Added to YB: 2026-03-06
Pitch date: 2026-03-04
SE [neutral]
Sea Limited
Author Info
No bio for this author
Company Info
Sea Limited, through its subsidiaries, operates as a consumer internet company in Southeast Asia, Latin America, the rest of Asia, and internationally.
Market Cap
$52.0B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
16.67
P/E
34.85
EV/Sales
1.96
Sector
Broadline Retail
Category
growth
Sea Limited Earnings Update: A quick look
SE (earnings): Q4 rev $6.9B (+38% YoY), net income $411M (+73% YoY); FY25 adj EBITDA $3.4B (+75% YoY). Shopee GMV $127B (+27% YoY), adj EBITDA $881M vs $156M prior year. SeaMoney rev $3.8B (+60% YoY), loan book $9.2B (+80% YoY), 1.1% NPL. Garena bookings $2.9B (+37% YoY). 2026 guide: Shopee GMV +~25%, EBITDA flat YoY (margin compression concern), Garena double-digit bookings growth. Risks: e-commerce margin decline from 0.9% Q1'25 peak, SeaMoney provisions +66.7% outpacing EBITDA growth, Garena users/ARPU down QoQ. Thesis intact, holding long-term, adding to 5% max allocation.
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