Tuya

TUYA

Software - Infrastructure · Technology

Price

$1.65

+0.03 (+1.85%)

Market Cap

$1.01B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+25.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 489.1M (2021) → 613.8M (2025)

Tuya Inc. is a Chinese technology company that provides a cloud platform for smart home and Internet of Things (IoT) devices. It helps manufacturers — like appliance makers and electronics brands — turn ordinary products into "smart" ones that can be controlled by a smartphone app. Tuya's platform powers devices such as smart lights, plugs, thermostats, and security cameras sold under many different brand names worldwide.

Tuya makes money by charging device makers for cloud services, software development tools, and data processing — essentially a usage-based and subscription model. The company operates globally but generates most of its business from Chinese manufacturers exporting products internationally, giving it broad reach across North America, Europe, and Asia. Its moat comes from the large number of devices already connected to its platform, which makes it costly for manufacturers to switch. The main risk is intense competition from larger tech players like Amazon, Google, and Alibaba, who offer rival IoT ecosystems and have far greater resources.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+41.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$90M/ year

↓ Declining (-5% vs prior year)

27.9% of revenue

1.9x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

23.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Tuya is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

46.9%

Healthy — 46.9% gross margin

Operating Margin

5.2%

Thin — 5.2% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.5%

Slow sales growth (5.5% YoY)

EPS YoY

+213.8%

Earnings growing fast (213.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

124%

Turns 124% of profit into real cash

FCF Margin

16.1%

Converts sales into free cash efficiently (16.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

16.1x

Fair value — P/E 16.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+5.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.1 → 11.0)

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Dividends

Dividend Yield

6.94%

Healthy income — 6.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

N/A

Data not available

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