Sea Ltd key statistics and ratios

In fiscal 2025, Sea Ltd had return on equity of 15.1%, an operating margin of 8.7%, debt equal to 12.5% of equity and a current ratio of 1.58. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Sea Ltd: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	36.9%	32.7%	21.1%	1.8%	27.8%	30.8%	39.1%	41.6%	44.7%	42.8%	44.7%
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%
Return on equity	−140.3%	—	—	—	—	−71.2%	−38.0%	−25.2%	2.4%	5.9%	15.1%
Return on assets	—	−45.9%	−45.3%	−46.0%	−39.4%	−20.6%	−14.0%	−9.2%	0.8%	2.1%	6.1%
Asset turnover	—	0.71	0.33	0.40	0.59	0.56	0.68	0.70	0.73	0.81	0.88
Current ratio	—	1.17	2.70	1.44	1.87	1.93	2.11	1.83	1.44	1.49	1.58
Debt to equity	0.0%	—	155.4%	—	148.4%	68.3%	56.9%	59.3%	47.2%	31.5%	12.5%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	5.5x	17.3x	59.1x
Effective tax rate	—	—	—	—	—	—	—	—	60.8%	41.2%	28.5%
R&D as % of revenue	6.1%	6.0%	7.1%	8.2%	7.2%	8.1%	8.4%	11.1%	8.9%	7.2%	5.0%
Capital spending as % of revenue	8.8%	4.9%	16.3%	21.4%	11.0%	7.7%	7.8%	7.4%	1.8%	1.9%	2.2%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	>999%	666.0%	285.8%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	0.0%	0.0%	0.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: SE vs SPOT BIDU vs SE SE vs SNAP

More: Interactive Media & Services stocks compared, Communication Services sector, rankings of US companies

Figures from Sea Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Sea Ltd.