Sea Ltd ADR

SE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sea Earnings: Continued Strength in Shopee, Monee, and Garena; Fair Value Estimate Maintained

Chelsey Tam

Nov 12, 2025

Shopee's EBITDA margin declined to 4.3% in the third quarter from 6.0% sequentially. Digital financial services margin fell to 26.1% from 28.9% due to interest rate cuts in Malaysia and Thailand, promotional activity, and shifts in geographic and product mix.

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Sea Ltd ADR

Sea Earnings: Continued Strength in Shopee, Monee, and Garena; Fair Value Estimate Maintained

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