	-0.71	-1.5	-4.18	-7.14
Purchases of investments	-270	-197	-469	-1,258	-327	-265	-50.6
Cash from investing	8.49	-7.85	-113	-714	332	107	226
Stock issued			905	1.04	1.19	0.17	0
Share buybacks			-64	-48.7	-3.34	-0.07	-0.01
Dividends paid						-33	-69.8
Cash from financing	174	-0.17	1,042	-38.6	-2.22	-33.2	-69.9
Exchange rate effect	-0.48	2.9	2.88
Net change in cash	126	-54.3	806	-831	366	155	238
Free cash flow	-59.1	-52.4	-132	-71.4	34.9	76.2	73.9
Income taxes paid	-0.2	-0.21	0.62	0.84	2.82	2.69	2.53

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.2%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	3.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.6%	Pre-tax income / revenue.
Net margin	18.0%	Net income / revenue.
FCF margin	23.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.2%	Cash from operations / revenue.
Effective tax rate	3.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	27.9%	Research and development expense / revenue.
Stock-based pay / revenue	6.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,058.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	800.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	0.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-3.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	1.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	33.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	22.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.63x	Current assets / current liabilities.
Quick ratio	9.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	8.97x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	9.7%	Total liabilities / total assets.
Working capital	$917.0M	Current assets - current liabilities.
Tangible book value	$1.02B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	28.9x	Revenue / average property, plant and equipment.
Inventory turnover	6.09x	Cost of revenue / average inventory.
Days inventory	60 days	365 x average inventory / cost of revenue.
Receivables turnover	31.0x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	16 days	Days inventory + days sales outstanding - days payables.
FCF conversion	127.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.09	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.52	Revenue / diluted weighted shares.
FCF per share	$0.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Payout ratio	120.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	94.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.04B	Share price x shares outstanding.
Enterprise value	$84.0M	Market cap + total debt - cash - short-term investments.
P/E	17.9x	Market cap / net income. Only when net income is positive.
P/S	3.22x	Market cap / revenue.
P/B	1.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.01x	Market cap / tangible book value, when positive.
P/FCF	14.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.8x	Market cap / cash from operations, when positive.
EV/Sales	0.26x	Enterprise value / revenue.
EV/EBIT	7.32x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.61x	Enterprise value / EBITDA, when both are positive.
EV/FCF	1.14x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.1%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	6.7%	Dividends paid over the period / market cap.
Shareholder yield	6.7%	(Dividends paid + share buybacks) / market cap.

What was Tuya Inc.'s revenue in fiscal 2025?

Tuya Inc. reported revenue of $321.8M for fiscal 2025, 7.8% higher than the year before.

Was Tuya Inc. profitable in fiscal 2025?

Yes. Net income was $57.9M, a net margin of 18%.

How much free cash flow did Tuya Inc. generate in fiscal 2025?

Cash from operations of $81.0M minus capital expenditures of $7.1M left free cash flow of $73.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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