SE Class A Sea Limited American Depositary Shares, each representing one Class A Ordinary Share
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About Sea Limited American Depositary Shares, each representing one Class A Ordinary Share Company overview from Wikipedia
Sea Limited (stylized as: sea) is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.
Since 2020, Sea is also the owner of Singapore Premier League football club Lion City Sailors FC, after Forrest Li acquired, privatised and renamed Home United.
History
2009–2015
The company initially named Garena was established by Forrest Li in Singapore in 2009. In 2010, Riot Games awarded the publishing rights of League of Legends (LoL) to the company, for the game’s first launch in Southeast Asia.
By 2014, Garena was valued at US$1 billion by The World Startup Report and was ranked as the largest internet company in Singapore by The Economist. In March 2015, the Ontario Teachers' Pension Plan (OTPP), one of the largest pension funds in the world, invested in Garena, increasing the value of the company to over US$2.5 billion.
Transition to Sea Limited
In May 2017, after raising US$550 million in a funding round, Garena underwent a corporate rebranding. The parent company adopted the name Sea Ltd. to better reflect its diverse range of businesses, which now includes digital entertainment, e-commerce, and digital financial services. The company's digital entertainment segment retained the Garena name, maintaining its brand identity in the gaming industry.
2017–present
Sea listed on the New York Stock Exchange in 2017, where it was the first major U.S. IPO from a Southeast Asian tech firm. In 2020, Sea joined the Infocomm Media Development Authority (IMDA) in Singapore to hire and train 500 Singaporeans in technical roles over the course of two years. It was the largest company-led training initiative under IMDA's TechSkills Accelerator program. In 2021, Sea gave a S$50 million gift to the National University of Singapore's (NUS) School of Computing for research and education in areas such as artificial intelligence and data science, making it the largest corporate gift the university had received. Sea and NUS officially opened two new buildings in January 2025, the Sea Building and Sea Connect, at the NUS School of Computing. On 9 September 2021, Sea raised US$6 billion in an equity and convertible bond sale, making it Southeast Asia's largest fund raising. Sea said it planned to use the cash for strategic investments and potential acquisitions.
In January 2022, Tencent, the Chinese gaming giant, offloaded a US$3 billion investment in Sea. In the same year, Sea discontinued its investment division and ceased new equity investments.
In March 2023, Sea opened its digital bank, Maribank, after securing a digital full bank license from Monetary Authority of Singapore. It also owned banking license in Malaysia, Indonesia and Philippines. In 2025, Maribank launched a new banking group to expand digital banking services in Southeast Asia.
In March 2024, Sea posted its first profitable year since its IPO with an annual net income of US$162.7 million for the 2023 financial year.
Subsidiaries
Shopee
Shopee is a technology company focused mainly on e-commerce. Shopee was first launched in Singapore in 2015, and has grown to become the largest e-commerce platform in Southeast Asia and Taiwan. The company also serves consumers and sellers throughout Southeast Asia (Singapore, Malaysia, Thailand, Philippines, Vietnam, Indonesia), Taiwan, and Brazil.
Monee
Monee (formerly known as SeaMoney) is an internet services company specialized in digital payments and financial services. It's offerings include mobile wallet services, payment processing, credit offerings and related digital financial products and services. These are available in seven markets across Southeast Asia and Taiwan under various brands, including ShopeePay, SPayLater, SLoan, SeaBank, and MariBank. Monee's loan book exceeded $5 billion in 2025, at the time of the rebranding. Sea Chairman and CEO Forrest Li stated the name Monee was chosen because "it is simple, cute, and just like Sea, easy to write and pronounce."
On May 8, 2025, the SeaMoney rebranding to Monee occurred alongside the opening of Monee's global headquarters for digital financial services at Rochester Commons in Singapore. As part of the expansion, Monee will be investing in product management, artificial intelligence and anti-money laundering.
Garena
Garena operates as the digital entertainment division of Sea, managing Garena+, an online gaming and social platform established in 2010. This platform facilitates the discovery, download, and play of online games. Garena distributes game titles in various countries across Southeast Asia and Taiwan, including MOBA game Heroes of Newerth, the first-person shooter game Point Blank, the mobile MOBA game Arena of Valor and the mobile racing game Speed Drifters.
In 2017, Garena developed Free Fire, an online action-adventure game that became the most downloaded game on the Google Play Store in 2019.
Following a decline in profit in 2022, Sea reported that it had stabilized the performance of its digital entertainment business in 2023. The company indicated that Garena had maintained steady demand for its popular title, Free Fire, which achieved a peak of over 100 million daily active users in February 2024.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | SE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 38.45Y avg ≈56.0 | ≈56.0 | · | · | |
| P/S | 2.65Y avg ≈5.0 | ≈5.0 | · | · | |
| P/B | 4.75Y avg ≈7.9 | ≈7.9 | · | · | |
| Price / FCF | 13.15Y avg ≈-51.6 | ≈-51.6 | · | · | |
| Price / Cash Flow | 11.85Y avg ≈149.2 | ≈149.2 | · | · | |
| Price / Tangible Book | 4.85Y avg ≈8.4 | ≈8.4 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | SE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin | 44.7%5Y avg ≈42.6% | ≈42.6% | · | · | |
| Operating Margin | 8.6%5Y avg ≈-2.7% | ≈-2.7% | · | · | |
| EBITDA Margin | 10.3%5Y avg ≈-0.56% | ≈-0.56% | · | · | |
| Pretax Margin | 9.9%5Y avg ≈-2.3% | ≈-2.3% | · | · | |
| Net Profit Margin | 6.9%5Y avg ≈-4.6% | ≈-4.6% | · | · | |
| ROA | 6.1%5Y avg ≈-2.8% | ≈-2.8% | · | · | |
| ROE | 15.1%5Y avg ≈-7.9% | ≈-7.9% | · | · | |
| ROIC | 11.3%5Y avg ≈-7.4% | ≈-7.4% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | SE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio | 1.65Y avg ≈1.7 | ≈1.7 | · | · | |
| Quick Ratio | 0.75Y avg ≈0.9 | ≈0.9 | · | · | |
| Interest Coverage | 59.15Y avg ≈7.5 | ≈7.5 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | SE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.95Y avg ≈0.8 | ≈0.8 | · | · | |
| Inventory Turnover | 69.45Y avg ≈66.6 | ≈66.6 | · | · | |
| Receivables Turnover | 67.05Y avg ≈47.9 | ≈47.9 | · | · | |
| Revenue / Employee | ≈$223.4K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $0.70 | $0.79 | -10.9% |
| March 31, 2026 | May 11, 2026 | $0.67 | $0.75 | -10.9% |
| Dec. 31, 2025 | $0.63 | $0.63 | -0.71% | |
| Sept. 30, 2025 | $0.59 | $0.79 | -25.0% | |
| June 30, 2025 | $0.65 | $0.72 | -9.8% | |
| March 31, 2025 | $0.65 | $0.65 | 0.43% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.94B | $16.82B | $13.06B | $12.45B | $9.96B | $4.38B | $2.18B | $827M | $414M | $346M | |
| Cost of Revenue | $12.69B | $9.61B | $7.23B | $7.26B | $6.06B | $3.03B | $1.57B | $812M | $327M | $233M | |
| Gross Profit | $10.24B | $7.21B | $5.83B | $5.19B | $3.90B | $1.35B | $605M | $15M | $87M | $113M | |
| R&D Expense | $1.16B | $1.21B | $1.16B | $1.38B | $832M | $354M | $157M | $68M | $29M | $21M | |
| SG&A Expense | $1.36B | $1.27B | $1.13B | $1.44B | $988M | $600M | $386M | $241M | $138M | $112M | |
| Operating Expenses | $8.26B | $6.54B | $5.61B | $6.67B | $5.48B | $2.65B | $1.50B | $1.00B | $590M | $318M | |
| Operating Income | $1.99B | $662M | $225M | $-1.49B | $-1.58B | $-1.30B | $-891M | $-989M | $-502M | $-205M | |
| Interest Expense | $34M | $38M | $41M | $45M | $137M | $124M | $48M | $31M | $27M | $23.0K | |
| Interest Income | $331M | $366M | $331M | $116M | $36M | $25M | $34M | $12M | $3M | $741.0K | |
| Other Non-op | $296M | $117M | $208M | $-13M | $-132M | $-180M | $-477M | $35M | $-46M | $9M | |
| Pretax Income | $2.28B | $779M | $432M | $-1.50B | $-1.72B | $-1.48B | $-1.37B | $-954M | $-549M | $-197M | |
| Income Tax | $651M | $321M | $263M | $168M | $333M | $142M | $86M | $4M | $11M | $9M | |
| Net Income | $1.58B | $444M | $151M | $-1.65B | $-2.05B | $-1.62B | $-1.46B | $-961M | $-560M | $-223M | |
| EPS (Basic) | $2.65 | $0.77 | $0.27 | $-2.96 | $-3.84 | $-3.39 | $-3.35 | · | · | · | |
| EPS (Diluted) | $2.52 | $0.74 | $0.25 | $-2.96 | $-3.84 | $-3.39 | $-3.35 | · | · | · | |
| Shares (Basic) | 595,023,879 | 574,966,327 | 566,612,815 | 558,119,948 | 532,705,796 | 477,264,888 | 436,601,801 | · | · | · | |
| Shares (Diluted) | 638,227,141 | 604,713,980 | 594,405,604 | 558,119,948 | 532,705,796 | 477,264,888 | 436,601,801 | · | · | · | |
| EBITDA | $2.36B | $1.05B | $666M | $-1.06B | $-1.58B | $-1.30B | $-891M | · | $-502M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.16B | $2.41B | $2.81B | $6.03B | $9.25B | $6.17B | $3.12B | $1.00B | $1.35B | $170M | |
| Short-term Investments | $6.41B | $6.22B | $2.55B | $864M | $911M | $126M | $102M | $690.0K | $18M | · | |
| Receivables | $378M | $307M | $263M | $269M | $388M | $363M | $187M | $98M | $62M | $35M | |
| Inventory | $223M | $143M | $125M | $110M | $117M | $64M | $27M | $38M | $10M | $4M | |
| Prepaid Expense | $1.98B | $1.66B | $1.86B | $1.80B | $1.40B | $1.05B | $535M | $312M | $186M | $79M | |
| Other Current Assets | $16M | $20M | $16M | $23M | $18M | $22M | $0 | · | $2M | $676.0K | |
| Current Assets | $23.25B | $16.86B | $11.77B | $12.69B | $15.14B | $8.94B | $4.41B | $1.71B | $1.72B | $310M | |
| PP&E (Net) | $1.31B | $1.10B | $1.21B | $1.39B | $1.03B | $386M | $319M | $192M | $74M | $31M | |
| PP&E (Gross) | $3.09B | $2.55B | $2.46B | $2.32B | $1.63B | $755M | $533M | $293M | $143M | $76M | |
| Accum. Depreciation | $1.78B | $1.45B | $1.25B | $936M | $600M | $369M | $214M | $100M | $69M | $45M | |
| Goodwill | $104M | $108M | $113M | $230M | $540M | $216M | $31M | $31M | $31M | · | |
| Intangibles | $12M | $27M | $51M | $65M | $53M | $40M | $15M | $13M | $37M | $30M | |
| Other Non-current Assets | $18M | $14M | $7M | $11M | $14M | $6M | $1M | $0 | $384.0K | $5.0K | |
| Total Assets | $29.37B | $22.63B | $18.88B | $17.00B | $18.76B | $10.46B | $5.22B | $2.19B | $1.99B | $486M | |
| Accounts Payable | $468M | $350M | $343M | $259M | $214M | $122M | $69M | $37M | $9M | $6M | |
| Short-term Debt | · | · | · | · | · | · | · | · | $2M | $2M | |
| Current Liabilities | $14.68B | $11.30B | $8.17B | $6.94B | $7.18B | $4.64B | $2.36B | $1.19B | $638M | $264M | |
| Capital Leases | $1.12B | $804M | $790M | $757M | $491M | $178M | $144M | $0 | · | · | |
| Deferred Tax | $40M | $408.0K | $133.0K | $10M | $7M | $2M | $975.0K | $679.0K | $4M | · | |
| Total Liabilities | $16.72B | $14.15B | $12.19B | $11.19B | $11.33B | $7.04B | $4.05B | $2.43B | $1.51B | $406M | |
| Total Debt | · | · | · | · | · | · | · | · | $2M | · | |
| Common Stock | · | · | · | · | · | · | · | · | · | $88.0K | |
| Retained Earnings | $-6.58B | $-8.16B | $-8.60B | $-8.75B | $-7.20B | $-5.15B | $-3.53B | $-2.07B | $-1.11B | $-505M | |
| Treasury Stock | $15M | $0 | · | · | · | · | · | · | · | · | |
| AOCI | $-5M | $-193M | $-108M | $-111M | $-29M | $5M | $5M | $15M | $11M | $9M | |
| Stockholders' Equity | $12.53B | $8.37B | $6.59B | $5.72B | $7.40B | $3.38B | $1.16B | $-243M | $469M | $-126M | |
| Liabilities + Equity | $29.37B | $22.63B | $18.88B | $17.00B | $18.76B | $10.46B | $5.22B | $2.19B | $1.99B | $486M | |
| Shares Outstanding | 611,863,617 | 590,872,977 | 572,340,007 | 564,758,842 | 557,737,960 | 511,931,470 | 463,244,652 | 342,598,768 | 334,966,213 | 176,592,650 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $372M | $390M | $441M | $428M | $279M | $181M | · | · | · | · | |
| Stock-based Comp | $625M | $716M | $685M | $706M | $470M | $290M | $117M | $58M | $29M | $29M | |
| Deferred Tax | $-14M | $-193M | $-95M | $-141M | $-975.0K | $-27M | $-4M | $-20M | $-9M | $-2M | |
| Amort. of Intangibles | $20M | $35M | $29M | $23M | $18M | $12M | $5M | $24M | $18M | $22M | |
| Other Non-cash | $2.46B | $1.92B | $898M | $-398M | · | · | · | · | · | · | |
| Operating Cash Flow | $5.02B | $3.28B | $2.08B | $-1.06B | $209M | $556M | $70M | $-495M | $-259M | $-115M | |
| CapEx | $514M | $318M | $242M | $924M | $772M | $336M | $240M | $177M | $67M | $17M | |
| Investing Cash Flow | $-4.41B | $-5.04B | $-5.80B | $-2.43B | $-3.77B | $-887M | $-363M | $-225M | $-119M | · | |
| Stock Issued | $57M | $146M | $11M | $50M | $4.05B | $2.97B | $1.54B | $5M | $961M | $3M | |
| Stock Repurchased | $14M | $0 | $0 | · | · | · | · | · | · | · | |
| Net Stock Activity | $43M | $146M | $11M | $50M | $4.05B | $2.97B | $1.54B | · | $961M | · | |
| Financing Cash Flow | $1.62B | $1.68B | $366M | $400M | $7.40B | $3.73B | $2.58B | $547M | $1.62B | · | |
| Net Change in Cash | $2.34B | $-162M | $-3.37B | $-3.23B | $3.78B | $3.48B | $2.31B | $-186M | $1.25B | $54M | |
| Taxes Paid | $591M | $515M | $319M | $314M | $207M | $145M | $74M | $24M | $14M | · | |
| Free Cash Flow | $4.51B | $2.96B | $1.84B | $-1.98B | $-564M | $220M | $-170M | · | $-402M | · | |
| Levered FCF | $4.49B | $2.94B | $1.82B | $-2.03B | $-729M | $57M | $-221M | · | $-429M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.7% | 42.8% | 44.7% | 41.6% | 39.1% | 30.8% | 27.8% | · | 21.1% | · | |
| Operating Margin | 8.6% | 3.9% | 1.7% | -11.9% | -15.9% | -29.8% | -41.0% | · | -121.3% | · | |
| Net Margin | 6.9% | 2.6% | 1.1% | -13.3% | -20.6% | -37.0% | -67.2% | · | -135.3% | · | |
| Pretax Margin | 9.9% | 4.6% | 3.3% | -12.0% | -17.2% | -33.9% | -62.9% | · | -132.4% | · | |
| EBITDA Margin | 10.3% | 6.2% | 5.1% | -8.5% | -15.9% | -29.8% | -41.0% | · | -121.3% | · | |
| ROA | 6.1% | 2.1% | 0.84% | -9.2% | -14.0% | -20.6% | -39.5% | · | -45.3% | · | |
| ROE | 15.1% | 5.9% | 2.5% | -25.2% | -38.0% | -71.2% | -318.2% | · | -326.5% | · | |
| ROIC | 11.3% | 4.7% | 1.3% | -28.9% | -25.6% | -42.2% | -81.5% | · | -108.7% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.5 | 1.4 | 1.8 | 2.1 | 1.9 | 1.9 | · | 2.7 | · | |
| Quick Ratio | 0.7 | 0.8 | 0.7 | 1.0 | 1.5 | 1.4 | 1.4 | · | 2.2 | · | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | · | |
| Interest Coverage | 59.1 | 17.3 | 5.5 | -32.8 | -11.4 | -8.8 | -18.5 | · | -19.0 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.8 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | · | 0.3 | · | |
| Inventory Turnover | 69.4 | 71.6 | 61.5 | 64.0 | 66.7 | 66.4 | 48.6 | · | 47.6 | · | |
| Receivables Turnover | 67.0 | 59.1 | 49.2 | 37.9 | 26.5 | 15.9 | 15.3 | · | 8.5 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $20.47 | · | $11.52 | $10.12 | $13.27 | $6.61 | $2.51 | · | · | · | |
| Revenue / Share | $35.94 | $27.81 | $21.98 | $22.31 | $18.69 | · | · | · | · | · | |
| Cash Flow / Share | $7.87 | $5.42 | $3.50 | $-1.89 | $0.39 | · | · | · | · | · | |
| Cash / Share | $6.80 | · | $4.91 | $10.68 | $16.58 | $12.05 | $6.73 | · | · | · | |
| EPS (TTM) | $2.52 | $0.74 | $0.25 | $-2.96 | $-3.84 | $-3.39 | $-3.35 | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $22.94B | $16.82B | $13.06B | $12.45B | $9.96B | $4.38B | $2.18B | · | $414M | · | |
| Net Income TTM | $1.58B | $444M | $151M | $-1.65B | $-2.05B | $-1.62B | $-1.46B | · | $-560M | · | |
| Market Cap | $78.06B | · | $23.18B | $29.38B | $124.77B | $101.90B | $18.63B | · | $0 | · | |
| Enterprise Value | · | · | · | · | · | · | · | · | $-1.36B | · | |
| P/E | 50.6 | 143.4 | 162.0 | -17.6 | -58.3 | -58.7 | -12.0 | · | · | · | |
| P/S | 3.4 | · | 1.8 | 2.4 | 12.5 | 23.3 | 8.6 | · | 0.0 | · | |
| P/B | 6.2 | · | 3.5 | 5.1 | 16.9 | 30.1 | 16.0 | · | · | · | |
| P / Tangible Book | 6.3 | · | 3.6 | 5.4 | 18.3 | 32.6 | · | · | · | · | |
| P / Cash Flow | 15.5 | · | 11.1 | -27.8 | 598.0 | 183.3 | 266.7 | · | 0.0 | · | |
| P / FCF | 17.3 | · | 12.6 | -14.8 | -221.4 | 464.0 | -109.6 | · | 0.0 | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 2.7 | · | |
| EV / FCF | · | · | · | · | · | · | · | · | 3.4 | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | -3.3 | · | |
| Earnings Yield | 2.0% | 0.70% | 0.62% | -5.7% | -1.7% | -1.7% | -8.3% | · | · | · |
Valuation (TTM)
| Metric | Trend | Q4 2018 |
|---|---|---|
| Revenue TTM | $827M | |
| Net Income TTM | $-961M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $22.94B | $16.82B | $13.06B | $12.45B | $9.96B |
| Gross Margin % | 44.7% | 42.8% | 44.7% | 41.6% | 39.1% |
| Operating Margin % | 8.6% | 3.9% | 1.7% | -11.9% | -15.9% |
| Net Income | $1.58B | $444M | $151M | $-1.65B | $-2.05B |
| Diluted EPS | $2.52 | $0.74 | $0.25 | $-2.96 | $-3.84 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.5 | 1.4 | 1.8 | 2.1 |
| Quick Ratio | 0.7 | 0.8 | 0.7 | 1.0 | 1.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $4.51B | $2.96B | $1.84B | $-1.98B | $-564M |
Institutional owners (13F) 880 filers · $34.2B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 129 (+20 vs prior Q) | 83 (-101 vs prior Q) | 328 (-14 vs prior Q) | 243 (0 vs prior Q) | +3.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BAILLIE GIFFORD & CO | $3,680,771,365 | 38,409,385 | 10.75% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $3,149,256,796 | 33,881,192 | 9.20% | Shares |
| BlackRock, Inc. | $2,030,005,359 | 21,183,402 | 5.93% | Shares |
| FMR LLC | $1,476,119,605 | 15,403,524 | 4.31% | Shares |
| TIGER GLOBAL MANAGEMENT LLC | $1,203,543,536 | 12,559,152 | 3.52% | Shares |
| JPMORGAN CHASE & CO | $760,940,723 | 8,186,557 | 2.22% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $710,771,919 | 7,646,820 | 2.08% | Shares |
| STATE STREET CORP | $697,672,203 | 7,280,311 | 2.04% | Shares |
| Temasek Holdings (Private) Ltd | $550,503,772 | 5,744,587 | 1.61% | Shares |
| VIKING GLOBAL INVESTORS LP | $543,344,313 | 5,669,877 | 1.59% | Shares |
| NORGES BANK | $540,107,559 | 5,636,101 | 1.58% | Shares |
| Artisan Partners Limited Partnership | $523,806,876 | 5,466,001 | 1.53% | Shares |
| MORGAN STANLEY | $477,570,905 | 4,983,519 | 1.40% | Shares |
| CITADEL ADVISORS LLC | $428,896,748 | 4,475,600 | 1.25% | Call option |
| Capital Research Global Investors | $426,245,841 | 4,448,477 | 1.25% | Shares |
| FIL Ltd | $373,491,004 | 3,897,433 | 1.09% | Shares |
| GOLDMAN SACHS GROUP INC | $367,972,062 | 3,839,842 | 1.07% | Shares |
| Kora Management LP | $363,465,174 | 3,792,812 | 1.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $360,587,804 | 3,812,164 | 1.05% | Shares |
| BANK OF AMERICA CORP /DE/ | $358,949,197 | 3,745,687 | 1.05% | Shares |
| FRED ALGER MANAGEMENT, LLC | $345,915,922 | 3,609,683 | 1.01% | Shares |
| EMINENCE CAPITAL, LP | $336,677,719 | 4,065,665 | 0.98% | Shares |
| NORTHERN TRUST CORP | $336,606,613 | 3,512,539 | 0.98% | Shares |
| Coronation Fund Managers Ltd. | $313,297,019 | 3,269,300 | 0.92% | Shares |
| Harding Loevner LP | $310,954,047 | 3,198,265 | 0.91% | Shares |
| First Beijing Investment Ltd | $297,941,891 | 3,109,067 | 0.87% | Shares |
| Point72 Asset Management, L.P. | $289,615,797 | 3,022,183 | 0.85% | Shares |
| SANDS CAPITAL MANAGEMENT, LLC | $287,330,635 | 2,998,337 | 0.84% | Shares |
| CITADEL ADVISORS LLC | $266,666,141 | 2,782,700 | 0.78% | Put option |
| MARSHALL WACE, LLP | $266,567,052 | 2,781,666 | 0.78% | Shares |
| SEI INVESTMENTS CO | $265,979,867 | 2,775,562 | 0.78% | Shares |
| HSBC HOLDINGS PLC | $260,308,189 | 2,719,843 | 0.76% | Shares |
| UBS Group AG | $259,169,360 | 2,704,470 | 0.76% | Shares |
| TWO SIGMA INVESTMENTS, LP | $224,803,476 | 2,345,857 | 0.66% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $223,880,537 | 2,336,226 | 0.65% | Shares |
| PRUDENTIAL PLC | $209,653,712 | 2,187,767 | 0.61% | Shares |
| Nuveen, LLC | $202,099,242 | 2,108,935 | 0.59% | Shares |
| INFINITUM ASSET MANAGEMENT, LLC | $201,553,255 | 2,708,800 | 0.59% | Shares |
| Davis Selected Advisers | $192,792,171 | 2,011,812 | 0.56% | Shares |
| TWO SIGMA ADVISERS, LP | $185,882,247 | 1,457,100 | 0.54% | Shares |
| OVERSEA-CHINESE BANKING Corp Ltd | $184,500,881 | 1,926,518 | 0.54% | Shares |
| Legal & General Group Plc | $182,115,427 | 1,900,401 | 0.53% | Shares |
| Kontiki Capital Management (HK) Ltd. | $181,747,728 | 1,896,564 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $179,690,833 | 1,875,100 | 0.52% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $171,558,412 | 1,790,237 | 0.50% | Shares |
| SCGE MANAGEMENT, L.P. | $170,098,250 | 1,775,000 | 0.50% | Shares |
| CITIGROUP INC | $164,427,510 | 1,715,825 | 0.48% | Shares |
| Charles-Lim Capital Ltd | $163,581,810 | 1,707,000 | 0.48% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $162,956,921 | 1,700,482 | 0.48% | Shares |
| D1 Capital Partners L.P. | $160,834,556 | 1,678,332 | 0.47% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Li Xiaodong, Blue Dolphins Venture Inc | Jan. 2, 2026 | 16.10% | Amendment | · | SEC |
| Forrest Xiaodong Li (“Mr. Li”) (2), Blue Dolphins Venture Inc (“Blue Dolphins”) (2) ×8 filings | June 6, 2023 | · | Initial filing | · | SEC |
| Tencent Holdings Limited, Tencent Limited ×5 filings | Sept. 8, 2022 | · | Initial filing | · | SEC |
| OR ×3 filings | March 12, 2019 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 10 insiders · 7 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Xiaodong Li | Chairman and CEO | Aug. 28, 2026 S | 1,227,828 | 0 | 17 | $-147,347,753 |
| Tianyu Hou | CFO | Sept. 17, 2026 S | 5,000 | 0 | 17 | $-7,522,120 |
| Feng Zhao | President of Garena | Aug. 28, 2026 S | 133,580 | 0 | 19 | $-2,023,602 |
| Zhimin Feng | President | Aug. 28, 2026 S | 208,291 | 0 | 30 | $-11,419,748 |
| Gang Ye | COO | Sept. 18, 2026 S | 598,792 | 0 | 457 | $-194,539,345 |
| Yanjun Wang | CCO and GC | Sept. 30, 2026 S | 89,780 | 0 | 473 | $-13,959,058 |
| Jingye Chen | CPO, Shopee | Sept. 22, 2026 S | 0 | 0 | 204 | $-34,900,372 |
| Khoon Hua Kuok | Director | Aug. 18, 2026 S | 96,830 | 0 | 4 | $-2,018,310 |
| David Y Ma | Director | April 21, 2026 S | 199,775 | 0 | 40 | $-117,179,100 |
| Chen Seng Heng | · | Aug. 14, 2026 S | 164,904 | 0 | 3 | $-2,446,166 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 38 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DINT · Davis Fundamental ETF Trust | 5.76% | 156,963 NS | July 31, 2026 | N-PORT |
| DWLD · Davis Fundamental ETF Trust | 4.26% | 243,724 NS | July 31, 2026 | N-PORT |
| EWS · iShares, Inc. | 4.12% | 507,019 SH | Sept. 11, 2026 | Daily |
| EBIZ · Global X Funds | 3.76% | 10,011 NS | July 31, 2026 | N-PORT |
| ARKF · ARK ETF Trust | 2.32% | 152,376 NS | July 31, 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 2.09% | 5,134 NS | July 31, 2026 | N-PORT |
| EPP · iShares, Inc. | 1.75% | 370,286 SH | Sept. 11, 2026 | Daily |
| MTRA · Invesco Actively Managed Exchange-T… | 1.14% | 16,208 SH | Oct. 2, 2026 | Daily |
| PNQI · Invesco Exchange-Traded Fund Trust | 1.12% | 62,444 SH | Oct. 2, 2026 | Daily |
| FFLG · FIDELITY COVINGTON TRUST | 0.74% | 40,827 NS | July 31, 2026 | N-PORT |
| TOUS · T. Rowe Price Exchange-Traded Funds… | 0.46% | 67,493 NS | July 31, 2026 | N-PORT |
| IPAC · iShares Trust | 0.42% | 108,699 SH | Sept. 11, 2026 | Daily |
| EFG · iShares Trust | 0.37% | 575,725 SH | Sept. 11, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.36% | 8,421 NS | July 31, 2026 | N-PORT |
| AAXJ · iShares Trust | 0.36% | 133,749 SH | Sept. 11, 2026 | Daily |
| CEFA · Global X Funds | 0.24% | 1,246 NS | July 31, 2026 | N-PORT |
| JADE · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 623 NS | July 31, 2026 | N-PORT |
| TIER · T. Rowe Price Exchange-Traded Funds… | 0.22% | 709 NS | July 31, 2026 | N-PORT |
| PABD · iShares Trust | 0.20% | 6,097 SH | Sept. 11, 2026 | Daily |
| EFA · iShares Trust | 0.18% | 1,324,790 SH | Sept. 11, 2026 | Daily |
| JIRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 189,314 NS | July 31, 2026 | N-PORT |
| HOLA · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 4,791 NS | July 31, 2026 | N-PORT |
| PTIN · Pacer Funds Trust | 0.17% | 2,953 NS | July 31, 2026 | N-PORT |
| IEFA · iShares Trust | 0.16% | 2,822,334 SH | Sept. 11, 2026 | Daily |
| IDEV · iShares Trust | 0.14% | 415,880 SH | Sept. 11, 2026 | Daily |
| BKIE · BNY Mellon ETF Trust | 0.13% | 15,871 NS | July 31, 2026 | N-PORT |
| ACWX · iShares Trust | 0.11% | 123,824 SH | Sept. 11, 2026 | Daily |
| IXUS · iShares Trust | 0.09% | 518,569 SH | Sept. 11, 2026 | Daily |
| JEMA · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 12,011 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.08% | 49,088 NS | July 31, 2026 | N-PORT |
| FFGX · Fidelity Covington Trust | 0.07% | 361 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.05% | 1,054 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.04% | 33,726 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.04% | 4,676 SH | Sept. 11, 2026 | Daily |
| ACWI · iShares Trust | 0.04% | 119,216 SH | Sept. 11, 2026 | Daily |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.04% | 11,143 SH | Oct. 2, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDX · VANGUARD CHARLOTTE FUNDS | · | · | July 13, 2026 | Daily |
SE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
28 analysts · 2026-09-30Mean target $156.65 +61.7%
Latest News Recent headlines mentioning this company
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