CoverageForm 410-K10-Q8-K13D13G13F

SE · Sea Ltd - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · SE

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$19.63B$16.82B$13.06B$12.45B$9.96B$4.38B
Cost of Revenue$9.61B$9.61B$7.23B$7.26B$6.06B$3.03B
Gross Profit$10.24B$7.21B$5.83B$5.19B$3.90B$1.35B
R&D$1.16B$1.21B$1.16B$1.38B$831.70M$353.79M
SG&A$1.36B$1.27B$1.13B$1.44B$1.11B$657.22M
Total Operating Expenses$8.26B$6.54B$5.61B$6.67B$5.48B$2.65B
D&A$372.17M$389.67M$440.85M$180.76M$260.68M$169.07M
Operating Income$1.99B$662.15M$224.78M($1.49B)($1.58B)($1.30B)
Interest Expense$33.61M$38.34M$41.08M$45.40M$138.94M$148.24M
Income Tax$651.08M$321.17M$262.68M$168.40M$332.87M$141.64M
Net Income$1.58B$444.32M$150.73M($1.65B)($2.05B)($1.62B)
EPS - Basic$2.65$0.77$0.27($2.96)($3.39)-
EPS - Diluted$2.52$0.74$0.25($2.96)($3.39)-

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$4.16B$2.41B$2.81B$6.03B$9.25B$6.17B
Accounts Receivable$378.05M$306.66M$262.72M$268.81M$388.31M$363.00M
Inventory$222.58M$143.25M$125.39M$109.67M$117.50M$64.22M
Accounts Payable$467.81M$350.02M$342.55M$258.65M$213.58M$121.64M
Current Assets$23.25B$16.86B$11.77B$12.69B$15.14B$8.94B
Total Assets$29.37B$22.63B$18.88B$17.00B$18.76B$10.46B
Current Liabilities$14.68B$11.30B$8.17B$6.94B$7.18B$4.64B
Long-term Debt------
Total Liabilities$16.72B$14.15B$12.19B$11.19B$11.33B$7.04B
Stockholders' Equity$12.53B$8.37B$6.59B$5.72B$7.40B$3.38B
Retained Earnings($6.58B)($8.16B)($8.60B)($8.75B)($7.20B)($5.15B)

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$5.02B$3.28B$2.08B($1.06B)$208.65M$555.87M
Investing Cash Flow($4.41B)($5.04B)($5.80B)($2.43B)($3.77B)($886.91M)
Financing Cash Flow$1.62B$1.68B$366.01M$400.26M$7.40B$3.73B
CapEx$513.81M$318.15M$241.60M$924.18M$772.18M$336.27M
Free Cash Flow$4.51B$2.96B$1.84B($1.98B)($563.53M)$219.59M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin52.2%42.8%44.7%41.6%39.1%30.8%
Operating margin10.1%3.9%1.7%-11.9%-15.9%-29.8%
EBITDA margin12.0%6.3%5.1%-10.5%-13.3%-25.9%
Net margin8.0%2.6%1.2%-13.3%-20.6%-37.0%
Free cash flow margin23.0%17.6%14.1%-15.9%-5.7%5.0%
FCF / Net income2.866.6612.191.200.28-0.14
R&D / Revenue5.9%7.2%8.9%11.1%8.4%8.1%
SG&A / Revenue6.9%7.5%8.7%11.5%11.1%15.0%
Effective tax rate29.2%42.0%63.5%---
Return on assets5.4%2.0%0.8%-9.7%-10.9%-15.5%
Return on equity12.6%5.3%2.3%-28.9%-27.7%-47.8%
Return on invested capital------
Liquidity
Current ratio1.581.491.441.832.111.93
Quick ratio1.571.481.431.812.091.91
Cash ratio0.280.210.340.871.291.33
Leverage
Debt / Equity------
Debt / Assets------
Debt / EBITDA------
Interest coverage59.1x17.3x5.5x-32.8x-11.4x-8.8x
Equity multiplier2.342.702.862.972.543.09
Liabilities / Assets0.570.630.650.660.600.67
Efficiency
Asset turnover0.670.740.690.730.530.42
Inventory turnover43.2067.1257.6666.2451.5747.13
Days sales outstanding7d7d7d8d14d30d
Days inventory outstanding8d5d6d6d7d8d
Days payable outstanding18d13d17d13d13d15d
Cash conversion cycle-2d-1d-4d0d8d23d
Valuation
P / E50.6x143.4x162.0x---
P / B6.5x7.7x3.7x5.1x14.4x-
P / S4.1x3.8x1.8x2.3x10.7x-
EV / EBITDA32.8x58.7x31.9x---
Growth
Revenue growth (YoY)16.7%28.8%4.9%25.1%127.5%101.1%
Revenue CAGR (3y)16.4%19.1%44.0%78.9%206.5%133.1%
Revenue CAGR (5y)35.0%50.5%106.8%104.8%--
Gross profit growth (YoY)42.2%23.5%12.5%33.1%188.8%123.0%
Operating income growth (YoY)199.8%194.6%-6.0%-21.5%-46.2%
Net income growth (YoY)255.2%194.8%-19.3%-26.5%-10.6%
EPS growth (YoY)240.5%196.0%-12.7%--
EPS CAGR (3y)------
EPS CAGR (5y)------
FCF growth (YoY)52.4%61.0%--251.3%--
FCF CAGR (5y)83.0%-----
Book value growth (YoY)49.6%27.0%15.4%-22.7%118.7%191.0%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.21
Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9
Neutral
  • Net income positive
  • Operating cash flow positive
  • ROA improved YoY
  • Cash flow > net income
  • -Long-term debt decreased
  • Current ratio improved
  • No share dilution
  • Gross margin improved
  • Asset turnover improved

Peer comparison

Same SIC group: Services-Miscellaneous Business Services

CompanyRevenue (last FY)Net marginROE
DFIN$767.00M4.2%8.5%
ASPS$170.97M0.9%-1.5%
NVEE---
PFMT---
VEII---

Comparing Sea Ltd against the 5 most active filers in the same SIC group.