Sea Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

Financial Health Signals

Financial Profile 53/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Sea has an operating margin of 3.9%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from 1.7% the prior year.

Growth

100

Sea's revenue surged 28.8% year-over-year to $16.8B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Sea has a moderate D/E ratio of 1.69. This balance of debt and equity financing earns a leverage score of 49/100.

Liquidity

Sea's current ratio of 1.49 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Sea converts 17.6% of revenue into free cash flow ($3.0B). This strong cash generation earns a score of 88/100.

Returns

Sea generates a 5.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100. This is up from 2.3% the prior year.

Altman Z-Score Safe

3.31

Sea scores 3.31, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($63.2B) relative to total liabilities ($14.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Sea passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

7.38x

For every $1 of reported earnings, Sea generates $7.38 in operating cash flow ($3.3B OCF vs $444.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

17.3x

Sea earns $17.3 in operating income for every $1 of interest expense ($662.2M vs $38.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

This page shows Sea (SE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$16.8B

YoY+28.8%

5Y CAGR+50.5%

Sea generated $16.8B in revenue in fiscal year 2024. This represents an increase of 28.8% from the prior year.

EBITDA

$1.1B

YoY+58.0%

Sea's EBITDA was $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 58.0% from the prior year.

Free Cash Flow

$3.0B

YoY+61.0%

Sea generated $3.0B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 61.0% from the prior year.

Net Income

$444.3M

YoY+194.8%

Sea reported $444.3M in net income in fiscal year 2024. This represents an increase of 194.8% from the prior year.

EPS (Diluted)

$0.74

YoY+196.0%

Sea earned $0.74 per diluted share (EPS) in fiscal year 2024. This represents an increase of 196.0% from the prior year.

Cash & Debt

$2.4B

YoY-14.4%

5Y CAGR-5.1%

Sea held $2.4B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

42.8%

YoY-1.8pp

5Y CAGR+15.0pp

Sea's gross margin was 42.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.8 percentage points from the prior year.

Operating Margin

3.9%

YoY+2.2pp

5Y CAGR+44.9pp

Sea's operating margin was 3.9% in fiscal year 2024, reflecting core business profitability. This is up 2.2 percentage points from the prior year.

Net Margin

2.6%

YoY+1.5pp

5Y CAGR+69.9pp

Sea's net profit margin was 2.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.5 percentage points from the prior year.

Return on Equity

5.3%

YoY+3.0pp

Sea's ROE was 5.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the prior year.

R&D Spending

$1.2B

YoY+3.6%

5Y CAGR+50.4%

Sea invested $1.2B in research and development in fiscal year 2024. This represents an increase of 3.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$318.2M

YoY+31.7%

5Y CAGR+5.8%

Sea invested $318.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 31.7% from the prior year.

SE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$16.8B+28.8%	$13.1B+4.9%	$12.4B+25.1%	$10.0B+127.5%	$4.4B+101.1%	$2.2B
Cost of Revenue	$9.6B+33.0%	$7.2B-0.5%	$7.3B+19.9%	$6.1B+100.2%	$3.0B+92.7%	$1.6B
Gross Profit	$7.2B+23.5%	$5.8B+12.5%	$5.2B+33.1%	$3.9B+188.8%	$1.3B+123.0%	$604.9M
R&D Expenses	$1.2B+3.6%	$1.2B-15.4%	$1.4B+65.5%	$831.7M+135.1%	$353.8M+125.9%	$156.6M
SG&A Expenses	$1.3B+11.7%	$1.1B-21.1%	$1.4B+45.5%	$987.9M+64.7%	$599.7M+55.4%	$385.9M
Operating Income	$662.2M+194.6%	$224.8M+115.1%	-$1.5B+6.0%	-$1.6B-21.5%	-$1.3B-46.2%	-$891.2M
Interest Expense	$38.3M-6.7%	$41.1M-9.5%	$45.4M-66.8%	$136.9M+10.5%	$123.8M+156.9%	$48.2M
Income Tax	$321.2M+22.3%	$262.7M+56.0%	$168.4M-49.4%	$332.9M+135.0%	$141.6M+65.0%	$85.9M
Net Income	$444.3M+194.8%	$150.7M+109.1%	-$1.7B+19.3%	-$2.0B-26.5%	-$1.6B-10.6%	-$1.5B
EPS (Diluted)	$0.74+196.0%	$0.25+108.4%	$-2.96+22.9%	$-3.84-13.3%	$-3.39-1.2%	$-3.35

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q3'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$281.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$22.6B+19.8%	$18.9B+11.1%	$17.0B-9.3%	$18.8B+79.4%	$10.5B+100.1%	$5.2B
Current Assets	$16.9B+43.2%	$11.8B-7.2%	$12.7B-16.2%	$15.1B+69.3%	$8.9B+102.7%	$4.4B
Cash & Equivalents	$2.4B-14.4%	$2.8B-53.4%	$6.0B-34.8%	$9.2B+50.0%	$6.2B+97.7%	$3.1B
Inventory	$143.2M+14.2%	$125.4M+14.3%	$109.7M-6.7%	$117.5M+83.0%	$64.2M+138.4%	$26.9M
Accounts Receivable	$306.7M+16.7%	$262.7M-2.3%	$268.8M-30.8%	$388.3M+7.0%	$363.0M+94.1%	$187.0M
Goodwill	$107.6M-4.6%	$112.8M-51.0%	$230.2M-57.3%	$539.6M+149.5%	$216.3M+598.8%	$31.0M
Total Liabilities	$14.1B+16.1%	$12.2B+8.9%	$11.2B-1.2%	$11.3B+61.1%	$7.0B+73.6%	$4.1B
Current Liabilities	$11.3B+38.3%	$8.2B+17.8%	$6.9B-3.4%	$7.2B+54.8%	$4.6B+96.2%	$2.4B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.4B+27.0%	$6.6B+15.4%	$5.7B-22.7%	$7.4B+118.7%	$3.4B+191.0%	$1.2B
Retained Earnings	-$8.2B+5.2%	-$8.6B+1.7%	-$8.7B-21.4%	-$7.2B-39.8%	-$5.2B-45.9%	-$3.5B

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q3'20	Q4'19
Total Assets	$22.6B+19.8%	$18.9B+11.1%	$17.0B-9.3%	$18.8B+62.8%	$11.5B+10.2%	$10.5B+50.2%	$7.0B+33.2%	$5.2B
Current Assets	$16.9B+43.2%	$11.8B-7.2%	$12.7B-16.2%	$15.1B+61.1%	$9.4B+5.1%	$8.9B+60.7%	$5.6B+26.1%	$4.4B
Cash & Equivalents	$2.4B-14.4%	$2.8B-53.4%	$6.0B-34.8%	$9.2B+99.1%	$4.6B-24.7%	$6.2B+75.7%	$3.5B+12.5%	$3.1B
Inventory	$143.2M+14.2%	$125.4M+14.3%	$109.7M-6.7%	$117.5M+18.1%	$99.5M+54.9%	$64.2M+4.1%	$61.7M+129.0%	$26.9M
Accounts Receivable	$306.7M+16.7%	$262.7M-2.3%	$268.8M-30.8%	$388.3M+1.5%	$382.7M+5.4%	$363.0M+25.5%	$289.2M+54.6%	$187.0M
Goodwill	$107.6M-4.6%	$112.8M-51.0%	$230.2M-57.3%	$539.6M+13.3%	$476.3M+120.2%	$216.3M+3.9%	$208.1M+572.3%	$31.0M
Total Liabilities	$14.1B+16.1%	$12.2B+8.9%	$11.2B-1.2%	$11.3B+43.0%	$7.9B+12.6%	$7.0B+13.7%	$6.2B+52.7%	$4.1B
Current Liabilities	$11.3B+38.3%	$8.2B+17.8%	$6.9B-3.4%	$7.2B+22.0%	$5.9B+26.9%	$4.6B+22.9%	$3.8B+59.7%	$2.4B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.4B+27.0%	$6.6B+15.4%	$5.7B-22.7%	$7.4B+107.8%	$3.6B+5.2%	$3.4B+356.4%	$741.2M-36.2%	$1.2B
Retained Earnings	-$8.2B+5.2%	-$8.6B+1.7%	-$8.7B-21.4%	-$7.2B-19.9%	-$6.0B-16.6%	-$5.2B-11.4%	-$4.6B-31.0%	-$3.5B

SE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$3.3B+57.6%	$2.1B+297.0%	-$1.1B-606.0%	$208.6M-62.5%	$555.9M+695.6%	$69.9M
Capital Expenditures	$318.2M+31.7%	$241.6M-73.9%	$924.2M+19.7%	$772.2M+129.6%	$336.3M+40.2%	$239.8M
Free Cash Flow	$3.0B+61.0%	$1.8B+192.8%	-$2.0B-251.3%	-$563.5M-356.6%	$219.6M+229.2%	-$170.0M
Investing Cash Flow	-$5.0B+13.2%	-$5.8B-139.0%	-$2.4B+35.5%	-$3.8B-324.8%	-$886.9M-144.2%	-$363.2M
Financing Cash Flow	$1.7B+360.2%	$366.0M-8.6%	$400.3M-94.6%	$7.4B+98.3%	$3.7B+44.7%	$2.6B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q3'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$185.4M-37.3%	$296.0M+1164.7%	-$27.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$117.1M+1.6%	$115.2M+172.0%	$42.4M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$68.3M-62.2%	$180.8M+357.7%	-$70.1M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$366.9M-75.4%	-$209.2M-45.6%	-$143.7M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	$2.9B+105199.8%	-$2.8M-100.3%	$1.0B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	42.8%-1.8pp	44.7%+3.0pp	41.6%+2.5pp	39.1%+8.3pp	30.8%+3.0pp	27.8%
Operating Margin	3.9%+2.2pp	1.7%+13.7pp	-11.9%+4.0pp	-15.9%+13.9pp	-29.8%+11.2pp	-41.0%
Net Margin	2.6%+1.5pp	1.1%+14.4pp	-13.3%+7.3pp	-20.6%+16.4pp	-37.0%+30.3pp	-67.2%
Return on Equity	5.3%+3.0pp	2.3%	N/A	N/A	N/A	N/A
Return on Assets	2.0%+1.2pp	0.8%+10.5pp	-9.7%+1.2pp	-10.9%+4.6pp	-15.5%+12.5pp	-28.0%
Current Ratio	1.49+0.1	1.44-0.4	1.83-0.3	2.11+0.2	1.93+0.1	1.87
Debt-to-Equity	1.69-0.2	1.85-0.1	1.96+0.4	1.53-0.5	2.08-1.4	3.49
FCF Margin	17.6%+3.5pp	14.1%+30.0pp	-15.9%-10.2pp	-5.7%-10.7pp	5.0%+12.8pp	-7.8%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q3'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-5.4%
Current Ratio	1.49+0.1	1.44-0.4	1.83-0.3	2.11+0.5	1.60-0.3	1.93+0.5	1.47-0.4	1.87
Debt-to-Equity	1.69-0.2	1.85-0.1	1.96+0.4	1.53-0.7	2.23+0.1	2.08-6.3	8.35+4.9	3.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Sea's annual revenue?

Sea (SE) reported $16.8B in total revenue for fiscal year 2024. This represents a 28.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sea's revenue growing?

Sea (SE) revenue grew by 28.8% year-over-year, from $13.1B to $16.8B in fiscal year 2024.

Is Sea profitable?

Yes, Sea (SE) reported a net income of $444.3M in fiscal year 2024, with a net profit margin of 2.6%.

What is Sea's earnings per share (EPS)?

Sea (SE) reported diluted earnings per share of $0.74 for fiscal year 2024. This represents a 196.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Sea's EBITDA?

Sea (SE) had EBITDA of $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Sea's gross margin?

Sea (SE) had a gross margin of 42.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Sea's operating margin?

Sea (SE) had an operating margin of 3.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Sea's net profit margin?

Sea (SE) had a net profit margin of 2.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Sea's return on equity (ROE)?

Sea (SE) has a return on equity of 5.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Sea's free cash flow?

Sea (SE) generated $3.0B in free cash flow during fiscal year 2024. This represents a 61.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Sea's operating cash flow?

Sea (SE) generated $3.3B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Sea's total assets?

Sea (SE) had $22.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Sea's capital expenditures?

Sea (SE) invested $318.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Sea spend on research and development?

Sea (SE) invested $1.2B in research and development during fiscal year 2024.

What is Sea's current ratio?

Sea (SE) had a current ratio of 1.49 as of fiscal year 2024, which is considered adequate.

What is Sea's debt-to-equity ratio?

Sea (SE) had a debt-to-equity ratio of 1.69 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sea's return on assets (ROA)?

Sea (SE) had a return on assets of 2.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Sea's Altman Z-Score?

Sea (SE) has an Altman Z-Score of 3.31, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Sea's Piotroski F-Score?

Sea (SE) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sea's earnings high quality?

Sea (SE) has an earnings quality ratio of 7.38x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Sea cover its interest payments?

Sea (SE) has an interest coverage ratio of 17.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Sea?

Sea (SE) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.