Sea Limited
- Open
- 117.51
- Day high
- 118.25
- Day low
- 111.98
- Prev close
- 119.36
- Volume
- 4.3M
- Mkt cap
- $69.5B
- P/E (TTM)
- 41.9
- EPS (TTM)
- $2.71
- P/B
- 5.4
- P/S
- 2.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$211.9M over the last 3 months (0 open-market buys, 200 sales)
- 🏛Institutions accumulating (13F)
Sea Limited (SE) is a Consumer Cyclical company listed on NYSE. The stock is down 36% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 200 sales (SEC Form 4). Drillr has 1 published research article covering SE.
Sea Limited (SE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $0.86 | $0.86 | +0.1% | $7.8B | +9.4% |
| May 12, 2026 | $0.75 | $0.70 | -6.2% | $7.1B | +9.9% |
| Mar 3, 2026 | $0.90 | $0.80 | -11.1% | $6.9B | +12.3% |
| Nov 11, 2025 | $1.03 | $0.78 | -24.3% | $6.0B | -6.8% |
| Aug 12, 2025 | $0.99 | $0.85 | -14.1% | $5.3B | -5.3% |
| Mar 4, 2025 | $0.76 | $0.62 | -18.4% | $5.0B | -1.9% |
| Mar 4, 2024 | $-0.01 | $-0.01 | -22.7% | $3.6B | +2.5% |
| Nov 14, 2023 | $0.55 | $0.06 | -89.1% | $3.3B | -4.2% |
| Aug 15, 2023 | $0.69 | $0.83 | +20.3% | $3.1B | -3.4% |
| May 16, 2023 | $0.64 | $0.61 | -4.7% | $3.0B | -1.5% |
| Mar 7, 2023 | $-0.75 | $1.25 | +266.7% | $3.5B | +10.0% |
| Nov 15, 2022 | $-0.84 | $-0.66 | +21.4% | $3.2B | +2.0% |
SE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Ye Gangdirector, officer: COO | Sell | 110 | $121.68 |
| Aug 27, 2026 | Li Xiaodongdirector, officer: Chairman and CEO | Sell | 21,400 | $123.33 |
| Aug 27, 2026 | Wang Yanjunofficer: CCO and GC | Sell | 407 | $120.06 |
| Aug 27, 2026 | Ye Gangdirector, officer: COO | Sell | 11,725 | $120.14 |
| Aug 27, 2026 | Wang Yanjunofficer: CCO and GC | Sell | 194 | $119.46 |
| Aug 27, 2026 | Ye Gangdirector, officer: COO | Sell | 10,039 | $120.28 |
| Aug 27, 2026 | Ye Gangdirector, officer: COO | Sell | 2,464 | $119.44 |
| Aug 27, 2026 | Feng Zhiminofficer: President | Sell | 2,698 | $122.66 |
| Aug 27, 2026 | Ye Gangdirector, officer: COO | Sell | 6,654 | $118.32 |
| Aug 27, 2026 | Ye Gangdirector, officer: COO | Sell | 2,696 | $117.70 |
| Aug 27, 2026 | Li Xiaodongdirector, officer: Chairman and CEO | Sell | 14,334 | $121.56 |
| Aug 27, 2026 | Feng Zhiminofficer: President | Sell | 3,080 | $120.50 |
| Aug 27, 2026 | Li Xiaodongdirector, officer: Chairman and CEO | Sell | 12,495 | $122.65 |
| Aug 27, 2026 | Li Xiaodongdirector, officer: Chairman and CEO | Sell | 9,461 | $120.50 |
| Aug 27, 2026 | Wang Yanjunofficer: CCO and GC | Sell | 137 | $123.17 |
Source: SE SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full SE insider & 13F page →Sea Limited company profile
Overview
Sea Limited (NYSE:SE) is a Singapore-based technology conglomerate that has emerged as one of Southeast Asia's most prominent digital economy companies. Founded in 2009 as Garena Interactive Holding Limited, the company rebranded to Sea Limited in 2017 and went public on the New York Stock Exchange the same year. What began as a gaming company has evolved into a diversified digital platform operating three major business segments: digital entertainment through Garena, e-commerce via Shopee, and digital financial services under SeaMoney. The company has established itself as a dominant force across Southeast Asia, Latin America, and other emerging markets, serving hundreds of millions of users across its integrated ecosystem.
Business
Sea Limited operates as a digital ecosystem company with three interconnected business segments that leverage synergies across gaming, e-commerce, and financial services. Digital Entertainment (Garena) represents the company's original business and continues to be a significant revenue contributor. Garena operates as a digital entertainment platform primarily focused on mobile gaming, with its flagship title Free Fire being one of the world's most popular battle royale games. Free Fire is a multiplayer survival shooter game where players compete on a shrinking battlefield until only one remains victorious. The platform also includes esports operations, game livestreaming, and social features like user chat and online forums. This segment generates revenue through in-game purchases, virtual items, and advertising, contributing approximately 12-15% of total company revenue. E-commerce (Shopee) has become Sea's largest business segment, accounting for roughly 65-70% of total revenue. Shopee operates as a mobile-first marketplace platform that connects buyers and sellers across multiple markets. The platform provides integrated payment processing, logistics infrastructure through SPX Express, and comprehensive seller services including advertising tools and analytics. Shopee has established itself as a leading e-commerce platform in Southeast Asia and Brazil, offering everything from consumer electronics to fashion and groceries. The platform also features live streaming commerce, where sellers can showcase products through video broadcasts, and social commerce elements that encourage user interaction and engagement. Digital Financial Services (SeaMoney) is the fastest-growing segment, representing about 15-20% of total revenue. SeaMoney provides a comprehensive suite of financial services including digital wallets (ShopeePay), buy-now-pay-later services (SPayLater), digital banking (SeaBank), and various credit products for both consumers and small-to-medium enterprises. The platform serves both on-Shopee transactions and off-platform use cases, expanding into offline payments, remittances, and traditional banking services. SeaMoney leverages data from the Shopee ecosystem to provide personalized financial products and has built a substantial loan book exceeding $5 billion.
Revenue model
Sea Limited employs multiple revenue models across its three business segments, creating a diversified income stream that benefits from cross-platform synergies. The Digital Entertainment segment generates revenue primarily through in-app purchases and virtual item sales within games like Free Fire. Players purchase virtual currency, character skins, weapons, and other digital goods that enhance their gaming experience. The segment also earns revenue from advertising within games and esports tournament sponsorships. This business model benefits from high user engagement and the recurring nature of in-game purchases. The E-commerce segment operates on a marketplace model with multiple revenue streams. Shopee earns commission fees from transactions between buyers and sellers, typically ranging from 2-6% depending on the market and product category. The platform also generates significant advertising revenue as sellers pay to promote their products through sponsored listings, banner ads, and live streaming promotions. Additionally, Shopee earns from logistics services through SPX Express, payment processing fees, and value-added services for sellers such as analytics tools and inventory management systems. SeaMoney's revenue model is built around financial services fees and interest income. The segment earns interchange fees from digital wallet transactions, interest income from consumer and SME loans, and fees from payment processing services. As the loan book has grown to over $5 billion, interest income has become a substantial revenue contributor. The segment also generates revenue from insurance products, remittance services, and partnerships with traditional financial institutions. Several factors influence Sea Limited's profitability margins. Positive factors include increasing take rates as the company gains market dominance, economies of scale in logistics and technology infrastructure, and growing financial services penetration. The company benefits from network effects where more users attract more sellers, creating a virtuous cycle. However, margins face pressure from intense competition in e-commerce requiring promotional spending, regulatory changes in gaming and financial services, currency fluctuations across multiple emerging markets, and the need for continuous technology investments to maintain platform competitiveness.
Competitive moat
Sea Limited's competitive moat stems from its integrated ecosystem approach and dominant market positions, though the strength varies across business segments and faces ongoing competitive pressures. The company's primary moat lies in its ecosystem synergies where users flow between gaming, shopping, and financial services, creating high switching costs and cross-selling opportunities. Garena users naturally transition to Shopee for e-commerce needs, while Shopee transactions drive SeaMoney adoption for payments and credit services. This interconnected user base generates valuable data that enables personalized recommendations and risk assessment across all platforms. Network effects provide substantial protection in e-commerce, where Shopee's large buyer base attracts more sellers, which in turn attracts more buyers through better selection and competitive pricing. The platform's scale enables superior logistics infrastructure through SPX Express, delivering faster and more cost-effective shipping than competitors. In several Southeast Asian markets and Brazil, Shopee has achieved market leadership positions that are difficult to dislodge due to these network effects. However, Sea's moat faces significant challenges. The gaming segment operates in a hits-driven industry where user preferences can shift rapidly, and Free Fire's dominance is not guaranteed permanently. Competition from established gaming companies like Tencent and new mobile titles poses ongoing threats. The e-commerce moat is under pressure from well-funded competitors including Alibaba's Lazada, Amazon, and local players who can replicate marketplace functionality and compete on price and service quality. The financial services segment faces regulatory risks and competition from traditional banks, fintech startups, and Big Tech companies entering the space. Geographic concentration in emerging markets exposes Sea to regulatory changes, economic volatility, and currency fluctuations that could erode competitive advantages. The company's moat is moderately strong in its core markets but requires continuous investment and innovation to maintain against well-capitalized global competitors.
Risks & safety
Sea Limited presents a moderate margin of safety with improving fundamentals but elevated valuation metrics that warrant careful consideration. **Financial Stability:** - Cash position of $2.4 billion provides reasonable liquidity buffer - Debt-to-equity ratio of 0.49 indicates manageable leverage levels - Positive free cash flow of $3.0 billion for FY 2024 demonstrates cash generation capability - Current ratio of 1.49 suggests adequate short-term liquidity coverage **Valuation Concerns:** - Price-to-earnings ratio of 64.8 reflects high growth expectations - EV/EBITDA of 38.0 indicates premium valuation relative to profitability - Price-to-book ratio of 7.4 suggests significant premium to asset value - Graham number analysis indicates potential overvaluation at current levels **Other Considerations:** - Recent achievement of profitability across all segments reduces execution risk - Strong revenue growth trajectory of 29% year-over-year supports growth narrative - Exposure to emerging market volatility and regulatory changes creates uncertainty - Competition from well-funded global players poses ongoing margin pressure risks
Recent development
Over the past few years, Sea Limited has undergone a significant strategic transformation from a growth-at-all-costs approach to a focus on sustainable profitability and operational efficiency. This pivot became evident during 2022 when the company shifted its strategy to "doing less, but doing it better," exiting non-core markets and streamlining operations. The e-commerce transformation has been particularly notable, with Shopee achieving its first full year of positive adjusted EBITDA in 2024 after years of losses. The company has focused on three key competitive advantages: price competitiveness, service quality improvement, and content ecosystem development. Live streaming commerce has emerged as a major growth driver, now contributing 15% of order volume, while the advertising platform has seen significant improvements with ad revenue growing 50% year-over-year in 2024. SeaMoney's evolution from a supporting payment service to a standalone financial services powerhouse represents another major development. The segment achieved its first profitable year in 2023 and has rapidly expanded its loan book to over $5 billion by 2024. The company has successfully diversified beyond on-Shopee transactions, with off-Shopee loans now representing over 40% of total lending, indicating strong market penetration in broader financial services. The gaming segment has stabilized after experiencing post-pandemic normalization, with Free Fire maintaining over 100 million daily active users and achieving 34% bookings growth in 2024. The company has focused on continuous content updates, local market adaptations, and exploring AI-driven game development tools. Operationally, Sea has significantly improved its logistics capabilities through SPX Express, which now handles over 50% of orders in Asia and 70% in Brazil, providing better unit economics and customer experience. The company has also heavily invested in AI and machine learning capabilities across all segments, improving search algorithms, customer service automation, and personalized recommendations.
SE company profile · for informational purposes only — not investment advice.
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