vs
冬海集团（SE）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是维萨的2.0倍（$22.9B vs $11.2B），维萨净利率更高（53.4% vs 7.0%，领先46.4%），冬海集团同比增速更快（363.4% vs 17.0%），过去两年冬海集团的营收复合增速更高（147.8% vs 12.3%）
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
SE vs V — 直观对比
营收规模更大
SE
是对方的2.0倍
$11.2B
营收增速更快
SE
高出346.4%
17.0%
净利率更高
V
高出46.4%
7.0%
两年增速更快
SE
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $22.9B | $11.2B |
| 净利润 | $1.6B | $6.0B |
| 毛利率 | 44.7% | — |
| 营业利润率 | 8.7% | 64.4% |
| 净利率 | 7.0% | 53.4% |
| 营收同比 | 363.4% | 17.0% |
| 净利润同比 | — | 32.0% |
| 每股收益（稀释后） | $2.52 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SEV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $22.9B | $10.9B | ||
| Q3 25 | $6.0B | $10.7B | ||
| Q2 25 | $5.3B | $10.2B | ||
| Q1 25 | $4.8B | $9.6B | ||
| Q4 24 | $5.0B | $9.5B | ||
| Q3 24 | $4.3B | $9.6B | ||
| Q2 24 | $3.8B | $8.9B |
净利润SEV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $1.6B | $5.9B | ||
| Q3 25 | $375.0M | $5.1B | ||
| Q2 25 | $414.2M | $5.3B | ||
| Q1 25 | $-7.8M | $4.6B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $4.9B |
毛利率SEV
| Q2 26 | — | — | ||
| Q4 25 | 44.7% | — | ||
| Q3 25 | 43.4% | — | ||
| Q2 25 | 45.8% | — | ||
| Q1 25 | 46.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率SEV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 8.7% | 61.8% | ||
| Q3 25 | 8.0% | 57.3% | ||
| Q2 25 | 9.3% | 60.7% | ||
| Q1 25 | 9.4% | 56.6% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | — | 66.0% | ||
| Q2 24 | — | 66.7% |
净利率SEV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 7.0% | 53.7% | ||
| Q3 25 | 6.3% | 47.5% | ||
| Q2 25 | 7.9% | 51.8% | ||
| Q1 25 | -0.2% | 47.7% | ||
| Q4 24 | — | 53.8% | ||
| Q3 24 | — | 55.3% | ||
| Q2 24 | — | 54.7% |
每股收益（稀释后）SEV
| Q2 26 | — | — | ||
| Q4 25 | $2.52 | — | ||
| Q3 25 | $0.59 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.65 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $10.6B | $12.4B |
| 总债务越低越好 | — | $22.4B |
| 股东权益账面价值 | $12.6B | $35.7B |
| 总资产 | $29.4B | $95.0B |
| 负债/权益比越低杠杆越低 | — | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资SEV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $10.6B | $14.8B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.1B | ||
| Q1 25 | — | $11.7B | ||
| Q4 24 | $8.6B | $12.4B | ||
| Q3 24 | — | $12.0B | ||
| Q2 24 | — | $12.9B |
总债务SEV
| Q2 26 | — | $22.4B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益SEV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $12.6B | $38.8B | ||
| Q3 25 | — | $37.9B | ||
| Q2 25 | — | $38.7B | ||
| Q1 25 | — | $38.0B | ||
| Q4 24 | $8.4B | $38.3B | ||
| Q3 24 | — | $39.1B | ||
| Q2 24 | — | $39.7B |
总资产SEV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $29.4B | $96.8B | ||
| Q3 25 | — | $99.6B | ||
| Q2 25 | — | $100.0B | ||
| Q1 25 | — | $92.9B | ||
| Q4 24 | $22.6B | $91.9B | ||
| Q3 24 | — | $94.5B | ||
| Q2 24 | — | $91.0B |
负债/权益比SEV
| Q2 26 | — | 0.63× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $5.0B | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.12× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流SEV
| Q2 26 | — | — | ||
| Q4 25 | $5.0B | $6.8B | ||
| Q3 25 | $3.5B | $6.2B | ||
| Q2 25 | $2.4B | $6.7B | ||
| Q1 25 | $756.9M | $4.7B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $5.1B |
自由现金流SEV
| Q2 26 | — | — | ||
| Q4 25 | — | $6.4B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $4.7B |
自由现金流率SEV
| Q2 26 | — | — | ||
| Q4 25 | — | 58.7% | ||
| Q3 25 | — | 54.5% | ||
| Q2 25 | — | 62.0% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 53.1% | ||
| Q3 24 | — | 66.1% | ||
| Q2 24 | — | 53.2% |
资本支出强度SEV
| Q2 26 | — | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.5% |
现金转化率SEV
| Q2 26 | — | — | ||
| Q4 25 | 3.12× | 1.16× | ||
| Q3 25 | 9.46× | 1.23× | ||
| Q2 25 | 5.73× | 1.28× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 1.05× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SE
暂无分部数据
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
