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Sea Limited (SE) 10-Year Financial Performance & Capital Metrics

SE • • Industrial / General
Consumer CyclicalSpecialty RetailE-commerce MarketplacesGeneral E-commerce Platforms
AboutSea 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 eSports operations; and access to other entertainment content, including livestreaming of gameplay and social features, such as user chat and online forums. The company also operates Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payment and logistics infrastructure and seller services. In addition, it offers SeaMoney digital financial services to individuals and businesses, including offline and online mobile wallet, and payment processing services, as well as other offerings across credit, insurtech, and digital bank services under the ShopeePay, SPayLater, SeaBank, and other digital financial services brands; and payment processing services for Shopee. 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.Show more
  • Revenue $16.82B +28.8%
  • EBITDA $1.05B +58.0%
  • Net Income $444M +194.8%
  • EPS (Diluted) 0.73 +192.0%
  • Gross Margin 42.84% -4.1%
  • EBITDA Margin 6.25% +22.7%
  • Operating Margin 3.94% +128.8%
  • Net Margin 2.64% +128.9%
  • ROE 5.86% +143.0%
  • ROIC 5.36% +100.4%
  • Debt/Equity 0.49 -27.0%
  • Interest Coverage 17.28 +216.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓FCF machine: 17.6% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 50.5%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y59.21%
5Y50.54%
3Y19.1%
TTM33.95%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM711.68%

EPS CAGR

10Y-
5Y-
3Y-
TTM660.61%

ROCE

10Y Avg-41.32%
5Y Avg-10.76%
3Y Avg-1.86%
Latest6.01%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SESea Limited70.97B129.86177.8928.75%6.23%12.35%4.17%0.49
AMZNAmazon.com, Inc.2.59T242.6043.8710.99%11.06%20.69%1.27%0.46
LQDTLiquidity Services, Inc.971.59M31.7136.4531.2%5.89%13.82%6.07%0.07
ETSYEtsy, Inc.6.08B61.5726.202.18%6.38%12.15%
CARTInstacart (Maplebear Inc.)10.84B41.2826.1311.05%14.15%14.86%5.75%0.01
EBAYeBay Inc.42.66B94.3723.951.69%20.37%46.24%4.59%1.52
PDDPDD Holdings Inc.159.45B112.321.4859.04%24.43%26.13%75.86%0.03
VIPSVipshop Holdings Limited7.71B18.581.29-3.93%6.53%16.84%72.16%0.08

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+292.12M345.67M414.19M826.97M2.18B4.38B9.96B12.45B13.06B16.82B
Revenue Growth %0.82%0.18%0.2%1%1.63%1.01%1.28%0.25%0.05%0.29%
Cost of Goods Sold+184.3M232.6M326.88M812.21M1.57B3.03B6.06B7.26B7.23B9.61B
COGS % of Revenue0.63%0.67%0.79%0.98%0.72%0.69%0.61%0.58%0.55%0.57%
Gross Profit+107.83M113.07M87.31M14.76M604.92M1.35B3.9B5.19B5.83B7.21B
Gross Margin %0.37%0.33%0.21%0.02%0.28%0.31%0.39%0.42%0.45%0.43%
Gross Profit Growth %1.98%0.05%-0.23%-0.83%39.99%1.23%1.89%0.33%0.13%0.24%
Operating Expenses+190.89M318.46M589.67M1B1.5B2.65B5.48B6.67B5.61B6.54B
OpEx % of Revenue0.65%0.92%1.42%1.21%0.69%0.61%0.55%0.54%0.43%0.39%
Selling, General & Admin176.22M299.75M563.84M945.8M1.36B2.43B4.82B4.71B3.91B4.74B
SG&A % of Revenue0.6%0.87%1.36%1.14%0.62%0.56%0.48%0.38%0.3%0.28%
Research & Development17.73M20.81M29.32M67.53M156.63M353.79M831.7M1.38B1.16B1.21B
R&D % of Revenue0.06%0.06%0.07%0.08%0.07%0.08%0.08%0.11%0.09%0.07%
Other Operating Expenses-3.06M-2.1M-3.5M-9.8M-15.89M-132.14M-170.52M589.45M530.8M596.49M
Operating Income+-83.06M-205.39M-502.36M-988.77M-891.23M-1.3B-1.58B-1.49B224.78M662.15M
Operating Margin %-0.28%-0.59%-1.21%-1.2%-0.41%-0.3%-0.16%-0.12%0.02%0.04%
Operating Income Growth %0.05%-1.47%-1.45%-0.97%0.1%-0.46%-0.21%0.06%1.15%1.95%
EBITDA+-53.8M-165.84M-461.43M-910.04M-769.6M-1.12B-1.3B-1.06B665.62M1.05B
EBITDA Margin %-0.18%-0.48%-1.11%-1.1%-0.35%-0.26%-0.13%-0.09%0.05%0.06%
EBITDA Growth %0.23%-2.08%-1.78%-0.97%0.15%-0.46%-0.16%0.19%1.63%0.58%
D&A (Non-Cash Add-back)29.26M39.55M40.92M78.73M121.63M180.76M279.03M428.34M440.85M389.67M
EBIT-81.39M-199.82M-501.43M-983.6M-891.23M-1.3B-1.58B-1.13B342.65M662.15M
Net Interest Income+512.33K717.87K-23.71M-19.79M-14.29M-99.26M-100.84M70.15M290.61M327.27M
Interest Income544.28K740.87K2.94M11.53M33.98M24.86M36.1M115.57M331.74M365.59M
Interest Expense31.96K23K26.64M31.32M48.27M124.12M136.94M45.42M41.13M38.32M
Other Income/Expense-12.55M-11.02M-48.06M31.82M-480.63M-179.19M-127.11M-1.87M200.58M106.84M
Pretax Income+-95.61M-216.41M-550.42M-956.95M-1.37B-1.48B-1.71B-1.49B425.36M769M
Pretax Margin %-0.33%-0.63%-1.33%-1.16%-0.63%-0.34%-0.17%-0.12%0.03%0.05%
Income Tax+11.73M8.55M10.74M4.09M85.86M141.64M332.87M168.4M262.68M321.17M
Effective Tax Rate %1.08%1.03%1.02%1%1.07%1.09%1.2%1.11%0.35%0.58%
Net Income+-103.37M-222.87M-560.49M-961.24M-1.46B-1.62B-2.05B-1.65B150.73M444.32M
Net Margin %-0.35%-0.64%-1.35%-1.16%-0.67%-0.37%-0.21%-0.13%0.01%0.03%
Net Income Growth %-0.17%-1.16%-1.51%-0.72%-0.52%-0.11%-0.26%0.19%1.09%1.95%
Net Income (Continuing)-107.34M-224.96M-561.17M-961.03M-1.46B-1.62B-2.04B-1.66B162.68M447.83M
Discontinued Operations0000000000
Minority Interest2.04M20K6.11M3.68M10.23M37.33M25.71M95.12M103.75M105.24M
EPS (Diluted)+-0.32-0.69-2.73-2.84-3.35-3.39-3.84-2.960.250.73
EPS Growth %-0.19%-1.16%-2.96%-0.04%-0.18%-0.01%-0.13%0.23%1.08%1.92%
EPS (Basic)-0.32-0.69-2.73-2.84-3.35-3.39-3.84-2.960.270.77
Diluted Shares Outstanding324.55M324.55M205.73M338.47M436.6M477.26M532.71M558.12M594.41M604.71M
Basic Shares Outstanding324.55M324.55M205.73M338.47M436.6M477.26M532.71M558.12M566.61M574.97M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+229.69M309.88M1.72B1.71B4.41B8.94B15.14B12.69B11.77B16.86B
Cash & Short-Term Investments126.63M170.08M1.37B1B3.22B6.29B10.16B6.89B5.36B8.62B
Cash Only116.2M170.08M1.35B1B3.12B6.17B9.25B6.03B2.81B2.41B
Short-Term Investments10.43M018M690K102.32M126.1M911.28M864.26M2.55B6.22B
Accounts Receivable57.24M91.79M185.31M317.87M451.36M1.18B2.62B3.29B4.38B6B
Days Sales Outstanding71.5396.92163.3140.375.7398.5896.0996.35122.33130.13
Inventory4.09M3.95M9.79M37.69M26.93M64.22M117.5M109.67M125.39M143.25M
Days Inventory Outstanding8.096.1910.9316.946.267.747.085.516.335.44
Other Current Assets32.42M35.98M135.93M325.81M667.32M1.32B2.1B2.26B1.78B1.96B
Total Non-Current Assets+200.18M175.89M267.57M481.96M814.03M1.52B3.62B4.31B7.11B5.77B
Property, Plant & Equipment33.4M31.96M74.35M192.36M501.58M620.96M1.68B2.35B2.22B2.15B
Fixed Asset Turnover8.75x10.81x5.57x4.30x4.34x7.05x5.93x5.31x5.87x7.81x
Goodwill0030.95M30.95M30.95M216.28M539.62M230.21M112.78M107.63M
Intangible Assets50.86M29.96M37.33M12.89M15.02M39.77M52.52M65.02M50.82M27.31M
Long-Term Investments41.41M45.07M28.22M111.02M113.8M190.48M1.05B1.25B4.26B2.69B
Other Non-Current Assets41.14M33.6M48.61M71.44M82.34M349.27M192.23M175M130.49M268.69M
Total Assets+429.87M485.77M1.99B2.19B5.22B10.46B18.76B17B18.88B22.63B
Asset Turnover0.68x0.71x0.21x0.38x0.42x0.42x0.53x0.73x0.69x0.74x
Asset Growth %0.53%0.13%3.09%0.1%1.38%1%0.79%-0.09%0.11%0.2%
Total Current Liabilities+244.34M263.76M637.71M1.19B2.36B4.64B7.18B6.94B8.17B11.3B
Accounts Payable8.9M5.99M8.64M37.16M69.37M121.64M213.58M258.65M342.55M350.02M
Days Payables Outstanding17.639.49.6516.716.1214.6712.871317.2913.29
Short-Term Debt01.86M2.01M856K30.74M0100M119.65M298.43M1.28B
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities000000012.02M00
Current Ratio0.94x1.17x2.70x1.44x1.87x1.93x2.11x1.83x1.44x1.49x
Quick Ratio0.92x1.16x2.68x1.41x1.86x1.91x2.09x1.81x1.43x1.48x
Cash Conversion Cycle61.9893.72164.58140.5465.8791.6690.3188.86111.37122.28
Total Non-Current Liabilities+111.83M347.67M875.44M1.25B1.69B2.4B4.16B4.26B4.02B2.85B
Long-Term Debt00726.95M1.06B1.36B1.84B3.48B3.34B3.07B1.73B
Capital Lease Obligations0000149.31M177.96M498.33M768.66M800.34M812.51M
Deferred Tax Liabilities668K04.38M679K975K1.53M6.99M9.97M133K408K
Other Non-Current Liabilities22.04M210.41M10.63M10.87M21.47M36.18M69.32M75.33M74.54M200.67M
Total Liabilities356.17M611.42M1.51B2.43B4.05B7.04B11.33B11.19B12.19B14.15B
Total Debt+01.86M728.96M1.06B1.59B2.09B4.25B4.49B4.46B4.12B
Net Debt-116.2M-168.22M-618.4M60.84M-1.53B-4.07B-4.99B-1.54B1.65B1.72B
Debt / Equity--1.53x-1.35x0.61x0.57x0.77x0.67x0.49x
Debt / EBITDA--------6.70x3.92x
Net Debt / EBITDA--------2.48x1.63x
Interest Coverage-2599.12x-8931.90x-18.85x-31.57x-18.47x-10.50x-11.56x-32.75x5.47x17.28x
Total Equity+73.7M-125.65M475.13M-239.46M1.17B3.42B7.42B5.81B6.7B8.48B
Equity Growth %3.52%-2.7%4.78%-1.5%5.9%1.92%1.17%-0.22%0.15%0.27%
Book Value per Share0.23-0.392.31-0.712.697.1713.9410.4111.2714.02
Total Shareholders' Equity71.66M-125.67M469.02M-243.14M1.16B3.38B7.4B5.72B6.59B8.37B
Common Stock87K88K167K170K230K255K278K281K285K295K
Retained Earnings-282.13M-505.01M-1.11B-2.07B-3.53B-5.15B-7.2B-8.75B-8.6B-8.16B
Treasury Stock0000000000
Accumulated OCI6.58M8.63M10.75M15.24M5.5M7.04M-22.38M-98.72M-91.02M-193.15M
Minority Interest2.04M20K6.11M3.68M10.23M37.33M25.71M95.12M103.75M105.24M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-25.1M-114.73M-334.23M-495.22M69.86M555.87M208.65M-1.06B2.08B3.28B
Operating CF Margin %-0.09%-0.33%-0.81%-0.6%0.03%0.13%0.02%-0.08%0.16%0.19%
Operating CF Growth %-11.21%-3.57%-1.91%-0.48%1.14%6.96%-0.62%-6.06%2.97%0.58%
Net Income-107.34M-224.96M-561.17M-961.03M-1.46B-1.62B-2.04B-1.66B162.68M444.04M
Depreciation & Amortization29.26M39.55M40.92M78.73M121.63M180.76M279.03M428.34M440.85M389.43M
Stock-Based Compensation20.56M28.84M28.64M58.12M117.07M290.25M470.32M705.9M685.03M715.84M
Deferred Taxes-2.32M-2.23M-6.42M-19.8M-6.16M-27.45M-975K-140.55M-94.67M-193.24M
Other Non-Cash Items15.57M26.55M28.98M-24.05M512.98M210.3M227.08M978.02M830.7M1.01B
Working Capital Changes19.16M17.52M134.82M372.81M782.06M1.53B1.28B-1.37B55.11M907.66M
Change in Receivables-10.87M4.66M-24.55M-38.52M-86.55M-185.66M-37.07M98.98M-267.31M-199.25M
Change in Inventory-2.92M93K-5.97M-28.46M11.76M-38.53M-62.73M1.44M-14.86M-26.28M
Change in Payables4.29M-3.05M1.82M29.73M31.38M50.86M99.64M43.31M478.76M495.27M
Cash from Investing+-129.44M-29.93M-118.61M-224.53M-363.22M-886.91M-3.77B-2.43B-5.8B-5.04B
Capital Expenditures-76.67M-24.54M-79.75M-178.49M-247.1M-336.27M-807.18M-976.28M-258.6M-321.39M
CapEx % of Revenue0.26%0.07%0.19%0.22%0.11%0.08%0.08%0.08%0.02%0.02%
Acquisitions----------
Investments----------
Other Investing-691K3.1M14.72M-229K-5.55M-273.45M-1.22B-1.04B-936.73M-2.52B
Cash from Financing+187.82M199.62M1.62B546.63M2.58B3.73B7.4B400.26M366.01M1.68B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing4.29M0-11.38M-22.24M-95.7M-297.86M393.18M990.62M390.66M1.71B
Net Change in Cash----------
Free Cash Flow+-101.77M-139.26M-413.98M-673.71M-177.23M219.59M-598.53M-2.03B1.82B2.96B
FCF Margin %-0.35%-0.4%-1%-0.81%-0.08%0.05%-0.06%-0.16%0.14%0.18%
FCF Growth %-1.6%-0.37%-1.97%-0.63%0.74%2.24%-3.73%-2.39%1.9%0.62%
FCF per Share-0.31-0.43-2.01-1.99-0.410.46-1.12-3.643.064.89
FCF Conversion (FCF/Net Income)0.24x0.51x0.60x0.52x-0.05x-0.34x-0.10x0.64x13.80x7.38x
Interest Paid32K23K741K42.9M13.5M42M44.98M103.33M119.47M144.7M
Taxes Paid13.15M13.03M14M23.96M74.35M144.87M207.38M313.75M318.92M515.32M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-465.25%--320.75%-815.73%-313.5%-70.46%-37.75%-24.95%2.41%5.86%
Return on Invested Capital (ROIC)-------133.67%-33.32%2.67%5.36%
Gross Margin36.91%32.71%21.08%1.78%27.81%30.83%39.13%41.65%44.66%42.84%
Net Margin-35.38%-64.47%-135.32%-116.24%-67.24%-36.98%-20.56%-13.26%1.15%2.64%
Debt / Equity--1.53x-1.35x0.61x0.57x0.77x0.67x0.49x
Interest Coverage-2599.12x-8931.90x-18.85x-31.57x-18.47x-10.50x-11.56x-32.75x5.47x17.28x
FCF Conversion0.24x0.51x0.60x0.52x-0.05x-0.34x-0.10x0.64x13.80x7.38x
Revenue Growth81.72%18.33%19.82%99.66%163.05%101.14%127.51%25.06%4.93%28.75%

Revenue by Segment

2015201620172018201920202021202220232024
Service---462.46M-----15.26B
Service Growth----------
Product---94.45M-582.36M---1.56B
Product Growth----------
Third Party Customers----443.4M-690.38M722.61M551.98M-
Third Party Customers Growth-------4.67%-23.61%-
Inter-companies----118.83M-195.64M176.07M248.64M-
Inter-companies Growth--------10.00%41.21%-
Digital Entertainment--365.17M--2.02B----
Digital Entertainment Growth----------
E-Commerce and Other Services-----1.78B----
E-Commerce and Other Services Growth----------
Technology Service---270.05M------
Technology Service Growth----------
Others--23.72M-------
Others Growth----------
Digital Financial Services--16.27M-------
Digital Financial Services Growth----------
E Commerce--9.03M-------
E Commerce Growth----------
Total Reportables5.27B4.91B--------
Total Reportables Growth--6.82%--------
Spectra Energy Partners2.46B2.53B--------
Spectra Energy Partners Growth-3.18%--------
Distribution1.53B1.37B--------
Distribution Growth--10.28%--------
Corporate and Other73M8M--------
Corporate and Other Growth--89.04%--------
Intersegment Eliminations-106M---------
Intersegment Eliminations Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
Southeast Asia-----2.79B6.32B8.32B9.18B11.77B
Southeast Asia Growth------126.25%31.73%10.31%28.26%
Latin America----282.62M790.31M1.85B2.04B2.19B3.28B
Latin America Growth-----179.64%134.19%10.43%7.33%49.35%
Asia----489.29M655.01M1.39B1.73B1.5B1.59B
Asia Growth-----33.87%112.87%23.87%-13.36%6.35%
World----25.33M138.46M393.2M357.35M193.84M178.09M
World Growth-----446.65%183.99%-9.12%-45.76%-8.12%
TAIWAN, PROVINCE OF CHINA--122.65M218.25M------
TAIWAN, PROVINCE OF CHINA Growth---77.95%------
THAILAND--133.78M194.61M------
THAILAND Growth---45.47%------
VIET NAM--98.01M193.17M------
VIET NAM Growth---97.09%------
Rest Of World--35.63M121.89M------
Rest Of World Growth---242.09%------
INDONESIA--24.12M99.04M------
INDONESIA Growth---310.63%------
UNITED STATES2.39B2.46B--------
UNITED STATES Growth-3.01%--------
CANADA2.85B2.46B--------
CANADA Growth--13.71%--------

Frequently Asked Questions

Valuation & Price

Sea Limited (SE) has a price-to-earnings (P/E) ratio of 177.9x. This suggests investors expect higher future growth.

Growth & Financials

Sea Limited (SE) reported $19.38B in revenue for fiscal year 2024. This represents a 11955% increase from $160.8M in 2014.

Sea Limited (SE) grew revenue by 28.8% over the past year. This is strong growth.

Yes, Sea Limited (SE) is profitable, generating $1.21B in net income for fiscal year 2024 (2.6% net margin).

Dividend & Returns

Sea Limited (SE) has a return on equity (ROE) of 5.9%. This is below average, suggesting room for improvement.

Sea Limited (SE) generated $4.12B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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