Sea Limited (SE) Financial Analysis: 20-F & 6-K Deep Dive
Filing-based breakdown of Sea Limited (NYSE: SE): FY2024 revenue, profits, Shopee/Garena/SeaMoney segments, loans receivable, convertibles, Q3 2025 results and $1B buyback.
## Sea Limited (NYSE: SE) — filings-based deep dive (financial + event disclosures)
**Executive takeaway:** Sea exited FY2024 with a meaningfully larger revenue base ($16.82B) and improved profitability (operating income $662.2M; net income $447.8M) while also scaling its credit-driven digital financial services balance sheet (loans receivable up to $4.05B current). ["Total revenue…16,819,866"](0001193125-25-084311|0) ["Operating (loss) income…662,152"](0001193125-25-084311|0) ["Net (loss) income…447,827"](0001193125-25-084311|0) ["Loans receivable…4,052,215"](0001193125-25-084311|0)
Recent event filings show continued momentum into Q3 2025 (GAAP revenue $6.0B, net income $375.0M) and capital return optionality via a newly authorized $1B ADS repurchase program. ["Total GAAP revenue…US$6.0 billion"](0001193125-25-275616|1) ["Total net income…US$375.0 million"](0001193125-25-275616|1) ["repurchase up to US$1 billion"](0001193125-25-283853|1)
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## 1) Company / segment structure (as disclosed)
Sea reports **three operating and reportable segments**: **E-commerce**, **Digital Financial Services**, and **Digital Entertainment**. ["three operating and reportable segments"](0001193125-25-084311|0)
The segment descriptors in the 20-F map to the consumer-facing brands: Shopee (e-commerce), SeaMoney/Monee (digital finance), and Garena (digital entertainment). ["e-commerce, digital financial services and digital entertainment"](0001193125-25-084311|0) ["Garena…Shopee and Monee"](0001193125-25-283853|1)
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## 2) Consolidated financial performance (FY2022–FY2024, USD)
### Income statement snapshot
(Amounts in **USD millions**, converted from “$ in thousands” in the 20-F.)
| Metric (USD mm) | FY2022 | FY2023 | FY2024 |
|---|---:|---:|---:|
| Total revenue | 12,449.7 ["Total revenue…12,449,705"](0001193125-25-084311|0) | 13,063.6 ["Total revenue…13,063,560"](0001193125-25-084311|0) | 16,819.9 ["Total revenue…16,819,866"](0001193125-25-084311|0) |
| Gross profit | 5,185.3 ["Gross profit…5,185,277"](0001193125-25-084311|0) | 5,833.6 ["Gross profit…5,833,647"](0001193125-25-084311|0) | 7,205.1 ["Gross profit…7,205,088"](0001193125-25-084311|0) |
| Operating income (loss) | (1,487.5) ["Operating (loss) income…(1,487,508)"](0001193125-25-084311|0) | 224.8 ["Operating (loss) income…224,778"](0001193125-25-084311|0) | 662.2 ["Operating (loss) income…662,152"](0001193125-25-084311|0) |
| Net income (loss) | (1,657.8) ["Net (loss) income…(1,657,772)"](0001193125-25-084311|0) | 162.7 ["Net (loss) income…162,682"](0001193125-25-084311|0) | 447.8 ["Net (loss) income…447,827"](0001193125-25-084311|0) |
| Sales & marketing expense | (3,269.2) ["Sales and marketing…(3,269,223)"](0001193125-25-084311|0) | (2,779.2) ["Sales and marketing…(2,779,223)"](0001193125-25-084311|0) | (3,472.7) ["Sales and marketing…(3,472,686)"](0001193125-25-084311|0) |
| Provision for credit losses | (513.7) ["Provision for credit losses…(513,690)"](0001193125-25-084311|0) | (633.9) ["Provision for credit losses…(633,942)"](0001193125-25-084311|0) | (776.9) ["Provision for credit losses…(776,937)"](0001193125-25-084311|0) |
**What this says economically (grounded in the filing numbers):**
- **FY2024 was a step-change in scale**: revenue rose to **$16.82B** from **$13.06B** in FY2023 (**~+28.7% Y/Y, computed**). ["Total revenue…13,063,560"](0001193125-25-084311|0) ["Total revenue…16,819,866"](0001193125-25-084311|0)
- Profitability improved further: **operating income $662.2M** and **net income $447.8M** in FY2024 vs **$224.8M / $162.7M** in FY2023. ["Operating (loss) income…224,778"](0001193125-25-084311|0) ["Operating (loss) income…662,152"](0001193125-25-084311|0) ["Net (loss) income…162,682"](0001193125-25-084311|0) ["Net (loss) income…447,827"](0001193125-25-084311|0)
- Credit costs are a structurally important drag/lever: the **provision for credit losses** increased from **$633.9M** to **$776.9M** in FY2024 as the digital finance credit book expanded. ["Provision for credit losses…(633,942)"](0001193125-25-084311|0) ["Provision for credit losses…(776,937)"](0001193125-25-084311|0)
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## 3) Segment economics (FY2024 disclosure)
The 20-F provides a CODM-style segment table for FY2024 (revenue and “operating segment (loss) income”).
### FY2024 segment revenue + operating segment income
(USD **millions**)
| FY2024 (USD mm) | E-commerce | Digital Financial Services | Digital Entertainment | Other Services | Total |
|---|---:|---:|---:|---:|---:|
| Revenue | 12,415.2 ["Revenue…12,415,231"](0001193125-25-084311|0) | 2,367.7 ["Revenue…2,367,739"](0001193125-25-084311|0) | 1,910.6 ["Revenue…1,910,589"](0001193125-25-084311|0) | 126.3 ["Revenue…126,307"](0001193125-25-084311|0) | 16,819.9 ["Revenue…16,819,866"](0001193125-25-084311|0) |
| Operating segment income (loss) | (139.4) ["Operating segment (loss) income…(139,431)"](0001193125-25-084311|0) | 657.5 ["Operating segment (loss) income…657,502"](0001193125-25-084311|0) | 978.8 ["Operating segment (loss) income…978,821"](0001193125-25-084311|0) | (43.9) ["Operating segment (loss) income…(43,903)"](0001193125-25-084311|0) | 1,453.0 ["Operating segment…1,452,989"](0001193125-25-084311|0) |
| Unallocated expenses | | | | | (790.8) ["Unallocated expenses…(790,837)"](0001193125-25-084311|0) |
| Consolidated operating income | | | | | 662.2 ["Operating income…662,152"](0001193125-25-084311|0) |
**Interpretation (what matters):**
- **E-commerce (Shopee) is the scale engine** (>$12B revenue) but **close-to-break-even / slightly loss-making** at the segment operating line in FY2024, before corporate allocations. ["Revenue…12,415,231"](0001193125-25-084311|0) ["Operating segment…(139,431)"](0001193125-25-084311|0)
- **Digital entertainment (Garena) and digital finance** together are the **profit pool** on this presentation (segment operating income ~$979M and ~$658M, respectively), and they subsidize/offset the e-commerce investment + corporate. ["Operating segment…978,821"](0001193125-25-084311|0) ["Operating segment…657,502"](0001193125-25-084311|0)
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## 4) Balance sheet & liquidity (FY2024 year-end)
### Consolidated balance sheet highlights (Dec 31, 2024 vs 2023)
(USD **millions**)
| Balance sheet line | Dec 31, 2023 | Dec 31, 2024 |
|---|---:|---:|
| Cash & cash equivalents | 2,811.1 ["Cash and cash equivalents…2,811,056"](0001193125-25-084311|0) | 2,405.2 ["Cash and cash equivalents…2,405,153"](0001193125-25-084311|0) |
| Restricted cash (current) | 1,410.4 ["Restricted cash…1,410,365"](0001193125-25-084311|0) | 1,655.2 ["Restricted cash…1,655,171"](0001193125-25-084311|0) |
| Short-term investments | 2,547.6 ["Short-term investments…2,547,644"](0001193125-25-084311|0) | 6,215.4 ["Short-term investments…6,215,423"](0001193125-25-084311|0) |
| Loans receivable (current) | 2,464.7 ["Loans receivable…2,464,662"](0001193125-25-084311|0) | 4,052.2 ["Loans receivable…4,052,215"](0001193125-25-084311|0) |
| Deposits payable (liability) | 1,706.3 ["Deposits payable…1,706,299"](0001193125-25-084311|0) | 2,711.7 ["Deposits payable…2,711,693"](0001193125-25-084311|0) |
| Convertible notes (current + non-current) | 3,101.5 ["Convertible notes…3,101,549"](0001193125-25-084311|0) | 2,626.8 ["Convertible notes…2,626,768"](0001193125-25-084311|0) |
| Total assets | 18,883.2 ["Total assets…18,883,232"](0001193125-25-084311|0) | 22,625.5 ["Total assets…22,625,469"](0001193125-25-084311|0) |
| Total shareholders’ equity | 6,697.6 ["Total shareholders’ equity…6,697,585"](0001193125-25-084311|0) | 8,477.6 ["Total shareholders’ equity…8,477,576"](0001193125-25-084311|0) |
**Liquidity read-through:** The mix (cash + restricted cash + short-term investments) is very large in absolute dollars, but **restricted cash** and the presence of **banking deposits payable** make “net cash” interpretation more nuanced than a pure e-commerce/gaming company. ["Restricted cash…1,655,171"](0001193125-25-084311|0) ["Deposits payable…2,711,693"](0001193125-25-084311|0)
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## 5) Capital structure & convertibles (financing disclosures)
Sea’s 20-F discusses three convertibles (2024/2025/2026), including maturity dates, coupon, and conversion rates. ["2024 Convertible Notes…Maturity date…December 1, 2024"](0001193125-25-084311|0) ["2025…Maturity date…December 1, 2025"](0001193125-25-084311|0) ["2026…Maturity date…September 15, 2026"](0001193125-25-084311|0)
### Convertible notes carrying amounts (Dec 31, 2024)
(USD **millions**, carrying amount)
| Instrument | Carrying amount (Dec 31, 2024) | Key terms (selected) |
|---|---:|---|
| 2025 convertible notes | 1,148.0 ["2025 Convertible Notes…1,147,984"](0001193125-25-084311|0) | 2.375% coupon; maturity Dec 1, 2025. ["Interest rate…2.375%"](0001193125-25-084311|0) ["Maturity date…December 1, 2025"](0001193125-25-084311|0) |
| 2026 convertible notes | 1,478.8 ["2026 Convertible Notes…1,478,784"](0001193125-25-084311|0) | 0.25% coupon; maturity Sep 15, 2026. ["Interest rate…0.25%"](0001193125-25-084311|0) ["Maturity date…September 15, 2026"](0001193125-25-084311|0) |
| Total convertibles | 2,626.8 ["Total…2,626,768"](0001193125-25-084311|0) | |
A practical equity-overhang point: the 20-F also warns that conversions could dilute ADS holders, and it discloses the initial conversion rates (e.g., **11.0549 ADS per $1,000** for the 2025 notes; **2.0964 ADS per $1,000** for the 2026 notes). ["initial conversion rate of 11.0549 ADSs"](0001193125-25-084311|0) ["2.0964 ADSs per US$1,000"](0001193125-25-084311|0)
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## 6) Recent event filings: Q3 2025 results + buyback authorization (6-Ks)
### Q3 2025 results (Exhibit 99.1 to Form 6-K filed Nov 12, 2025)
Key headline metrics:
| Metric | Q3 2024 | Q3 2025 |
|---|---:|---:|
| Total GAAP revenue (USD bn) | 4.3 ["Total revenue…4,328,233"](0001193125-25-275616|1) | 6.0 ["Total GAAP revenue…US$6.0 billion"](0001193125-25-275616|1) |
| Gross profit (USD bn) | 1.9 ["Gross profit…1,861,061"](0001193125-25-275616|1) | 2.6 ["Total gross profit…US$2.6 billion"](0001193125-25-275616|1) |
| Net income (USD mm) | 153.3 ["Net income…153,324"](0001193125-25-275616|1) | 375.0 ["Total net income…US$375.0 million"](0001193125-25-275616|1) |
| Total adjusted EBITDA (USD mm) | 521.3 ["Total adjusted EBITDA…521,337"](0001193125-25-275616|1) | 874.3 ["Total adjusted EBITDA…US$874.3 million"](0001193125-25-275616|1) |
Segment datapoints (same exhibit) show strong Y/Y growth rates in **DFS revenue (+60.8%)** and continued profitability in **Digital Entertainment adjusted EBITDA**. ["GAAP revenue was US$989.9 million, up 60.8%"](0001193125-25-275616|1) ["Adjusted EBITDA…US$465.9 million"](0001193125-25-275616|1)
### Share repurchase authorization (Exhibit 99.1 to Form 6-K filed Nov 17, 2025)
Sea disclosed a board authorization to repurchase **up to $1B** of ADS. ["authorized a share repurchase program…up to US$1 billion"](0001193125-25-283853|1)
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## 7) Selected risk & governance disclosures worth flagging
From the FY2024 20-F, Sea emphasizes (among many risks):
- **Regulatory risk / evolving rules** across its internet and financial services activities. ["relevant regulations are evolving and expanding"](0001193125-25-084311|0)
- **Profitability is not guaranteed** despite profits in 2023–2024. ["may not sustain this profitability"](0001193125-25-084311|0)
- **Cybersecurity oversight and process**: board oversight, management responsibility, and use of third-party advisors; also notes it is not aware of material cybersecurity risks as of the report date. ["board of directors oversees"](0001193125-25-084311|0) ["periodically engage third-party advisors"](0001193125-25-084311|0) ["not aware of any material risks"](0001193125-25-084311|0)
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If you want, I can extend this into (a) a **Shopee unit economics** section (take rate/logistics net-offs, if you want me to pull those note disclosures), and (b) a **credit book deep dive** (loan portfolio tables + allowance methodology) using the loan note tables already present in the 20-F. ["loans receivable…loan portfolio"](0001193125-25-084311|0)