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Side-by-side financial comparison of PDD Holdings Inc. (PDD) 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 $15.2B, roughly 1.5× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 7.0%, a 20.1% gap on every dollar of revenue. Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% CAGR vs 74.6%).
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
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.
PDD vs SE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.2B | $22.9B |
| Net Profit | $4.1B | $1.6B |
| Gross Margin | 56.7% | 44.7% |
| Operating Margin | 23.1% | 8.7% |
| Net Margin | 27.1% | 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 | $15.2B | $6.0B | ||
| Q2 25 | $14.5B | $5.3B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $14.2B | $4.3B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | $12.0B | $3.7B |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $4.1B | $375.0M | ||
| Q2 25 | $4.3B | $414.2M | ||
| Q1 25 | — | $-7.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $3.9B | $-23.0M |
| Q4 25 | — | 44.7% | ||
| Q3 25 | 56.7% | 43.4% | ||
| Q2 25 | 55.9% | 45.8% | ||
| Q1 25 | — | 46.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 62.3% | 41.6% |
| Q4 25 | — | 8.7% | ||
| Q3 25 | 23.1% | 8.0% | ||
| Q2 25 | 24.8% | 9.3% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.9% | 1.9% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | 27.1% | 6.3% | ||
| Q2 25 | 29.6% | 7.9% | ||
| Q1 25 | — | -0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 32.3% | -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 | $13.0B | $10.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $55.0B | $12.6B |
| Total Assets | $86.2B | $29.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.6B | ||
| Q3 25 | $13.0B | — | ||
| Q2 25 | $8.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $7.7B | — |
| Q4 25 | — | $12.6B | ||
| Q3 25 | $55.0B | — | ||
| Q2 25 | $50.5B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $39.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $30.3B | — |
| Q4 25 | — | $29.4B | ||
| Q3 25 | $86.2B | — | ||
| Q2 25 | $79.2B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $22.6B | ||
| Q3 24 | $66.5B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $52.3B | — |
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 | $6.4B | $5.0B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.56× | 3.12× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.0B | ||
| Q3 25 | $6.4B | $3.5B | ||
| Q2 25 | $3.0B | $2.4B | ||
| Q1 25 | — | $756.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $2.9B | $468.5M |
| Q4 25 | — | 3.12× | ||
| Q3 25 | 1.56× | 9.46× | ||
| Q2 25 | 0.70× | 5.73× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.75× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
