Detailed financial statements for Sea Limited (SE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating across Southeast Asia, Latin America, other parts of Asia, and various international markets, Sea Limited and its group of companies specialize in three core areas: digital entertainment, e-commerce, and digital financial services. Under its Garena brand, the company provides a comprehensive digital entertainment platform.
Analysis Summary
Sea Limited reported revenue of $22.94B in the most recent fiscal year, growing at a 5-year CAGR of 39.3%.
Trailing-twelve-month margins: gross margin 44.3%, operating margin 8.0%, net margin 5.9%. Free cash flow grew at 83.1% CAGR over 5 years.
At $75.18 (closing price, October 28, 2026), SE trades at a P/E of 29.03 and an ROE of 13.51%. Market capitalisation stands at $45.7B, placing it among large-cap names.
Balance sheet quality for SE: current ratio of 1.6, net cash position of $9.46B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.51B represents 286% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $345.7M | $414.2M | $827.0M | $2.18B | $4.38B | $9.96B | $12.45B | $13.06B | $16.82B | $22.94B |
| Cost of Revenue | $232.6M | $326.9M | $812.2M | $1.57B | $3.03B | $6.06B | $7.26B | $7.23B | $9.61B | $12.69B |
| Gross Profit | $113.1M | $87.3M | $14.8M | $604.9M | $1.35B | $3.90B | $5.19B | $5.83B | $7.21B | $10.24B |
| Research & Development | $20.8M | $29.3M | $67.5M | $156.6M | $353.8M | $831.7M | $1.38B | $1.16B | $1.21B | $1.16B |
| Selling, General & Admin | $299.8M | $563.8M | $945.8M | $1.36B | $2.43B | $4.82B | $4.71B | $3.91B | $4.74B | $7.22B |
| Operating Expenses | $318.5M | $589.7M | $1.00B | $1.50B | $2.65B | $5.48B | $6.67B | $5.61B | $6.54B | $8.38B |
| Operating Income | -$205.4M | -$502.4M | -$988.8M | -$891.2M | -$1.30B | -$1.58B | -$1.49B | $224.8M | $662.2M | $1.86B |
| EBITDA | -$160.3M | -$460.5M | -$904.9M | -$769.6M | -$1.12B | -$1.29B | -$704.2M | $783.5M | $1.20B | $2.67B |
| Interest Expense | $22,995 | $26.6M | $31.3M | $48.3M | $124.1M | $136.9M | $45.4M | $41.1M | $38.3M | $33.6M |
| Pre-tax Income | -$216.4M | -$550.4M | -$956.9M | -$1.37B | -$1.48B | -$1.71B | -$1.49B | $425.4M | $769.0M | $2.26B |
| Income Tax | $8.5M | $10.7M | $4.1M | $85.9M | $141.6M | $332.9M | $168.4M | $262.7M | $321.2M | $651.1M |
| Net Income | -$222.9M | -$560.5M | -$961.2M | -$1.46B | -$1.62B | -$2.05B | -$1.65B | $150.7M | $444.3M | $1.58B |
| EPS | $-0.69 | $-2.73 | $-2.84 | $-3.35 | $-3.39 | $-3.84 | $-2.96 | $0.27 | $0.77 | $2.65 |
| EPS (Diluted) | $-0.69 | $-2.73 | $-2.84 | $-3.35 | $-3.39 | $-3.84 | $-2.96 | $0.25 | $0.73 | $2.52 |
| Shares Outstanding (Diluted) | 324.5 M | 205.7 M | 338.5 M | 436.6 M | 477.3 M | 532.7 M | 558.1 M | 594.4 M | 604.7 M | 638.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.99B | $6.85B | $7.10B | $7.79B |
| Gross Profit | $2.60B | $3.00B | $3.15B | $3.55B |
| Operating Income | $475.9M | $537.7M | $565.4M | $626.1M |
| EBITDA | $637.1M | $726.9M | $755.9M | $740.7M |
| Net Income | $372.0M | $397.1M | $427.9M | $440.8M |
| EPS | $0.63 | $0.66 | $0.70 | $0.72 |
| EPS (Diluted) | $0.59 | $0.63 | $0.67 | $0.70 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $170.1M | $1.35B | $1.00B | $3.12B | $6.17B | $9.25B | $6.03B | $2.81B | $2.41B | $6.38B |
| Short-term Investments | 0 | $18.0M | $690,000 | $102.3M | $126.1M | $911.3M | $864.3M | $2.55B | $6.22B | $6.41B |
| Receivables | $91.8M | $185.3M | $317.9M | $451.4M | $1.18B | $2.62B | $3.29B | $4.38B | $6.00B | $8.26B |
| Inventory | $3.9M | $9.8M | $37.7M | $26.9M | $64.2M | $117.5M | $109.7M | $125.4M | $143.2M | $222.6M |
| Total Current Assets | $309.9M | $1.72B | $1.71B | $4.41B | $8.94B | $15.14B | $12.69B | $11.77B | $16.86B | $23.25B |
| Property, Plant & Equipment | $32.0M | $74.3M | $192.4M | $501.6M | $621.0M | $1.68B | $2.35B | $2.22B | $2.15B | $2.73B |
| Goodwill | 0 | $31.0M | $31.0M | $31.0M | $216.3M | $539.6M | $230.2M | $112.8M | $107.6M | $104.5M |
| Intangible Assets | $30.0M | $37.3M | $12.9M | $15.0M | $39.8M | $52.5M | $65.0M | $50.8M | $27.3M | $12.2M |
| Total Assets | $485.8M | $1.99B | $2.19B | $5.22B | $10.46B | $18.76B | $17.00B | $18.88B | $22.63B | $29.37B |
| Accounts Payable | $6.0M | $8.6M | $37.2M | $69.4M | $121.6M | $213.6M | $258.6M | $342.5M | $350.0M | $467.8M |
| Short-term Debt | $1.9M | $2.0M | $856,000 | $30.7M | 0 | $100.0M | $119.6M | $298.4M | $1.28B | $1.70B |
| Total Current Liabilities | $263.8M | $637.7M | $1.19B | $2.36B | $4.64B | $7.18B | $6.94B | $8.17B | $11.30B | $14.68B |
| Long-term Debt | 0 | $727.0M | $1.06B | $1.36B | $1.84B | $3.48B | $3.34B | $3.07B | $1.73B | $510.4M |
| Total Liabilities | $611.4M | $1.51B | $2.43B | $4.05B | $7.04B | $11.33B | $11.19B | $12.19B | $14.15B | $16.72B |
| Retained Earnings | -$505.0M | -$1.11B | -$2.07B | -$3.53B | -$5.15B | -$7.20B | -$8.75B | -$8.60B | -$8.16B | -$6.58B |
| Total Equity | -$125.7M | $469.0M | -$243.1M | $1.16B | $3.38B | $7.40B | $5.72B | $6.59B | $8.37B | $12.53B |
| Total Debt | $1.9M | $729.0M | $1.06B | $1.59B | $2.09B | $4.25B | $4.49B | $4.46B | $4.12B | $3.33B |
| Net Debt | -$168.2M | -$636.4M | $60.1M | -$1.63B | -$4.20B | -$5.91B | -$2.41B | -$896.3M | -$4.50B | -$9.46B |
| Working Capital | $46.1M | $1.08B | $524.2M | $2.05B | $4.30B | $7.96B | $5.75B | $3.60B | $5.56B | $8.57B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.07B | $6.38B | $6.26B | $3.53B |
| Total Assets | $26.75B | $29.37B | $30.59B | $32.01B |
| Total Liabilities | $16.45B | $16.72B | $17.61B | $18.96B |
| Total Equity | $10.20B | $12.53B | $12.85B | $12.91B |
| Total Debt | $4.24B | $3.33B | $3.58B | $4.13B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$225.0M | -$561.2M | -$961.0M | -$1.46B | -$1.62B | -$2.04B | -$1.66B | $162.7M | $444.0M | $1.58B |
| Depreciation & Amortization | $39.6M | $40.9M | $78.7M | $121.6M | $180.8M | $279.0M | $428.3M | $440.8M | $389.7M | $372.2M |
| Stock-based Compensation | $28.8M | $28.6M | $58.1M | $117.1M | $290.2M | $470.3M | $705.9M | $685.0M | $715.8M | 0 |
| Change in Working Capital | $17.5M | $134.8M | $372.8M | $782.1M | $1.53B | $1.28B | -$1.37B | $55.1M | $907.7M | $1.10B |
| Operating Cash Flow | -$114.7M | -$334.2M | -$495.2M | $69.9M | $555.9M | $208.6M | -$1.06B | $2.08B | $3.28B | $5.03B |
| Capital Expenditure | -$24.5M | -$79.7M | -$178.5M | -$247.1M | -$336.3M | -$807.2M | -$976.3M | -$258.3M | -$321.6M | -$513.8M |
| Acquisitions | -$7.1M | -$18.1M | $1.1M | $7.3M | -$77.2M | -$34.5M | -$60.9M | -$43.8M | -$3.9M | -$15.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$14.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$139.3M | -$414.0M | -$673.7M | -$177.2M | $219.6M | -$598.5M | -$2.03B | $1.82B | $2.96B | $4.51B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.18B | $1.48B | $1.06B | $1.51B |
| Capital Expenditure | -$135.0M | -$1.48B | -$139.0M | -$356.0M |
| Free Cash Flow | $1.04B | 0 | $918.9M | $1.15B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $179.2M | $625.0M | $133.3M | $131.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.8% | +99.7% | +163.1% | +101.1% | +127.5% | +25.1% | +4.9% | +28.8% | +36.4% | |
| Net Income Growth (YoY) | -151.5% | -71.5% | -52.2% | -10.6% | -26.5% | +19.3% | +109.1% | +194.8% | +255.2% | |
| EPS Growth (YoY) | -295.7% | -4.0% | -18.0% | -1.2% | -13.3% | +22.9% | +109.1% | +185.2% | +244.2% | |
| Shares Change (YoY) | -36.6% | +64.5% | +29.0% | +9.3% | +11.6% | +4.8% | +6.5% | +1.7% | +5.5% | |
| FCF Growth (YoY) | -197.3% | -62.7% | +73.7% | +223.9% | -372.6% | -239.5% | +189.6% | +62.3% | +52.7% | |
| Gross Margin | 32.7% | 21.1% | 1.8% | 27.8% | 30.8% | 39.1% | 41.6% | 44.7% | 42.8% | 44.7% |
| Operating Margin | -59.4% | -121.3% | -119.6% | -41.0% | -29.8% | -15.9% | -11.9% | 1.7% | 3.9% | 8.1% |
| EBITDA Margin | -46.4% | -111.2% | -109.4% | -35.4% | -25.7% | -13.0% | -5.7% | 6.0% | 7.1% | 11.6% |
| Net Margin | -64.5% | -135.3% | -116.2% | -67.2% | -37.0% | -20.6% | -13.3% | 1.2% | 2.6% | 6.9% |
| FCF Margin | -40.3% | -99.9% | -81.5% | -8.1% | 5.0% | -6.0% | -16.3% | 13.9% | 17.6% | 19.7% |
| Effective Tax Rate | -3.9% | -2.0% | -0.4% | -6.3% | -9.6% | -19.5% | -11.3% | 61.8% | 41.8% | 28.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.43 | $-2.01 | $-1.99 | $-0.41 | $0.46 | $-1.12 | $-3.64 | $3.06 | $4.89 | $7.07 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 324.5 M | 205.7 M | 338.5 M | 436.6 M | 477.3 M | 532.7 M | 558.1 M | 566.6 M | 575.0 M | 595.0 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 13.51% |
| Return on Invested Capital | 8.34% |
| Return on Assets | 5.12% |
| Gross Margin | 44.34% |
| Operating Margin | 7.95% |
| Net Margin | 5.91% |
Financial Health
| Debt / Equity | 0.32 |
| Current Ratio | 1.49 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -23.57 | -4.76 | -3.99 | -12.01 | -58.72 | -58.26 | -17.58 | 150.00 | 137.79 | 48.14 |
| P/B | -41.99 | 5.71 | -15.76 | 15.11 | 28.08 | 16.11 | 5.08 | 3.48 | 7.29 | 6.06 |
| P/S | 15.27 | 6.46 | 4.63 | 8.07 | 21.71 | 11.97 | 2.33 | 1.76 | 3.63 | 3.31 |
| Gross Margin | 32.7% | 21.1% | 1.8% | 27.8% | 30.8% | 39.1% | 41.6% | 44.7% | 42.8% | 44.7% |
| Operating Margin | -59.4% | -121.3% | -119.6% | -41.0% | -29.8% | -15.9% | -11.9% | 1.7% | 3.9% | 8.1% |
| Net Margin | -64.5% | -135.3% | -116.2% | -67.2% | -37.0% | -20.6% | -13.3% | 1.2% | 2.6% | 6.9% |
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Explore sector: Consumer Cyclical · Specialty Retail
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