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.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 52.2% | 42.8% | 44.7% | 41.6% | 39.1% | 30.8% |
| Operating margin | 10.1% | 3.9% | 1.7% | -11.9% | -15.9% | -29.8% |
| EBITDA margin | 12.0% | 6.3% | 5.1% | -10.5% | -13.3% | -25.9% |
| Net margin | 8.0% | 2.6% | 1.2% | -13.3% | -20.6% | -37.0% |
| Free cash flow margin | 23.0% | 17.6% | 14.1% | -15.9% | -5.7% | 5.0% |
| FCF / Net income | 2.86 | 6.66 | 12.19 | 1.20 | 0.28 | -0.14 |
| R&D / Revenue | 5.9% | 7.2% | 8.9% | 11.1% | 8.4% | 8.1% |
| SG&A / Revenue | 6.9% | 7.5% | 8.7% | 11.5% | 11.1% | 15.0% |
| Effective tax rate | 29.2% | 42.0% | 63.5% | - | - | - |
| Return on assets | 5.4% | 2.0% | 0.8% | -9.7% | -10.9% | -15.5% |
| Return on equity | 12.6% | 5.3% | 2.3% | -28.9% | -27.7% | -47.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.58 | 1.49 | 1.44 | 1.83 | 2.11 | 1.93 |
| Quick ratio | 1.57 | 1.48 | 1.43 | 1.81 | 2.09 | 1.91 |
| Cash ratio | 0.28 | 0.21 | 0.34 | 0.87 | 1.29 | 1.33 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 59.1x | 17.3x | 5.5x | -32.8x | -11.4x | -8.8x |
| Equity multiplier | 2.34 | 2.70 | 2.86 | 2.97 | 2.54 | 3.09 |
| Liabilities / Assets | 0.57 | 0.63 | 0.65 | 0.66 | 0.60 | 0.67 |
| Efficiency | ||||||
| Asset turnover | 0.67 | 0.74 | 0.69 | 0.73 | 0.53 | 0.42 |
| Inventory turnover | 43.20 | 67.12 | 57.66 | 66.24 | 51.57 | 47.13 |
| Days sales outstanding | 7d | 7d | 7d | 8d | 14d | 30d |
| Days inventory outstanding | 8d | 5d | 6d | 6d | 7d | 8d |
| Days payable outstanding | 18d | 13d | 17d | 13d | 13d | 15d |
| Cash conversion cycle | -2d | -1d | -4d | 0d | 8d | 23d |
| Valuation | ||||||
| P / E | 50.6x | 143.4x | 162.0x | - | - | - |
| P / B | 6.5x | 7.7x | 3.7x | 5.1x | 14.4x | - |
| P / S | 4.1x | 3.8x | 1.8x | 2.3x | 10.7x | - |
| EV / EBITDA | 32.8x | 58.7x | 31.9x | - | - | - |
| 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
Comparing Sea Ltd against the 5 most active filers in the same SIC group.