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Sea Limited

Rank #176Hypergrowth

SE · Consumer Cyclical

Sea Limited (SE) — Rank #176 by gross profitability (GP/assets 0.35) · ROE 12.6% · Piotroski F-Score N/A.

As-of 2026-09-15 · 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.

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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

Price History

SE-69.9% · -21.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$63.42B

P/E (annual)

41.1

P/S (annual)

2.8

P/B

5.1

P/OCF (annual)

12.6

Shareholder Yield

-5.5%

Employees

102,700

Industry

Internet Retail

Exchange

—

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

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%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

What Growth Is Priced In

Implied revenue growth (10Y)

3.5%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 5.5% — per-share value needs a total required return of 9.0% once share-count change is priced in.

vs. own 6-year median revenue growth: 28.1%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-0.6%

r = 10% (base)

3.5%

r = 12%

7.0%

Net debt / market cap: -18.9%

Base FCF: $4.5B3Y mean FCF: $4.5B

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

36.2xCheap
36.2xmed 123.4x365.3x

P / S

Price / revenue per share

2.5xCheap
2.5xmed 3.7x5.4x

P / B

Price / book value per share

4.7xCheap
4.7xmed 6.6x8.2x

P / GP

Price / gross profit per share

5.7xCheap
5.7xmed 8.5x16.4x

P / FCF

Price / free cash flow per share

12.9xCheap
12.9xmed 18.7x29.5x

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

Profitability

Gross profitability (GP / assets)

0.35

Primary signal (Novy-Marx).

43rd pctl of 98 SIC 73 peers

Return on equity

12.6%

Gross margin

44.7%

25th pctl of 97 SIC 73 peers

Revenue growth (YoY)

36.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2017202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.32

21st pctl of 87 SIC 73 peers (best = lowest)

Current ratio

1.58×

33rd pctl of 97 SIC 73 peers

Quick ratio

0.75×

Net cash

$12.46B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$4.51B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.86

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.7%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20152025
Startup
Hypergrowth
View full financial statements →