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Sea Limited

Rank #168HypergrowthWatchlistCompare with other stocks

SE · NYSE · Consumer Cyclical

Sea Limited (SE) — Rank #168 by gross profitability (GP/assets 0.35) · ROE 12.6% · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0001703399 · all metrics point-in-time as of the filing date.

About

Sea Limited, through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally.

Show more

The company operates through E-commerce, Digital Financial Services, and Digital Entertainment segments. It offers Garena, a digital entertainment platform for users to access mobile and PC online games, as well as promotes eSports operations and develops games. The company also operates the Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics and fulfillment infrastructure, and other value-added services. In addition, it offers Monee digital financial services comprising consumer, and small and medium-sized enterprises (SME) credit, e- wallets, payment processing, banking, Insurtech, and wealth services; and acts as an underwriter for various life and non-life insurance products under the MoneeInsure tradename, as well as insurance agency services. It serves buyers, such as individuals and households; and sellers, including small and medium businesses, brands, and large retailers. 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.

Industry
Internet Retail
Sector
Consumer Cyclical
State
E9
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
sea.com

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

102,700

Industry

Internet Retail

Exchange

NYSE

9/11

Flags passed

SE passes 9/11 quality flags

2 cautions to review

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Deferred revenue growing

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.35
Return on equity
12.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.32
Current ratio
1.58×
Net cash
$12.46B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.7%

Growth

1/2 pass
Revenue growth
36.4%
Piotroski F-Score
N/A
Share dilution
5.5%

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 47th percentile of 96 SIC 73 peers

Gross profitability (GP / assets)

0.35

Primary signal (Novy-Marx).

47th pctl of 96 SIC 73 peers

Return on equity

12.6%

Gross margin

44.7%

24th pctl of 95 SIC 73 peers

Revenue growth (YoY)

36.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

22.6%

Revenue CAGR (5Y)

39.3%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 186% above net income

Free cash flow

$4.51B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

185.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.7%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $12.46B

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.32

19th pctl of 87 SIC 73 peers (best = lowest)

Current ratio

1.58×

32nd pctl of 95 SIC 73 peers

Quick ratio

0.75×

Net cash

$12.46B

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.3 / 5

Fair
Share count trend
5.5%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
3.9%4/5 Strong

Lifecycle Phase History

20202025
Hypergrowth
Value

Price History

SE-68.5% · -20.6% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports