Sea Limited

Specialty Retail · Consumer Cyclical

Price

$104.05

-2.17 (-2.04%)

Market Cap

$63.73B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+19.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 532.7M (2021) → 638.2M (2025)

Sea Limited is a technology company based in Singapore that runs three main businesses: an online shopping platform called Shopee, a digital payments service called SeaMoney, and a video game division called Garena. Shopee connects buyers and sellers across Southeast Asia and is one of the largest e-commerce platforms in the region. Garena is best known for publishing the mobile game Free Fire, which became widely popular in emerging markets.

Sea makes money through e-commerce transaction fees and advertising on Shopee, financial services fees through SeaMoney, and in-app purchases within its games. The company operates mainly in Southeast Asia and Taiwan, with smaller efforts in Latin America and Europe. Its competitive advantage comes from combining shopping, payments, and gaming into one ecosystem across fast-growing markets with rising internet adoption. The main risk is that Garena's user base has been shrinking as pandemic-era gaming demand fades, putting pressure on Sea to grow its e-commerce and financial services revenue fast enough to compensate.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on SE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+46.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+2.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$1.2B/ year

→ Flat (-4% vs prior year)

5.0% of revenue

In line with sector average (4%)

Steady R&D investment year-over-year

Insider Activity

8.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$15.6B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Sea Limited grew revenue 47% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

44.3%

Healthy — 44.3% gross margin

Operating Margin

8.0%

Modest — 8.0% operating margin

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+40.5%

Fast-growing sales (40.5% YoY)

EPS YoY

+79.9%

Earnings growing fast (79.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

312%

Turns 312% of profit into real cash

FCF Margin

12.7%

Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.18

Conservative — low debt load (0.18)

Interest Cover

79.11x

Comfortably covers interest (79.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

38.8x

Pricey — P/E 38.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+23.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.8 → 15.3)

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Dividends

Not applicable for this business.

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