Sea vs Snap
Sea is the larger business, with $22.94bn of revenue in fiscal 2025 against $5.93bn for Snap (3.9 times as much). Sea grew faster (36.4% against 10.6%). Sea kept more of each dollar of sales as profit: a net margin of 6.9% against -7.8%. Sea carries less debt relative to equity (12.5% against 157.1%).
| Latest fiscal year | SeaSE, 2025 | SnapSNAP, 2025 |
|---|---|---|
| Revenue | $22.94bn | $5.93bn |
| Revenue growth | 36.4% | 10.6% |
| Net income | $1.58bn | −$460m |
| Operating margin | 8.7% | -9.0% |
| Net margin | 6.9% | -7.8% |
| Return on equity | 15.1% | -19.5% |
| Free cash flow | $4.51bn | $437m |
| Cash | $4.16bn | $1.03bn |
| Total debt | $1.56bn | $3.58bn |
| Debt to equity | 12.5% | 157.1% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $14.0m | $751m |
| Employees | — | 5,261 |
| Market value | $48.82bn | $9.57bn |
| Price vs our value range | Below our value range | — |
| Moat score | — | 28 (Weak) |
| Insider trades, 12 months | 0 buys, 1339 sales | 0 buys, 54 sales |