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Sea Valuation Multiples

Discover revenue and EBITDA valuation multiples for Sea and similar public comparables like Carvana, Electronic Arts, eBay, Rocket Companies and more.

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Sea Overview

About Sea

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid C2C and B2C marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue generating game. Sea’s third business, SeaMoney, provides lending, payment, digital banking, and insurance services.As of March 31, 2025, Forrest Xiaodong Li, the founder, chairman and CEO, owned 59.1% of voting power. Tencent owned 18.5% of issued shares with no voting power.

Founded

2009

HQ

Singapore

Employees

80.7K

Website

sea.com

Financials (LTM)

Revenue: $25B
EBITDA: $3B

EV

$44B

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Sea Financials

Sea reported last 12-month revenue of $25B and EBITDA of $3B.

In the same LTM period, Sea generated $11B in gross profit, $3B in EBITDA, and $2B in net income.

Revenue (LTM)

Sea P&L

In the most recent fiscal year, Sea reported revenue of $17B and EBITDA of $1B.

Sea expects next 12-month revenue of XXX and NTM EBITDA of XXX

See Sea forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$25BXXX$17BXXXXXXXXX
Gross Profit$11BXXX$7BXXXXXXXXX
Gross Margin45%XXX43%XXXXXXXXX
EBITDA$3BXXX$1BXXXXXXXXX
EBITDA Margin13%XXX7%XXXXXXXXX
EBIT Margin9%XXX4%XXXXXXXXX
Net Profit$2BXXX$444MXXXXXXXXX
Net Margin9%XXX3%XXXXXXXXX
Net Debt——$602MXXXXXXXXX

Financial data powered by Morningstar, Inc.

Sea Stock Performance

Sea has current market cap of $51B, and enterprise value of $44B.

Market Cap Evolution

Sea's stock price is $86.41.

See Sea trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$44B$51B0.6%XXXXXXXXX$0.75

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Sea Valuation Multiples

Sea trades at 1.8x EV/Revenue multiple, and 13.9x EV/EBITDA.

See valuation multiples for Sea and 15K+ public comps

EV / Revenue (LTM)

Sea Financial Valuation Multiples

As of April 14, 2026, Sea has market cap of $51B and EV of $44B.

Equity research analysts estimate Sea's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Sea has a P/E ratio of 23.3x.

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$51BXXX$51BXXXXXXXXX
EV (current)$44BXXX$44BXXXXXXXXX
EV/Revenue1.8xXXX2.6xXXXXXXXXX
EV/EBITDA13.9xXXX36.4xXXXXXXXXX
EV/EBIT20.6xXXX66.3xXXXXXXXXX
EV/Gross Profit3.9xXXX6.1xXXXXXXXXX
P/E23.3xXXX115.1xXXXXXXXXX
EV/FCF10.8xXXX14.9xXXXXXXXXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Sea Valuation Multiples

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Sea Margins & Growth Rates

Sea's revenue in the last 12 month grew by 26%.

Sea's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Sea's rule of 40 is 40% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Sea's rule of X is 83% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Sea Operational Valuation Multiples

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth26%XXX36%XXXXXXXXX
EBITDA Margin13%XXX7%XXXXXXXXX
EBITDA Growth22%XXX148%XXXXXXXXX
Rule of 40—XXX40%XXXXXXXXX
Bessemer Rule of X—XXX83%XXXXXXXXX
Revenue per Employee—XXX$0.2MXXXXXXXXX
Opex per Employee—XXX$0.1MXXXXXXXXX
S&M Expenses to Revenue20%XXX21%XXXXXXXXX
G&A Expenses to Revenue9%XXX8%XXXXXXXXX
R&D Expenses to Revenue5%XXX7%XXXXXXXXX
Opex to Revenue—XXX39%XXXXXXXXX

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Sea Public Comps

See public comps and valuation multiples for other Consumer Marketplaces and Gaming - Mobile comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
SeaXXXXXXXXXXXXXXXXXX
CarvanaXXXXXXXXXXXXXXXXXX
Electronic ArtsXXXXXXXXXXXXXXXXXX
eBayXXXXXXXXXXXXXXXXXX
Rocket CompaniesXXXXXXXXXXXXXXXXXX
JD.comXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

Sea M&A Activity

Sea acquired XXX companies to date.

Last acquisition by Sea was on XXXXXXXX, XXXXX. Sea acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Acquisitions by Sea

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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Sea Investment Activity

Sea invested in XXX companies to date.

Sea made its latest investment on XXXXXXXX, XXXXX. Sea invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by Sea

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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About Sea

When was Sea founded?Sea was founded in 2009.
Where is Sea headquartered?Sea is headquartered in Singapore.
How many employees does Sea have?As of today, Sea has over 80K employees.
Who is the CEO of Sea?Sea's CEO is Xiaodong Forrest Li.
Is Sea publicly listed?Yes, Sea is a public company listed on NYSE.
What is the stock symbol of Sea?Sea trades under SE ticker.
When did Sea go public?Sea went public in 2017.
Who are competitors of Sea?Sea main competitors are Carvana, Electronic Arts, eBay, Rocket Companies.
What is the current market cap of Sea?Sea's current market cap is $51B.
What is the current revenue of Sea?Sea's last 12 months revenue is $25B.
What is the current revenue growth of Sea?Sea revenue growth (NTM/LTM) is 26%.
What is the current EV/Revenue multiple of Sea?Current revenue multiple of Sea is 1.8x.
Is Sea profitable?Yes, Sea is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Sea?Sea's last 12 months EBITDA is $3B.
What is Sea's EBITDA margin?Sea's last 12 months EBITDA margin is 13%.
What is the current EV/EBITDA multiple of Sea?Current EBITDA multiple of Sea is 13.9x.
What is the current FCF of Sea?Sea's last 12 months FCF is $4B.
What is Sea's FCF margin?Sea's last 12 months FCF margin is 16%.
What is the current EV/FCF multiple of Sea?Current FCF multiple of Sea is 10.8x.

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