Sea Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sea Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	346	414	827	2,175	4,376	9,955	12,450	13,064	16,820	22,938
Cost of revenue	233	327	812	1,570	3,027	6,059	7,264	7,230	9,615	12,695
Gross profit	113	87.3	14.8	605	1,349	3,896	5,185	5,834	7,205	10,244
Research and development	20.8	29.3	67.5	157	354	832	1,377	1,164	1,206	1,157
Selling and marketing	187	426	705	970	1,831	3,830	3,269	2,779	3,473	4,492
General and administrative	112	138	241	386	600	988	1,438	1,135	1,268	1,358
Operating expenses	318	590	1,004	1,496	2,652	5,479	6,673	5,609	6,543	8,258
Operating income	-205	-502	-989	-891	-1,303	-1,583	-1,488	225	662	1,985
Interest expense	0.02	26.5	31.3	48.2	124	137	45.4	41.1	38.3	33.6
Interest income	0.74	2.92	11.5	33.9	24.8	36.1	116	331	366	331
Other non-operating income	8.5	-46.2	34.9	-477	-180	-132	-13	208	117	296
Pre-tax income	-197	-549	-954	-1,369	-1,483	-1,715	-1,501	432	779	2,281
Income tax	8.55	10.7	4.09	85.9	142	333	168	263	321	651
Net income to minority interests	-2.09	-0.68	0.21	5.08	-6.1	3.73	-6.35	12	3.51	32.7
Net income	-223	-560	-961	-1,463	-1,618	-2,047	-1,651	151	444	1,578
EBITDA	-187	-479	-934	-774	-1,123	-1,304	-1,059	666	1,052	2,357
EPS, basic	-1.30	-2.72	-2.84	-3.35	-3.39	-3.84	-2.96	0.27	0.77	2.65
EPS, diluted	-1.30	-2.72	-2.84	-3.35	-3.39	-3.84	-2.96	0.25	0.74	2.52
Shares, basic (weighted)	171	206	338	437	477	533	558	567	575	595
Shares, diluted (weighted)	171	206	338	437	477	533	558	594	605	638

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	170	1,347	1,003	3,119	6,167	9,248	6,030	2,811	2,405	4,159
Short-term investments		18	0.69	102	126	911	864	2,548	6,215	6,413
Receivables	35.1	61.8	97.8	187	363	388	269	263	307	378
Inventory	3.95	9.79	37.7	26.9	64.2	117	110	125	143	223
Other current assets	0.68	1.52	0	0	22.3	17.8	23.3	16.1	20.1	15.8
Total current assets	310	1,721	1,711	4,410	8,939	15,135	12,688	11,774	16,858	23,249
Property, plant and equipment	31.1	74.3	192	319	386	1,030	1,388	1,208	1,098	1,307
Lease right-of-use assets			0	183	235	650	958	1,016	1,055	1,425
Goodwill		31	31	31	216	540	230	113	108	104
Intangible assets	30	37.3	12.9	15	39.8	52.5	65	50.8	27.3	12.2
Long-term investments	45.1	28.2	111	114	190	1,053	1,254	4,263	2,694	1,889
Other non-current assets	0.01	0.38	0	1.19	6.03	14	11.3	6.66	13.5	18.2
Total assets	486	1,988	2,193	5,224	10,456	18,756	17,003	18,883	22,625	29,371
Accounts payable	5.99	8.64	37.2	69.4	122	214	259	343	350	468
Accrued liabilities	13.9	22.1	36.6	66	157	278	213	316	365	387
Deferred revenue	122	27.2	29.4	1,098	2,150	2,644	1,535	1,209	1,406	1,968
Short-term debt	1.86	2.01	0.86
Total current liabilities	264	638	1,186	2,362	4,636	7,176	6,936	8,169	11,296	14,681
Lease liabilities			0	144	178	491	757	790	804	1,119
Total liabilities	406	1,513	2,432	4,052	7,035	11,332	11,192	12,186	14,148	16,723
Total debt			1.03
Paid-in capital	371	1,565	1,809	4,687	8,527	14,622	14,560	15,284	16,703	19,105
Retained earnings	-505	-1,107	-2,068	-3,531	-5,151	-7,201	-8,746	-8,599	-8,155	-6,577
Treasury stock									0	-14.5
Other comprehensive income	8.59	10.7	15.2	5.45	4.68	-28.5	-111	-108	-193	-4.82
Shareholders' equity	-126	469	-243	1,162	3,383	7,399	5,716	6,594	8,372	12,527
Minority interests	0.02	6.11	3.68	10.2	37.3	25.7	95.1	104	105	122
Total equity	-126	475	-239	1,173	3,420	7,424	5,811	6,698	8,478	12,648
Total liabilities and equity	486	1,988	2,193	5,224	10,456	18,756	17,003	18,883	22,625	29,371
Shares outstanding	177	0

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-225	-561	-961	-1,458	-1,624	-2,043	-1,658	163	448	1,611
Depreciation and amortization	18	23.4	54.9	117	181	279	428	441	390	372
Stock-based compensation	28.8	28.6	58.1	117	290	470	706	685	716	625
Deferred income tax	-2.28	-8.75	-19.8	-4.33	-27.5	-0.98	-141	-94.6	-193	-14.5
Change in receivables	4.66	-24.5	-38.5	-86.5	-175	-37.1	99	7.52	-49	-70.7
Change in inventory	0.09	-5.97	-28.5	11.8	-38.5	-62.7	1.44	-14.8	-26.3	-68.6
Change in payables	-3.05	1.82	29.7	31.4	50.9	99.6	43.3	81.4	28.2	106
Cash from operations	-102	-259	-495	69.9	556	209	-1,056	2,080	3,277	5,025
Capital expenditures	-17	-67.4	-177	-240	-336	-772	-924	-242	-318	-514
Acquisitions		-18.1	0	0	-92.2	-22.8	-60.7	0	0
Purchases of investments		-23.4	-69.6	-118	-220	-2,505	-2,631	-8,320	-9,662	-12,585
Sales and maturities of investments		0	22.7	0.64	19.5	798	2,281	3,521	7,385	13,371
Cash from investing	-29.9	-119	-225	-363	-887	-3,767	-2,429	-5,804	-5,041	-4,409
Debt issued				0.87	1.22	115	49	0	0
Stock issued	3.21	961	4.57	1,539	2,970	4,050	50.2	10.6	146	56.8
Share buybacks								0	0	-14
Cash from financing	200	1,624	547	2,580	3,733	7,402	400	366	1,684	1,623
Exchange rate effect					80.7	-58.2	-144	-7.96	-83.1	98.8
Net change in cash	66.5	1,254	-186	2,311	3,483	3,785	-3,228	-3,367	-162	2,338
Free cash flow	-119	-327	-673	-170	220	-564	-1,980	1,838	2,959	4,511
Interest paid	0.02	0.74	42.9	13.5	42	45	103	119	145	170
Income taxes paid	13	14	24	74.3	145	207	314	319	515	591

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $99.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.7%	Gross profit / revenue.
Operating margin	8.7%	Operating income / revenue.
EBITDA margin	10.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.9%	Pre-tax income / revenue.
Net margin	6.9%	Net income / revenue.
FCF margin	19.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.9%	Cash from operations / revenue.
Effective tax rate	28.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
Return on invested capital (ROIC)	19.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	36.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	42.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	25.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	50.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	199.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	124.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	255.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	240.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	53.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	55.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	52.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	83.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	49.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	29.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.72x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	56.9%	Total liabilities / total assets.
Interest coverage	59.1x	Operating income / interest expense.
Working capital	$8.57B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$12.41B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	19.1x	Revenue / average property, plant and equipment.
Inventory turnover	69.4x	Cost of revenue / average inventory.
Days inventory	5 days	365 x average inventory / cost of revenue.
Receivables turnover	67.0x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	12 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-1 days	Days inventory + days sales outstanding - days payables.
FCF conversion	285.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.65	Net income per basic share, as reported (split-adjusted).
Revenue per share	$35.94	Revenue / diluted weighted shares.
FCF per share	$7.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.87	Cash from operations / diluted weighted shares.
Book value per share	$19.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.44	Tangible book value / shares outstanding.
Cash per share	$16.56	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$60.97B	Share price x shares outstanding.
Enterprise value	$50.40B	Market cap + total debt - cash - short-term investments.
P/E	38.6x	Market cap / net income. Only when net income is positive.
P/S	2.66x	Market cap / revenue.
P/B	4.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.91x	Market cap / tangible book value, when positive.
P/FCF	13.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	2.20x	Enterprise value / revenue.
EV/EBIT	25.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.4%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Sea Ltd's revenue in fiscal 2025?

Sea Ltd reported revenue of $22.94B for fiscal 2025, 36.4% higher than the year before.

Was Sea Ltd profitable in fiscal 2025?

Yes. Net income was $1.58B, a net margin of 6.9%.

How much free cash flow did Sea Ltd generate in fiscal 2025?

Cash from operations of $5.02B minus capital expenditures of $513.8M left free cash flow of $4.51B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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