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Sea Limited

SE NYSE Broadline Retail Financials FY2016–FY2025

Sea Limited's revenue rose 36.4% to $22.9 billion in fiscal 2025. Its operating margin was 8.7%, up from 3.9% a year earlier. Free cash flow was $4.5 billion, up 52.4%. It paid out $14 million in dividends and buybacks, 0% of free cash flow. The diluted share count rose 5.5%.

Last close Β· Oct 23, 2026

$74.63

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Revenue Total sales reported in the income statement.
$22.9B
36.4% vs prior year
Operating margin Operating income as a share of revenue.
8.7%
4.7 pts
Net income Profit after all expenses, interest and tax.
$1.6B
255.2%
Free cash flow Cash from operations minus capital spending.
$4.5B
52.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
β€”
Market cap Last close times the latest diluted share count, so it is approximate.
$47.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
β€”

About these figures. Sea's cash nearly matches its equity and debt in 2025, which leaves very little invested capital, so return on capital is blank for 2025. Sea Limited is a foreign company: it files an annual report on Form 20-F, prepared under US accounting standards (US GAAP), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.

What Sea Limited does

No business description yet.

Legal name
Sea Limited
Fiscal year ends
December 31, 2025
Latest annual report
β€”
Accession Β· CIK
0001140361-26-015366
0001703399

Revenue and margins

Sea Limited had $22.9B of revenue in fiscal 2025, up 36.4% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.5B in fiscal 2025, 19.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Sea Limited returned $14.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 5.5%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Sea Limited can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $10.2B$6.9B$5.4B$8.6B$10.6B
Debt incl. finance leases $3.5B$3.4B$3.0B$1.5B$45.4M
Net debt / EBITDA β€”β€”βˆ’3.6xβˆ’6.8xβˆ’4.5x
Debt / equity 0.5x0.6x0.5x0.2x0.0x
Interest coverage βˆ’11.6xβˆ’32.8x5.5x17.3x59.1x
Current ratio 2.1x1.8x1.4x1.5x1.6x
Quick ratio 2.1x1.8x1.4x1.5x1.6x
Total assets $18.8B$17.0B$18.9B$22.6B$29.4B
Total liabilities $11.3B$11.2B$12.2B$14.1B$16.7B
Shareholders' equity $7.4B$5.7B$6.6B$8.4B$12.5B
Net debt (βˆ’ = net cash) βˆ’$6.7Bβˆ’$3.5Bβˆ’$2.4Bβˆ’$7.1Bβˆ’$10.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

β€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ“ βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets βœ“ βœ“ βœ“
Current ratio rose βœ• βœ“ βœ“
Share count didn't rise βœ• βœ• βœ•
Gross margin rose βœ“ βœ• βœ“
Revenue rose relative to assets βœ“ βœ“ βœ“
F-score 7 / 97 / 98 / 9
Accruals ratio βˆ’10.8%βˆ’13.7%βˆ’13.3%
Altman Z'' 0.421.262.43

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Sea Limited SE $47.6B 36.4% 8.7% 19.7% β€” β€” 8
Macy's M $6.6B βˆ’1.7% 4.6% 4.7% 12.9% 8.8x 8 Compare β†’
MercadoLibre MELI $91.8B 39.1% 11.1% 37.3% 35.0% 49.2x 4 Compare β†’
Kohl's KSS $2.9B βˆ’4.3% 4.0% 6.5% 7.2% 10.7x 7 Compare β†’
Coupang CPNG $25.0B 14.1% 1.4% 1.5% β€” β€” 6 Compare β†’

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

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Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $346M $414M $827M $2.2B $4.4B $10.0B $12.4B $13.1B $16.8B $22.9B
Gross profit $113M $87.3M $14.8M $605M $1.3B $3.9B $5.2B $5.8B $7.2B $10.2B
Research and development $20.8M $29.3M $67.5M $157M $354M $832M $1.4B $1.2B $1.2B $1.2B
Operating income βˆ’$205M βˆ’$502M βˆ’$989M βˆ’$891M βˆ’$1.3B βˆ’$1.6B βˆ’$1.5B $225M $662M $2.0B
Interest expense $0.0M $26.5M $31.3M $48.2M $124M $137M $45.4M $41.1M $38.3M $33.6M
Pretax income βˆ’$197M βˆ’$549M βˆ’$954M βˆ’$1.4B βˆ’$1.5B βˆ’$1.7B βˆ’$1.5B $432M $779M $2.3B
Income tax $8.5M $10.7M $4.1M $85.9M $142M $333M $168M $263M $321M $651M
Net income βˆ’$223M βˆ’$561M βˆ’$961M βˆ’$1.5B βˆ’$1.6B βˆ’$2.0B βˆ’$1.7B $151M $444M $1.6B
Diluted EPS βˆ’$1.30 βˆ’$2.72 βˆ’$2.84 βˆ’$3.35 βˆ’$3.39 βˆ’$3.84 βˆ’$2.96 $0.25 $0.74 $2.52
Diluted shares 0.17B 0.21B 0.34B 0.44B 0.48B 0.53B 0.56B 0.59B 0.60B 0.64B
Cash flow
Cash from operations βˆ’$102M βˆ’$259M βˆ’$495M $69.9M $556M $209M βˆ’$1.1B $2.1B $3.3B $5.0B
Capital expenditure $17.0M $67.4M $177M $240M $336M $772M $924M $242M $318M $514M
Free cash flow βˆ’$119M βˆ’$327M βˆ’$673M βˆ’$170M $220M βˆ’$564M βˆ’$2.0B $1.8B $3.0B $4.5B
Depreciation and amortization $39.6M $40.9M $78.7M $122M $181M $279M $428M $441M $390M $372M
Stock-based compensation $28.8M $28.6M $58.1M $117M $290M $470M $706M $685M $716M $625M
Acquisitions $0.0M $18.1M $0.0M $0.0M $92.2M $22.8M $60.7M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $14.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $14.0M
Balance sheet
Cash and short-term investments $170M $1.4B $1.0B $3.2B $6.3B $10.2B $6.9B $5.4B $8.6B $10.6B
Total debt β€” $729M $1.9M $1.4B $1.8B $3.5B $3.3B $2.9B $1.5B $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $7.3M $0.1M $8.5M $15.0M $14.5M $13.5M $45.4M
Current assets $310M $1.7B $1.7B $4.4B $8.9B $15.1B $12.7B $11.8B $16.9B $23.2B
Current liabilities $264M $638M $1.2B $2.4B $4.6B $7.2B $6.9B $8.2B $11.3B $14.7B
Inventory $3.9M $9.8M $37.7M $26.9M $64.2M $118M $110M $125M $143M $223M
Property and equipment, net $31.1M $74.3M $192M $319M $386M $1.0B $1.4B $1.2B $1.1B $1.3B
Total assets $486M $2.0B $2.2B $5.2B $10.5B $18.8B $17.0B $18.9B $22.6B $29.4B
Total liabilities $406M $1.5B $2.4B $4.1B $7.0B $11.3B $11.2B $12.2B $14.1B $16.7B
Shareholders' equity βˆ’$126M $469M βˆ’$243M $1.2B $3.4B $7.4B $5.7B $6.6B $8.4B $12.5B
Margins
Gross margin 32.7% 21.1% 1.8% 27.8% 30.8% 39.1% 41.7% 44.7% 42.8% 44.7%
Operating margin βˆ’59.4% βˆ’121.3% βˆ’119.6% βˆ’41.0% βˆ’29.8% βˆ’15.9% βˆ’12.0% 1.7% 3.9% 8.7%
EBITDA margin βˆ’48.0% βˆ’111.4% βˆ’110.1% βˆ’35.4% βˆ’25.7% βˆ’13.1% βˆ’8.5% 5.1% 6.3% 10.3%
Net margin βˆ’64.5% βˆ’135.3% βˆ’116.2% βˆ’67.2% βˆ’37.0% βˆ’20.6% βˆ’13.3% 1.2% 2.6% 6.9%
FCF margin βˆ’34.4% βˆ’78.9% βˆ’81.3% βˆ’7.8% 5.0% βˆ’5.7% βˆ’15.9% 14.1% 17.6% 19.7%
Returns
Return on capital β€” β€” β€” β€” β€” β€” β€” 3.4% 13.8% β€”
Return on capital employed β€” βˆ’63.9% βˆ’83.9% βˆ’46.1% βˆ’30.0% βˆ’18.2% βˆ’13.7% 2.2% 6.0% 15.3%
Return on equity β€” βˆ’326.5% βˆ’851.1% βˆ’318.3% βˆ’71.2% βˆ’38.0% βˆ’25.2% 2.5% 5.9% 15.1%
Return on assets β€” βˆ’45.3% βˆ’46.0% βˆ’39.5% βˆ’20.6% βˆ’14.0% βˆ’9.2% 0.8% 2.1% 6.1%
Growth
Revenue growth 18.3% 19.8% 99.7% 163.1% 101.1% 127.5% 25.1% 4.9% 28.8% 36.4%
Net income growth β€” β€” β€” β€” β€” β€” β€” β€” 194.8% 255.2%
EPS growth β€” β€” β€” β€” β€” β€” β€” β€” 196.0% 240.5%
FCF growth β€” β€” β€” β€” β€” βˆ’356.6% β€” β€” 61.0% 52.4%
Share count change 4.0% 20.2% 64.5% 29.0% 9.3% 11.6% 4.8% 6.5% 1.7% 5.5%
Financial health
Net debt / EBITDA β€” β€” β€” β€” β€” β€” β€” βˆ’3.6x βˆ’6.8x βˆ’4.5x
Debt / equity β€” 1.6x β€” 1.2x 0.5x 0.5x 0.6x 0.5x 0.2x 0.0x
Interest coverage βˆ’8,930.0x βˆ’19.0x βˆ’31.6x βˆ’18.5x βˆ’10.5x βˆ’11.6x βˆ’32.8x 5.5x 17.3x 59.1x
Current ratio 1.2x 2.7x 1.4x 1.9x 1.9x 2.1x 1.8x 1.4x 1.5x 1.6x
Quick ratio 1.2x 2.7x 1.4x 1.9x 1.9x 2.1x 1.8x 1.4x 1.5x 1.6x
Capital allocation
Capex / revenue 4.9% 16.3% 21.4% 11.0% 7.7% 7.8% 7.4% 1.9% 1.9% 2.2%
Stock comp / revenue 8.3% 6.9% 7.0% 5.4% 6.6% 4.7% 5.7% 5.2% 4.3% 2.7%
Payouts / FCF β€” β€” β€” β€” 0.0% β€” β€” 0.0% 0.0% 0.3%
Quality scores
Piotroski F-score β€” β€” 3.0 5.0 6.0 6.0 4.0 7.0 7.0 8.0
Altman Z'' βˆ’5.9 0.4 βˆ’4.6 βˆ’0.5 0.8 1.7 0.5 0.4 1.3 2.4
Accruals ratio β€” βˆ’24.4% βˆ’22.3% βˆ’41.3% βˆ’27.7% βˆ’15.4% βˆ’3.3% βˆ’10.8% βˆ’13.7% βˆ’13.3%

Source: SEC EDGAR XBRL filings (CIK 0001703399). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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