11 years of historical data (2014–2024) · Consumer Cyclical · Specialty Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Sea Limited trades at 148.6x earnings, roughly in line with its 5-year average of 153.7x, sitting at the 50th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 18.8x, the stock trades at a premium of 692%. On a free-cash-flow basis, the stock trades at 1.7x P/FCF, 99% below the 5-year average of 155.8x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $64.2B | $24.1B | $29.0B | $119.2B | $95.0B | $17.6B | $3.8B | $2.7B | — | — |
| Enterprise Value | $6.7B | $65.9B | $25.7B | $27.5B | $114.2B | $90.9B | $16.0B | $3.9B | $2.1B | — | — |
| P/E Ratio → | 148.56 | 145.34 | 162.00 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.29 | 3.81 | 1.84 | 2.33 | 11.97 | 21.71 | 8.07 | 4.63 | 6.62 | — | — |
| P/B Ratio | 7.74 | 7.57 | 3.59 | 5.00 | 16.05 | 27.78 | 14.97 | — | 5.77 | — | — |
| P/FCF | 1.67 | 21.71 | 13.22 | — | — | 432.61 | — | — | — | — | — |
| P/OCF | 1.51 | 19.58 | 11.58 | — | 571.16 | 170.90 | 251.34 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Sea Limited's enterprise value stands at 6.3x EBITDA, 88% below its 5-year average of 50.6x. The Consumer Cyclical sector median is 11.0x, placing the stock at a 42% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.92 | 1.97 | 2.21 | 11.47 | 20.78 | 7.37 | 4.71 | 5.13 | — | — |
| EV / EBITDA | 6.33 | 62.63 | 38.65 | — | — | — | — | — | — | — | — |
| EV / EBIT | 10.05 | 99.49 | 75.08 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 22.29 | 14.12 | — | — | 414.06 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Sea Limited earns an operating margin of 3.9%, roughly in line with the Consumer Cyclical sector average. Operating margins have expanded from -11.9% to 3.9% over the past 3 years, signaling improving operational efficiency. ROE of 5.9% is modest, trailing the sector median of 6.5%. ROIC of 5.4% represents adequate returns on invested capital versus a sector median of 5.6%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.8% | 42.8% | 44.7% | 41.6% | 39.1% | 30.8% | 27.8% | 1.8% | 21.1% | 32.7% | 36.9% |
| Operating Margin | 3.9% | 3.9% | 1.7% | -11.9% | -15.9% | -29.8% | -41.0% | -119.6% | -121.3% | -59.4% | -28.4% |
| Net Profit Margin | 2.6% | 2.6% | 1.2% | -13.3% | -20.6% | -37.0% | -67.2% | -116.2% | -135.3% | -64.5% | -35.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 2.4% | -25.0% | -37.7% | -70.5% | -313.5% | -815.7% | -320.8% | — | -465.2% |
| ROA | 2.1% | 2.1% | 0.8% | -9.2% | -14.0% | -20.6% | -39.4% | -46.0% | -45.3% | -48.7% | -29.1% |
| ROIC | 5.4% | 5.4% | 2.7% | -33.3% | -133.7% | — | — | — | — | — | — |
| ROCE | 6.0% | 6.0% | 2.2% | -13.7% | -18.2% | -30.0% | -46.1% | -83.9% | -63.9% | -100.8% | -64.7% |
Solvency and debt-coverage ratios — lower is generally safer
Sea Limited carries a Debt/EBITDA ratio of 3.9x, which is moderately leveraged (6% below the sector average of 4.2x). Net debt stands at $1.7B ($4.1B total debt minus $2.4B cash). Interest coverage of 17.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.49 | 0.49 | 0.67 | 0.77 | 0.57 | 0.61 | 1.35 | — | 1.53 | — | — |
| Debt / EBITDA | 3.92 | 3.92 | 6.70 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.20 | 0.25 | -0.27 | -0.67 | -1.19 | -1.31 | — | -1.30 | — | -1.58 |
| Net Debt / EBITDA | 1.63 | 1.63 | 2.48 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.58 | 0.91 | — | — | -18.55 | — | — | — | — | — |
| Interest Coverage | 17.28 | 17.28 | 5.47 | -32.75 | -11.56 | -10.50 | -18.47 | -31.57 | -18.85 | -8931.90 | -2599.12 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.49x means Sea Limited can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.83x to 1.49x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.49 | 1.49 | 1.44 | 1.83 | 2.11 | 1.93 | 1.87 | 1.44 | 2.70 | 1.17 | 0.94 |
| Quick Ratio | 1.48 | 1.48 | 1.43 | 1.81 | 2.09 | 1.91 | 1.86 | 1.41 | 2.68 | 1.16 | 0.92 |
| Cash Ratio | 0.76 | 0.76 | 0.66 | 0.99 | 1.42 | 1.36 | 1.36 | 0.85 | 2.14 | 0.64 | 0.52 |
| Asset Turnover | — | 0.74 | 0.69 | 0.73 | 0.53 | 0.42 | 0.42 | 0.38 | 0.21 | 0.71 | 0.68 |
| Inventory Turnover | 67.12 | 67.12 | 57.66 | 66.24 | 51.57 | 47.13 | 58.31 | 21.55 | 33.39 | 58.93 | 45.10 |
| Days Sales Outstanding | — | 130.13 | 122.33 | 96.35 | 96.09 | 98.58 | 75.73 | 140.30 | 163.30 | 96.92 | 71.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Sea Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 0.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 0.7% | 0.6% | — | — | — | — | — | — | — | — |
| FCF Yield | 59.9% | 4.6% | 7.6% | — | — | 0.2% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $605M | $594M | $558M | $533M | $477M | $437M | $338M | $206M | $325M | $325M |
Compare SE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| SEYou | $5B | 148.6 | 6.3 | 1.7 | 42.8% | 3.9% | 5.9% | 5.4% | 3.9 |
| BABA | $2.7T | 18.4 | 104.2 | 233.7 | 40.0% | 14.1% | 11.8% | 9.6% | 1.4 |
| AMZN | $2.3T | 29.3 | 18.4 | 293.0 | 50.3% | 11.2% | 22.3% | 14.7% | 1.2 |
| PDD | $578B | 9.4 | 35.9 | 32.8 | 60.9% | 27.5% | 44.9% | 40.3% | 0.1 |
| MELI | $89B | 44.6 | 24.1 | 8.3 | 44.5% | 11.1% | 36.0% | 20.8% | 2.8 |
| EBAY | $41B | 20.9 | 17.9 | 27.5 | 71.5% | 20.5% | 41.6% | 17.0% | 2.7 |
| JD | $8B | 6.8 | 0.8 | 1.3 | 9.8% | 3.3% | 13.6% | 9.9% | 1.9 |
| CPNG | $3B | 173.5 | 1.7 | 5.8 | -196.7% | 5.8% | 1.6% | 3.2% | 8.6 |
| YJ | $1B | -0.4 | — | — | 49.4% | -32.6% | -10.9% | -13.1% | — |
| JMIA | $1B | — | — | — | 53.9% | -33.5% | -109.9% | -3258.1% | — |
| HEPS | $853M | -23.3 | 16.0 | — | 37.5% | 0.0% | -39.7% | — | 1.1 |
| Consumer Cyclical Median | — | 18.8 | 11.0 | 14.0 | 38.6% | 2.4% | 6.5% | 5.6% | 4.2 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 11 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how SE stacks up against sector leader Alibaba Group Holding Limited.
Start ComparisonSea Limited's current P/E ratio is 148.6x. The historical average is 153.7x. This places it at the 50th percentile of its historical range.
Sea Limited's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 50.6x.
Sea Limited's return on equity (ROE) is 5.9%. The historical average is -153.0%.
Based on historical data, Sea Limited is trading at a P/E of 148.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sea Limited has 42.8% gross margin and 3.9% operating margin.
Sea Limited's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.