SENYSEServices-Miscellaneous Business ServicesFiscal year ends December 31
Sea Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026
$88.47−5.30 (-5.65%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 35.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
44.7%+13.8 pts over 5 years
Operating margin
8.7%+38.4 pts over 5 years
Net margin
6.9%+43.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +36.4% | +22.6% | +39.3% | +54.7% | |
| Gross profit | +42.2% | +25.5% | +50.0% | +57.7% | |
| Operating income | +199.8% | – | – | – | |
| Net income | +255.2% | – | – | – | |
| EPS, diluted | +240.5% | – | – | – | |
| Free cash flow | +52.4% | – | +83.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -71.2% | 15.1% | |
| Return on assets | – | -20.6% | 6.1% | |
| Current ratio | 1.17 | 1.93 | 1.58 | |
| Interest coverage | -8930.0× | -10.5× | 59.1× | |
| Inventory turnover | – | 66.4× | 69.4× | |
| Capex to revenue | 4.9% | 7.7% | 2.2% | |
| Diluted shares | 171M | 477M | 638M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Sea generated $11.65B from operations and spent $2.78B on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
$11.65B
Used
$2.78B
Capital expenditure$2.77B99%Dividends$00%Share buybacks$14.03M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.9%
×Asset turnover0.88×
×Equity multiplier2.49×
=Return on equity, FY202515.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.9% | 0.88× | 2.49× | 15.1% |
| FY2024 | 2.6% | 0.81× | 2.77× | 5.9% |
| FY2023 | 1.2% | 0.73× | 2.92× | 2.4% |
| FY2022 | -13.3% | 0.70× | 2.73× | -25.2% |
| FY2021 | -20.6% | 0.68× | 2.71× | -38.0% |
| FY2020 | -37.0% | 0.56× | 3.45× | -71.2% |
| FY2019 | -67.2% | 0.59× | 8.07× | -318.2% |
| FY2018 | -116.2% | 0.40× | 18.51× | -851.1% |
| FY2017 | -135.3% | 0.33× | 7.21× | -326.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.58B
- Cash generatingOperating cash flow above zero$5.02B
- Return on assets improvedROA up on the prior year2.4% → 7.0%
- Earnings backed by cashOperating cash flow above net income$5.02B vs $1.58B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.49 → 1.58
- No dilutionShare count did not rise605M → 638M
- Gross margin improvedGross margin up on the prior year42.84% → 44.66%
- More efficientAsset turnover rose0.89 → 1.01