NYSE : SE
Sea Limited — Financial statements
Consumer Discretionary · Internet Retail · Singapore
Last price 74.24 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 45.47B
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Financial statements
Sea Limited (SE) reported revenue of 27.72B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 27.72B | 22.94B | 16.82B | 13.06B | 12.45B | 9.96B |
| Revenue | 27.72B | 22.94B | 16.82B | 13.06B | 12.45B | 9.96B |
| Cost of Revenue | 15.43B | 12.69B | 9.61B | 7.23B | 7.26B | 6.06B |
| Gross Profit | 12.29B | 10.24B | 7.21B | 5.83B | 5.19B | 3.90B |
| Selling, General & Admin | 7.15B | 5.85B | 4.74B | 3.91B | 4.71B | 4.82B |
| Research & Development | 1.17B | 1.16B | 1.21B | 1.16B | 1.38B | 831.70M |
| Other Operating Expenses | -106.39M | -121.33M | -180.44M | -221.02M | -279.18M | -287.95M |
| Operating Expenses | 10.01B | 8.26B | 6.54B | 5.49B | 6.32B | 5.48B |
| Operating Income | 2.28B | 1.99B | 662.15M | 342.65M | -1.13B | -1.58B |
| Interest Expense | -18.52M | -33.61M | -38.34M | -41.08M | -45.40M | -136.88M |
| Interest & Investment Income | 320.42M | 331.07M | 365.82M | 331.31M | 115.52M | 36.08M |
| Earnings From Equity Investments | -17.35M | -18.88M | -9.79M | -7.03M | 11.16M | 5.02M |
| Currency Exchange Gain (Loss) | -15.55M | 20.52M | -3.25M | 4.49M | -75.51M | 14.24M |
| EBT Excluding Unusual Items | 2.55B | 2.28B | 976.59M | 630.34M | -1.13B | -1.66B |
| Impairment of Goodwill | -117.88M | -354.94M | ||||
| Gain (Loss) on Sale of Investments | -42.21M | -43.44M | -250.22M | -125.66M | -207.33M | -43.50M |
| Other Unusual Items | 6.23M | 21.02M | 42.62M | 38.55M | 199.70M | -2.07M |
| Pretax Income | 2.52B | 2.26B | 769.00M | 425.36M | -1.49B | -1.71B |
| Income Tax Expense | 835.31M | 651.08M | 321.17M | 262.68M | 168.40M | 332.87M |
| Earnings From Continuing Operations | 1.68B | 1.61B | 447.83M | 162.68M | -1.66B | -2.04B |
| Minority Interest in Earnings | -44.35M | -32.74M | -3.51M | -11.96M | 6.35M | -3.73M |
| Net Income | 1.64B | 1.58B | 444.32M | 150.73M | -1.65B | -2.05B |
| Net Income to Common | 1.64B | 1.58B | 444.32M | 150.73M | -1.65B | -2.05B |
| Shares Outstanding (Basic) | 604.98M | 595.02M | 574.97M | 566.61M | 558.12M | 532.71M |
| Shares Outstanding (Diluted) | 637.36M | 638.23M | 604.71M | 594.41M | 558.12M | 532.71M |
| EPS (Basic) | 2.71 | 2.65 | 0.77 | 0.27 | -2.96 | -3.84 |
| EPS (Diluted) | 2.59 | 2.52 | 0.74 | 0.25 | -2.96 | -3.84 |
| Free Cash Flow | 4.21B | 4.51B | 2.96B | 1.84B | -1.98B | -563.53M |
| Free Cash Flow Per Share | 6.60 | 7.07 | 4.89 | 3.09 | -3.55 | -1.06 |
| Gross Margin | 44.34% | 44.66% | 42.84% | 44.66% | 41.65% | 39.13% |
| Operating Margin | 8.24% | 8.65% | 3.94% | 2.62% | -9.10% | -15.90% |
| Profit Margin | 5.91% | 6.88% | 2.64% | 1.15% | -13.26% | -20.56% |
| Free Cash Flow Margin | 15.17% | 19.66% | 17.59% | 14.07% | -15.90% | -5.66% |
| EBITDA | 2.68B | 2.36B | 1.05B | 783.50M | -704.22M | -1.30B |
| EBITDA Margin | 9.68% | 10.28% | 6.25% | 6.00% | -5.66% | -13.10% |
| D&A For EBITDA | 398.41M | 372.17M | 389.67M | 440.85M | 428.34M | 279.03M |
| EBIT | 2.28B | 1.99B | 662.15M | 342.65M | -1.13B | -1.58B |
| EBIT Margin | 8.24% | 8.65% | 3.94% | 2.62% | -9.10% | -15.90% |
| Effective Tax Rate | 33.18% | 28.78% | 41.77% | 61.75% | ||
| Revenue as Reported | 27.72B | 22.94B | 16.82B | 13.06B | 12.45B | 9.96B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.53B | 4.16B | 2.41B | 2.81B | 6.03B | 9.25B |
| Short-Term Investments | 5.57B | 6.41B | 6.22B | 2.55B | 864.26M | 911.28M |
| Cash & Short-Term Investments | 9.10B | 10.57B | 8.62B | 5.36B | 6.89B | 10.16B |
| Accounts Receivable | 389.28M | 378.05M | 306.66M | 262.72M | 268.81M | 388.31M |
| Other Receivables | 505.26M | 1.93B | 1.64B | 1.65B | 963.71M | 731.67M |
| Receivables | 9.80B | 9.74B | 6.06B | 4.54B | 3.68B | 2.63B |
| Inventory | 273.30M | 222.58M | 143.25M | 125.39M | 109.67M | 117.50M |
| Prepaid Expenses | 2.47B | 148.86M | 117.64M | 111.99M | 121.05M | 120.75M |
| Restricted Cash | 2.41B | 2.22B | 1.66B | 1.41B | 1.55B | 1.55B |
| Other Current Assets | 350.02M | 263.15M | 228.77M | 337.31M | 554.12M | |
| Total Current Assets | 24.05B | 23.25B | 16.86B | 11.77B | 12.69B | 15.14B |
| Property, Plant & Equipment | 3.42B | 2.73B | 2.15B | 2.22B | 2.35B | 1.68B |
| Long-Term Investments | 2.76B | 1.89B | 2.69B | 4.26B | 1.25B | 1.05B |
| Goodwill | 99.01M | 104.46M | 107.62M | 112.78M | 230.21M | 539.62M |
| Other Intangible Assets | 6.97M | 12.21M | 27.31M | 50.82M | 65.02M | 52.52M |
| Long-Term Deferred Tax Assets | 621.98M | 596.15M | 517.38M | 328.96M | 245.23M | 103.75M |
| Long-Term Deferred Charges | 22.81M | 20.49M | 12.09M | 8.48M | 14.37M | |
| Other Long-Term Assets | 332.22M | 206.65M | 139.61M | 97.85M | 144.86M | 148.90M |
| Total Assets | 32.01B | 29.37B | 22.63B | 18.88B | 17.00B | 18.76B |
| Accounts Payable | 469.56M | 740.88M | 604.73M | 405.97M | 258.65M | 213.58M |
| Accrued Expenses | 3.45B | 2.66B | 1.93B | 1.63B | 1.12B | 1.29B |
| Short-Term Debt | 316.17M | 283.18M | 130.62M | 146.66M | 88.41M | 100.00M |
| Current Portion of Long-Term Debt | 996.31M | 1.05B | 1.15B | 151.76M | 31.24M | |
| Current Portion of Leases | 445.55M | 379.75M | 304.76M | 294.50M | 273.11M | 188.01M |
| Current Income Taxes Payable | 267.08M | 218.78M | 115.42M | 223.64M | 176.60M | 181.40M |
| Current Unearned Revenue | 2.19B | 1.97B | 1.41B | 1.21B | 1.54B | 2.64B |
| Other Current Liabilities | 7.96B | 7.38B | 5.66B | 4.10B | 3.45B | 2.56B |
| Total Current Liabilities | 16.09B | 14.68B | 11.30B | 8.17B | 6.94B | 7.18B |
| Long-Term Debt | 908.15M | 510.40M | 1.73B | 3.07B | 3.34B | 3.48B |
| Long-Term Leases | 1.46B | 1.15B | 812.51M | 800.34M | 768.66M | 498.33M |
| Long-Term Unearned Revenue | 198.25M | 129.51M | 109.89M | 72.59M | 63.57M | 104.83M |
| Long-Term Deferred Tax Liabilities | 86.82M | 39.51M | 408.00K | 133.00K | 9.97M | 6.99M |
| Other Long-Term Liabilities | 210.64M | 210.23M | 200.67M | 74.54M | 75.33M | 69.32M |
| Total Liabilities | 18.96B | 16.72B | 14.15B | 12.19B | 11.19B | 11.33B |
| Common Stock | 307.00K | 306.00K | 295.00K | 285.00K | 281.00K | 278.00K |
| Additional Paid-In Capital | 19.33B | 19.11B | 16.70B | 15.28B | 14.56B | 14.62B |
| Retained Earnings | -5.71B | -6.56B | -8.14B | -8.58B | -8.73B | -7.20B |
| Treasury Stock | -510.78M | -14.53M | ||||
| Comprehensive Income & Other | -198.66M | -4.82M | -193.15M | -108.00M | -111.22M | -28.52M |
| Total Common Equity | 12.91B | 12.53B | 8.37B | 6.59B | 5.72B | 7.40B |
| Minority Interest | 138.33M | 121.83M | 105.24M | 103.75M | 95.12M | 25.71M |
| Shareholders' Equity | 13.05B | 12.65B | 8.48B | 6.70B | 5.81B | 7.42B |
| Total Liabilities & Equity | 32.01B | 29.37B | 22.63B | 18.88B | 17.00B | 18.76B |
| Total Debt | 4.13B | 3.38B | 4.12B | 4.46B | 4.50B | 4.26B |
| Net Cash (Debt) | 4.97B | 7.20B | 4.50B | 896.32M | 2.39B | 5.90B |
| Net Cash Per Share | 7.80 | 11.28 | 7.44 | 1.51 | 4.29 | 11.07 |
| Filing Date Shares Outstanding | 636.27M | 612.48M | 592.02M | 574.34M | 566.76M | 559.74M |
| Total Common Shares Outstanding | 636.27M | 611.03M | 589.11M | 572.34M | 564.76M | 557.74M |
| Working Capital | 7.96B | 8.57B | 5.56B | 3.60B | 5.75B | 7.96B |
| Book Value Per Share | 20.29 | 20.50 | 14.21 | 11.52 | 10.12 | 13.27 |
| Tangible Book Value | 12.81B | 12.41B | 8.24B | 6.43B | 5.42B | 6.81B |
| Tangible Book Value Per Share | 20.13 | 20.31 | 13.98 | 11.23 | 9.60 | 12.20 |
| Land | 261.75M | 268.03M | 278.76M | 272.04M | 196.42M | |
| Buildings | 69.59M | 70.87M | 40.83M | 14.70M | 1.96M | |
| Machinery | 2.23B | 1.85B | 1.74B | 1.60B | 1.16B | |
| Construction In Progress | 43.00M | 11.39M | 44.88M | 51.58M | 22.95M | |
| Leasehold Improvements | 483.66M | 350.10M | 350.19M | 381.44M | 252.78M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.64B | 1.58B | 444.32M | 150.73M | -1.65B | -2.05B |
| Depreciation & Amortization | 372.17M | 372.17M | 389.67M | 440.85M | 428.34M | 279.03M |
| Other Amortization | 4.04M | 4.04M | 5.08M | 6.03M | 7.54M | 100.14M |
| Asset Writedown & Restructuring Costs | 117.88M | 387.77M | 1.61M | |||
| Loss (Gain) From Sale of Investments | -41.92M | -41.92M | 153.54M | 85.53M | 207.67M | 43.34M |
| Loss (Gain) on Equity Investments | 18.88M | 18.88M | 9.79M | 7.03M | -11.16M | -5.02M |
| Stock-Based Compensation | 625.00M | 625.00M | 715.84M | 685.03M | 705.90M | 470.32M |
| Provision & Write-off of Bad Debts | 1.37B | 1.37B | 776.94M | 633.94M | 513.69M | 117.43M |
| Other Operating Activities | 122.50M | -9.01M | -125.99M | -102.43M | -274.39M | -27.67M |
| Change in Accounts Receivable | -70.75M | -70.75M | -48.97M | 7.52M | 98.98M | -37.07M |
| Change in Inventory | -68.63M | -68.63M | -26.29M | -14.84M | 1.44M | -62.73M |
| Change in Accounts Payable | 106.05M | 106.05M | 28.16M | 81.38M | 43.31M | 99.64M |
| Change in Unearned Revenue | 576.10M | 576.10M | 281.90M | -325.16M | -1.09B | 314.05M |
| Change in Income Taxes | 94.83M | 94.83M | -100.87M | 43.60M | -4.63M | 105.93M |
| Change in Other Net Operating Assets | 467.00M | 467.00M | 774.32M | 262.61M | -415.50M | 856.41M |
| Operating Cash Flow | 5.22B | 5.02B | 3.28B | 2.08B | -1.06B | 208.65M |
| Capital Expenditures | -1.01B | -513.81M | -318.15M | -241.60M | -924.18M | -772.18M |
| Sale of Property, Plant & Equipment | 2.81M | 2.81M | 6.24M | 61.87M | 120.00M | 620.00K |
| Cash Acquisitions | -60.71M | -22.76M | ||||
| Divestitures | -8.00K | -8.00K | -229.00K | -43.78M | -230.00K | -11.78M |
| Sale (Purchase) of Intangibles | -10.69M | -10.69M | -3.44M | -16.66M | -52.10M | -35.00M |
| Investment in Securities | 637.96M | 816.96M | -2.19B | -4.57B | -349.82M | -1.71B |
| Other Investing Activities | 2.64B | 3.33M | 964.00K | 912.00K | 4.67M | 1.63M |
| Investing Cash Flow | -5.30B | -4.41B | -5.04B | -5.80B | -2.43B | -3.77B |
| Long-Term Debt Issued | 509.34M | 185.22M | 223.79M | 87.98M | 2.96B | |
| Long-Term Debt Repaid | -544.91M | -357.98M | -259.03M | -728.55M | -3.18M | |
| Total Debt Repaid | -598.91M | -544.91M | -357.98M | -259.03M | -728.55M | -3.18M |
| Net Debt Issued (Repaid) | 350.43M | -35.57M | -172.76M | -35.24M | -640.57M | 2.96B |
| Issuance of Common Stock | 56.83M | 56.83M | 146.08M | 10.64M | 50.21M | 4.05B |
| Repurchase of Common Stock | -592.03M | -14.03M | ||||
| Other Financing Activities | 2.11B | 1.62B | 1.71B | 390.61M | 990.62M | 393.18M |
| Financing Cash Flow | 1.93B | 1.62B | 1.68B | 366.01M | 400.26M | 7.40B |
| Foreign Exchange Rate Adjustments | -121.04M | 98.84M | -83.14M | -7.96M | -143.51M | -58.22M |
| Net Cash Flow | 1.72B | 2.34B | -162.07M | -3.37B | -3.23B | 3.78B |
| Free Cash Flow | 4.21B | 4.51B | 2.96B | 1.84B | -1.98B | -563.53M |
| Free Cash Flow Margin | 15.17% | 19.66% | 17.59% | 14.07% | -15.90% | -5.66% |
| Free Cash Flow Per Share | 6.60 | 7.07 | 4.89 | 3.09 | -3.55 | -1.06 |
| Levered Free Cash Flow | 66.11M | 511.05M | 1.49B | 1.47B | -1.73B | -1.04B |
| Unlevered Free Cash Flow | 73.65M | 528.02M | 1.51B | 1.49B | -1.71B | -1.05B |
| Cash Interest Paid | 170.15M | 170.15M | 144.70M | 119.47M | 103.33M | 44.98M |
| Cash Income Tax Paid | 591.15M | 591.15M | 515.32M | 318.92M | 313.75M | 207.38M |
| Change in Working Capital | 1.10B | 1.10B | 908.24M | 55.11M | -1.37B | 1.28B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 46.23B | 75.52B | 60.94B | 22.95B | 29.23B | 124.08B |
| Enterprise Value | 41.26B | 69.97B | 57.54B | 21.70B | 27.35B | 116.38B |
| Last Close Price | 75.48 | 127.57 | 106.10 | 40.50 | 52.03 | 223.71 |
| PE Ratio | 29.15 | 47.86 | 137.15 | 152.29 | ||
| Forward PE | 17.76 | 29.84 | 30.48 | 74.01 | ||
| PS Ratio | 1.67 | 3.29 | 3.62 | 1.76 | 2.35 | 12.46 |
| PB Ratio | 3.72 | 5.97 | 7.19 | 3.43 | 5.03 | 16.71 |
| P/TBV Ratio | 3.61 | 6.09 | 7.40 | 3.57 | 5.39 | 18.23 |
| P/FCF Ratio | 10.99 | 16.74 | 20.59 | 12.49 | ||
| P/OCF Ratio | 8.86 | 15.03 | 18.59 | 11.04 | 594.66 | |
| PEG Ratio | 0.95 | 0.50 | 0.62 | |||
| EV/Sales Ratio | 1.49 | 3.05 | 3.42 | 1.66 | 2.20 | 11.69 |
| EV/EBITDA Ratio | 15.38 | 29.68 | 54.70 | 27.69 | ||
| EV/EBIT Ratio | 18.06 | 35.25 | 86.90 | 63.32 | ||
| EV/FCF Ratio | 9.81 | 15.51 | 19.44 | 11.80 | ||
| Debt / Equity Ratio | 0.32 | 0.27 | 0.49 | 0.67 | 0.77 | 0.57 |
| Debt / EBITDA Ratio | 1.29 | 1.19 | 2.94 | 4.05 | ||
| Debt / FCF Ratio | 0.98 | 0.75 | 1.39 | 2.43 | ||
| Net Debt / Equity Ratio | -0.38 | -0.57 | -0.53 | -0.13 | -0.41 | -0.79 |
| Net Debt / EBITDA Ratio | -1.85 | -3.05 | -4.28 | -1.14 | 3.40 | 4.52 |
| Net Debt / FCF Ratio | -1.18 | -1.59 | -1.52 | -0.49 | 1.21 | 10.46 |
| Asset Turnover | 0.96 | 0.88 | 0.81 | 0.73 | 0.70 | 0.68 |
| Inventory Turnover | 69.72 | 69.40 | 71.58 | 61.52 | 63.96 | 66.69 |
| Quick Ratio | 0.62 | 0.88 | 0.94 | 0.89 | 1.17 | 1.57 |
| Current Ratio | 1.49 | 1.58 | 1.49 | 1.44 | 1.83 | 2.11 |
| Return on Equity (ROE) | 14.73% | 15.25% | 5.90% | 2.60% | -25.05% | -37.68% |
| Return on Assets (ROA) | 4.97% | 4.77% | 1.99% | 1.19% | -3.96% | -6.77% |
| Return on Invested Capital (ROIC) | 21.65% | 29.98% | 7.88% | 2.84% | -45.81% | -103.64% |
| Return on Capital Employed (ROCE) | 14.40% | 13.50% | 5.80% | 3.20% | -11.30% | -13.70% |
| Earnings Yield | 3.43% | 2.09% | 0.73% | 0.66% | -5.65% | -1.65% |
| FCF Yield | 9.10% | 5.97% | 4.86% | 8.01% | -6.77% | -0.45% |
| Buyback Yield / Dilution | -2.32% | -5.54% | -1.73% | -6.50% | -4.77% | -11.62% |