Tuya Inc. (2391) fair value: what the stock is really worth
As of Oct 8, 2026: fair value of Tuya Inc. HK$19.99, price HK$13.07, upside +53.0%, quality 75 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Tuya Inc.
2391 · HKStrongly undervaluedStrong Fair Value upside with high Quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
51‑month range HK$5.73 – HK$30.94 · fair‑value band HK$15.86 – HK$25.99 · the HK$13.07 price screens below the HK$19.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Company profile
Tuya Inc. provides artificial intelligence (AI) cloud platform services in the People's Republic of China. Its AI cloud developer platform delivers a suite of offerings, including platform-as-a-service (PaaS), software-as-a-service (SaaS), and smart solutions to developers of smart device, commercial applications, and industries.
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Tuya Inc. provides artificial intelligence (AI) cloud platform services in the People's Republic of China. Its AI cloud developer platform delivers a suite of offerings, including platform-as-a-service (PaaS), software-as-a-service (SaaS), and smart solutions to developers of smart device, commercial applications, and industries. The company's PaaS offering enables original equipment manufacturers and brands, and developers to develop, launch, manage, and monetize software-enabled smart devices and services. Its SaaS offering enables businesses to deploy, connect, and manage smart devices in various vertical scenarios for spatial intelligence and cloud-based software value-added services to build their own autonomous and controllable smart business platforms. Its solutions include cube private cloud, smart hospitality, smart residential, commercial lighting, and smart house and real estate. The company also offers a range of other cloud-based value-added services to enhance their ability to develop and manage IoT experiences for businesses, developers, and end users. In addition, it provides smart solutions for smart devices integrated with AI and intelligent software capabilities. The company serves brands, original equipment manufacturers, industry operators, and system integrators across a range of industry verticals, such as smart home and business, renewable energy, education, agriculture, outdoors and sport, and entertainment. Tuya Inc. was founded in 2014 and is based in Hangzhou, the People's Republic of China.
Stock analysis
Tuya Inc. (2391) currently trades at HK$13.07, while our model-based Fair Value estimate is HK$19.99, implying the stock looks roughly 34.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$24.41 per share, and 20 of the 24 models we run sit above the HK$13.07 price.
Bear case: the Asset-Based group reads lowest at HK$9.90, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$15.86 (bear) to HK$25.99 (bull), the price of HK$13.07 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 75/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Tuya Inc. reported revenue of $322M in FY2025 versus $302M in FY2021, a compound +1.6%/yr. Reported net income was $57.9M in FY2025.
Key figures
Market cap HK$8.0B (≈ $1.0B) · P/E ratio 15.1 · P/S ratio 2.72 · EPS (TTM) HK$0.8716 · Dividend yield 0.5% · Net margin 18.0% · Return on equity 6.7% · Return on assets (EBIT) −8.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at 53%, 2391 screens cheaper than that median.
Fair Value models
All 24 models by family
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
Quality Score breakdown
Of which business quality 74 · Market factors (momentum, volatility) 24
Revenue & earnings trend
Growth Forecast
Watch 2391, get fair value alerts →
Compare Tuya Inc. with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 351 stocks
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Information Technology sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Hong Kong Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Microsoft Corporation MSFT | $525.18 | $577.70 | +10% | vs 2391 |
| Block, Inc XYZ | $76.07 | $76.95 | +1% | vs 2391 |
| Fortinet, Inc FTNT | $180.95 | $164.68 | −9% | vs 2391 |
| Oracle Corporation ORCL | $142.48 | $112.26 | −21% | vs 2391 |
| NetApp, Inc NTAP | $204.41 | $157.26 | −23% | vs 2391 |
| Okta, Inc OKTA | $211.49 | $142.12 | −33% | vs 2391 |
| CoreWeave, Inc CRWV | $87.39 | $58.32 | −33% | vs 2391 |
| Synopsys, Inc SNPS | $505.17 | $249.20 | −51% | vs 2391 |
| Palantir Technologies Inc PLTR | $189.40 | $42.16 | −78% | vs 2391 |
| CrowdStrike Holdings CRWD | $272.67 | $37.31 | −86% | vs 2391 |
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Key figures of Tuya Inc.
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