undamentalytics Newsletter
Sign in

Sea Ltd (SE) stock

Add to watchlist

Add holding +

NYSE: SE NYSE Interactive Media & Services Next results ~November 10, 2026

B+ Fundamentals grade

Sea Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($241.25) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($241.25) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Sea Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 1339 sales by directors and officers, last 12 monthsInsider trades
  • Funds422 adding, 311 cuttingOf 87 active managers that changed their stake, 45 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Sea files

Where Sea stands after its latest Filing

Revenue for the twelve months was $22.9bn, up 36.4% on a year earlier, faster than the 28.8% growth a quarter earlier. That growth ranks 7 of 63 among the interactive media & services companies we cover. Free-cash-flow margin rose to 19.7% from -5.7% a year earlier. Operating margin widened to 8.7% from -15.9%. The diluted share count is up 5.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks.

Our model value for Sea is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

Sea Ltd's trailing-twelve-month revenue grew 36.4% year on year, with a free-cash-flow margin of 19.7%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 32 interactive media & services companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$190–$310 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 52.4% while net income grew 255.2%: a 203pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 36.4% over the last 12 months, against a median of 2.4% for interactive media & services companies we cover.
  • Growth speeding up. The growth rate is 7.6 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 4.7 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $4.2bn.

Things to watch

  • Share dilution. Diluted shares rose 5.5% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 1.2 against the S&P 500.
  • Insiders selling. 10 insiders sold $540M of stock over the past 365 days and none bought (99% under pre-set trading plans).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results

Earnings per share
$0.84 against an average estimate of $0.86: missed by 2.9%
Next report
November 10, 2026; average EPS estimate $0.96

Sea's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.7%
  • 1 week+2.0%
  • 1 month-20.7%
  • This year-40.8%
  • 1 year-51.7%
  • 5 years-78.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$22.9B
Operating margin
8.7%
Net margin
6.9%
EPS (TTM, diluted)
$2.47

Growth

Revenue growth
+36.4%
Change in growth rate
+7.6 pts
Share count change
+5.5%

Cash

Free cash flow (TTM)
$4.5B
FCF margin
19.7%
Stock pay % of revenue
2.7%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for SE from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sea Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($241.25) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Sea Ltd's free cash flow after stock-based pay ( $3.2B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Sea Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$190–$310 Left out: far from the other models (more than 3x away from their median)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$75 ~$53–$94 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$41–$86 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sea Ltd with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025
Share price$13.33$11.32$40.22$199.05$223.71$52.03$40.50$106.10$127.57
Market value$2.7bn$3.8bn$17.6bn$95.0bn$119.2bn$29.0bn$24.1bn$64.2bn$81.4bn
+ Net debt (− = net cash)−$618m$60m−$1.4bn−$3.9bn−$5.0bn−$2.6bn$304m$228m−$2.6bn
Enterprise value$2.1bn$3.9bn$16.2bn$91.1bn$114.1bn$26.4bn$24.4bn$64.4bn$78.8bn
Multiples
Price / sales 6.6x4.6x8.1x21.7x12.0x2.3x1.8x3.8x3.5x
Price / earnings ——————159.7x144.4x51.6x
Price / free cash flow ———n/m——13.1x21.7x18.1x
EV / EBITDA ——————36.6x61.2x33.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, before the open. Analysts expect revenue of $8.1bn and EPS of $0.96 (range $0.88 to $1.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.91 +23% $31.3bn +36%
Next $5.07 +30% $38.4bn +23%

Next year's EPS estimate has moved −3.5% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 2 analysts raised Sea Ltd's forecast and 1 cut it.

Consensus EPS forecast Sea Ltd, last 90 days
$3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.87 Current fiscal year, 60 days ago: $3.75 Current fiscal year, 30 days ago: $3.83 Current fiscal year, 7 days ago: $3.93 Current fiscal year, Now: $3.91 $3.91 Next fiscal year, 90 days ago: $5.25 Next fiscal year, 60 days ago: $5.14 Next fiscal year, 30 days ago: $5.18 Next fiscal year, 7 days ago: $5.21 Next fiscal year, Now: $5.07 $5.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.87$5.25
60 days ago $3.75$5.14
30 days ago $3.83$5.18
7 days ago $3.93$5.21
Now $3.91$5.07

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.86 $0.84 −2.9%
Mar 2026 $0.77 $0.81 +5.1%
Dec 2025 $0.81 $0.77 −5.5%
Sept 2025 $0.95 $0.76 −19.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

27 analysts, Oct 2026
Buy2593%
Hold27%
Sell00%

Monthly trend

  1. Oct 2026421227
  2. Sep 202652229
  3. Aug 202662129
  4. Jul 202662129

Counts of recommendations published by analysts covering Sea Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
1.95
at average volume
Short interest, 1 month
−25%
to October 15, 2026
Held by institutions
69%
of shares
Held by insiders
26.5%
of shares
Employees
102,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SE+12%−77%−22%+162%+20%−41%
Industry peers (median)−26%−54%−2%−21%−16%−22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SE67%17%50%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SE−44%−82%−60%−21%−40%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 20, 2017: 91% from October 19, 2021 to January 17, 2024. Getting back needed a 954% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$74.01 – $157.76
From 52-week high
−52.2%
vs 50-day average
−23.1%
vs 200-day average
−23.3%
Volatility (1 year)
51%
Beta vs S&P 500
1.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Sea Ltd in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sea Ltd
$0 $10B $20B $30B FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY15 Q4: $292.1M Revenue (TTM), FY16 Q4: $345.7M Revenue (TTM), FY17 Q4: $414.2M Revenue (TTM), FY18 Q4: $827M Revenue (TTM), FY19 Q4: $2.2B Revenue (TTM), FY20 Q4: $4.4B Revenue (TTM), FY21 Q4: $10B Revenue (TTM), FY22 Q4: $12.4B Revenue (TTM), FY23 Q4: $13.1B Revenue (TTM), FY24 Q4: $16.8B Revenue (TTM), FY25 Q4: $22.9B $22.9B

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY15 Q4 $292.1M
FY16 Q4 $345.7M
FY17 Q4 $414.2M
FY18 Q4 $827M
FY19 Q4 $2.2B
FY20 Q4 $4.4B
FY21 Q4 $10B
FY22 Q4 $12.4B
FY23 Q4 $13.1B
FY24 Q4 $16.8B
FY25 Q4 $22.9B
Revenue growth, TTM YoY Sea Ltd
0% 50% 100% 150% 200% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY16 Q4: 18.3% Revenue growth, TTM YoY, FY17 Q4: 19.8% Revenue growth, TTM YoY, FY18 Q4: 99.7% Revenue growth, TTM YoY, FY19 Q4: 163.1% Revenue growth, TTM YoY, FY20 Q4: 101.1% Revenue growth, TTM YoY, FY21 Q4: 127.5% Revenue growth, TTM YoY, FY22 Q4: 25.1% Revenue growth, TTM YoY, FY23 Q4: 4.9% Revenue growth, TTM YoY, FY24 Q4: 28.8% Revenue growth, TTM YoY, FY25 Q4: 36.4% 36.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY16 Q4 18.3%
FY17 Q4 19.8%
FY18 Q4 99.7%
FY19 Q4 163.1%
FY20 Q4 101.1%
FY21 Q4 127.5%
FY22 Q4 25.1%
FY23 Q4 4.9%
FY24 Q4 28.8%
FY25 Q4 36.4%
Operating margin (TTM) Sea Ltd
-150% -100% -50% 0% 50% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY15 Q4: -28.4% Operating margin (TTM), FY16 Q4: -59.4% Operating margin (TTM), FY17 Q4: -121.3% Operating margin (TTM), FY18 Q4: -119.6% Operating margin (TTM), FY19 Q4: -41.0% Operating margin (TTM), FY20 Q4: -29.8% Operating margin (TTM), FY21 Q4: -15.9% Operating margin (TTM), FY22 Q4: -11.9% Operating margin (TTM), FY23 Q4: 1.7% Operating margin (TTM), FY24 Q4: 3.9% Operating margin (TTM), FY25 Q4: 8.7% 8.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY15 Q4 -28.4%
FY16 Q4 -59.4%
FY17 Q4 -121.3%
FY18 Q4 -119.6%
FY19 Q4 -41.0%
FY20 Q4 -29.8%
FY21 Q4 -15.9%
FY22 Q4 -11.9%
FY23 Q4 1.7%
FY24 Q4 3.9%
FY25 Q4 8.7%
FCF margin (TTM) Sea Ltd
-100% -50% 0% 50% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY15 Q4: -17.4% FCF margin (TTM), FY16 Q4: -34.4% FCF margin (TTM), FY17 Q4: -78.8% FCF margin (TTM), FY18 Q4: -81.3% FCF margin (TTM), FY19 Q4: -7.8% FCF margin (TTM), FY20 Q4: 5.0% FCF margin (TTM), FY21 Q4: -5.7% FCF margin (TTM), FY22 Q4: -15.9% FCF margin (TTM), FY23 Q4: 14.1% FCF margin (TTM), FY24 Q4: 17.6% FCF margin (TTM), FY25 Q4: 19.7% 19.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY15 Q4 -17.4%
FY16 Q4 -34.4%
FY17 Q4 -78.8%
FY18 Q4 -81.3%
FY19 Q4 -7.8%
FY20 Q4 5.0%
FY21 Q4 -5.7%
FY22 Q4 -15.9%
FY23 Q4 14.1%
FY24 Q4 17.6%
FY25 Q4 19.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Sea took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $22.9B
  2. Other income $244M · 1.1%
  3. Cost of revenue $12.7B · 55.3%
  4. Gross profit $10.2B · 44.7%
  5. Research and development $1.2B · 5.0%
  6. Selling, general and admin $5.8B · 25.5%
  7. Other operating costs $1.3B · 5.5%
  8. Operating income $2B · 8.7%
  9. Income tax $651M · 2.8%
  10. Net income $1.6B · 6.9%

Shares of revenue. Source: Sea's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 0.3 0.3 0.4 0.8 2.2 4.4 10.0 12.4 13.1 16.8 22.9
Gross profit 0.1 0.1 0.1 0.0 0.6 1.3 3.9 5.2 5.8 7.2 10.2
EBITDA −0.1 −0.2 −0.5 −0.9 −0.8 −1.1 −1.3 −1.1 0.7 1.1 2.4
Operating income −0.1 −0.2 −0.5 −1.0 −0.9 −1.3 −1.6 −1.5 0.2 0.7 2.0
Net income −0.1 −0.2 −0.6 −1.0 −1.5 −1.6 −2.0 −1.7 0.2 0.4 1.6
Diluted EPS −$0.63 −$1.30 −$2.72 −$2.84 −$3.35 −$3.39 −$3.84 −$2.96 $0.25 $0.74 $2.52
Growth (year on year)
Revenue — +18.3% +19.8% +99.7% +163.1% +101.1% +127.5% +25.1% +4.9% +28.8% +36.4%
EBITDA — — — — — — — — — +58.0% +124.1%
Operating income — — — — — — — — — — +199.8%
Net income — — — — — — — — — — +255.2%
Diluted EPS — — — — — — — — — — +240.5%
Margins
Gross margin 36.9% 32.7% 21.1% 1.8% 27.8% 30.8% 39.1% 41.6% 44.7% 42.8% 44.7%
EBITDA margin −23.3% −54.2% −115.6% −112.9% −35.6% −25.7% −13.1% −8.5% 5.1% 6.3% 10.3%
Operating margin −28.4% −59.4% −121.3% −119.6% −41.0% −29.8% −15.9% −11.9% 1.7% 3.9% 8.7%
Net margin −35.4% −64.5% −135.3% −116.2% −67.2% −37.0% −20.6% −13.3% 1.2% 2.6% 6.9%
Free-cash-flow margin −17.4% −34.4% −78.8% −81.3% −7.8% 5.0% −5.7% −15.9% 14.1% 17.6% 19.7%
Cash flow
Cash from operations −0.0 −0.1 −0.3 −0.5 0.1 0.6 0.2 −1.1 2.1 3.3 5.0
Capital spending 0.0 0.0 0.1 0.2 0.2 0.3 0.8 0.9 0.2 0.3 0.5
Free cash flow −0.1 −0.1 −0.3 −0.7 −0.2 0.2 −0.6 −2.0 1.8 3.0 4.5
Stock-based pay 0.0 0.0 0.0 0.1 0.1 0.3 0.5 0.7 0.7 0.7 0.6
Free cash flow after stock pay −0.1 −0.1 −0.4 −0.7 −0.3 −0.1 −1.0 −2.7 1.2 2.2 3.9
Balance sheet
Cash 0.1 0.2 1.3 1.0 3.1 6.2 9.2 6.0 2.8 2.4 4.2
Total debt 0.0 0.0 0.7 1.1 1.7 2.3 4.2 3.4 3.1 2.6 1.6
Net debt (negative = net cash) −0.1 −0.2 −0.6 0.1 −1.4 −3.9 −5.0 −2.6 0.3 0.2 −2.6
Diluted shares 165m 171m 206m 338m 437m 477m 533m 558m 594m 605m 638m
Returned to shareholders
Buybacks — — — — — — — — 0.0 0.0 0.0
Total returned — — — — — — — — 0.0 0.0 0.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · December 31, 2025
What it owns · $29.4bn
Short-term assets $23.2bnLonger-term assets $6.1bn
What it owes, and who funded it · $29.2bn
Short-term liabilities $14.7bnLonger-term liabilities $2.0bnShareholders' equity $12.5bn
  • Short-term assets cover short-term liabilities $23.2bn of assets due within a year against $14.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $23.2bn short-term assets against $2.0bn of longer-dated liabilities.
  • More cash than debt $4.2bn of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 54% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over Operating income of $2.0bn against $34m of interest.

From Sea Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$14M
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$14M
Diluted share count
+5.5%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
5.0%
of revenue
Days sales outstanding
6 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated SE SPOT BIDU SNAP PINS TME Median
Revenue, last 12 months $22.9bn $19.4bn $18.0bn $6.4bn $4.7bn $4.6bn $615m
Revenue growth, last 12 months 36.4% 14.6% −2.9% 12.6% 15.4% 16.0% 2.4%
Revenue growth, 3-year average — — 51.2% 12.3% 16.6% — 5.0%
Revenue growth, latest quarter — — — 18.9% 11.9% — 2.4%
Gross margin 44.7% 32.0% 43.9% 57.3% 79.0% 44.2% 60.4%
Operating margin 8.7% 12.8% −4.5% −5.1% 4.2% 40.6% 0.3%
Operating margin, 3-year average −42.8% 1.5% 7.5% −13.7% 4.8% 22.4% −0.4%
Net margin 6.9% 12.9% 4.3% −4.9% 3.8% 33.6% 3.8%
Cash from operations / revenue 21.9% 17.1% −2.3% 14.5% 28.4% 31.1% 11.4%
Free-cash-flow margin 19.7% 16.7% −12.7% 11.1% 27.0% 30.2% 7.5%
Free-cash-flow margin, 3-year average −21.6% 7.7% 9.2% 6.1% 27.3% 22.8% 7.2%
Stock pay / revenue 2.7% 1.4% 2.8% 16.2% 23.0% 2.0% 3.7%
Change in share count 5.5% 1.7% 0.4% 0.6% −11.7% −0.7% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 36.4% 2.4% 7 of 63
Change in growth rate Growth +7.6pp -0.2pp 12 of 63
Gross margin Profitability 44.7% 60.9% 35 of 54
Operating margin Profitability 8.7% 0.3% 21 of 63
Net margin Profitability 6.9% 3.8% 26 of 63
Free-cash-flow margin Cash generation 19.7% 8.9% 17 of 59
Stock pay as % of revenue Cash generation 2.7% 3.9% 18 of 61
Long-term debt as % of assets Balance sheet 0.0% 16.9% 1 of 32
Change in share count Balance sheet 5.5% 1.7% 35 of 55
Days sales outstanding Balance sheet 6 days 49 days 2 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$36.1B
Institutions reporting
770
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
112 / 84

Top buyers and sellers, Q2 2026: 422 institutions bought and 311 sold ; the biggest buyer was First Beijing Investment Ltd (+2.9M shares) and the biggest seller Eminence Capital, LP (−4.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Baillie Gifford & Co $3.7B 38.4M 10.2% ▼ 3.1%
Price T Rowe Associates Inc $3.4B 35.6M 9.5% ▲ 6.7%
WCM Investment Management, LLC $3.1B 33.9M 8.7% ▲ 0.4%
Blackrock, Inc. $2B 21.2M 5.6% ▲ 1.2%
FMR LLC $1.5B 15.4M 4.1% ▲ 9.7%
Tiger Global Management LLC $1.2B 12.6M 3.3% ▼ 18.5%
Jpmorgan Chase & Co $761M 8.2M 2.1% ▼ 12.4%
Schroder Investment Management Group $711M 7.6M 2.0% ▲ 22.0%
State Street Corp $698M 7.3M 1.9% ▲ 0.4%
Temasek Holdings (Private) Ltd $551M 5.7M 1.5% ▲ 8.7%
Viking Global Investors LP $543M 5.7M 1.5% ▲ 19.7%
Norges Bank $540M 5.6M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sea Ltd's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $540M 1339 trades by 10 insiders · 99% under pre-set plans
Net ▼ $540M net selling
Insider Date Trade Shares Price Value
Wang Yanjun CCO and GC October 30, 2026 Sell pre-set plan 67 $75.24 $5,041
Wang Yanjun CCO and GC October 30, 2026 Sell pre-set plan 733 $74.52 $54,623
Wang Yanjun CCO and GC October 29, 2026 Sell pre-set plan 234 $77.12 $18,046
Wang Yanjun CCO and GC October 29, 2026 Sell pre-set plan 458 $76.17 $34,886
Wang Yanjun CCO and GC October 29, 2026 Sell pre-set plan 108 $75.22 $8,124
Wang Yanjun CCO and GC October 28, 2026 Sell pre-set plan 276 $75.12 $20,733
Wang Yanjun CCO and GC October 28, 2026 Sell pre-set plan 524 $74.47 $39,022
Wang Yanjun CCO and GC October 27, 2026 Sell pre-set plan 92 $75.22 $6,920
Wang Yanjun CCO and GC October 27, 2026 Sell pre-set plan 708 $74.69 $52,881
Wang Yanjun CCO and GC October 26, 2026 Sell pre-set plan 659 $74.03 $48,786
Wang Yanjun CCO and GC October 26, 2026 Sell pre-set plan 45 $73.14 $3,291
Wang Yanjun CCO and GC October 26, 2026 Sell pre-set plan 96 $72.31 $6,942

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Sea Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sea Ltd in brief

What does Sea Ltd do?
Sea Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Sea Ltd's stock ticker?
Sea Ltd trades under the ticker SE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sea Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sea Ltd reported revenue of $22.9B, 36.4% higher than a year earlier, according to its SEC filings.
What is Sea Ltd's free cash flow?
Sea Ltd's free-cash-flow margin is 19.7% of revenue over the trailing twelve months, ranking 17 of the 59 interactive media & services companies we cover.
Who are Sea Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Baillie Gifford & Co, Price T Rowe Associates Inc and WCM Investment Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sea Ltd buying back stock, and does it pay a dividend?
Sea Ltd spent $14M on share repurchases over the trailing twelve months, and its diluted share count still rose 5.5% over the year.
What is Sea Ltd's market cap?
On December 31, 2025, Sea Ltd's market capitalisation was about $81.4B, with a price-to-earnings ratio of 51.6 and net debt of -$2.6B. Market figures come from third-party market data and may be delayed.
How much debt does Sea Ltd have?
Sea Ltd's debt-to-equity ratio is 0.0%, from its latest balance sheet (54.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sea Ltd's competitors?
In our Interactive Media & Services peer group, the companies closest to Sea Ltd are Spotify Technology S.a., Baidu, Inc., Snap Inc, Pinterest, Inc. and Tencent Music Entertainment Group. The side-by-side comparison below sets their revenue, margins and growth against Sea Ltd's.
Are insiders buying or selling Sea Ltd stock?
Over the last 12 months, Sea Ltd's directors and officers reported 0 open-market purchases and 1339 sales on Form 4. The insider trading page charts every trade.
When is Sea Ltd's next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sea Ltd announces its own schedule.