Baidu vs Sea
Sea is the larger business, with $22.94bn of revenue in fiscal 2025 against $17.96bn for Baidu (1.3 times as much). Sea grew faster (36.4% against -2.9%). Sea kept more of each dollar of sales as profit: a net margin of 6.9% against 4.3%. Sea carries less debt relative to equity (12.5% against 18.4%).
| Latest fiscal year | BaiduBIDU, 2025 | SeaSE, 2025 |
|---|---|---|
| Revenue | $17.96bn | $22.94bn |
| Revenue growth | -2.9% | 36.4% |
| Net income | $778m | $1.58bn |
| Operating margin | -4.5% | 8.7% |
| Net margin | 4.3% | 6.9% |
| Return on equity | 2.1% | 15.1% |
| Free cash flow | −$2.10bn | $4.51bn |
| Cash | $3.52bn | $4.16bn |
| Total debt | $7.00bn | $1.56bn |
| Debt to equity | 18.4% | 12.5% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $770m | $14.0m |
| Employees | — | — |
| Market value | $26.23bn | $48.82bn |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 60 (Moderate) | — |
| Insider trades, 12 months | 0 buys, 1 sales | 0 buys, 1339 sales |