Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 48.5x · ROE 5.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.3B | $1.1B | $1.3B | $1.1B | $3.1B | — | — |
| Enterprise Value | $316M | $410M | $409M | $787M | $933M | $2.1B | — | — |
| P/E Ratio → | 20.72 | 22.30 | 210.59 | — | — | — | — | — |
| P/S Ratio | 3.72 | 4.01 | 3.54 | 5.55 | 5.08 | 10.12 | — | — |
| P/B Ratio | 1.18 | 1.27 | 1.05 | 1.32 | 1.10 | 2.75 | — | — |
| P/FCF | 16.26 | 17.52 | 13.88 | 36.59 | — | — | — | — |
| P/OCF | 14.83 | 15.98 | 13.16 | 35.09 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.27 | 1.37 | 3.42 | 4.48 | 7.00 | — | — |
| EV / EBITDA | 48.55 | 62.89 | — | — | — | — | — | — |
| EV / EBIT | 237.55 | 6.83 | 57.30 | — | — | — | — | — |
| EV / FCF | — | 5.54 | 5.37 | 22.53 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.2% | 48.2% | 47.4% | 46.4% | 43.0% | 42.3% | 34.4% | 26.3% |
| Operating Margin | 0.4% | 0.4% | -15.9% | -46.0% | -80.8% | -60.8% | -38.8% | -69.4% |
| Net Profit Margin | 18.0% | 18.0% | 1.7% | -26.2% | -70.2% | -58.1% | -37.2% | -66.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 5.7% | 5.7% | 0.5% | -6.2% | -14.1% | -37.0% | — | — |
| ROA | 5.2% | 5.2% | 0.5% | -5.7% | -12.7% | -23.2% | -24.5% | -25.2% |
| ROIC | 0.4% | 0.4% | -8.5% | -12.0% | -25.0% | -80.3% | — | — |
| ROCE | 0.1% | 0.1% | -4.8% | -10.8% | -15.9% | -27.9% | -34.5% | -32.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.02 | — | — |
| Debt / EBITDA | 0.82 | 0.82 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.87 | -0.64 | -0.51 | -0.13 | -0.85 | — | — |
| Net Debt / EBITDA | -135.89 | -135.89 | — | — | — | — | — | — |
| Debt / FCF | — | -11.98 | -8.51 | -14.06 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($891M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.63 | 9.63 | 9.57 | 9.69 | 12.59 | 10.92 | 2.70 | 5.30 |
| Quick Ratio | 9.34 | 9.34 | 9.32 | 9.31 | 12.03 | 10.35 | 2.24 | 4.84 |
| Cash Ratio | 8.97 | 8.97 | 8.99 | 9.02 | 11.74 | 9.77 | 1.96 | 4.57 |
| Asset Turnover | — | 0.28 | 0.27 | 0.22 | 0.20 | 0.24 | 0.67 | 0.38 |
| Inventory Turnover | 5.40 | 5.40 | 6.59 | 3.75 | 2.62 | 2.78 | 2.79 | 3.39 |
| Days Sales Outstanding | — | 26.36 | 27.76 | 22.49 | 26.19 | 42.31 | 44.22 | 24.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.8% | 5.4% | 3.1% | — | — | — | — | — |
| Payout Ratio | 120.3% | 120.3% | 661.2% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 4.5% | 0.5% | — | — | — | — | — |
| FCF Yield | 6.2% | 5.7% | 7.2% | 2.7% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 4.6% | 2.1% | — | — |
| Total Shareholder Yield | 5.8% | 5.4% | 3.1% | 0.3% | 4.6% | 2.1% | — | — |
| Shares Outstanding | — | $614M | $591M | $555M | $554M | $489M | $561M | $561M |
Geopolitical and Regulatory Exposure
Based on reported figures, Tuya trades at a P/S multiple of 3.42, which appears to be heavily influenced by its substantial cash position rather than enterprise value, suggesting that investors are currently pricing the firm as a cash-backed holding company rather than a high-growth IoT infrastructure provider.
The forward P/E of 15.32 implies a market expectation of modest earnings stability, yet this valuation fails to account for the fact that a significant portion of net income is derived from interest income. Investors should monitor whether the market will eventually apply a discount to this cash-heavy valuation if the company fails to deploy capital into higher-growth, accretive acquisitions.
As reported in recent financial statements, Tuya's ROIC has struggled to break into positive territory, hovering near 0.3% in 2025Q2, which indicates that the company has yet to generate returns on invested capital that exceed its cost of capital despite significant improvements in operating discipline.
The persistent gap between ROE and ROIC suggests that the company's profitability is largely a function of its debt-free balance sheet rather than the underlying efficiency of its IoT platform. This trend warrants further investigation into whether the company's heavy R&D spending is creating a durable competitive advantage or merely maintaining a status quo in a commoditizing hardware market.
According to quarterly data, Tuya has successfully compressed its cash conversion cycle from 150 days in 2023Q1 to 24 days in 2025Q2, signaling a significant improvement in inventory management and a more favorable balance of power with its OEM partners and suppliers.
The reduction in days inventory outstanding from 149 to 46 days suggests that the company is becoming more adept at matching its module procurement with actual customer demand. This efficiency gain appears to be a primary driver of the company's recent move toward GAAP break-even, as it reduces the capital tied up in slow-moving hardware components.
Based on an analysis of the income statement, the net margin of 15.8% is frequently misapplied as a proxy for operational success, when in reality, it is heavily inflated by interest income from the company's $724.1M cash reserve rather than core IoT platform performance.
Analysts should prioritize operating margin or adjusted EBITDA to strip away the non-operating interest income that currently masks the thin profitability of the core business. Relying on net margin may lead to an overestimation of the company's ability to scale its software-as-a-service revenue without relying on its balance sheet as a crutch.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TUYA stock.
Tuya Inc.'s current P/E ratio is 20.7x. The historical average is 22.3x.
Tuya Inc.'s current EV/EBITDA is 48.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 62.9x.
Tuya Inc.'s return on equity (ROE) is 5.7%. The historical average is -10.2%.
Based on historical data, Tuya Inc. is trading at a P/E of 20.7x. Compare with industry peers and growth rates for a complete picture.
Tuya Inc.'s current dividend yield is 5.81% with a payout ratio of 120.3%.
Tuya Inc. has 48.2% gross margin and 0.4% operating margin.
Tuya Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.