Sea Ltd - ADR
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+ FollowMarket Cap$45.47B
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Earnings Call Q2 2026
August 11, 2026 - AI Summary
Overall results beat and momentum continues (good/surprising)
- Sea reported $7.8B revenue (+48% YoY) and $917M adjusted EBITDA (+11% YoY) in 2Q26.
- Management emphasized continued momentum from 1Q into 2Q, with improving unit economics and disciplined investment (aimed at profitable growth rather than pure scale).
Shopee e-commerce: strong growth + improving monetization and economics; GMV outlook maintained (good)
- Shopee delivered GMV $38.3B (+28% YoY) and gross orders $4.2B (+27% YoY), with eight consecutive quarters of sequential GMV growth and new highs in gross order volume and revenue.
- Profitability: Shopee adjusted EBITDA >$250M (reported as $255M, +12% YoY).
- Monetization improved: ad revenue +70% YoY and ad take rate +90 bps YoY; ad-paying sellers +45% and avg ad spend/seller +15% YoY.
- Management reiterated full-year GMV growth guidance ~25% unchanged, while flagging FX headwinds (weaker local currencies vs USD) and seasonality/base effects in Q3/Q4.
Shopee “moat” investments working: logistics/fulfillment, VIP, and content are scaling (good/opportunities)
- Logistics/fulfillment: faster delivery and higher utilization; instant/same-day traction; instant can deliver as fast as 1 hour in urban areas.
- Fulfillment quality/impact: in some markets >60% of fulfilled parcels arrive next day; anecdotal uplift noted (e.g., Mindanao).
- ShopeeVIP: membership >15M at end-June (+25% QoQ); VIP members ~24% of Asia GMV; retention ~80% monthly.
- Content: orders from live streaming + short-form video grew >50% YoY, >25% of physical goods orders in Southeast Asia.
- Opportunity/expectation: management sees continued unit-economics improvement across VIP and content as scaling benefits compound.
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Share Statistics
| Market cap | $45.47 Billion |
|---|---|
| Enterprise Value | $46.07 Billion |
| Earnings per Share | $2.65 |
| Beta | 1.55 |
| Outstanding Shares | 612,484,522 |
Return
| Return on Equity | 12.69% |
|---|---|
| Return on Assets | 5.12% |
| Return on Invested Capital | 13.86% |
Valuation & Multiples
| P/E Ratio | 27.39 |
|---|---|
| PEG | 356.01 |
| Price to Sales | 1.78 |
| Price to Book Ratio | 3.82 |
| Enterprise Value to Revenue | 1.66 |
| Enterprise Value to EBIT | 20.89 |
| Enterprise Value to Net Income | 28 |
| Total Debt to Enterprise | 0.09 |
| Debt to Equity | 0.32 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 11, 2026
EPS Estimate
$0.86
Consensus analyst estimateRevenue Estimate
$7.12 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 10, 2026
EPS Estimate
$0.97
Consensus analyst estimateRevenue Estimate
$8.08 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 78.24% |
|---|---|
| Total Calls | 173,600▼ 98.26% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.09%▼ 58.96% |
|---|---|
| Total Invested | $1.85B▼ 94.89% |
| Investors Holding | 218▼ 624.00% |
About Sea Ltd
CEO: Xiaodong Li
