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Sea Limited

Sea Limited

NYSE•SE
CEO: Mr. Forrest Xiaodong Li
Sector: Consumer Cyclical
Industry: Specialty Retail
Listing Date: 2017-10-20
Sea Limited, together with its subsidiaries, engages in the digital entertainment, e-commerce, and digital financial service businesses in Southeast Asia, Latin America, rest of Asia, and internationally. It offers Garena digital entertainment platform for users to access mobile and PC online games, as well as promotes eSports operations. The company also operates Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics infrastructure, and seller services. In addition, it offers SeaMoney digital financial services comprising consumer, and small and medium-sized enterprises (SME) credit, mobile wallets, payment processing, and banking services under the ShopeePay and SPayLater brands; and acts as an underwriter for various life and non-life insurance products under the SeaInsure brand name, as well as insurance agency services. The company was formerly known as Garena Interactive Holding Limited and changed its name to Sea Limited in April 2017. Sea Limited was incorporated in 2009 and is headquartered in Singapore.
Contact Information
1 Fusionopolis Place, No. 17-10, Galaxis, Singapore, 138522, Singapore
65-6270-8100
www.sea.com
Market Cap
$74.06B
P/E (TTM)
61.3
42.1
Dividend Yield
--
52W High
$199.30
52W Low
$99.50
52W Range
26%
Rank57Top 72.6%
2.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$5.99B+38.30%
4-Quarter Trend

EPS

$0.63+142.31%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Total Revenue Grew 28.8% Total revenue increased 28.8% to US$16.82B in 2024, driven by E-commerce service revenue growth of 37.8% to US$10.9B.
Strong Net Income Achieved Net income reached US$447.8M in 2024, continuing the positive profitability trend established in 2023 after significant losses in 2022.
Digital Financial Services Expansion DFS revenue grew 34.6% to US$2.4B, supported by credit business growth; loans receivable increased 67.4% to US$4.161B.
Digital Entertainment Revenue Decline Digital Entertainment revenue decreased 12.0% to US$1.91B in 2024, reflecting moderation in active and paying user base compared to prior years.

Risk Factors

User Base Engagement Critical Failure to maintain or grow the size and engagement level of the user base remains critical, directly determining financial performance and growth.
Credit Risk Provision Increase Provision for credit losses rose 22.6% to US$776.9M in 2024, driven by significant 67.4% growth in the loan book.
Evolving Regulatory Landscape Businesses face extensive and changing laws across multiple jurisdictions, especially concerning digital platforms, data privacy, and financial services.
Cybersecurity and IP Liabilities Exposure to liability from security breaches, data leaks, and potential misuse of AI technologies could adversely affect operations and reputation.

Outlook

Sustaining Profitability Focus Management continues focus on efficiency and optimizing cost structure, particularly in sales and marketing, to sustain recent profitability gains.
E-commerce User Acquisition Significant resources will be invested in innovation, content, and services to grow and maintain active user base and engagement levels.
DFS Competitive Intensity Digital Financial Services expect intensifying competition, requiring ongoing investment in product enhancement and navigating complex regulatory requirements.
Technology and AI Adaptation Continuous investment in technology infrastructure and adapting to new technologies, including AI, is necessary to maintain service quality and competitive edge.

Peer Comparison

Revenue (TTM)

JD.com, Inc.JD
$180.81B
+16.6%
Lowe's Companies, Inc.LOW
$84.26B
+0.6%
NIKE, Inc.NKE
$46.44B
-7.1%

Gross Margin (Latest Quarter)

eBay Inc.EBAY
70.9%
-0.9pp
O'Reilly Automotive, Inc.ORLY
51.9%
+0.3pp
Royal Caribbean Cruises Ltd.RCL
51.8%
+0.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
LOW$138.72B20.4-55.0%83.6%
MELI$102.20B49.239.0%5.6%
NKE$99.77B34.421.2%29.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
6.5%
Steady Growth
4Q Net Income CAGR
16.2%
Profitability Improved
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Mar 3, 2026
|
EPS:$0.94
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 17, 2025|
    Revenue: $16.82B+28.8%
    |
    EPS: $0.77+185.2%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 26, 2024|
    Revenue: $13.08B+4.9%
    |
    EPS: $0.27+109.1%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 6, 2023|
    Revenue: $12.46B+25.1%
    |
    EPS: $-2.96+22.9%
    Beat

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 22, 2022|
    Revenue: $9.96B+127.5%
    |
    EPS: $-3.84-13.3%
    Miss

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 16, 2021|
    Revenue: $4.39B+101.1%
    |
    EPS: $-3.39-1.2%
    Miss