Sea Limited

Specialty Retail · Consumer Cyclical

Exchange

New York Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

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.

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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

+48.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+4.3% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

6.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$11.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Sea Limited grew revenue 48% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

45.6%

Healthy — 45.6% gross margin

Profit after running costs

Operating Margin

8.0%

Modest — 8.0% operating margin

Return on the money invested

ROCE

14.6%

Good — 14.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+43.1%

Fast-growing sales (+43.1% YoY)

Profit growth

EPS YoY

+32.8%

Earnings growing fast (+32.8% YoY)

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

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

318%

Turns 318% of profit into real cash

Spare cash per sale

FCF Margin

11.2%

Modest free cash flow (11.2%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

119.36x

Comfortably covers interest (119.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

43.4x

no trend

Pricey — P/E 43.4

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

Cheaper or dearer next year

P/E vs Forward

+26.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (43.4 → 17.3)

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Dividends

Not applicable for this business.

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