Tuya Inc

The Q2 2026 results (6-K filed 2026-08-25) show H1 revenue of $173.8M, up 12.3%, with Q2 alone up 16.0% to $92.9M. Cash, time deposits and treasury securities were $976.1M at 2026-06-30 (down from $1,017.3M at year end, mainly the April dividend), with no interest-bearing borrowings and a nil gearing ratio. H1 profit from operations was $16.8M against a $0.4M loss a year earlier, but $5.7M of it was VAT-refund other operating income and net financial income of $20.1M was 57% of pre-tax profit, so the core operating margin is nearer 6.4% than the headline. The word dividend does not appear in the release: after payouts in August 2024, February 2025, August 2025 and March 2026, the semi-annual cadence was not continued. H1 operating cash flow was $12.6M against net profit of $34.4M while inventories rose from $30.9M to $63.8M. Sources: https://www.sec.gov/Archives/edgar/data/1829118/000110465926100432/tm2623868d1_ex99-1.htm, internal research file internal research file

The HKEX monthly return for August 2026 (6-K filed 2026-09-04) lists 543,206,907 Class A and 70,162,633 Class B shares with no treasury shares on the register, about 613.4M in total. At $1.75 that is a market capitalisation near $1.07B, so the operating business is valued at roughly $95M of enterprise value on about $348M of annualised revenue. Sources: https://www.sec.gov/Archives/edgar/data/1829118/000110465926105269/tm2624828d1_6k.htm, internal research file

This page published an enterprise value of $76M against a market capitalisation of $1,300M, which implies net cash of $1,224M. Total assets at 31 March 2026 are $1,162.5M. A company cannot hold more net cash than it holds assets, so the figure was impossible on its face and needed no filing to refute. The balance sheet shows $912.4M of cash and $38.7M of short term investments, and a reported total debt of $10.1M that is entirely operating lease liability, so borrowings are zero. That is $951.1M of net cash on the liquid basis this site uses, an enterprise value of $348.9M, and an EBITDA multiple of 22.9 rather than 5.0. Netting the further $78.8M of longer term investments would give $270.1M and 17.8 times; the higher figure is published because netting investments that are not cash is the error that once put Pagaya at the top of a shortlist. The operating margin is also corrected, from 6.0% to the 3.6% the FY2025 filing reports. What the corrected numbers say about this company is worth stating plainly. Operating income was $11.5M on revenue of $321.8M while pre-tax income was $59.8M, so 81% of the profit came from interest and investment income on the cash pile rather than from the business. That income is real and has repeated for four years, but a reader looking at a 20.7 times earnings multiple is mostly looking at a money market position.

The HK dual-primary listing (2391.HK) is the insurance policy: if the US delists, holders can convert to the Hong Kong line via a broker. Cash upgraded to $1,024M per the Q1 2025 6-K (was $854M).