Last 22 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Tuya Inc.'s quarterly P/E stands at 27.9x, down 65.4% year-over-year — suggesting improving earnings relative to price.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 281.18 | 27.90 | 41.85 | 26.96 | — | 80.66 | — | — | — | — | — | — | — |
| — | -65.4% | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 4.73 | 4.40 | 6.17 | 3.22 | 2.88 | 3.46 | 3.97 | 4.97 | 3.53 | 4.60 | 5.51 | 5.84 | 2.86 |
| — | +27.2% | +55.6% | -35.3% | -18.3% | -24.8% | -28.0% | -14.9% | +23.5% | -21.1% | -26.0% | -50.1% | -80.8% | |
| P/B Ratio | 1.40 | 1.40 | 1.86 | 1.05 | 0.95 | 1.01 | 1.00 | 1.32 | 0.90 | 1.10 | 1.09 | 1.10 | 0.53 |
| — | +37.7% | +87.0% | -20.6% | +6.0% | -8.0% | -8.8% | +20.0% | +70.3% | -25.0% | -30.3% | -65.1% | -87.9% | |
| P/FCF | 18.54 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | 158.62 | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | 158.62 | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Tuya Inc.'s operating margin was 1.4% in Q2 2025, up 3.3 pp QoQ and up 15.5 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of -6.5% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.4% | 48.5% | 48.5% | 47.8% | 46.0% | 48.0% | 47.8% | 47.3% | 46.7% | 46.7% | 44.3% | 44.6% | 43.6% |
| — | +1.0% | +1.5% | +1.1% | -1.6% | +2.8% | +8.0% | +6.1% | +7.0% | +9.2% | +7.4% | +3.3% | +2.5% | |
| Operating Margin | -15.9% | 1.4% | -1.9% | -4.6% | -21.0% | -14.1% | -26.5% | -36.7% | -30.3% | -55.1% | -68.0% | -72.5% | -89.8% |
| — | +109.6% | +92.7% | +87.4% | +30.7% | +74.4% | +61.0% | +49.4% | +66.3% | +12.6% | +32.2% | -5.4% | -56.1% | |
| Net Margin | 1.7% | 15.8% | 14.8% | 11.9% | -5.4% | 4.3% | -5.7% | -16.8% | -8.0% | -41.3% | -44.3% | -50.2% | -72.5% |
| — | +269.3% | +356.7% | +171.0% | +33.3% | +110.3% | +87.0% | +66.5% | +88.9% | +28.0% | +55.4% | +23.0% | -29.4% |
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 1.3% | 1.1% | 1.0% | -0.4% | 0.3% | -0.4% | -1.1% | -0.5% | -2.5% | -2.2% | -2.3% | -3.3% |
| — | +300.1% | +404.1% | +187.5% | +14.2% | +112.8% | +83.4% | +52.2% | +84.5% | +29.7% | +56.8% | +45.3% | +17.3% | |
| ROA | 0.5% | 1.1% | 1.0% | 0.9% | -0.4% | 0.3% | -0.3% | -1.0% | -0.5% | -2.3% | -2.0% | -2.1% | -3.0% |
| — | +293.7% | +399.9% | +186.2% | +15.6% | +112.8% | +83.5% | +52.2% | +84.4% | +28.6% | +56.0% | +44.0% | +16.0% | |
| ROIC | -8.5% | 0.3% | -0.4% | -0.8% | -3.3% | -1.8% | -2.6% | -2.8% | -1.7% | -2.7% | -2.8% | -3.2% | -5.5% |
| — | +117.2% | +85.9% | +72.3% | -99.0% | +32.0% | +6.7% | +14.3% | +70.1% | +66.8% | +83.2% | +86.6% | +76.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Tuya Inc.'s Debt/EBITDA ratio is 3.9x — at a moderate level that warrants monitoring.
| Metric | TTM | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| — | -59.3% | -26.4% | -42.5% | -26.5% | +36.5% | -20.0% | -15.6% | -35.7% | -44.0% | -51.3% | -51.3% | -23.1% | |
| Debt / EBITDA | — | 3.87 | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 9.57 | 9.79 | 7.25 | 9.57 | 7.14 | 10.02 | 9.64 | 9.69 | 10.63 | 13.08 | 14.11 | 12.59 | 13.15 |
| — | -2.4% | -24.8% | -1.2% | -32.8% | -23.4% | -31.7% | -23.1% | -19.2% | +12.3% | +12.0% | +15.3% | +23.4% | |
| Quick Ratio | 9.32 | 9.56 | 7.07 | 9.32 | 6.91 | 9.69 | 9.27 | 9.31 | 10.22 | 12.61 | 13.52 | 12.03 | 12.56 |
| — | -1.3% | -23.7% | +0.1% | -32.4% | -23.1% | -31.4% | -22.6% | -18.7% | +14.4% | +14.0% | +16.3% | +22.7% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Tuya Inc.'s current P/E is 281.2x. The average P/E over the last 3 quarters is 32.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Tuya Inc.'s current operating margin is -15.9%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Tuya Inc.'s business trajectory between earnings reports.