vs
Side-by-side financial comparison of NetEase, Inc. (NTES) and Sea Ltd (SE). Click either name above to swap in a different company.
Sea Ltd is the larger business by last-quarter revenue ($22.9B vs $4.0B, roughly 5.8× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 7.0%, a 24.0% gap on every dollar of revenue. Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% CAGR vs 9.7%).
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
Sea Limited 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.
NTES vs SE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.0B | $22.9B |
| Net Profit | $1.2B | $1.6B |
| Gross Margin | 64.1% | 44.7% |
| Operating Margin | 28.3% | 8.7% |
| Net Margin | 31.0% | 7.0% |
| Revenue YoY | — | 363.4% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $2.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $22.9B | ||
| Q3 25 | $4.0B | $6.0B | ||
| Q2 25 | $3.9B | $5.3B | ||
| Q1 25 | $4.0B | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $3.7B | $4.3B | ||
| Q2 24 | $3.5B | $3.8B | ||
| Q1 24 | $3.7B | $3.7B |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.2B | $375.0M | ||
| Q2 25 | $1.3B | $414.2M | ||
| Q1 25 | $1.5B | $-7.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | $955.7M | — | ||
| Q2 24 | $939.6M | — | ||
| Q1 24 | $1.1B | $-23.0M |
| Q4 25 | — | 44.7% | ||
| Q3 25 | 64.1% | 43.4% | ||
| Q2 25 | 64.7% | 45.8% | ||
| Q1 25 | 64.1% | 46.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 62.9% | — | ||
| Q2 24 | 62.9% | — | ||
| Q1 24 | 63.4% | 41.6% |
| Q4 25 | — | 8.7% | ||
| Q3 25 | 28.3% | 8.0% | ||
| Q2 25 | 32.5% | 9.3% | ||
| Q1 25 | 36.2% | 9.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 27.4% | — | ||
| Q1 24 | 28.4% | 1.9% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | 31.0% | 6.3% | ||
| Q2 25 | 32.6% | 7.9% | ||
| Q1 25 | 36.6% | -0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 25.6% | — | ||
| Q2 24 | 26.8% | — | ||
| Q1 24 | 29.1% | -0.6% |
| Q4 25 | — | $2.52 | ||
| Q3 25 | — | $0.59 | ||
| Q2 25 | — | $0.65 | ||
| Q1 25 | — | $0.65 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.3B | $10.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.8B | $12.6B |
| Total Assets | $214.5B | $29.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.6B | ||
| Q3 25 | $31.3B | — | ||
| Q2 25 | $54.4B | — | ||
| Q1 25 | $41.7B | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | $20.2B | — | ||
| Q2 24 | $19.0B | — | ||
| Q1 24 | $43.0B | — |
| Q4 25 | — | $12.6B | ||
| Q3 25 | $160.8B | — | ||
| Q2 25 | $154.0B | — | ||
| Q1 25 | $147.8B | — | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $135.6B | — | ||
| Q2 24 | $134.2B | — | ||
| Q1 24 | $130.5B | — |
| Q4 25 | — | $29.4B | ||
| Q3 25 | $214.5B | — | ||
| Q2 25 | $208.5B | — | ||
| Q1 25 | $200.9B | — | ||
| Q4 24 | — | $22.6B | ||
| Q3 24 | $184.9B | — | ||
| Q2 24 | $183.3B | — | ||
| Q1 24 | $195.1B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.8B | $5.0B |
| Free Cash FlowOCF − Capex | $1.8B | — |
| FCF MarginFCF / Revenue | 44.7% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 1.47× | 3.12× |
| TTM Free Cash FlowTrailing 4 quarters | $6.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.0B | ||
| Q3 25 | $1.8B | $3.5B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $1.7B | $756.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $898.8M | — | ||
| Q1 24 | $1.3B | $468.5M |
| Q4 25 | — | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $875.6M | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | — | — | ||
| Q3 25 | 44.7% | — | ||
| Q2 25 | 38.3% | — | ||
| Q1 25 | 40.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.9% | — | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 34.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | 3.12× | ||
| Q3 25 | 1.47× | 9.46× | ||
| Q2 25 | 1.20× | 5.73× | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
SE
Segment breakdown not available.
