Sea Ltd ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $19.6B+33.2% YoYTTM through 31 Dec 2025
Net Income $1.6B+255.2% YoYTTM through 31 Dec 2025
Free Cash Flow $4.5BTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 52.2% |
| EBITDA Margin | 12.0% |
| Operating Margin | 10.1% |
| Net Margin | 8.0% |
Returns
12.6%ROE
5.4%ROA
16.8%ROIC
Balance Sheet Health
Debt / Equity0.08x
Current Ratio1.58x
Net Debt-$3.1Bnet cash position
Cash & Equivalents$4.2B
Quality Metrics
Altman Z-Score3.21
Piotroski F-Score7 / 9
FCF Margin23.0%
Rule of 4081.1
Earnings-Beat Rate25.0%
Multi-Year Trend
RevenueFY2025: $22.9B
Diluted EPS$2.52TTMFY2025: $2.47
Dividend
No dividend
Capital Allocation
R&D Spend$1.2B
Capex Intensity2.6%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Shopee (E-commerce) | $5.1B | +44.4% | View detailsReaffirmed full-year 2026 guidance to grow annual GMV by around 25% YoY, with full-year adjusted EBITDA no lower than 2025 levels in absolute dollar terms. |
| Monee (Digital Financial Services) | $1.2B | +57.8% | View detailsContinued expansion into more user segments, off-Shopee use cases, and early markets like Brazil. |
| Garena (Digital Entertainment) | $696.6M | +40.6% | View detailsOn track for double-digit bookings growth for the full year 2026. |
Filing Detail Members
This section is available to registered members. Create a free account or sign in to unlock the full breakdown.