Sea (MEX:SEN) Beneish M-Score: -2.62 (As of Jun. 26, 2026)

What is Sea Beneish M-Score?

Sea MEX:SEN -3.33% 84 Beneish M-Score is -2.62 as of Jun. 26, 2026. GuruFocus rates MEX:SEN with a GF Score™ of 84/100 and a GF Value™ of MXN2,370.57 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,087 Retail - Cyclical companies, Sea ranks better than 54.55% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sea's Beneish M-Score or its related term are showing as below:

MEX:SEN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.32 Max: 2.9
Current: -2.62

During the past 12 years, the highest Beneish M-Score of Sea was 2.90. The lowest was -2.95. And the median was -2.32.

Sea Beneish M-Score Related Terms

Sea Beneish M-Score Historical Data

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The historical data trend for Sea's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Sea Beneish M-Score Chart

Sea Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.84

-2.29

-2.13

-2.84

-2.63

Sea Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.58	-2.64	-2.62	-2.63	-2.62

MEX:SEN vs EBAY, DASH, JD: Beneish M-Score Comparison

For the Internet Retail subindustry, Sea's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Sea Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Sea's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sea's Beneish M-Score falls into.

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84GF Score

Sea Ltd MEX:SEN

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Sea Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Sea for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1017

0.528 * 0.9952

0.404 * 0.7795

0.892 * 1.2882

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.931

4.679 * -0.125664

0.327 * 0.9279

-2.77

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN159,887 Mil.
Revenue was 127986.89 + 123372.68 + 109808.821 + 99031.744 = MXN460,200 Mil.
Gross Profit was 56723.337 + 53987.931 + 47683.07 + 45374.794 = MXN203,769 Mil.
Total Current Assets was MXN431,629 Mil.
Total Assets was MXN551,624 Mil.
Property, Plant and Equipment(Net PPE) was MXN51,182 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN117,448 Mil.
Total Current Liabilities was MXN273,538 Mil.
Long-Term Debt & Capital Lease Obligation was MXN34,936 Mil.
Net Income was 7716.86 + 7150.045 + 6878.855 + 7644.128 = MXN29,390 Mil.
Non Operating Income was -67.01 + -29.979 + 1122.115 + 37.922 = MXN1,063 Mil.
Cash Flow from Operations was 19076.884 + 26583.796 + 21562.635 + 30422.997 = MXN97,646 Mil.

Total Receivables was MXN112,666 Mil.
Revenue was 99040.192 + 103244.808 + 85224.206 + 69742.214 = MXN357,251 Mil.
Gross Profit was 45748.484 + 45996.412 + 36644.849 + 29034.011 = MXN157,424 Mil.
Total Current Assets was MXN363,732 Mil.
Total Assets was MXN487,786 Mil.
Property, Plant and Equipment(Net PPE) was MXN45,996 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN97,935 Mil.
Total Current Liabilities was MXN241,433 Mil.
Long-Term Debt & Capital Lease Obligation was MXN52,527 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(159886.7 / 460200.135)	/	(112666.294 / 357251.42)
	=	0.347429	/	0.31537
	=	1.1017

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(157423.756 / 357251.42)	/	(203769.132 / 460200.135)
	=	0.440653	/	0.442784
	=	0.9952

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (431629.481 + 51181.888) / 551624.423)	/	(1 - (363732.476 + 45996.458) / 487786.356)
	=	0.124746	/	0.160024
	=	0.7795

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	460200.135	/	357251.42
	=	1.2882

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 45996.458))	/	(0 / (0 + 51181.888))
	=	0	/	0
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(117448.114 / 460200.135)	/	(97935.182 / 357251.42)
	=	0.255211	/	0.274135
	=	0.931

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((34935.561 + 273538.261) / 551624.423)	/	((52527.185 + 241432.681) / 487786.356)
	=	0.55921	/	0.602641
	=	0.9279

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(29389.888 - 1063.048	-	97646.312)	/	551624.423
	=	-0.125664

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Sea has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.62 mean?

Sea (MEX:SEN) has a Beneish M-Score of -2.62 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sea and its competitors. According to the industry distribution chart, Sea ranks #494 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 45.4%.

Is Sea's Beneish M-Score too high?

Sea's current Beneish M-Score is -2.62. Based on the distribution chart, Sea ranks #494 out of 1087 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Sea has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Sea's Beneish M-Score compare to EBAY and DASH?

According to the Retail - Cyclical industry distribution chart, Sea ranks #494 out of 1087 companies for Beneish M-Score. This puts Sea in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sea and its competitors. Sea's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sea stock overvalued right now?

Based on GuruFocus' analysis, Sea (MEX:SEN) is currently considered Significantly Undervalued. The stock's GF Value™ is MXN2,370.57, compared to a current price of MXN1,584.00 — trading 33.2% below its estimated fair value. The current Beneish M-Score is -2.62. Sea's overall GF Score™ is 84/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Sea (MEX:SEN), the current Beneish M-Score is -2.62 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Sea (MEX:SEN) Overvalued in 2026?

Based on GuruFocus' analysis, Sea stock appears to be undervalued. The current stock price of MXN1,584.00 is trading 33.2% below its estimated GF Value™ of MXN2,370.57. GuruFocus considers Sea to be Significantly Undervalued.

Key valuation signals for MEX:SEN:

Beneish M-Score: -2.62
GF Value™: MXN2,370.57 vs. price of MXN1,584.00 (33.2% below fair value)
GF Score™: 84/100 with 2 warning signs

No single metric tells the full story. See the MEX:SEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sea Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies EBAY DASH JD CPNG MELI W CART CHWY VIPS ETSY AMZN BABA PDD XAMS:PRX HKSE:03690 JSE:NPN BOM:543320 TSE:4689 XTER:DHER TSE:4755

Other Exchanges SE:USA 0A3T:UK 931:Germany S2EA34:Brazil

Address 1 Fusionopolis Place, No. 17-10, Galaxis, Singapore, SGP, 138522

Website https://www.sea.com

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid consumer-to-consumer and business-to-consumer marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue-generating game. Sea's third business, Monee, provides lending, payment, digital banking, and insurance services. As of March 2025, Forrest Li, the founder, chair, and CEO, owned 59.1% of the voting power. Tencent owned 18.5% of issued shares with no voting power.

84GF Score

Get the complete analysis for MEX:SEN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN1,584.00

Price

MXN2,370.57

GF Value

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