# Sea Limited American Depositary Shares, each representing one Class A Ordinary Share (SE) — Stock CV

Sea Limited American Depositary Shares, each representing one is a $58.4B consumer company. Revenue grew 36.4% over the last year, it keeps 7¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 34.7× earnings — in the cheapest third of its own history.

> 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.

## Identity

- **Ticker**: SE
- **Sector**: Consumer Cyclical
- **Employees**: 102 700
- **Website**: https://www.sea.com
- **Market cap**: $58.4B
- **Last price**: $95.30
- **Financial profile**: Solid

## Vitals (FY2025)

- **Revenue**: $22.9B
- **Net income**: $1.58B
- **Free cash flow**: $4.21B
- **Net cash**: $4.97B
- **P/E**: 34.7
- **Revenue growth (YoY)**: 36.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 50 |
| Profitability | 57 |
| Health | 55 |
| Quality | 77 |
| Moat | 38 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +36.4% YoY
- [x] Profitable — $1.58B FY2025
- [x] Profit growing — +255.2% YoY
- [x] Generates cash — $4.21B FY2025
- [x] Debt under control — more cash than debt
- [x] Established company — $58.4B market cap
- [ ] Not printing shares — +12.7% shares over ~5y
- [ ] Proven track record — 3/5 profitable years
- [x] Financially stable — Altman Z 2.9 — grey
- [x] Valuation not extreme — P/E 34.7

## Experience (career milestones)

- **FY2025** — Best year on record: $1.58B net income
- **FY2023** — Turned profitable: $151M net income after a loss year
- **FY2022** — Revenue crossed $10B: $12.4B for the year
- **FY2021** — Revenue already above $1B: $9.96B in first reported year

## Strengths

- High gross margin (44.3%)
- Revenue growing 36.4% year over year
- Strong cash conversion — FCF is 18.3% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 19.5%)

## Watch-outs

- Thin interest coverage (-6.1×)
- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.96B | -$2.05B | -$1.98B |
| FY2022 | $12.4B | -$1.65B | $1.84B |
| FY2023 | $13.1B | $151M | $2.96B |
| FY2024 | $16.8B | $444M | $4.51B |
| FY2025 | $22.9B | $1.58B | $4.21B |

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Source: https://stockcv.com/SE — derived from company filings; may be delayed or incomplete. Information, not investment advice.