The company significantly improved its financial health by reducing the debt-to-equity ratio from 0.70 in 2023Q3 to 0.26 by 2025Q4.
| Total Current Assets | 23.25B | 16.86B | 11.77B | 12.69B | 15.14B | 8.94B | 4.41B | 1.71B | 1.72B | 309.88M | 229.69M | 156.06M |
| Cash & Short-Term Investments | 12.79B | 8.62B | 5.36B | 6.89B | 10.16B | 6.29B | 3.22B | 1B | 1.37B | 170.08M | 126.63M | 86M |
| Cash Only | 6.38B | 2.41B | 2.81B | 6.03B | 9.25B | 6.17B | 3.12B | 1B | 1.35B | 170.08M | 116.2M | 86M |
| Short-Term Investments | 6.41B | 6.22B | 2.55B | 864.26M | 911.28M | 126.1M | 102.32M | 690K | 18M | 0 | 10.43M | 0 |
| Accounts Receivable | 8.26B | 6B | 4.38B | 3.29B | 2.62B | 1.18B | 451.36M | 317.87M | 185.31M | 91.79M | 57.24M | 36.12M |
| Days Sales Outstanding | 131.42 | 130.13 | 122.33 | 96.35 | 96.09 | 98.58 | 75.73 | 140.3 | 163.3 | 96.92 | 71.53 | 82.02 |
| Inventory | 222.58M | 143.25M | 125.39M | 109.67M | 117.5M | 64.22M | 26.93M | 37.69M | 9.79M | 3.95M | 4.09M | 1.37M |
| Days Inventory Outstanding | 6.4 | 5.44 | 6.33 | 5.51 | 7.08 | 7.74 | 6.26 | 16.94 | 10.93 | 6.19 | 8.09 | 4.01 |
| Other Current Assets | 1.98B | 1.96B | 1.78B | 2.26B | 2.1B | 1.32B | 667.32M | 325.81M | 135.93M | 35.98M | 32.42M | 26.68M |
| Total Non-Current Assets | 6.12B | 5.77B | 7.11B | 4.31B | 3.62B | 1.52B | 814.03M | 481.96M | 267.57M | 175.89M | 200.18M | 124.01M |
| Property, Plant & Equipment | 2.73B | 2.15B | 2.22B | 2.35B | 1.68B | 620.96M | 501.58M | 192.36M | 74.35M | 31.96M | 33.4M | 23.93M |
| Fixed Asset Turnover | 8.40x | 7.81x | 5.87x | 5.31x | 5.93x | 7.05x | 4.34x | 4.30x | 5.57x | 10.81x | 8.75x | 6.72x |
| Goodwill | 104.46M | 107.63M | 112.78M | 230.21M | 539.62M | 216.28M | 30.95M | 30.95M | 30.95M | 0 | 0 | 0 |
| Intangible Assets | 12.21M | 27.31M | 50.82M | 65.02M | 52.52M | 39.77M | 15.02M | 12.89M | 37.33M | 29.96M | 50.86M | 29.37M |
| Long-Term Investments | 2.49B | 2.69B | 4.26B | 1.25B | 1.05B | 190.48M | 113.8M | 111.02M | 28.22M | 45.07M | 41.41M | 11.33M |
| Other Non-Current Assets | 185.64M | 268.69M | 130.49M | 175M | 192.23M | 349.27M | 82.34M | 71.44M | 48.61M | 33.6M | 41.14M | 27.51M |
| Total Assets | 29.37B | 22.63B | 18.88B | 17B | 18.76B | 10.46B | 5.22B | 2.19B | 1.99B | 485.77M | 429.87M | 280.07M |
| Asset Turnover | 0.78x | 0.74x | 0.69x | 0.73x | 0.53x | 0.42x | 0.42x | 0.38x | 0.21x | 0.71x | 0.68x | 0.57x |
| Asset Growth % | 29.81% | 19.82% | 11.06% | -9.35% | 79.39% | 100.14% | 138.26% | 10.28% | 309.3% | 13.01% | 53.49% | - |
| Total Current Liabilities | 14.68B | 11.3B | 8.17B | 6.94B | 7.18B | 4.64B | 2.36B | 1.19B | 637.71M | 263.76M | 244.34M | 208.91M |
| Accounts Payable | 467.81M | 350.02M | 342.55M | 258.65M | 213.58M | 121.64M | 69.37M | 37.16M | 8.64M | 5.99M | 8.9M | 5.33M |
| Days Payables Outstanding | 13.45 | 13.29 | 17.29 | 13 | 12.87 | 14.67 | 16.12 | 16.7 | 9.65 | 9.4 | 17.63 | 15.63 |
| Short-Term Debt | 1.7B | 1.28B | 298.43M | 119.65M | 100M | 0 | 30.74M | 856K | 2.01M | 1.86M | 0 | 1.57M |
| Deferred Revenue (Current) | 5.06B | 1.41B | 1.21B | 1.54B | 2.64B | 2.31B | 1.16B | 456.03M | 295.4M | 137.68M | 180.2M | 159.19M |
| Other Current Liabilities | 7.23B | 0 | 0 | 12.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.58x | 1.49x | 1.44x | 1.83x | 2.11x | 1.93x | 1.87x | 1.44x | 2.70x | 1.17x | 0.94x | 0.75x |
| Quick Ratio | 1.57x | 1.48x | 1.43x | 1.81x | 2.09x | 1.91x | 1.86x | 1.41x | 2.68x | 1.16x | 0.92x | 0.74x |
| Cash Conversion Cycle | 124.37 | 122.28 | 111.37 | 88.86 | 90.31 | 91.66 | 65.87 | 140.54 | 164.58 | 93.72 | 61.98 | 70.4 |
| Total Non-Current Liabilities | 2.04B | 2.85B | 4.02B | 4.26B | 4.16B | 2.4B | 1.69B | 1.25B | 875.44M | 347.67M | 111.83M | 100.42M |
| Long-Term Debt | 510.4M | 1.73B | 3.07B | 3.34B | 3.48B | 1.84B | 1.36B | 1.06B | 726.95M | 0 | 0 | 0 |
| Capital Lease Obligations | 1.12B | 812.51M | 800.34M | 768.66M | 498.33M | 177.96M | 149.31M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 175.21M | 408K | 133K | 9.97M | 6.99M | 1.53M | 975K | 679K | 4.38M | 0 | 668K | 17K |
| Other Non-Current Liabilities | 108.3M | 200.67M | 74.54M | 75.33M | 69.32M | 36.18M | 21.47M | 10.87M | 10.63M | 210.41M | 22.04M | 12.9M |
| Total Liabilities | 16.72B | 14.15B | 12.19B | 11.19B | 11.33B | 7.04B | 4.05B | 2.43B | 1.51B | 611.42M | 356.17M | 309.33M |
| Total Debt | 3.33B | 4.12B | 4.46B | 4.49B | 4.25B | 2.09B | 1.59B | 1.06B | 728.96M | 1.86M | 0 | 1.57M |
| Net Debt | -3.05B | 1.72B | 1.65B | -1.54B | -4.99B | -4.07B | -1.53B | 60.84M | -618.4M | -168.22M | -116.2M | -84.42M |
| Debt / Equity | 0.26x | 0.49x | 0.67x | 0.77x | 0.57x | 0.61x | 1.35x | - | 1.53x | - | - | - |
| Debt / EBITDA | 1.49x | 3.92x | 6.70x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.36x | 1.63x | 2.48x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 68.30x | 21.07x | 8.33x | -24.94x | -11.49x | -10.50x | -18.47x | -31.41x | -18.82x | -8689.76x | -2546.86x | -482.22x |
| Total Equity | 12.65B | 8.48B | 6.7B | 5.81B | 7.42B | 3.42B | 1.17B | -239.46M | 475.13M | -125.65M | 73.7M | -29.26M |
| Equity Growth % | 49.2% | 26.58% | 15.26% | -21.73% | 117.07% | 191.67% | 589.72% | -150.4% | 478.14% | -270.49% | 351.85% | - |
| Book Value per Share | 19.82 | 14.02 | 11.27 | 10.41 | 13.94 | 7.17 | 2.69 | -0.71 | 2.31 | -0.39 | 0.23 | -0.09 |
| Total Shareholders' Equity | 12.53B | 8.37B | 6.59B | 5.72B | 7.4B | 3.38B | 1.16B | -243.14M | 469.02M | -125.67M | 71.66M | -31.16M |
| Common Stock | 306K | 295K | 285K | 281K | 278K | 255K | 230K | 170K | 167K | 88K | 87K | 75K |
| Retained Earnings | -6.58B | -8.16B | -8.6B | -8.75B | -7.2B | -5.15B | -3.53B | -2.07B | -1.11B | -505.01M | -282.13M | -178.74M |
| Treasury Stock | -14.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 12.73M | -193.15M | -91.02M | -98.72M | -22.38M | 7.04M | 5.5M | 15.24M | 10.75M | 8.63M | 6.58M | 5.99M |
| Minority Interest | 121.83M | 105.24M | 103.75M | 95.12M | 25.71M | 37.33M | 10.23M | 3.68M | 6.11M | 20K | 2.04M | 1.9M |
Competitive E-commerce Margin Pressure
According to recent financial filings, Sea Limited has significantly improved its balance sheet health, with the debt-to-equity ratio declining from 0.70 in 2023Q3 to 0.26 by 2025Q4, signaling a successful transition toward a more sustainable capital structure as the company scales its core digital ecosystem.
The consistent reduction in leverage suggests that management is prioritizing financial stability over the aggressive, debt-funded expansion strategies that characterized earlier periods. This trajectory implies a reduced reliance on external financing, which may provide the company with greater flexibility to navigate competitive pressures in the Southeast Asian e-commerce market.
As reported in quarterly statements, Sea Limited has reduced its total debt from $4.6 billion in 2023Q3 to $3.3 billion in 2025Q4, a trend that suggests a deliberate effort to lower interest burdens and improve the durability of cash flows amidst intensifying regional competition.
The reduction in debt, coupled with a strengthening equity base, indicates that the company is successfully utilizing its internal cash generation to pay down obligations. Investors should monitor whether this deleveraging trend continues, as it may serve as a critical buffer against potential margin compression in the e-commerce segment.
Based on the latest balance sheet data, Sea Limited’s cash position surged to $6.4 billion in 2025Q4, providing a robust liquidity buffer that, when combined with a current ratio of 1.58, suggests the company is well-positioned to fund ongoing operational requirements and potential strategic investments.
The significant increase in cash reserves appears to reflect the company's improved ability to self-fund its operations through its integrated digital entertainment and e-commerce segments. This liquidity profile may provide a necessary cushion to defend market share against well-capitalized entrants in the Southeast Asian landscape.
Analysis of reported figures shows that Sea Limited’s total equity has grown from $6.5 billion in 2023Q3 to $12.5 billion in 2025Q4, a development that indicates the company is successfully accumulating retained earnings despite the historical drag of accumulated losses on the balance sheet.
The expansion of the equity base suggests that the business model is reaching a level of maturity where internal capital generation is beginning to outweigh historical losses. This shift may imply a more stable foundation for future growth, provided that the company can maintain its current trajectory of operational efficiency.
While the balance sheet shows a negative retained earnings balance of $6.6 billion as of 2025Q4, this figure may be a misleading indicator of current performance, as it reflects the legacy costs of aggressive market share acquisition rather than the company's current, more disciplined operational reality.
Investors should be cautious not to over-index on the negative retained earnings, as the recent trend of improving cash flows suggests that the company has moved past its most capital-intensive phase. The primary risk remains whether this improvement can be sustained if competitive dynamics force a return to higher subsidy levels.
Quick answers to the most common questions about buying SE stock.
As of 2025, Sea Limited (SE) had total assets of $29.37B including $23.25B in current assets.
Sea Limited (SE) carries total debt of $3.33B, offset by $12.79B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sea Limited (SE) has total shareholders' equity (book value) of $12.53B ($19.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sea Limited (SE) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.