Coupang vs Sea Limited
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KIRAβs take AI analyst
I put Coupang and Sea Limited side by side, using each oneβs latest annual report. Here is what stands out:
- Coupang is the larger business, with $34.5B of revenue in fiscal 2025 against $22.9B for Sea Limited, about 1.5 times as much.
- Sea Limited grew revenue faster (36.4%, against 14.1%).
- Sea Limited kept more of each dollar of sales as operating profit (8.7% operating margin, against 1.4%).
- Sea Limited turned more of its sales into free cash flow (19.7% FCF margin, against 1.5%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Coupang
CPNG
2/10
Net debt / EBITDAShare count change
Sea Limited
SE
8/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | CPNG FY25 | SE FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.7B | $47.2B |
| Revenue | $34.5B | $22.9B |
| Free cash flow | $522M | $4.5B |
| Net income | $208M | $1.6B |
| Growth | ||
| Revenue growth | 14.1% | 36.4% |
| 5-year growth | 23.6% | 39.3% |
| Share count change | 1.6% | 5.5% |
| Profitability | ||
| Gross margin | 29.4% | 44.7% |
| Operating margin | 1.4% | 8.7% |
| Net margin | 0.6% | 6.9% |
| FCF margin | 1.5% | 19.7% |
| Return on capital | β | β |
| Return on equity | 4.8% | 15.1% |
| Balance sheet | ||
| Net debt | β$4.7B | β$10.5B |
| Net debt / EBITDA | β4.8x | β4.5x |
| Dividends and buybacks | $243M | $14.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 6 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.