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Sea Limited

SE

Sea Limited • NYSE
$139.05 ▲ 3.57% (+4.79)
Market Cap $82.32 B
52w High $199.30
52w Low $99.50
Dividend Yield 0%
P/E 60.72
Volume 2.59M
Outstanding Shares 592.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.986B ▲ $2.123B ▲ $372.042M ▼ 6.215% ▼ $0.63 ▼ $636.722M ▲
Q2-2025 $5.259B ▲ $1.922B ▲ $414.204M ▲ 7.875% ▼ $0.69 ▲ $490.131M ▼
Q1-2025 $4.841B ▼ $1.78B ▼ $403.05M ▲ 8.326% ▲ $0.68 ▲ $545.281M ▲
Q4-2024 $4.95B ▲ $1.9B ▲ $237.308M ▲ 4.794% ▲ $0.41 ▲ $401.92M ▲
Q3-2024 $4.328B $1.659B $153.324M 3.542% $0.26 $312.626M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.902B ▲ $26.751B ▲ $16.447B ▲ $10.196B ▲
Q2-2025 $9.411B ▲ $25.44B ▲ $15.657B ▲ $9.677B ▲
Q1-2025 $8.426B ▼ $23.843B ▲ $14.769B ▲ $8.963B ▲
Q4-2024 $8.621B ▲ $22.625B ▲ $14.148B ▲ $8.372B ▲
Q3-2024 $7.913B $21.692B $13.663B $7.916B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $414.204M ▲ $1.616B ▲ $-1.517B ▼ $54.229M ▼ $258.513M ▲ $1.4B ▲
Q1-2025 $403.05M ▲ $756.931M ▼ $-1.115B ▲ $274.387M ▼ $-65.589M ▲ $756.931M ▲
Q4-2024 $237.308M ▲ $1.021B ▼ $-1.761B ▼ $700.21M ▲ $-184.667M ▼ $703.058M ▼
Q3-2024 $0 $1.17B ▲ $-1.716B ▼ $557.845M ▲ $191.139M ▲ $1.261B ▲
Q2-2024 $0 $617.868M $-709.922M $242.607M $105.736M $552.434M

Revenue by Products

Product Q1-2020Q3-2020Q4-2020Q2-2021
Digital Entertainment
Digital Entertainment
 $0 ▲$1.32Bn ▲$690.00M ▼$1.81Bn ▲
ECommerce and Other Services
ECommerce and Other Services
 $0 ▲$1.12Bn ▲$660.00M ▼$1.77Bn ▲
Product
Product
 $0 ▲$370.00M ▲$220.00M ▼$470.00M ▲
Intercompanies
Intercompanies
 $120.00M ▲$0 ▼$0 ▲$0 ▲
Third Party Customers
Third Party Customers
 $440.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sea has shifted from a heavy “grow at all costs” phase to a more balanced model where growth and profitability now coexist. Revenue has expanded several‑fold over the last few years, driven mainly by e‑commerce and fintech, with gaming more volatile. Importantly, losses that were once large have narrowed and then flipped into modest profits at both the operating and net levels. This shows the company has found meaningful cost discipline and better unit economics after years of aggressive expansion. The main watchpoints are how sustainable these profits are once Sea re‑accelerates investment, and how dependent overall earnings remain on any single segment, especially gaming.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a fast‑growing tech platform. Total assets and shareholders’ equity have steadily increased, indicating that past losses have not structurally weakened the company. Sea still holds a sizable cash cushion, although cash levels are lower than at their peak as the company has funded growth and absorbed prior losses. Debt sits at a manageable level relative to the overall asset base, but it is not trivial, so ongoing profitability and cash generation matter. Overall, Sea has room to invest and absorb volatility, but it no longer has the ultra‑large cash war chest it enjoyed earlier in its life.

Cash Flow

Cash Flow The most notable improvement is in cash generation. Operating cash flow has swung from meaningfully negative to clearly positive, and free cash flow has followed the same path, turning into a healthy surplus. Capital spending remains relatively modest compared with the cash coming in, suggesting an asset‑light model where most investment is in people, technology, and marketing rather than heavy infrastructure. This gives Sea flexibility: it can choose to prioritize reinvestment, debt reduction, or bolstering its cash reserves. The key risk is that renewed heavy spending to win market share could pressure these gains if not matched by improving returns.

Competitive Edge

Competitive Edge Sea has built a powerful ecosystem around three pillars: Shopee (e‑commerce), Garena (gaming), and SeaMoney/Monee (fintech). Shopee is a top online marketplace in Southeast Asia with strong brand recognition, deep local adaptation, and heavy user engagement through “shoppertainment” features. Garena’s hit title Free Fire still provides a strong cash engine and a large user base. SeaMoney benefits from the traffic and data coming from both shopping and gaming, helping it reach underbanked consumers with payments and credit. Together, these businesses create strong network effects and switching costs. However, competition is intense across all fronts—regional rivals in e‑commerce, global and local game publishers, and traditional plus digital banks—which means Sea must keep executing well just to maintain its position.

Innovation and R&D

Innovation and R&D Innovation is at the core of Sea’s strategy. The company leans heavily on data and artificial intelligence across shopping, gaming, and financial services. Shopee uses AI for personalized recommendations, targeted ads, and logistics optimization. Garena applies AI to game design and content updates to keep players engaged. SeaMoney leverages transaction and behavioral data to build alternative credit scores and offer loans and other financial products to customers who may lack traditional banking histories. The planned deeper integration of OpenAI tools signals an intent to stay at the frontier of AI‑driven user experiences. The opportunity is large, but so are the risks: higher R&D and marketing spend, regulatory scrutiny around data and lending, and execution challenges in rolling out new AI features at scale.

Summary

Sea Limited has evolved from a cash‑burning growth story into a more balanced digital ecosystem with real profits and strong cash flow, while still growing meaningfully. Its key strengths lie in the integration of e‑commerce, gaming, and fintech, underpinned by data, AI, and strong regional brands. The financial statements now show improving margins, a sturdier balance sheet, and healthy free cash generation, giving Sea room to invest in future growth. On the other hand, the company operates in highly competitive and fast‑changing markets, with regulatory and execution risks, especially in financial services and new AI initiatives. Overall, Sea stands out as a scaled digital platform in Southeast Asia with improving financial discipline, but its long‑term trajectory will depend on how well it balances renewed growth investments against preserving its recently earned profitability.

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