Sea Limited (SE) Moat Analysis

Overview

Sea Limited operates Shopee, Monee and Garena, with small residual Other Services. Exact Q1 2026 revenue shares were 72.04870624%, 17.49607502%, 9.81423148% and 0.64098726%, respectively. Across the three positive reportable segments, stored operating-income shares were Shopee 18.08283235%, Monee 34.57822260% and Garena 47.33894505%, with the final value set as the rounding residual so the shares sum exactly to 100%; Other Services lost US$32.288m and unallocated expenses were excluded. Shopee has moderate buyer-seller network and logistics-density advantages: Q1 GMV rose 30.2% to US$37.3bn, monthly active buyers rose 16%, purchase frequency rose about 12%, and Indonesian instant-delivery cost per order fell about 20%. Its reported 2025 Southeast Asia platform-GMV share was 53%, but seller and buyer multi-homing, intense competition and a 0.6% adjusted-EBITDA-to-GMV ratio cap the ratings. Monee benefits moderately from embedded Shopee distribution; loans reached US$9.9bn with 90-day NPLs at 1.1%, but credit risk, regulation and rival ecosystems remain material. Garena contributes disproportionate profit through title-level social network effects, while ordinary publishing contracts are not separately scored because current title, term and economic concentration data are absent. Q1 bookings rose 20.1%, quarterly active users reached 666.5m, and Arena of Valor achieved record bookings in its tenth year, but the business remains hit-driven and platform-dependent. No individual customer exceeded 10% of FY2025 revenue; comparable supplier concentration was not disclosed. At December 31, 2025, exactly 565,506,375 Class A and 45,527,793 Class B shares were outstanding, or 611,034,168 total; Sea repurchased 1.8m shares in Q1 without disclosing a newer exact period-end count. NYSE ticker SE is a 1:1 ADS over Class A ordinary shares, not a direct ordinary-share listing. ADS ISIN US81141R1005 and CUSIP 81141R100 pass their check digits; CIK 0001703399 is assigned, and LEI 529900OM6JLLW44YKI15 remains issued and entity-active with renewal due December 9, 2026. Q2 results are scheduled for August 11, 2026.