Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3170.5%
Neutral1125.0%
Bearish24.5%
Sea Limited · SE · FY2025 Q1 · Calendar Q2 2025
Sea Limited: Growth Broadens Across Shopee, Monee and Garena
The supplied analysis supports a constructive but qualified view of Sea Limited's growth trajectory: all three businesses showed strong year-over-year growth, while maintained guidance and cost improvements provide support. The main tests are whether Shopee margins and GMV remain durable, whether Monee can expand without weakening credit quality, and whether Garena's momentum persists beyond collaborations and launches.
Reported Before market openNYSEConsumer Cyclical
$56.14B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.93
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.89B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.2%
Event window
SPY move
+0.7%
Same window
Abnormal move
+7.5%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
+0.2%
Up to 20 sessions
SESPY benchmark
Ask FN2 about SE FY2025 Q1
Transcript, numbers and history already loaded
What drove SE's +8.2% move after FY2025 Q1 earnings?What changed in SE's guidance and outlook in FY2025 Q1?Give me the bull and bear case for SE after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis reports stronger Q1 operating momentum: revenue and adjusted EBITDA accelerated, Shopee ad revenue and logistics efficiency improved, Monee's loan book expanded, and Garena bookings benefited from new launches and the Naruto collaboration. Management also reaffirmed its 2025 growth targets while outlining further fintech, AI, logistics and gaming expansion.
Guidance delta
Management maintained 2025 guidance: 20% GMV growth for Shopee and double-digit bookings growth for Garena.
Key takeaways
- The supplied analysis says Q1 revenue rose 30% year over year to $4.8 billion and adjusted EBITDA rose 136% to $947 million.
- Shopee GMV grew 22% year over year, ad revenue grew 50%, and logistics cost per order declined in Asia and Brazil.
- Monee's loan book expanded 75% year over year to $5.8 billion, while the 90-day NPL ratio was 1.1%.
- Garena bookings rose 51% year over year, helped by the Naruto collaboration and new game launches.
- The supplied analysis identifies AI, cost optimisation, logistics and fintech cross-selling as ongoing growth drivers.
Management priorities
- Expand Monee in Brazil and add fintech products such as two-wheel financing.
- Launch new Garena titles, continue Free Fire collaborations and invest in the gaming portfolio.
- Roll out AI for ad targeting, product recommendation and internal efficiency.
- Enhance logistics and same-day delivery in key markets.
- Diversify fintech funding through bank partnerships and structured products.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$93.77Current
$50Low
$175.23Average
$462.22High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 12, 2026 |
| TD Cowen | Hold | Hold | Maintain | Aug 4, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 14, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Mar 4, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Dec 19, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Nov 12, 2025 |
| B of A Securities | Buy | Buy | Maintain | Nov 11, 2025 |
| Macquarie | Outperform | Outperform | Maintain | Aug 12, 2025 |
| Loop Capital | Buy | Buy | Maintain | May 29, 2025 |
| UBS | Buy | Buy | Maintain | Mar 7, 2025 |
| Jefferies | Buy | Buy | Maintain | Mar 4, 2025 |
| Phillip Securities | Reduce | Neutral | Downgrade | Nov 19, 2024 |
| Citigroup | Buy | Buy | Maintain | Jul 23, 2024 |
| DBS Bank | Hold | Buy | Downgrade | Jun 28, 2024 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 6, 2024 |
| HSBC | Buy | Buy | Maintain | Mar 5, 2024 |
| KGI Securities | Neutral | Outperform | Downgrade | Aug 24, 2023 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Nov 22, 2022 |
| Stifel | Buy | Buy | Maintain | Aug 17, 2022 |
| Goldman Sachs | Buy | Buy | Maintain | May 18, 2022 |
| CICC | Outperform | Outperform | Maintain | Apr 27, 2022 |
| China Renaissance | Buy | Buy | Maintain | Apr 26, 2022 |
| DZ Bank | Buy | Buy | Maintain | Sep 29, 2021 |
| New Street Research | Buy | Buy | Maintain | Jun 25, 2021 |
| Autonomous Research | Outperform | Outperform | Maintain | Apr 20, 2021 |
| CLSA | Buy | Outperform | Maintain | Mar 29, 2021 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 1, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Mar 4, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 8, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Aug 8, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Argus Research | Hold | Buy | Downgrade | Sep 26, 2016 |
| Raymond James | Outperform | Strong Buy | Downgrade | Sep 7, 2016 |
| CIBC | Outperform | Sector Perform | Upgrade | Sep 7, 2016 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 27, 2016 |
| BMO Capital | Perform | Market Perform | Maintain | Apr 19, 2016 |
| Wells Fargo | Perform | Market Perform | Maintain | Dec 18, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 8, 2015 |
| Janney Capital | Buy | Buy | Maintain | May 14, 2015 |
| Tudor Pickering | Sell | Accumulate | Downgrade | Jan 14, 2015 |
| Bank of America | Neutral | Buy | Downgrade | Nov 3, 2014 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Aug 8, 2014 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Apr 18, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $93.77. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Analyst unavailable | $152 | $112.09 | +62.1% | Sep 7, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $153 | $128.11 | +63.2% | Aug 13, 2026 |
| Barclays | Analyst unavailable | $156 | $127.59 | +66.4% | Aug 12, 2026 |
| Barclays | Analyst unavailable | $122 | $93.52 | +30.1% | May 14, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $121 | $85.16 | +29.0% | Mar 13, 2026 |
| Goldman Sachs | Analyst unavailable | $125 | $88.1 | +33.3% | Mar 9, 2026 |
| Bernstein | Venugopal Garre | $150 | $88.13 | +60.0% | Mar 4, 2026 |
| Jefferies | Thomas Chong | $150 | $87.82 | +60.0% | Mar 3, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $173 | $114.81 | +84.5% | Feb 11, 2026 |
| Wedbush | Analyst unavailable | $170 | $123.2 | +81.3% | Dec 19, 2025 |
| Deutsche Bank | Peter Milliken | $170 | $142.31 | +81.3% | Nov 12, 2025 |
| Bernstein | Analyst unavailable | $185 | $156.74 | +97.3% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $209 | $164.6 | +122.9% | Oct 22, 2025 |
| Arete Research | Zixiao Yang | $177 | $178.78 | +88.8% | Sep 2, 2025 |
| Barclays | Jiong Shao | $200 | $164.63 | +113.3% | May 15, 2025 |
| Bernstein | Venugopal Garre | $170 | $142.45 | +81.3% | May 14, 2025 |
| Wedbush | Scott Devitt | $135 | $119.75 | +44.0% | Apr 15, 2025 |
| Barclays | Analyst unavailable | $182 | $135.69 | +94.1% | Mar 7, 2025 |
| Bernstein | Analyst unavailable | $145 | $146.31 | +54.6% | Mar 5, 2025 |
| Jefferies | Analyst unavailable | $157 | $132.31 | +67.4% | Mar 4, 2025 |
| Morgan Stanley | Divya Gangahar Kothiyal | $140 | $113.24 | +49.3% | Dec 3, 2024 |
| Morgan Stanley | Divya Gangahar Kothiyal | $131 | $64.86 | +39.7% | Nov 13, 2024 |
| Jefferies | Thomas Chong | $114 | $96.83 | +21.6% | Oct 16, 2024 |
| Bank of America Securities | Sachin Salgaonkar | $96 | $85.71 | +2.4% | Sep 23, 2024 |
| Citigroup | Alicia Yap | $90 | $86.15 | -4.0% | Sep 19, 2024 |
| Barclays | Jiong Shao | $94 | $76.8 | +0.2% | Aug 15, 2024 |
| Wedbush | Scott Devitt | $84 | $76.8 | -10.4% | Aug 14, 2024 |
| Wedbush | Scott Devitt | $72 | $64.86 | -23.2% | Aug 12, 2024 |
| Jefferies | Thomas Chong | $89 | $68.35 | -5.1% | Jul 22, 2024 |
| UBS | Navin Killa | $87 | $74.9 | -7.2% | Jun 26, 2024 |
| Loop Capital Markets | Rob Sanderson | $94 | $73.06 | +0.2% | Jun 10, 2024 |
| Loop Capital Markets | Rob Sanderson | $92 | $63.04 | -1.9% | Apr 24, 2024 |
| Morgan Stanley | Divya Gangahar Kothiyal | $70 | $59.43 | -25.3% | Apr 22, 2024 |
| Bernstein | Venugopal Garre | $70 | $60.75 | -25.3% | Mar 14, 2024 |
| Wedbush | Scott Devitt | $48 | $50.93 | -48.8% | Mar 1, 2024 |
| Daiwa | John Coi | $50 | $42.02 | -46.7% | Feb 2, 2024 |
| Goldman Sachs | Pang Vittayaamnuaykoon | $78 | $40.68 | -16.8% | Aug 16, 2023 |
| Citigroup | Alicia Yap | $50 | $40.58 | -46.7% | Aug 16, 2023 |
| Barclays | Jiong Shao | $125 | $76.32 | +33.3% | Jul 31, 2022 |
| Daiwa | John Choi | $150 | $80.21 | +60.0% | May 18, 2022 |
| Stifel Nicolaus | Scott Devitt | $115 | $80.21 | +22.6% | May 18, 2022 |
| HSBC | Piyush Choudhary | $145 | $90.17 | +54.6% | May 4, 2022 |
| Stifel Nicolaus | Scott Devitt | $160 | $87.62 | +70.6% | Apr 25, 2022 |
| Bernstein | Venugopal Garre | $250 | $117.75 | +166.6% | Mar 2, 2022 |
| Citigroup | Alicia Yap | $221 | $117.75 | +135.7% | Mar 2, 2022 |
| Stifel Nicolaus | Scott Devitt | $200 | $126.5 | +113.3% | Mar 1, 2022 |
| Cowen & Co. | John Blackledge | $295 | $145.6 | +214.6% | Feb 28, 2022 |
| Loop Capital Markets | Rob Sanderson | $190 | $170.48 | +102.6% | Jan 18, 2022 |
| Bank of America Securities | Sachin Salgaonkar | $287 | $223.31 | +206.1% | Jan 3, 2022 |
| CLSA | Marcus Liu | $455 | $314.41 | +385.2% | Nov 17, 2021 |
| Berenberg Bank | Tom Burlton | $462.22 | $321.12 | +392.9% | Aug 19, 2021 |
| New Street | Jin Yoon | $325 | $283.35 | +246.6% | Jun 25, 2021 |
Track every rating change on SE the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating across Southeast Asia, Latin America, other parts of Asia, and various international markets, Sea Limited and its group of companies specialize in three core areas: digital entertainment, e-commerce, and digital financial services. Under its Garena brand, the company provides a comprehensive digital entertainment platform. This platform allows users to play a variety of online games on both mobile devices and personal computers, participate in eSports events, and access additional entertainment content. Key features include live-streamed gameplay, as well as social functionalities like user chat rooms and online forums. Furthermore, Sea Limited manages Shopee, a prominent e-commerce platform designed primarily for mobile users.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-29T00:02:51.244038+00:00
- Polygon adjusted daily market bars · 2026-10-18T04:20:41.864020+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T04:20:41.861033+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.