Upside case
Bull case
$53-37.1%
The bull case prices SE at 15x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated May 1, 2026
Sea Limited (SE) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
44
analysts
32 bullish · 2 bearish · 44 covering SE
Strong Buy
0
Buy
32
Hold
10
Sell
2
Strong Sell
0
Consensus Target
$148
+74.8% vs today
Scenario Range
— – $53
Model bear to bull value window
Coverage
44
Published analyst ratings
Valuation Context
23.9x
Forward P/E · Market cap $51.1B
SE price targets
Three scenarios for where SE stock could go
Current
~$84
Confidence
38 / 100
Updated
May 1, 2026
Where we are now
Current · $84
Base
$84
Bull
$53
Market caseClosest to today
Base case
$84+0.0%
This is close to how the market is already pricing SE — at roughly 24x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Sea Limited
SE · NYSEConsumer CyclicalSpecialty RetailDecember year-end
Sea Limited is a Southeast Asian digital conglomerate operating three core platforms: Garena for gaming, Shopee for e-commerce, and SeaMoney for digital financial services. It generates revenue primarily from digital entertainment (game sales and in-app purchases), e-commerce marketplace commissions and advertising, and financial services fees — with e-commerce being the largest segment. The company's key advantage is its integrated ecosystem where each platform reinforces the others — gaming funds e-commerce growth, which in turn drives financial services adoption — creating powerful network effects across Southeast Asia's emerging digital economy.
Market Cap
$51.1B
Revenue TTM
$21.0B
Net Income TTM
$1.4B
Net Margin
6.8%
SE Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
8%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
-21.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 0 of 4Q2 2025
EPS
$0.86/$0.93
Revenue
$4.8B/$4.9B
Q3 2025
EPS
$0.85/$0.99
Revenue
$5.3B/$5.6B
Q4 2025
EPS
$0.78/$1.03
Revenue
$6.0B/$6.4B
Q1 2026
EPS
$0.66/$0.82
Revenue
$6.9B/$6.5B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.86/$0.93 | -7.5% | $4.8B/$4.9B | -2.1% |
| Q3 2025 | $0.85/$0.99 | -14.1% | $5.3B/$5.6B | -5.3% |
| Q4 2025 | $0.78/$1.03 | -24.3% | $6.0B/$6.4B | -6.8% |
| Q1 2026 | $0.66/$0.82 | -19.1% | $6.9B/$6.5B | +6.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$27.6B
+31.0% YoY
FY2
$33.7B
+22.2% YoY
EPS Outlook
FY1
$3.56
+58.7% YoY
FY2
$5.01
+40.7% YoY
Trailing FCF (TTM)$3.9B
FCF Margin: 18.5%
Next Earnings
May 12, 2026
Expected EPS
$0.77
Expected Revenue
$6.5B
SE beat EPS estimates in 0 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
SE Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $16.8B
Product Mix
Latest annual revenue by segment or product family
Service
90.7%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Southeast Asia
70.0%
+28.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Service is the largest disclosed segment at 90.7% of FY 2024 revenue, with no year-over-year comparison yet.
Southeast Asia is the largest reported region at 70.0%, up 28.3% YoY.
SE Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $143 — implies +65.7% from today's price.
Upside to Fair Value
65.7%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
SE
115.7x
vs
S&P 500
25.1x
+361% premium
vs Consumer Cyclical Trailing P/E
SE
115.7x
vs
Consumer Cyclical
19.3x
+500% premium
vs SE 5Y Avg P/E
Today
115.7x
vs
5Y Average
153.7x
25% discount
Forward PE
23.9x
S&P 500
19.1x
+25%
Consumer Cyclical
15.1x
+58%
5Y Avg
—
—
Trailing PE
115.7x
S&P 500
25.1x
+361%
Consumer Cyclical
19.3x
+500%
5Y Avg
153.7x
-25%
PEG Ratio
—
S&P 500
1.72x
—
Consumer Cyclical
0.91x
—
5Y Avg
—
—
EV/EBITDA
50.2x
S&P 500
15.2x
+230%
Consumer Cyclical
11.3x
+343%
5Y Avg
50.6x
-1%
Price/FCF
17.3x
S&P 500
21.1x
-18%
Consumer Cyclical
14.6x
+18%
5Y Avg
17.5x
-1%
Price/Sales
3.0x
S&P 500
3.1x
-3%
Consumer Cyclical
0.7x
+325%
5Y Avg
8.3x
-64%
Dividend Yield
—
S&P 500
1.87%
—
Consumer Cyclical
2.23%
—
5Y Avg
—
—
| Metric | SE | S&P 500 | Consumer Cyclical | 5Y Avg SE |
|---|---|---|---|---|
| Forward PE | 23.9x | 19.1x+25% | 15.1x+58% | — |
| Trailing PE | 115.7x | 25.1x+361% | 19.3x+500% | 153.7x-25% |
| PEG Ratio | — | 1.72x | 0.91x | — |
| EV/EBITDA | 50.2x | 15.2x+230% | 11.3x+343% | 50.6x |
| Price/FCF | 17.3x | 21.1x-18% | 14.6x+18% | 17.5x |
| Price/Sales | 3.0x | 3.1x | 0.7x+325% | 8.3x-64% |
| Dividend Yield | — | 1.87% | 2.23% | — |
SE trades above S&P 500 benchmarks on 3 of 5 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolSE Financial Health
Verdict
Strong
SE generates $3.9B in free cash flow at a 18.5% margin.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$21.0B
Revenue Growth
TTM vs prior year
+35.8%
Gross Margin
Gross profit as a share of revenue
44.9%
Operating Margin
Operating income divided by revenue
8.2%
Net Margin
Net income divided by revenue
6.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.24
Free Cash Flow (TTM)
Cash generation after capex
$3.9B
FCF Margin
FCF as share of revenue — the primary cash quality signal
18.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.4%
ROA
Return on assets, trailing twelve months
5.8%
Cash & Equivalents
Liquid assets on the balance sheet
$2.4B
Net Debt
Total debt minus cash
$1.7B
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.4× FCF
~0.4 years to full repayment at current FCF run-rate
ROE *
Return on equity, trailing twelve months
15.2%
* Elevated by buyback-compressed equity — compare ROIC (5.4%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
605M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt). ROE marked * where buyback-compressed equity base may inflate the figure.
Open full ratios pageSE Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Intense Competition
Sea’s Shopee e‑commerce arm faces significant competitive pressure from major Southeast Asian players, especially Chinese entrants, which can limit growth prospects and erode market share. Garena, its gaming segment, also faces headwinds from increasing competition and the availability of more attractive gaming options. These competitive dynamics could constrain revenue expansion and profitability.
High Risk
Fintech Credit Risk
SeaMoney’s expanding fintech business exposes the company to credit risk; while current non‑performing loan ratios appear stable, macroeconomic volatility, regulatory changes, or borrower fatigue could rapidly deteriorate the credit profile. Rising credit losses would necessitate higher provisions, squeezing margins and potentially triggering a valuation hit.
High Risk
Valuation Concerns
Sea has returned to profitability, yet its stock is no longer considered cheap; the market is pricing in higher expectations with little margin for error. A softer‑than‑expected quarter, a spike in credit losses, or missteps in competitive defense could trigger a significant pullback, eroding shareholder value.
High Risk
Potential Value Trap
Analysts note a low Altman Z‑score and a declining asset turnover ratio, suggesting possible financial distress. These indicators raise the risk that Sea may be a value trap, where the attractive valuation masks underlying fragility.
Medium
Regulatory Risks
Digital lending regulations are tightening across Southeast Asia, with governments focusing on data use, interest rate caps, and ethical collections. Such changes could slow SeaMoney’s growth or increase compliance costs, similar to the regulatory impact seen with Ant Group in China.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why SE Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Diversified Ecosystem Power
Sea operates across e-commerce (Shopee), digital entertainment (Garena), and digital financial services (SeaMoney), creating multiple revenue streams and reducing reliance on any single market. The breadth of its ecosystem allows cross‑segment synergies and resilience against regional downturns.
Shopee’s Market Leadership & Expansion
Shopee is the largest e-commerce platform in Southeast Asia and has expanded into Latin America, including Brazil. Garena is a leading gaming company with the popular title Free Fire, while SeaMoney rapidly grows its loan book for merchants and consumers.
2024 Profitability Turnaround
Sea achieved profitability in 2024 after posting a loss in 2023, with Shopee profitable across Asia and Brazil and delivering positive adjusted EBITDA. The company ended 2024 with substantial cash reserves and a healthy balance sheet.
Monetization Gains Across Platforms
Advertising revenue has seen significant year‑over‑year growth and improved ad take rates. SeaMoney’s loan book expanded significantly, maintaining stable non‑performing loan ratios.
AI & Strategic Investments Fuel Growth
Sea invests strategically in technology, logistics, and content to enhance user experience. It employs AI/ML across operations and has an AI integration partnership with Google to boost efficiency and service quality.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
SE Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$84.48
52W Range Position
6%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$77.05
+9.6% from the low
52-Week High
$199.30
-57.6% from the high
1 Month
+2.66%
3 Month
-22.19%
YTD
-35.8%
1 Year
-40.7%
3Y CAGR
+2.5%
5Y CAGR
-19.2%
10Y CAGR
+17.9%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
SE vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
23.9x
vs 33.6x median
-29% below peer median
Revenue Growth
+31.0%
vs +27.3% median
+14% above peer median
Net Margin
6.8%
vs 6.9% median
-2% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
SE SE Sea Limited | $51.1B | 23.9x | +31.0% | 6.8% | Buy | +74.8% |
MEL MELI MercadoLibre, Inc. | $92.1B | 38.1x | +29.3% | 6.9% | Buy | +33.2% |
GRA GRAB Grab Holdings Limited | $14.6B | 33.6x | +27.3% | 7.9% | Buy | +82.1% |
BAB BABA Alibaba Group Holding Limited | $319.3B | 3.9x | +3.6% | 12.2% | Buy | +46.9% |
JD JD JD.com, Inc. | $45.6B | 1.4x | +7.6% | 2.5% | Buy | +10.7% |
CPN CPNG Coupang, Inc. | $37.5B | 352.5x | +29.2% | -0.6% | Buy | +28.1% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
SE Dividend and Capital Return
SE does not currently return meaningful capital to shareholders.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.0%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Annual
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
605M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2017 | $0.44 | -72.8% | 0.0% | 0.0% |
| 2016 | $1.62 | +9.5% | — | — |
| 2015 | $1.48 | +7.6% | — | — |
| 2014 | $1.38 | +12.7% | — | — |
| 2013 | $1.22 | +6.1% | — | — |
FAQ
7 questionsSE Investor Questions
Common questions answered from live analyst data and company financials.
01Is Sea Limited (SE) stock a buy or sell in 2026?
Sea Limited (SE) is rated Buy by Wall Street analysts as of 2026. Of 44 analysts covering the stock, 32 rate it Buy or Strong Buy, 10 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $148, implying +74.8% from the current price of $84.
02What is the SE stock price target for 2026?
The Wall Street consensus price target for SE is $148 based on 44 analyst estimates. The high-end target is $170 (+101.2% from today), and the low-end target is $121 (+43.2%). The base case model target is $84.
03Is Sea Limited (SE) stock overvalued in 2026?
SE trades at 23.9x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Sea Limited (SE) stock in 2026?
The primary risks for SE in 2026 are: (1) Intense Competition — Sea’s Shopee e‑commerce arm faces significant competitive pressure from major Southeast Asian players, especially Chinese entrants, which can limit growth prospects and erode market share. (2) Fintech Credit Risk — SeaMoney’s expanding fintech business exposes the company to credit risk; while current non‑performing loan ratios appear stable, macroeconomic volatility, regulatory changes, or borrower fatigue could rapidly deteriorate the credit profile. (3) Valuation Concerns — Sea has returned to profitability, yet its stock is no longer considered cheap; the market is pricing in higher expectations with little margin for error. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Sea Limited's revenue and earnings forecast?
Analyst consensus estimates SE will report consensus revenue of $27.6B (+31.0% year-over-year) and EPS of $3.56 (+58.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $33.7B in revenue.
06When does Sea Limited (SE) report its next earnings?
Sea Limited is expected to report its next earnings on approximately 2026-05-12. Consensus expects EPS of $0.77 and revenue of $6.5B. Over recent quarters, SE has beaten EPS estimates 8% of the time.
07How much free cash flow does Sea Limited generate?
Sea Limited (SE) generated $3.9B in free cash flow over the trailing twelve months — a free cash flow margin of 18.5%. SE returns capital to shareholders through and share repurchases ($0 TTM).