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Sea Ltd

SE Clue Score71
Singapore Fiscal year ends December CIK 0001703399
$95.25 +2.54% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $95.25 −69.86% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 20 Oct 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.35Operating income−0.21Net income−0.22Fiscal year 2017Revenue0.41 +19.8%Operating income−0.50Net income−0.56Fiscal year 2018Revenue0.83 +99.7%Operating income−0.99Net income−0.96Fiscal year 2019Revenue2.18 +163.1%Operating income−0.89Net income−1.46EPS, diluted−3.35Fiscal year 2020Revenue4.38 +101.1%Operating income−1.30Net income−1.62EPS, diluted−3.39Fiscal year 2021Revenue9.96 +127.5%Operating income−1.58Net income−2.05EPS, diluted−3.84Fiscal year 2022Revenue12.45 +25.1%Operating income−1.49Net income−1.65EPS, diluted−2.96Fiscal year 2023Revenue11.45 −8.0%Operating income0.22Net income0.15EPS, diluted0.25Fiscal year 2024Revenue14.73 +28.6%Operating income0.66Net income0.44 +194.8%EPS, diluted0.74 +196.0%Fiscal year 2025Revenue19.63 +33.2%Operating income1.99Net income1.58 +255.2%EPS, diluted2.52 +240.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.35 0.41 0.83 2.18 4.38 9.96 12.45 11.45 14.73 19.63
Growth +19.8% +99.7% +163.1% +101.1% +127.5% +25.1% −8.0% +28.6% +33.2%
Operating income −0.21 −0.50 −0.99 −0.89 −1.30 −1.58 −1.49 0.22 0.66 1.99
Net income −0.22 −0.56 −0.96 −1.46 −1.62 −2.05 −1.65 0.15 0.44 1.58
Growth +194.8% +255.2%
EPS, diluted n/a n/a n/a −3.35 −3.39 −3.84 −2.96 0.25 0.74 2.52
Growth +196.0% +240.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin32.7%Operating margin−59.4%Net margin−64.5%Free cash flow margin−34.4%Fiscal year 2017Gross margin21.1%Operating margin−121.3%Net margin−135.3%Free cash flow margin−78.9%Fiscal year 2018Gross margin1.8%Operating margin−119.6%Net margin−116.2%Free cash flow margin−81.3%Fiscal year 2019Gross margin27.8%Operating margin−41.0%Net margin−67.2%Free cash flow margin−7.8%Fiscal year 2020Gross margin30.8%Operating margin−29.8%Net margin−37.0%Free cash flow margin5.0%Fiscal year 2021Gross margin39.1%Operating margin−15.9%Net margin−20.6%Free cash flow margin−5.7%Fiscal year 2022Gross margin41.6%Operating margin−11.9%Net margin−13.3%Free cash flow margin−15.9%Fiscal year 2023Gross margin50.9%Operating margin2.0%Net margin1.3%Free cash flow margin16.0%Fiscal year 2024Gross margin48.9%Operating margin4.5%Net margin3.0%Free cash flow margin20.1%Fiscal year 2025Gross margin52.2%Operating margin10.1%Net margin8.0%Free cash flow margin23.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 32.7% 21.1% 1.8% 27.8% 30.8% 39.1% 41.6% 50.9% 48.9% 52.2%
Operating margin −59.4% −121.3% −119.6% −41.0% −29.8% −15.9% −11.9% 2.0% 4.5% 10.1%
Net margin −64.5% −135.3% −116.2% −67.2% −37.0% −20.6% −13.3% 1.3% 3.0% 8.0%
Free cash flow margin −34.4% −78.9% −81.3% −7.8% 5.0% −5.7% −15.9% 16.0% 20.1% 23.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.10Capital expenditure−0.02Free cash flow−0.12Fiscal year 2017Operating cash flow−0.26Capital expenditure−0.07Free cash flow−0.33Fiscal year 2018Operating cash flow−0.50Capital expenditure−0.18Free cash flow−0.67Fiscal year 2019Operating cash flow0.07Capital expenditure−0.24Free cash flow−0.17Fiscal year 2020Operating cash flow0.56Capital expenditure−0.34Free cash flow0.22Fiscal year 2021Operating cash flow0.21Capital expenditure−0.77Free cash flow−0.56 −356.6%Fiscal year 2022Operating cash flow−1.06Capital expenditure−0.92Free cash flow−1.98Fiscal year 2023Operating cash flow2.08Capital expenditure−0.24Free cash flow1.84Buybacks0.00Fiscal year 2024Operating cash flow3.28Capital expenditure−0.32Free cash flow2.96 +61.0%Buybacks0.00Fiscal year 2025Operating cash flow5.02Capital expenditure−0.51Free cash flow4.51 +52.4%Buybacks−0.01
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.10 −0.26 −0.50 0.07 0.56 0.21 −1.06 2.08 3.28 5.02
Capital expenditure −0.02 −0.07 −0.18 −0.24 −0.34 −0.77 −0.92 −0.24 −0.32 −0.51
Free cash flow −0.12 −0.33 −0.67 −0.17 0.22 −0.56 −1.98 1.84 2.96 4.51
Growth −356.6% +61.0% +52.4%
Buybacks n/a n/a n/a n/a n/a n/a n/a 0.00 0.00 −0.01

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.17Shareholders’ equity−0.13Fiscal year 2017Cash1.35Shareholders’ equity0.47Fiscal year 2018Cash1.00Total debt0.00Net cash (debt)1.00Shareholders’ equity−0.24Fiscal year 2019Cash3.12Shareholders’ equity1.16Fiscal year 2020Cash6.17Shareholders’ equity3.38Fiscal year 2021Cash9.25Shareholders’ equity7.40Fiscal year 2022Cash6.03Shareholders’ equity5.72Fiscal year 2023Cash2.81Shareholders’ equity6.59Fiscal year 2024Cash2.41Shareholders’ equity8.37Fiscal year 2025Cash4.16Shareholders’ equity12.53
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.17 1.35 1.00 3.12 6.17 9.25 6.03 2.81 2.41 4.16
Total debt n/a n/a 0.00 n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) n/a n/a 1.00 n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity −0.13 0.47 −0.24 1.16 3.38 7.40 5.72 6.59 8.37 12.53

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
0.35 0.41 0.83 2.18 4.38 9.96 12.45 11.45 14.73 19.63
Growth +19.8% +99.7% +163.1% +101.1% +127.5% +25.1% −8.0% +28.6% +33.2%
0.23 0.33 0.81 1.57 3.03 6.06 7.26 7.23 9.61 12.69
0.11 0.09 0.01 0.60 1.35 3.90 5.19 5.83 7.21 10.24
Growth −22.8% −83.1% +3,998.9% +123.0% +188.8% +33.1% +12.5% +23.5% +42.2%
0.02 0.03 0.07 0.16 0.35 0.83 1.38 1.16 1.21 1.16
0.11 0.14 0.24 0.39 0.60 0.99 1.44 1.13 1.27 1.36
−0.21 −0.50 −0.99 −0.89 −1.30 −1.58 −1.49 0.22 0.66 1.99
Growth +194.6% +199.8%
−0.20 −0.55 −0.95 −1.37 −1.48 −1.72 −1.50 0.43 0.78 2.28
0.01 0.01 0.00 0.09 0.14 0.33 0.17 0.26 0.32 0.65
−0.22 −0.56 −0.96 −1.46 −1.62 −2.05 −1.65 0.15 0.44 1.58
Growth +194.8% +255.2%
Per share
n/a n/a n/a −3.35 −3.39 −3.84 −2.96 0.27 0.77 2.65
n/a n/a n/a −3.35 −3.39 −3.84 −2.96 0.25 0.74 2.52
Growth +196.0% +240.5%
n/a n/a n/a 436.6 477.3 532.7 558.1 566.6 575.0 595.0
n/a n/a n/a 436.6 477.3 532.7 558.1 594.4 604.7 638.2
Growth +9.3% +11.6% +4.8% +6.5% +1.7% +5.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 35.0% a year over five years.
  • The diluted share count rose 33.7% in five years, which is dilution.
  • Operating margin is up 39.9 points on five years ago, at 10.1%.
  • A net loss in 7 of 10 years on file.