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Cloud IoT platform (PaaS) letting device makers add connectivity, apps and voice control to smart products quickly.
Cloud IoT platform (PaaS) letting device makers add connectivity, apps and voice control to smart products quickly.
Earns fees from device makers for using its cloud platform, paid per connected device and for add-on services, and also sells the communication modules that go inside devices. The more brands build on it, the more connected devices generate fees.
In one line: A China-based AWS IoT / smart-home enablement platform.
Moat: narrow (switching costs, network effects, scale). Broad device/app ecosystem and easy integration lock in OEM customers once built.
Headquarters: Hangzhou, China / Cayman Islands · Founded: 2014 · Employees: 1,441
Size Tuya (2391.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $1.00B, the 592nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.68 on 6 Nov 2026.
Performance Over six months the shares fell 32.6%, against -21.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +2.4%); the operating margin is 5.0% (peer median 0.0%).
Backlog Backlog (remaining performance obligations) was $10.1M at 31 Dec 2025, up 28% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$2.66B | HK$2.51B | HK$2.33B | HK$1.80B | HK$1.63B |
| Revenue growth | — | +8% | +29% | +10% | — |
| Gross profit | HK$1.26B | HK$1.21B | HK$1.10B | HK$835M | HK$700M |
| EBITDA | n/a | HK$50.8M | -HK$420M | -HK$863M | -HK$1.33B |
| Net income | HK$537M | HK$451M | HK$39.0M | -HK$472M | -HK$1.14B |
| Free cash flow | n/a | HK$576M | HK$594M | HK$274M | -HK$559M |
| Capital expenditure | n/a | HK$55.6M | HK$102M | HK$11.7M | HK$5.56M |
| Total debt | HK$73.1M | HK$41.4M | HK$36.1M | HK$60.8M | HK$71.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Tuya 2391.HK | $1.00B | -33% | +7% | 5% | n/a | n/a |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 3.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2391.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.5% | +0.1% | 10th lowest of 21 |
| 6-month return | -32.6% | -21.8% | 9th lowest of 20 |
| Distance from 52-week high | -39.1% | -44.4% | 10th highest of 21 |
| Revenue growth (TTM) | +7.3% | +2.4% | 8th highest of 21 |
| Operating margin | 5.0% | 0.0% | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tuya 2391.HK | Hong Kong | $1.00B | -33% | +7% | 5% | n/a | n/a | n/a |
| Birlasoft BSOFT.NS | India | $998M | -7% | +4% | 15% | 1.3× | 7.9% | +8.4% |
| ZoomInfo Technologies GTM | United States | $1.02B | -45% | +3% | 23% | 1.9× | -9.7% | +21.3% |
| Suzhou MedicalSystem Technology 603990.SS | China | $1.04B | +44% | -15% | 5% | 23.0× | n/a | n/a |
| Chengdu Information Technology of Chinese Academy of Sciences 300678.SZ | China | $969M | -24% | +100% | 0% | 6.3× | n/a | n/a |
| Nexwise Intelligence China 301248.SZ | China | $967M | -47% | +11% | 13% | 11.1× | n/a | n/a |
| Sichuan Xun You Network Technology 300467.SZ | China | $1.05B | -22% | +2% | 1% | 21.8× | n/a | n/a |
| Shiprocket SHIPROCKET.NS | India | $963M | n/a | +24% | -5% | 4.5× | 56.2% | +23.0% |
| Kakao Games 293490.KS | South Korea | $962M | +3% | -21% | -27% | 4.0× | n/a | n/a |
| PATEO CONNECT Technology (Shanghai) 2889.HK | Hong Kong | $1.05B | -65% | +72% | -24% | 1.9× | n/a | n/a |
| Bravura Solutions BVS.AX | Australia | $1.06B | +50% | -10% | 25% | 5.2× | 4.1% | +3.1% |
| GuoChuang Software 300520.SZ | China | $955M | -40% | -14% | -12% | 5.1× | n/a | n/a |
| BigBear.ai BBAI | United States | $1.07B | -47% | -1% | -66% | 5.7× | n/a | n/a |
| Shandong Extreme Vision Technology 6636.HK | Hong Kong | $939M | -34% | +14% | -19% | 21.5× | n/a | n/a |
| Beijing CTJ Information Technology 301153.SZ | China | $939M | -15% | +23% | 15% | 5.3× | 17.7% | +7.0% |
| Blackbuck BLACKBUCK.NS | India | $1.08B | -1% | +50% | 14% | 11.5× | 34.8% | +54.8% |
| Bingo Software 688227.SS | China | $1.08B | -56% | -7% | -11% | 14.3× | n/a | n/a |
| Tansun Technology 300872.SZ | China | $1.08B | -11% | -10% | -12% | 4.5× | n/a | n/a |
| Guotai Epoint Software 688232.SS | China | $932M | -13% | -9% | 0% | 1.7× | 29.4% | -3.0% |
| ODDITY Tech ODD | United States | $931M | +36% | -10% | -1% | 1.9× | n/a | n/a |
| Playtika PLTK | United States | $931M | -33% | +6% | 17% | 1.1× | -16.4% | +3.0% |
Tuya reported $10.1M of remaining performance obligations at 31 Dec 2025, up 28% from a year earlier. That is 0.0 years of trailing revenue already under contract.