SEA Ltd (SE US)

SE US$80.19

20 minute delayed

Today ▲ 4.45%

1 year return ▼ -48.76%

Volume 2,044,265

Div yield —

PE ratio 30.96

52 week range

71.62 159.79

14 days free access

Join Market Matters and get full access to all our Opinion + Action

Learn more

Performance

Share price activity

Last (Price): 80.19
Change: ▲ 3.42 (4.45)
Bid / Ask: 80.20 - 80.21
Volume: 2,044,265
Turnover: 92,880,630
Open: 78.24
Day Range: 78.24 - 81.84
VWAP: 80.68
Prev Close: 76.77
Last Trade: 04/11 7:00pm

Key information

Sector: Consumer Cyclical
Shares Issued: 566,956,729
NTA/Share: 20.51
Last Dividend: —
Dividend Ex Date: —
Dividend Pay Date: —

Current (USD) · FY2025

Revenue: 22,938.47
EBITDA: 2,355.57
Profit: 1,578.15
Earnings Per Share (EPS): 2.52
Dividend Per Share (DPS): —
Yield %: 0.00
Market Cap: 49,115.13
Price to Earnings Ratio (P/E): 30.96

Estimates (USD) · FY2027

Revenue: 38,717.27
EBITDA: 3,767.17
Profit: 2,360.06
Earnings Per Share (EPS): 3.76
Dividend Per Share (DPS): 0.00

Quantitative rating

Undervalued

Economic Moat: Narrow
Financial Health: Moderate
Uncertainty: High

Morningstar Quantitative Rating as of 4 NOV 2026.

Quantitative Equity Rating Methodology – view here

Fair value estimate

Five-star price 92.60 Fair value 117.36 One-star price 148.73

Morningstar Quantitative Rating as of 4 NOV 2026.

Quantitative valuation

Buy Sell

Fair Value: 117.36
Price / Fair Value: 0.68
Valuation: Undervalued
Uncertainty: High

Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (92.60) to the one-star price (148.73).

Ratios
Currency (Price/reporting): USD/USD
Exchange Rate: 1.0000

Price - closing or last bid	76.77
Price - 12 month high	159.79
Price - 12 month low	71.62
Pricing date	3 NOV 2026
Volume - avg. trading volume for the last ten days	9.47
Market capitalization	45,464.26
12 Month High price date	6 NOV 2025
12 Month Low price date	26 OCT 2026
Volume - avg. trading volume for the last 3 months	5.17
Price - 1 Day % Change	1.71%
Price - 13 week price percent change	-30.93%
Price - 26 week price percent change	-10.94%
Price - 5 Day % Change	2.73%
Price - 52 week price percent change	-51.23%
Price - YTD price percent change	-40.19%
Price % Change Month To Date	-19.35%

EPS excluding extraordinary items - most recent fiscal year	2.520
EPS excluding extraordinary items - trailing 12 month	2.590
EPS Normalized - most recent fiscal year	3.277
Revenue/share - most recent fiscal year	35.941
Revenue/share - trailing 12 month	43.497
Book value per share - most recent fiscal year	20.500
Book value per share - most recent quarter	21.080
Book value (tangible) per share - most recent fiscal year	20.509
Book value (tangible) per share - most recent quarter	21.133
Cash per share - most recent fiscal year	6.806
Cash per share - most recent quarter	5.762
Cash Flow per share - most recent fiscal year	6.142
Cash Flow per share - trailing 12 month	8.183
Dividend per share - most recent fiscal year	—
Dividends per share - trailing 12 month	0.000
EBITD per share - trailing 12 month	3.977
EPS Basic excluding extraordinary items - most recent fiscal year	2.650
EPS Basic excluding extraordinary items - trailing 12 month	2.710
EPS including extraordinary items - most recent fiscal year	2.650
EPS including extraordinary items - trailing 12 month	2.710
Free Cash Flow per share - trailing 12 month	8.183

P/E excluding extraordinary items, most recent fiscal year	30.96
P/E Normalized, most recent fiscal year	31.02
Price to sales - most recent fiscal year	1.84
Price to Tangible Book - most fiscal year	3.84
Price to Free Cash Flow per Share - most recent fiscal year	9.80
Price to Cash Flow per share - trailing 12 month	9.80
Price to Book - most recent fiscal year	3.80
P/E excluding extraordinary items high, trailing 12 months	81.32
P/E excluding extraordinary items low, trailing 12 months	28.58
Net Debt, LFI	-4,972.37
Net Debt, LFY	-7,196.33
Dividend Yield - 5 Year Average	—
Dividend Yield - indicated annual dividend divided by closing price	—
Current Dividend Yield - Common Stock Primary Issue, LTM	0.00%

Free Cash Flow - most recent fiscal year	3,395.43
LT debt/equity - most recent fiscal year	13.15%
Payout ratio - most recent fiscal year	—
Total debt/total equity - most recent fiscal year	26.69%
LT debt/equity - most recent quarter	18.15%
Total debt/total equity - most recent quarter	31.62%
Free Cash Flow - trailing 12 month	5,215.74
Payout ratio - trailing 12 month	—

Revenue - most recent fiscal year	22,938.47
Revenue - trailing 12 month	27,723.16
EBITD - most recent fiscal year	2,355.57
EBITD - trailing 12 month	2,534.87
Earnings before taxes - most recent fiscal year	2,280.86
Earnings before taxes - trailing 12 month	2,534.87
Net Income available to common - most recent fiscal year	1,578.15
Net Income available to common - trailing 12 months	1,640.81
Earnings before taxes Normalized - most recent fiscal year	2,956.97
Net Income Available to Common, Normalized - most recent fiscal year	—
Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM	2.59

Net Profit Margin % - 1st historical fiscal year	7.02%
Net Profit Margin % - trailing 12 month	6.07%
Operating margin - 1st historical fiscal year	8.65%
Operating margin - trailing 12 month	8.24%
Pretax margin - trailing 12 month	9.14%
Pretax margin - 1st historical fiscal year	9.94%
Operating Margin - 5 year average	-1.96%
Pretax Margin - 5 year average	-2.28%
Free Operating Cash Flow/Revenue, 5 Year Average	8.48%
Free Operating Cash Flow/Revenue, TTM	18.81%
Net Profit Margin - 5 year average	-4.58%

Return on average assets - most recent fiscal year	6.29%
Return on average assets - trailing 12 month	5.83%
Return on average equity - most recent fiscal year	16.19%
Return on average equity - trailing 12 month	14.46%
Return on average assets - 5 year average	-2.46%
Return on average equity - 5 year average	-7.54%
Net Income/employee - most recent fiscal year	15,685.43
Revenue/employee - most recent fiscal year	223,354.13

Revenue growth rate, 5 year	39.28%
EPS growth rate, 5 year	—
Growth rate% - dividend, 3 year	—
Revenue/share (5 yr growth)	31.42%
Growth rate% - Revenue, 3 year	22.59%
Growth rate% - EPS, 3 year	—
Book value per share growth rate, 5 year	25.41%
Capital Spending growth rate, 5 year	7.99%
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR	—

Financial forecast (USD, millions except per share)

	Actuals	Estimates
	2025	2026	2027	2028	2029

Financials (USD, millions)

Period end:	DEC 21	DEC 22	DEC 23	DEC 24	DEC 25
Fiscal year:	2021	2022	2023	2024	2025
Period length:	12 months	12 months	12 months	12 months	12 months

Announcements

Announcements are available for ASX-listed companies only.

Opinion

23/08/2023 09:17

Sea Limited (SE US) US$36.52

The largest internet conglomerate in Southeast Asia has been on our International Equities Hitlist since March, with their ability to ‘tweak’ the cost base in their business to drive profitability the main reason for inclusion. They have three key business lines in digital entertainment (online games), e-commerce & digital payments. Recently, however, they highlighted an important consideration for the broader technology sector, that while managing the cost side can drive profitability in the short term, the challenge is achieving it without impacting growth, and for now, growth from SE US has underwhelmed.

08/03/2023 09:40

Sea Ltd (SE US) $US80.06

We’ve written about our positive view on technology in the near term, given expectations around interest rates/bond yields nearing a peak (although that certainly wasn’t the case overnight with US 2-year yields up 13bps to trade above 5%). A stock that caught our eye overnight was Sea (SE US) which beat very dire expectations from analysts and rallied ~20% in the process. These sorts of moves are becoming commonplace for beaten-up technology stocks that have a real business and are turning the dial on profitability. While this (and many others) were not worth the multiple they traded on in 2021, it seems to us that in some cases, pessimism has become simply too high, creating an opportunity.

Action

Updated 23/08/2023 09:45

SE US

Updated 23/08/2023 09:45

MM is removing SE US from our Hitlist

Read the opinion

Updated 08/03/2023 10:15

SE US

Updated 08/03/2023 10:15

MM is adding SE US to our Hitlist

Read the opinion

Business Summary

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid consumer-to-consumer and business-to-consumer marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue-generating game. Sea's third business, Monee, provides lending, payment, digital banking, and insurance services. As of March 2025, Forrest Li, the founder, chair, and CEO, owned 59.1% of the voting power. Tencent owned 18.5% of issued shares with no voting power.