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Sea Limited
$49.3B
Market Cap
50.6
P/E
PEG
9.1%
ROCE
15.3%
ROE
0.13
D/E
8.7%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for SE including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Sea Limited, through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally.

Key Ratios Snapshot
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📈 Growth Pattern
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⭐ Superinvestors Holding SE
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Manager Shares Value % of Fund Period
Tiger Global Management Tiger Global Management LLC 15.42M $1.3B 5.59% Mar 2026
Andreas Halvorsen Viking Global Investors 4.74M $392.3M 1.10% Mar 2026
Steve Cohen Point72 Asset Management 1.87M $155.0M 0.20% Mar 2026
Jim Simons Renaissance Technologies LLC 1.53M $126.4M 0.20% Mar 2026
Stan Druckenmiller Duquesne Family Office 1.10M $91.1M 2.70% Mar 2026
Cathie Wood ARK Investment Management 173.1K $14.3M 0.11% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q1 2026
Revenue
$7.1B
+47% YoY
Net Income
$438M
+7% YoY
What Went Right
  • Shopee GMV grew 30% YoY to $37.3B, with record revenue and EBITDA of $223M.
  • Garena delivered best quarter since 2021: bookings up 20% YoY to $931M, adjusted EBITDA up 25% to $574M.
  • Monee loan book reached $9.9B, up 71% YoY, with stable NPL ratio at 1.1%.
What to Watch
  • Shopee adjusted EBITDA fell to $223M from $264M a year ago due to increased investments in fulfillment, VIP, and user acquisition.
  • Management flagged potential impact from higher fuel prices on delivery costs, especially in Q2 2026.
  • Full-year GMV guidance of ~25% growth implies deceleration from Q1's 30% pace, partly reflecting seasonality and conservatism.
Management Guidance
  • Shopee: FY2026 GMV growth of ~25% YoY, with full-year adjusted EBITDA no lower than 2025 in absolute terms.
  • Garena: Confident in strong full-year bookings growth, driven by both Free Fire and Arena of Valor.
  • Sea overall: Expect continued robust top-line growth while improving adjusted EBITDA YoY.
Investor Lens
The thesis is stronger after this call. All three businesses delivered strong top-line growth and expanded competitive moats. Shopee's record GMV and improving unit economics on new initiatives validate the investment strategy. Garena's momentum and Monee's disciplined expansion into new markets and off-Shopee lending reinforce the long-term profit potential. Fuel costs and macro uncertainty remain watchpoints, but management's guidance and ability to maintain financial discipline give confidence.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Sea delivers strong Q1 with record revenue and EBITDA.
Revenue
Total GAAP revenue reached $7.1B, up 47% YoY, driven by Shopee ($5.1B, +45% YoY) and Monee ($1.2B, +58% YoY). Garena contributed $697M in GAAP revenue (+41% YoY).
Profitability
Net income was $438M, up 7% YoY, despite higher investments in e-commerce. Total adjusted EBITDA surpassed $1B for the first time, up 9% YoY.
Margins
Shopee adjusted EBITDA margin declined to 4.4% (from 6.4% in Q1 2025) due to deliberate spending on fulfillment, VIP, and user acquisition. Garena adjusted EBITDA margin improved to 61.6% of bookings (from 59.1%). Monee's margin diluted as loan book mix shifted to newer markets.
Balance Sheet
Not discussed in the call. No specific cash, CapEx, or debt figures mentioned beyond loan book details.
Key Risks
Key risks highlighted: (1) higher fuel prices could increase delivery costs, especially in Q2; (2) macro uncertainty may affect consumer spending; (3) intensifying competition in Brazil and Southeast Asia requiring sustained investment.
Outlook
Management reiterated Shopee's FY2026 guidance of ~25% GMV growth and EBITDA no lower than 2025. Garena expects strong full-year bookings growth. AI investments are expected to further improve efficiency and user experience.
Generated by AI · Q1 2026 results · Not investment advice
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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