Sea Ltd. (SE) intrinsic value & 10-year financials
Sea Ltd. (SE) has a Graham intrinsic value of $83.70 per share. Over the last 10 fiscal years revenue grew 56.6% a year to $19.6B, with an average return on invested capital of 80.7%.
- Graham intrinsic value
- $83.70
- Revenue (FY2025)
- $19.6B
- Revenue growth (10-yr CAGR)
- 56.6%
- ROIC (10-yr avg)
- 80.7%
- Free cash flow (FY2025)
- $4.5B
SE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $19.6B | $1.6B | $2.52 | $4.5B | 10.1% | 17.2% |
| FY2024 | $16.8B | $444.3M | $0.74 | $3.0B | 3.9% | 6.8% |
| FY2023 | $13.1B | $150.7M | $0.25 | $1.8B | 1.7% | 4.5% |
| FY2022 | $12.4B | -$1.7B | -$2.96 | -$2.0B | -11.9% | 332.0% |
| FY2021 | $10.0B | -$2.0B | -$3.84 | -$563.5M | -15.9% | 80.0% |
| FY2020 | $4.4B | -$1.6B | -$3.39 | $219.6M | -29.8% | 59.1% |
| FY2019 | $2.2B | -$1.5B | -$3.35 | -$170.0M | -41.0% | 58.4% |
| FY2018 | $827.0M | -$961.2M | — | -$672.6M | -119.6% | 93.3% |
| FY2017 | $414.2M | -$560.5M | — | -$326.6M | -121.3% | 85.9% |
| FY2016 | $345.7M | -$222.9M | — | -$118.8M | -59.4% | 69.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Sea Ltd is a consistent compounder, expanding top-line revenue at 56.6% annually over the past decade.
Sea Ltd has earned high returns on invested capital, averaging 47.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Sea Ltd has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Sea Ltd is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $83.70 per share.