Sea Limited SE
NYSEInternet platformsFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec '24 | Dec '25 |
|---|---|---|
| Cash | 2.4 | 4.2 |
| Securities | 6.2 | 6.4 |
| Long-term securities | 2.1 | 1.3 |
| Restricted cash | 1.7 | 2.3 |
| Debt | 3.0 | 1.8 |
| Net cash | 7.7 | 10.1 |
| Equity | 8.4 | 12.5 |
- Debt / EBITDA
- 0.63×
- Debt / equity
- 0.15×
- Leases (12/31/25)
- $1.5B
- Diluted shares
- 636M
- Book value / share
- $19.69
- Price / book
- 3.7×
- Net cash / share
- $15.82
- Market cap
- $46.9B
- Enterprise value
- $36.9B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 43.4% | +5.1 pts | |
| Operating margin | 7.7% | -0.2 pts | |
| FCF margin | – | – | – |
| Capex / revenue | – | – | – |
| Bookings | $890M | +6% | |
| Quarterly active users | 671.7M | +0% | |
| Quarterly paying users | 68.6M | +4% | |
| Gross merchandise value | $39.7B | +23% | |
| Gross orders | 4.50B | +25% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About SE
Sea operates Shopee, Monee and Garena. Q2 2026 revenue shares were 71.75%, 18.01%, 9.59% and 0.65% for Other Services.
- Two Sided Network
A 53% reported 2025 Southeast Asia GMV share, rising buyer frequency and a large seller base support marketplace density, but easy buyer and seller multi-homing cap the network effect at moderate strength.
- Physical Network Density
Shopee-operated instant-delivery and fulfillment volume is producing measurable cost and speed gains, but third-party logistics alternatives and continued investment needs cap the advantage.
- Ecosystem Complements
Embedded Shopee checkout and credit distribution lower acquisition friction and provide repayment data, but multi-wallet behavior, off-Shopee expansion and comparable rival ecosystems cap the advantage.
- Direct Network Effects
Social and team play reinforce engagement within Free Fire and other live games, but title-level network effects can decay rapidly when players migrate and Garena remains concentrated in a few hits.
- Sep 23, 2026
Sea announced NVIDIA Vera Rubin infrastructure to expand AI models and agents; the undisclosed spending and commercial returns remain to be tested.
- Aug 11, 2026
Sea said Shopee could reach US$1 billion of adjusted EBITDA in 2026, raising the need to test whether larger order volume becomes durable profit.
- Aug 11, 2026
Garena announced that adjusted EBITDA will exclude deferred-revenue and related-cost changes from Q3 2026, changing how its profit trend must be compared.
- Nov 17, 2025
Sea authorized up to US$1 billion of ADS repurchases, adding a use of cash alongside lending and logistics investment.
- May 8, 2025
Sea renamed SeaMoney to Monee and opened its financial-services headquarters, reflecting an expansion from wallets into lending and digital banking.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 2.02 | 2.01 | 2.44 | 4.98 | 9.17 | 18.69 | 22.31 | 21.98 | 27.81 | 35.94 | 47.66 | +37.7%/yr | |
| Cash flow | -0.59 | -1.26 | -1.46 | 0.16 | 1.16 | 0.39 | -1.89 | 3.50 | 5.42 | 7.87 | 8.71 | – | |
| Earnings | -1.30 | -2.72 | -2.84 | -3.35 | -3.39 | -3.84 | -2.96 | 0.25 | 0.73 | 2.47 | 2.76 | – | |
| Free cash flow | -0.74 | -1.65 | -1.99 | -0.41 | 0.42 | -1.12 | -3.64 | 3.06 | 4.89 | 7.05 | – | – | |
| Capex | 0.14 | 0.39 | 0.53 | 0.57 | 0.75 | 1.52 | 1.75 | 0.43 | 0.53 | 0.82 | – | +21.4%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | -0.73 | 2.28 | -0.72 | 2.66 | 7.09 | 13.89 | 10.24 | 11.09 | 13.85 | 19.63 | 20.91 | – | |
| Diluted shares (M) | 171 | 206 | 338 | 437 | 477 | 533 | 558 | 594 | 605 | 638 | 636 | +15.7%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 0.3 | 0.4 | 0.8 | 2.2 | 4.4 | 10.0 | 12.4 | 13.1 | 16.8 | 22.9 | 30.3 | +59.4%/yr | |
| Operating income | -0.2 | -0.5 | -1.0 | -0.9 | -1.3 | -1.6 | -1.5 | 0.2 | 0.7 | 2.0 | 2.5 | – | |
| Net income | -0.2 | -0.6 | -1.0 | -1.5 | -1.6 | -2.0 | -1.7 | 0.2 | 0.4 | 1.6 | 1.8 | – | |
| Free cash flow | -0.1 | -0.3 | -0.7 | -0.2 | 0.2 | -0.6 | -2.0 | 1.8 | 3.0 | 4.5 | – | – | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | 0.2 | 0.6 | 0.0 | 1.9 | 4.5 | 6.8 | 3.8 | 5.4 | 7.7 | 10.1 | 6.8 | +$9.9B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 32.7 | 21.1 | 1.8 | 27.8 | 30.8 | 39.1 | 41.6 | 44.7 | 42.8 | 44.7 | 45.0 | +11.9 pts | |
| Operating margin | -59.4 | -121.3 | -119.6 | -41.0 | -29.8 | -15.9 | -11.9 | 1.7 | 3.9 | 8.7 | 8.2 | +68.1 pts | |
| Net margin | -64.5 | -135.3 | -116.2 | -67.2 | -37.0 | -20.6 | -13.3 | 1.2 | 2.6 | 6.9 | 5.8 | +71.4 pts | |
| FCF margin | -36.6 | -81.8 | -81.5 | -8.1 | 4.5 | -6.0 | -16.3 | 13.9 | 17.6 | 19.6 | – | +56.2 pts | |
| ROIC | – | – | – | – | – | – | -44.2 | 3.3 | 16.3 | 35.4 | 25.8 | – | |
| Return on equity | – | -119.5 | – | -125.8 | -47.8 | -27.7 | -28.9 | 2.3 | 5.3 | 12.6 | 13.2 | – | |
| R&D % of revenue | 6.0 | 7.1 | 8.2 | 7.2 | 8.1 | 8.4 | 11.1 | 8.9 | 7.2 | 5.0 | 3.9 | -1.0 pts | |
| Stock pay % of revenue | 8.3 | 6.9 | 7.0 | 5.4 | 6.6 | 4.7 | 5.7 | 5.2 | 4.3 | 2.7 | 1.8 | -5.6 pts | |
| Capex % of revenue | 7.1 | 19.3 | 21.6 | 11.4 | 8.2 | 8.1 | 7.8 | 2.0 | 1.9 | 2.3 | – | -4.8 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- widening
- Pricing power
- moderate
- Shopee (E-commerce)72.2%2 claims
- Monee (Digital Financial Services)16.5%1 claim
- Garena (Digital Entertainment)10.5%1 claim
- Other Services0.8%No moat
Moat claims
- Applies to
- Shopee (E-commerce)
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Sep 30, 2026
A 53% reported 2025 Southeast Asia GMV share, rising buyer frequency and a large seller base support marketplace density, but easy buyer and seller multi-homing cap the network effect at moderate strength.
Q3 Shopee orders rose 25.5% and GMV 23.3%, while core marketplace revenue rose 50.6% and segment operating income reached $155.4 million versus $110.1 million. Scale is converting into greater monetization, with continuing marketing and subsidy costs.
- Gross merchandise value$39.7B+23%
- Gross orders4.50B+25%
- Seller and buyer multi-homing
- Aggressive competition from TikTok Shop and Temu
- Regulatory changes to marketplace liability
- FilingSea Limited Form 20-F (FY ended Dec 31, 2025)Apr 17, 2026
- FilingSea second-quarter 2026 results - Shopee activityAug 11, 2026
- Applies to
- Shopee (E-commerce)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Sep 30, 2026
Shopee-operated instant-delivery and fulfillment volume is producing measurable cost and speed gains, but third-party logistics alternatives and continued investment needs cap the advantage.
Q3 orders reached 4.5 billion and Shopee service costs rose with delivery activity, but the release does not update cost per order or delivery density. The earlier Indonesian cost improvement is not treated as a new quarter measurement.
- Gross orders4.50B+25%
- Indonesia instant-delivery cost per order growth~-20%
- Logistics cost inflation (labor, fuel)
- Service quality issues reduce trust
- 3PL commoditization of delivery speed
- ResultsSea First Quarter 2026 Results Deck - Shopee logisticsMay 12, 2026
- Applies to
- Monee (Digital Financial Services)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Sep 30, 2026
Embedded Shopee checkout and credit distribution lower acquisition friction and provide repayment data, but multi-wallet behavior, off-Shopee expansion and comparable rival ecosystems cap the advantage.
Q3 Monee loans grew 60% to $12.6 billion and operating income reached $288.5 million, while consolidated credit provisions grew 82.3% and 90-day arrears rose to 1.3%. Cross-selling remains valuable but credit seasoning limits the case for a stronger advantage.
- Consumer and SME loans$12.6B+59%
- Loans past due over 90 days1.3%+0.2 pts
- Provision for credit losses$682M+82%
- Competitors can subsidize acquisition via super-app ecosystems
- Merchant/consumer multi-wallet behavior
- Regulatory constraints on bundling or cross-selling
- FilingSea Limited Form 20-F (FY ended Dec 31, 2025)Apr 17, 2026
- Applies to
- Garena (Digital Entertainment)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Sep 30, 2026
Social and team play reinforce engagement within Free Fire and other live games, but title-level network effects can decay rapidly when players migrate and Garena remains concentrated in a few hits.
Q3 Garena bookings grew 5.9%, paying users 4.1% and active users were nearly flat at 671.7 million versus 670.8 million. Community engagement persists without broad user growth.
- Bookings$890M+6%
- Quarterly active users671,700,000+0%
- Quarterly paying users68,600,000+4%
- Hit-driven content cycles
- Platform policy changes (Apple/Google) and fees
- Regulatory restrictions on games in key markets
- FilingSea Limited Form 20-F (FY ended Dec 31, 2025)Apr 17, 2026
- FilingSea second-quarter 2026 results - Free Fire activityAug 11, 2026
Profile change log
- Oct 6, 2026 · analyst revision
Segment profit shares were removed because corporate costs and residual losses were excluded. Revenue shares remain based on reported Q2 2026 segment revenue.
- Oct 6, 2026 · analyst revision
Shopee transaction and delivery evidence supports widening moderate advantages. Monee and Garena remain stable because credit costs and game concentration limit evidence of stronger protection.
- Oct 6, 2026 · business change
Sea announced NVIDIA Vera Rubin infrastructure to expand AI models and agents; the undisclosed spending and commercial returns remain to be tested.
- Oct 6, 2026 · business change
Garena announced that adjusted EBITDA will exclude deferred-revenue and related-cost changes from Q3 2026, changing how its profit trend must be compared.
- Oct 6, 2026 · business change
Sea said Shopee could reach US$1 billion of adjusted EBITDA in 2026, raising the need to test whether larger order volume becomes durable profit.
- Oct 6, 2026 · business change
Sea authorized up to US$1 billion of ADS repurchases, adding a use of cash alongside lending and logistics investment.
- Oct 6, 2026 · business change
Sea renamed SeaMoney to Monee and opened its financial-services headquarters, reflecting an expansion from wallets into lending and digital banking.
- Oct 6, 2026 · analyst revision
The owner changed Sea's industry to Internet platforms because marketplace fees, advertising and connected digital services better describe its business than direct retail.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Southeast Asian platform e-commerce
Goods bought through e-commerce platforms in Indonesia, Thailand, Vietnam, Malaysia, the Philippines and Singapore. Excludes direct retailer websites and non-platform commerce; the regional measure excludes Shopee operations in Taiwan and Brazil.
- Shopee
- TikTok Shop including Tokopedia
- Lazada
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| SE | 62 | 45.0% | 8.2% | |
| Industry median | 19 | 75 | 56.7% | 24.1% |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Urban delivery density and reliable fulfillment improve shopping frequency and cost per order.
- Rising household purchasing power and online access support demand; employment and real incomes have a strong effect on discretionary purchases.
- Video and live commerce turn viewing into shopping, expanding demand while shifting discovery toward content platforms.
- Local payment and credit products reduce checkout friction but add exposure to borrower risk.
- Rivals can buy traffic and subsidize shipping, limiting fee increases even in a concentrated market.
- Fuel, labor and warehouse costs have a strong effect on delivery economics; faster service requires investment.
- Local currencies affect imported prices and USD reporting; weakening currencies can reduce purchasing power and translated revenue.
- Consumer-protection, data, marketplace and competition rules can restrict bundling or require changes to logistics practices.
- Higher interest rates reduce merchant funding and household spending capacity; lending attached to purchases can amplify a downturn.
Bulls & bears
Can Shopee turn its growing transaction network into durable profit while Monee expands credit without losses absorbing the gains?
Arguments
What to watch
- 1Shopee orders, GMV and operating income
- 2Shopee core marketplace revenue and logistics cost per order
- 3Monee loan principal, credit-loss provision and 90-day arrears
- 4Garena active accounts, paying accounts and bookings
- 5Cash used to grow loans, buybacks and AI infrastructure investment
Next check: Q4 and FY2026 results: compare Shopee operating profit with transaction growth and marketing spend, and Monee credit losses with seasoned loan cohorts. Keep the changed Garena EBITDA basis separate. Track execution of the additional $1 billion buyback authorized November 9. A results date is not confirmed.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 62/100 by <a href="https://www.findmymoat.com/stocks/XNYS:SE">Find My Moat</a> (as of September 2026)Curation & Accuracy
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