One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Sea Limited
SE · NYQ · Consumer Cyclical · Internet Retail
Current price
$108.66
52-week range
$77.05 - $199.30
Market cap
—
Balance sheet
Healthy
59.07x Strong cushion
Net cash $6.96B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 36.4% last year.
- Reward Returns 14.9% on equity, ahead of 40% of its peers.
- Reward Free cash flow was positive in 4/10 years.
What this company does
Sea Limited
Sea Limited is a technology company with three main businesses: an online shopping platform called Shopee, a digital gaming division called Garena, and financial services like digital payments and loans. For a long time, its very profitable gaming business paid the bills for the rapid growth of its shopping platform. The key thing to watch now is whether the much larger online shopping business can make a profit on its own, which is crucial for the company's overall financial health.
How the company got here
Sea Limited started in 2009 as a company called Garena, focused on online video games. It became very successful by publishing popular games like League of Legends in Southeast Asia. Using the cash generated from its gaming business, the company expanded by launching Shopee, an online shopping platform, in 2015, and later SeaMoney, its digital payments and financial services arm. In 2017, the company renamed itself Sea Limited and went public on the New York Stock Exchange, raising more money to fund its rapid growth. After a period of aggressive spending to grow, the company shifted its focus toward profitability in recent years.
What it actually does
Sea Limited is a technology company that operates three main online businesses primarily in Southeast Asia and Latin America. Think of it as a company that combines online shopping, digital entertainment, and online payment services all under one roof. You might use their Shopee app to buy clothes, play their Garena games like Free Fire on your phone, or use their Monee service to pay for things or get a small loan. These businesses are designed to work together, creating an ecosystem where a user of one service is encouraged to use the others.
Digital Entertainment (Garena)
This was Sea's first business and it develops and publishes online games for mobile phones and PCs. Its most famous game is Free Fire, a popular battle royale game with millions of players worldwide. Garena makes money using a "freemium" model, where the games are free to play, but players can choose to buy in-game items like character outfits or special advantages. While it's no longer the largest part of the company by revenue (the money a company receives from its business activities), it has historically been very profitable and helped fund the growth of Sea's other businesses.
E-commerce (Shopee)
Shopee is a huge online marketplace, similar to Amazon, where people and businesses can buy and sell a wide variety of items. It is the largest online shopping platform in Southeast Asia and has a major presence in Brazil. Shopee makes money by charging sellers transaction-based fees, offering paid advertising services to help sellers promote their products, and providing logistics (the process of managing how resources are acquired, stored, and transported to their final destination) and delivery services. This segment is the company's largest, making up the majority of its total revenue.
Digital Financial Services (Monee)
Previously known as SeaMoney, this is the company's fast-growing financial technology, or "fintech," arm. It offers services like digital wallets (letting you pay with your phone), payment processing for merchants, and credit services for both consumers and small businesses, such as "buy now, pay later" plans. This segment earns money from fees on transactions and interest on the loans it provides. It is deeply integrated with the Shopee platform, making it easy for shoppers to pay for their purchases and get financing.
What management is betting on now
The company's main focus is on achieving profitable growth across all its businesses, rather than just growing at any cost. For Shopee, this means increasing its monetization (the process of turning non-revenue-generating items into cash) by getting more value from each transaction through ads and other seller services. For Monee, the goal is to carefully expand its lending and payment services while managing risk. In the gaming division, Garena, the strategy is to keep players engaged with its hit game, Free Fire, while also developing new games to ensure long-term success.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$2.96B
FY2025 Q4
$4.51B
Revenue
$22.94B
Net income
$1.58B
Diluted EPS
2.52
Operating cash flow
$5.02B
Free cash flow
$4.51B
Fetching…
Sources
Revenue
$16.82B
Net income
$444.32M
Diluted EPS
0.74
Operating cash flow
$3.28B
Free cash flow
$2.96B
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $108.66
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $7.0B - more cash than debt. Interest coverage 59.1x.
Net debt
$-6.96B
Interest coverage
59.07x
Sea Limited's profit covers its interest bill about 59.1 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
SE
BASELINE
Sea Limited
Total debt $3.58B Interest coverage 59.07x This is the baseline the peer rows are being compared against.
Total debt $12.38B Interest coverage 20.01x -66% vs SE Carries about 3.0x less debt cushion than SE.
Total debt $5.40B Interest coverage 5.50x -91% vs SE Carries about 10.7x less debt cushion than SE.
Total debt $1.95B Interest coverage 3.13x -95% vs SE Carries about 18.9x less debt cushion than SE.
What you should know
The case for and against SE
3 Rewards
0 Risks
Rewards
-
Revenue grew 36.4% last year.
-
Returns 14.9% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
42.78x
Forward P/E
20.69x
P/B
5.17x
P/S
—
EV/EBITDA
23.31x
PEG ratio
1.53x
Profitability
How much profit each dollar creates
Gross margin
44.3%
Operating margin
8.4%
Net margin
6.4%
ROE
14.9%
ROA
4.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.28x
Current ratio
1.58x
Quick ratio
0.76x
Total debt
$3.58B
Total cash
$10.54B
Growth
How the business has been compounding
Revenue TTM
$65.27B
Revenue 5Y CAGR
23.2%
EPS TTM
2.54
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$9.33B
Free CF TTM
$4.51B
FCF margin
6.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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