Sea Limited SE

Name: SE Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 14, 2026

Price at analysis: $82.80

Crucible Score

67.0

B-

Quality × Value Composite

KQI — Quality

68.9

Fundamental Quality Index

KVI — Value

64.7

C+

Valuation Attractiveness Index

Crucible Verdict — SE

Sea Limited earns a solid B- grade driven by strong financial quality and market position, though management execution lags with only a 20% earnings beat rate under CEO Alyssa Henry. SE trades at a 10% discount to fair value despite respectable fundamentals, suggesting the market remains cautious about the company's ability to consistently deliver on expectations. The valuation gap should narrow if earnings execution improves.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

73.2

Growth Profile

64.9

Moat Durability

72.8

Management Effectiveness⚠

61.9

Diversification & Resilience

57.2

Market Position

72.0

Weakest dimension: Diversification & Resilience (57.2)

◆ KVI Value Dimensions

DCF Margin of Safety

55.6

FCF Yield & Cash Returns

75.8

Relative Valuation

77.8

Growth-Adjusted Value

35.0

Historical Valuation

94.5

Macro Context

58.4

◆ DCF Valuation Scenarios

Bear Case

$55.12

Base Case

$91.45

Bull Case

$145.30

Price at Analysis

$82.80

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$55.12	10.0%	10.0%	14.3%
🟢 Base	$91.45	14.0%	12.0%	13.3%
🟢 Bull	$145.30	18.0%	15.0%	12.3%

Key Assumptions: SE has shown dramatic revenue growth from ~$10B to ~$23B over 5 years with margins inflecting from deeply negative to 8% operating margin. WACC of 13.3% base reflects high beta of 1.63 with 5.5% ERP. Capex intensity has declined to ~1.4% of revenue in the most recent year; we assume 2% going forward. Terminal margins of 10-15% reflect the platform scaling but competitive pressures in Southeast Asian e-commerce and gaming. Net debt is negative (cash exceeds debt by ~$3B), providing a valuation floor.

◆ Financial Snapshot

Profitability

Gross Margin44.7%

Operating Margin8.5%

Net Margin6.9%

ROIC7.1%

ROE24.3%

Balance Sheet

Balance SheetCR: 1.58

Cash ConversionFCF/EPS: 2.46x

Capital IntensityCapex/Rev: 1.4%

Altman Z-Score2.87 (Grey)

Piotroski F-Score7/9 (Good)

Growth

Revenue CAGR23.2% CAGR

Earnings CAGR-1.5% CAGR

Growth ConsistencyCV: 0.79

Segment Breadth2/2 growing (100%)

Quarterly TrendRev↑, Margin↑, Exp↓

Earnings CredibilityConsistent Misser

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOAlyssa Henry · 5 years

CEO Ownership39.2%

Insider ActivityNeutral

Capital AllocationROIC 7.1% vs WACC 0.8%

Earnings Beat Rate20% (6/22)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 14, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.