Latest Ratios: P/E Ratio 41.4x · EV/EBITDA 27.2x · ROE 14.9%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $63.8B | $81.4B | $64.2B | $24.1B | $29.0B | $119.2B | $95.0B | $17.6B | $3.8B | $2.7B | — |
| Enterprise Value | $60.8B | $78.4B | $65.9B | $25.7B | $27.5B | $114.2B | $90.9B | $16.0B | $3.9B | $2.1B | — |
| P/E Ratio → | 41.36 | 50.62 | 145.34 | 162.00 | — | — | — | — | — | — | — |
| P/S Ratio | 2.78 | 3.55 | 3.81 | 1.84 | 2.33 | 11.97 | 21.71 | 8.07 | 4.63 | 6.62 | — |
| P/B Ratio | 5.26 | 6.44 | 7.57 | 3.59 | 5.00 | 16.05 | 27.78 | 14.97 | — | 5.77 | — |
| P/FCF | 14.14 | 18.04 | 21.71 | 13.22 | — | — | 432.61 | — | — | — | — |
| P/OCF | 12.70 | 16.19 | 19.58 | 11.58 | — | 571.16 | 170.90 | 251.34 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.42 | 3.92 | 1.97 | 2.21 | 11.47 | 20.78 | 7.37 | 4.71 | 5.13 | — |
| EV / EBITDA | 27.19 | 35.05 | 62.63 | 38.65 | — | — | — | — | — | — | — |
| EV / EBIT | 32.62 | 34.14 | 81.60 | 75.08 | — | — | — | — | — | — | — |
| EV / FCF | — | 17.36 | 22.29 | 14.12 | — | — | 414.06 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.7% | 44.7% | 42.8% | 44.7% | 41.6% | 39.1% | 30.8% | 27.8% | 1.8% | 21.1% | 32.7% |
| Operating Margin | 8.1% | 8.1% | 3.9% | 1.7% | -11.9% | -15.9% | -29.8% | -41.0% | -119.6% | -121.3% | -59.4% |
| Net Profit Margin | 6.9% | 6.9% | 2.6% | 1.2% | -13.3% | -20.6% | -37.0% | -67.2% | -116.2% | -135.3% | -64.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | 5.9% | 2.4% | -25.0% | -37.7% | -70.5% | -313.5% | -815.7% | -320.8% | — |
| ROA | 6.1% | 6.1% | 2.1% | 0.8% | -9.2% | -14.0% | -20.6% | -39.4% | -46.0% | -45.3% | -48.7% |
| ROIC | 14.1% | 14.1% | 5.4% | 2.7% | -33.3% | -133.7% | — | — | — | — | — |
| ROCE | 14.3% | 14.3% | 6.0% | 2.2% | -13.7% | -18.2% | -30.0% | -46.1% | -83.9% | -63.9% | -100.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.49 | 0.67 | 0.77 | 0.57 | 0.61 | 1.35 | — | 1.53 | — |
| Debt / EBITDA | 1.49 | 1.49 | 3.92 | 6.70 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.24 | 0.20 | 0.25 | -0.27 | -0.67 | -1.19 | -1.31 | — | -1.30 | — |
| Net Debt / EBITDA | -1.36 | -1.36 | 1.63 | 2.48 | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.67 | 0.58 | 0.91 | — | — | -18.55 | — | — | — | — |
| Interest Coverage | 68.30 | 68.30 | 21.07 | 8.33 | -24.94 | -11.49 | -10.50 | -18.47 | -31.41 | -18.82 | -8689.76 |
Net cash position: cash ($6.4B) exceeds total debt ($3.3B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 1.49 | 1.44 | 1.83 | 2.11 | 1.93 | 1.87 | 1.44 | 2.70 | 1.17 |
| Quick Ratio | 1.57 | 1.57 | 1.48 | 1.43 | 1.81 | 2.09 | 1.91 | 1.86 | 1.41 | 2.68 | 1.16 |
| Cash Ratio | 0.87 | 0.87 | 0.76 | 0.66 | 0.99 | 1.42 | 1.36 | 1.36 | 0.85 | 2.14 | 0.64 |
| Asset Turnover | — | 0.78 | 0.74 | 0.69 | 0.73 | 0.53 | 0.42 | 0.42 | 0.38 | 0.21 | 0.71 |
| Inventory Turnover | 57.03 | 57.03 | 67.12 | 57.66 | 66.24 | 51.57 | 47.13 | 58.31 | 21.55 | 33.39 | 58.93 |
| Days Sales Outstanding | — | 131.42 | 130.13 | 122.33 | 96.35 | 96.09 | 98.58 | 75.73 | 140.30 | 163.30 | 96.92 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.0% | 0.7% | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 7.1% | 5.5% | 4.6% | 7.6% | — | — | 0.2% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $638M | $605M | $594M | $558M | $533M | $477M | $437M | $338M | $206M | $325M |
Competitive E-commerce Margin Pressure
Based on current market data, Sea Limited trades at a P/E of 36.24, which appears to price in a shift from aggressive growth to sustained earnings, though the forward P/E of 25.88 suggests investors anticipate continued margin expansion relative to historical retail-tech benchmarks like MercadoLibre.
The current valuation multiple suggests the market is beginning to reward the company's pivot toward operational discipline rather than pure top-line expansion. However, the premium relative to traditional retail peers warrants caution, as it relies heavily on the assumption that the gaming segment will continue to provide a stable, high-margin cash engine to support the e-commerce ecosystem.
According to reported financial statements, ROIC has trended upward from a negative 1.2% in 2023Q3 to 3.8% in 2025Q4, indicating that the company is finally beginning to generate positive returns on its massive historical investments in logistics and digital infrastructure.
The shift from negative to positive ROIC suggests that the company's capital allocation strategy is becoming more efficient as the business matures. Investors should monitor whether this trend can sustain momentum, as the current level remains modest compared to more established global platform peers.
As indicated by the latest quarterly data, the cash conversion cycle has lengthened to 97 days in 2025Q4, primarily driven by a high DSO of 104 days, which suggests that the company's credit-heavy fintech expansion may be impacting its overall liquidity velocity.
The elevated DSO relative to historical levels warrants further investigation into the credit quality of the SeaMoney loan book. While the company is scaling, the inability to compress the cash conversion cycle suggests that the integration of financial services is introducing new working capital complexities that were not present in the pure-play gaming era.
Based on the provided figures, the interest coverage ratio has improved dramatically to 94.18 in 2025Q4, a stark contrast to the negative coverage observed in 2023, reflecting a much more comfortable debt service profile as the company scales its operating income.
The reduction in debt-to-EBITDA from extreme levels to 5.22 indicates that the company has successfully de-risked its balance sheet during a period of high interest rates. This improved coverage provides the necessary financial flexibility to navigate potential competitive pricing wars in the Southeast Asian e-commerce market.
The price-to-sales ratio is frequently misapplied to Sea Limited, as it fails to account for the vastly different margin profiles of the gaming and e-commerce segments, thereby obscuring the true earnings quality of the consolidated entity.
Investors should instead focus on segment-level contribution margins or an EV/EBITDA approach that adjusts for the differing capital intensities of the business units. Relying on a blended P/S ratio risks underestimating the value of the high-margin gaming cash engine while overestimating the profitability of the logistics-heavy e-commerce arm.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying SE stock.
Sea Limited's current P/E ratio is 41.4x. The historical average is 119.3x.
Sea Limited's current EV/EBITDA is 27.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.4x.
Sea Limited's return on equity (ROE) is 14.9%. The historical average is -134.4%.
Based on historical data, Sea Limited is trading at a P/E of 41.4x. Compare with industry peers and growth rates for a complete picture.
Sea Limited has 44.7% gross margin and 8.1% operating margin.
Sea Limited's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.