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Coupang, Inc. (CPNG) stock

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NYSE: CPNG NYSE Broadline Retail Next results ~November 3, 2026

C Fundamentals grade

Coupang, Inc. is a US-listed company in the broadline retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$10

Cash-flow model

Base case. Range ~$8.0–$13 across our lower- and higher-growth cases (8.5%–18.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 32% below it.

Price used: $14.70, November 2, 2026

Coupang, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Coupang files

Where Coupang stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $35.5bn, up 9.9% on a year earlier, slower than 13.1% a quarter earlier. Free-cash-flow margin fell to 0.3% from 2.4% a year earlier. Operating margin narrowed to -1.8% from 2.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $9.75 a share, against a share price of $14.32. At that price, our model says the market is pricing in about 23.1% a year of cash-flow growth for five years, faster than the 14.0% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Coupang, Inc.'s trailing-twelve-month revenue grew 9.9% year on year, with a free-cash-flow margin of 0.3%. Where it stands out: days sales outstanding of 4 days ranks 2 of 14 broadline retail companies we cover. Where it lags: change in growth rate of -3.2pp ranks 20 of 23 broadline retail companies we cover.

Our discounted-cash-flow model values the business at ~$10 per share in the base case (~$8.0–$13 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 9.9% (-3.2pp vs the prior quarter), the 7th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $5.5bn.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $14.70 is 32% above our value per share of $10.
  • Loss-making. Operating margin is -1.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 4.0 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 1.4 against the S&P 500.
  • Growth easing. The growth rate is 3.2 points lower than a quarter earlier.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.09 against an average estimate of -$0.29: beat by 69.1%
Revenue
$8.86bn, up 3.9% on a year earlier
Share reaction
-2.6% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 3, 2026; average EPS estimate -$0.01

Coupang's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week+6.9%
  • 1 month+6.7%
  • This year-37.7%
  • 1 year-54.0%
  • 5 years-51.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$35.5B
Operating margin
-1.8%
Net margin
-2.2%
EPS (TTM, diluted)
$-0.42

Growth

Revenue growth
+9.9%
Change in growth rate
−3.2 pts
Share count change
−0.6%

Cash

Free cash flow (TTM)
$99M
FCF margin
0.3%
Stock pay % of revenue
1.5%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Results
  4. Insider trade
  5. Results
  6. Announcement
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Coupang, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 21.9% a year of cash-flow growth for five years.That is faster than the 14.0% a year revenue growth Coupang has delivered.

  • Priced in21.9%
  • Last 12 months9.9%
  • 3 years a year17.1%
  • 5 years a year14.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($14.66, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$10
Price used
$14.66close November 3, 2026
Implied change
▼ 32%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Coupang, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($464M, FY2026 Q2 TTM), growing 12.8% and 13.9% in the next two years (forecasts, guidance and its record), then back to 13.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$8.0–~$13 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Coupang, Inc.'s free cash flow after stock-based pay ( $464M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Coupang, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$10 ~$8.0–$13 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.8 ~$4.7–$5.6 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.2 ~$0.1–$0.4 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$8.2 ~$4.8–$10 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Coupang, Inc. with Broadline Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −14%
  • Revenue growth 5 points higher ▲ +18%
  • Last year's free-cash-flow margin change, if it persists ▼ −73%
  • Discount rate 1 point higher ▼ −9%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $5$7$9$11$14$18
8.5% $5$6$7$8$11$13
10% $4$5$6$7$9$11

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$29.38$14.71$16.19$21.98$23.59$14.70
Market value$41.8bn$26.0bn$29.2bn$40.1bn$43.8bn$27.0bn
+ Net debt (− = net cash)−$2.9bn−$2.7bn−$4.2bn−$4.3bn−$4.7bn−$3.5bn
Enterprise value$39.0bn$23.3bn$25.0bn$35.8bn$39.0bn$23.5bn
Multiples
Price / sales 2.3x1.3x1.2x1.3x1.3x0.8x
Price / earnings ——21.5xn/mn/m—
Price / free cash flow ——16.6x39.9x83.8xn/m
EV / EBITDA —195.8x33.4x41.2x39.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

29 /100

Weak moat

How hard Coupang's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.2% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -0.5%; its worst year was -7.2%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 4 of 6 years, at a median 1.3% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 227.8% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (34 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $9.8bn and EPS of −$0.01 (range −$0.02 to $0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.45 −473% $37.1bn +7%
Next $0.28 +162% $42.6bn +15%

Next year's EPS estimate has moved −4.3% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +24.8% on 90 days ago. In the last 30 days, 0 analysts raised Coupang, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Coupang, Inc., last 90 days
−$0.60 −$0.40 −$0.20 $0.00 $0.20 $0.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.36 Current fiscal year, 60 days ago: −$0.44 Current fiscal year, 30 days ago: −$0.44 Current fiscal year, 7 days ago: −$0.44 Current fiscal year, Now: −$0.45 −$0.45 Next fiscal year, 90 days ago: $0.29 Next fiscal year, 60 days ago: $0.27 Next fiscal year, 30 days ago: $0.27 Next fiscal year, 7 days ago: $0.27 Next fiscal year, Now: $0.28 $0.28

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.36$0.29
60 days ago −$0.44$0.27
30 days ago −$0.44$0.27
7 days ago −$0.44$0.27
Now −$0.45$0.28

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.29 −$0.09 +69.1%
Mar 2026 −$0.09 −$0.15 −70.4%
Dec 2025 $0.04 −$0.01 −122.2%
Sept 2025 $0.04 $0.05 +25.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026

No numeric guidance in Coupang, Inc.'s latest earnings release (filed August 4, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Coupang, Inc.'s revenue by +12.8% next year and +13.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.4%, weight 66%) and the company's own record (+13.5%, weight 34%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy1478%
Hold317%
Sell16%

Monthly trend

  1. Oct 2026410318
  2. Sep 2026410318
  3. Aug 202659318
  4. Jul 202658418

Counts of recommendations published by analysts covering Coupang, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.4%
of tradable shares
Days to cover
5.02
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
0.6%
of shares
Employees
108,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −54.0%

$31.97 on October 31, 2025 to $14.70

ThenNowEffect
Revenue (last 12 months) $32.3bn $35.5bn +9.9%
P/S multiple 1.8x 0.8x −58.4%
Share count 1849m 1837m +0.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −12.0%

$16.71 on November 3, 2023 to $14.70

ThenNowEffect
Revenue (last 12 months) $22.1bn $35.5bn +60.7%
P/S multiple 1.4x 0.8x −43.6%
Share count 1783m 1837m −2.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
CPNG−50%+10%+36%+7%−38%
Industry peers (median)−45%−3%+1%+5%+6%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
CPNG42%58%50%50%36%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
CPNG−68%−29%−18%−33%−42%
S&P 500−25%−10%−8%−19%−9%

Worst fall since March 11, 2021: 82% from March 15, 2021 to May 9, 2022. Getting back needed a 440% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$13.75 – $32.13
From 52-week high
−54.2%
vs 50-day average
−0.4%
vs 200-day average
−14.7%
Volatility (1 year)
48%
Beta vs S&P 500
1.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.6%
After a week
5 up, 7 down
typical move ±8.2%
After a month
3 up, 9 down
typical move ±8.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −2.6% +1.6% +0.5% −2.7%
May 5, 2026 −11.7% +2.2% −21.5% −18.4%
February 26, 2026 +3.9% −1.0% +5.5% −1.5%
November 4, 2025 −5.5% −0.8% −10.4% −15.5%
August 5, 2025 −5.2% +0.3% −5.0% −3.0%
May 6, 2025 +10.9% −0.4% +10.7% +19.0%
February 25, 2025 +1.5% −0.4% −5.2% −4.3%
November 5, 2024 −6.6% +3.7% −4.6% −6.5%
August 6, 2024 +4.2% +0.2% +11.0% +14.6%
May 7, 2024 −8.1% +0.1% −4.7% −6.2%
February 27, 2024 +11.3% +0.1% +14.6% +7.4%
November 7, 2023 −7.9% +0.4% −5.1% −8.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Coupang, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.56× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CPNG Coupang, Inc. Grade C $14.84

Own 100 shares, sell the $16.00 call expiring December 4, 2026 (32 days) for $0.51 a share — $51.00 per contract.

Previous session · Bid $0.51, ask $0.63, quoted Mon 2 Nov, 17:19 New York time with CPNG at $14.84. Option prices move with the shares: check the live chain at your broker before trading.

  • If CPNG ends below $16.00: you keep your shares and the $51.00 — 3.4% extra on the position, 39.2% a year at that pace.
  • If it ends above $16.00: your shares are sold at $16.00, a total return of 11.3% including the premium — at or above our value of ~$10.
$167 $0 −$286 Break-even $14.33 Price $14.84 ← Our value ~$10
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$51.00
Annualised
39.2%
Break-even
$14.33
Max gain
$167.5
Chance of selling
~38%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $13.00 put and sell the $16.00 call, both expiring December 18, 2026 (46 days).

  • Net credit of $0.11 a share ($11.00 per contract of 100 shares).
  • Worst case at expiry: -11.6%, if the shares fall below $13.00 (-12.4% from today).
  • Best case at expiry: +8.6%, if the shares rise above $16.00 (+7.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $10.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Coupang, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Coupang, Inc.
$20B $25B $30B $35B $40B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $23.2B Revenue (TTM), FY23 Q4: $24.4B Revenue (TTM), FY24 Q1: $25.7B Revenue (TTM), FY24 Q2: $27.2B Revenue (TTM), FY24 Q3: $28.9B Revenue (TTM), FY24 Q4: $30.3B Revenue (TTM), FY25 Q1: $31.1B Revenue (TTM), FY25 Q2: $32.3B Revenue (TTM), FY25 Q3: $33.7B Revenue (TTM), FY25 Q4: $34.5B Revenue (TTM), FY26 Q1: $35.1B Revenue (TTM), FY26 Q2: $35.5B $35.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $23.2B
FY23 Q4 $24.4B
FY24 Q1 $25.7B
FY24 Q2 $27.2B
FY24 Q3 $28.9B
FY24 Q4 $30.3B
FY25 Q1 $31.1B
FY25 Q2 $32.3B
FY25 Q3 $33.7B
FY25 Q4 $34.5B
FY26 Q1 $35.1B
FY26 Q2 $35.5B
Revenue growth, TTM YoY Coupang, Inc.
5% 10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 13.9% Revenue growth, TTM YoY, FY23 Q4: 18.5% Revenue growth, TTM YoY, FY24 Q1: 20.8% Revenue growth, TTM YoY, FY24 Q2: 23.2% Revenue growth, TTM YoY, FY24 Q3: 24.7% Revenue growth, TTM YoY, FY24 Q4: 24.1% Revenue growth, TTM YoY, FY25 Q1: 20.9% Revenue growth, TTM YoY, FY25 Q2: 18.7% Revenue growth, TTM YoY, FY25 Q3: 16.6% Revenue growth, TTM YoY, FY25 Q4: 14.1% Revenue growth, TTM YoY, FY26 Q1: 13.1% Revenue growth, TTM YoY, FY26 Q2: 9.9% 9.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 13.9%
FY23 Q4 18.5%
FY24 Q1 20.8%
FY24 Q2 23.2%
FY24 Q3 24.7%
FY24 Q4 24.1%
FY25 Q1 20.9%
FY25 Q2 18.7%
FY25 Q3 16.6%
FY25 Q4 14.1%
FY26 Q1 13.1%
FY26 Q2 9.9%
Operating margin (TTM) Coupang, Inc.
-2% 0% 2% 4% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.8% Operating margin (TTM), FY23 Q4: 1.9% Operating margin (TTM), FY24 Q1: 1.6% Operating margin (TTM), FY24 Q2: 0.9% Operating margin (TTM), FY24 Q3: 0.9% Operating margin (TTM), FY24 Q4: 1.4% Operating margin (TTM), FY25 Q1: 1.8% Operating margin (TTM), FY25 Q2: 2.2% Operating margin (TTM), FY25 Q3: 2.3% Operating margin (TTM), FY25 Q4: 1.4% Operating margin (TTM), FY26 Q1: 0.2% Operating margin (TTM), FY26 Q2: -1.8% -1.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.8%
FY23 Q4 1.9%
FY24 Q1 1.6%
FY24 Q2 0.9%
FY24 Q3 0.9%
FY24 Q4 1.4%
FY25 Q1 1.8%
FY25 Q2 2.2%
FY25 Q3 2.3%
FY25 Q4 1.4%
FY26 Q1 0.2%
FY26 Q2 -1.8%
FCF margin (TTM) Coupang, Inc.
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 7.9% FCF margin (TTM), FY23 Q4: 7.2% FCF margin (TTM), FY24 Q1: 5.7% FCF margin (TTM), FY24 Q2: 5.5% FCF margin (TTM), FY24 Q3: 3.2% FCF margin (TTM), FY24 Q4: 3.3% FCF margin (TTM), FY25 Q1: 3.3% FCF margin (TTM), FY25 Q2: 2.4% FCF margin (TTM), FY25 Q3: 3.7% FCF margin (TTM), FY25 Q4: 1.5% FCF margin (TTM), FY26 Q1: 0.8% FCF margin (TTM), FY26 Q2: 0.3% 0.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 7.9%
FY23 Q4 7.2%
FY24 Q1 5.7%
FY24 Q2 5.5%
FY24 Q3 3.2%
FY24 Q4 3.3%
FY25 Q1 3.3%
FY25 Q2 2.4%
FY25 Q3 3.7%
FY25 Q4 1.5%
FY26 Q1 0.8%
FY26 Q2 0.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Coupang took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $34.5B
  2. Cost of revenue $24.4B · 70.6%
  3. Gross profit $10.1B · 29.4%
  4. Selling, general and admin $9.7B · 28.0%
  5. Operating income $473M · 1.4%
  6. Income tax $383M · 1.1%
  7. Net income $208M · 0.6%

Shares of revenue. Source: Coupang's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 6.3 12.0 18.4 20.6 24.4 30.3 34.5 35.5
Gross profit 1.0 2.0 3.0 4.7 6.2 8.8 10.1 10.1
EBITDA −0.6 −0.4 −1.3 0.1 0.7 0.9 1.0 −0.1
Operating income −0.6 −0.5 −1.5 −0.1 0.5 0.4 0.5 −0.6
Net income −0.7 −0.5 −1.5 −0.1 1.4 0.2 0.2 −0.8
Diluted EPS −$39.48 −$19.16 −$1.08 −$0.05 $0.75 $0.08 $0.11 −$0.42
Growth (year on year)
Revenue — +90.8% +53.8% +11.8% +18.5% +24.1% +14.1% +9.9%
EBITDA — — — — — +16.2% +13.9% −105.9%
Operating income — — — — — — — −186.7%
Net income — — — — — −88.7% — —
Diluted EPS — — — — — −89.3% — —
Margins
Gross margin 16.5% 16.6% 16.0% 22.9% 25.4% 29.2% 29.4% 28.4%
EBITDA margin −9.1% −3.2% −7.0% 0.6% 3.1% 2.9% 2.9% −0.2%
Operating margin −10.2% −4.3% −8.1% −0.5% 1.9% 1.4% 1.4% −1.8%
Net margin −11.1% −3.9% −8.4% −0.4% 5.6% 0.5% 0.6% −2.2%
Free-cash-flow margin −8.4% −1.5% −5.9% −1.3% 7.2% 3.3% 1.5% 0.3%
Cash flow
Cash from operations −0.3 0.3 −0.4 0.6 2.7 1.9 1.8 1.4
Capital spending 0.2 0.5 0.7 0.8 0.9 0.9 1.3 1.3
Free cash flow −0.5 −0.2 −1.1 −0.3 1.8 1.0 0.5 0.1
Stock-based pay 0.0 0.0 0.2 0.3 0.3 0.4 0.5 0.5
Free cash flow after stock pay −0.6 −0.2 −1.3 −0.5 1.4 0.6 0.0 −0.4
Balance sheet
Cash 1.4 1.3 3.5 3.5 5.2 5.9 6.3 6.1
Total debt 0.0 0.8 0.6 0.8 1.0 1.5 1.6 2.6
Net debt (negative = net cash) −1.4 −0.4 −2.9 −2.7 −4.2 −4.3 −4.7 −3.5
Diluted shares 19m 29m 1,424m 1,765m 1,803m 1,826m 1,855m 1,837m
Returned to shareholders
Buybacks 0.1 0.1 0.0 0.0 0.0 0.2 0.2 1.1
Total returned 0.1 0.1 0.0 0.0 0.0 0.2 0.2 1.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $17.4bn
Short-term assets $9.3bnLonger-term assets $8.1bn
What it owes, and who funded it · $17.4bn
Short-term liabilities $10.6bnLonger-term liabilities $3.8bnShareholders' equity $3.0bn
  • Short-term assets cover short-term liabilities $9.3bn of assets due within a year against $10.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.3bn short-term assets against $3.8bn of longer-dated liabilities.
  • More cash than debt $6.1bn of cash against $2.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 87% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 13% to 87% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $2.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$628m against $76m of interest.

From Coupang, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.1B
Returned to shareholders
1104%
of free cash flow
Buybacks, last 3 fiscal years
$421M
Diluted share count
−0.6%
year over year
Total shareholder yield
4.1%
dividends 0.0% + buybacks 4.1% of market value
Days sales outstanding
4 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in broadline retail
Last 12 months unless stated CPNG M PDD KSS VIPS EBAY Median
Revenue, last 12 months $35.5bn $22.8bn $60.1bn $15.4bn $14.7bn $12.4bn $2.8bn
Revenue growth, last 12 months 9.9% 0.3% 9.8% −2.9% −2.2% 15.7% 4.4%
Revenue growth, 3-year average 17.1% −2.4% — −4.6% 105.6% 7.2% 9.1%
Revenue growth, latest quarter 3.9% 1.2% — −0.9% — 13.7% 9.1%
Gross margin 28.4% 40.7% 56.3% 41.2% 23.1% 72.2% 44.4%
Operating margin −1.8% 5.0% 21.6% 3.8% 7.7% 20.3% 2.5%
Operating margin, 3-year average 0.4% 3.3% −1.8% 3.8% 5.4% 20.7% 2.8%
Net margin −2.2% 3.3% 22.7% 1.7% 6.8% 16.9% 1.7%
Cash from operations / revenue 4.0% 7.7% 24.8% 8.8% 7.0% 24.6% 4.0%
Free-cash-flow margin 0.3% 6.2% 24.8% 6.7% 5.2% 19.5% 2.1%
Free-cash-flow margin, 3-year average 2.7% 4.4% 203.4% 4.6% 2.3% 15.8% 3.0%
Stock pay / revenue 1.5% 0.3% 1.8% 0.2% 1.6% 5.4% 0.7%
Change in share count −0.6% −2.4% 0.2% 2.4% −5.1% −3.7% −0.4%

Median of all 23 companies we cover in broadline retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 broadline retail companies
Measure Company Peer median Rank
Revenue growth Growth 9.9% 4.4% 9 of 23
Change in growth rate Growth -3.2pp +0.9pp 20 of 23
Gross margin Profitability 28.4% 44.4% 18 of 22
Operating margin Profitability -1.8% 3.6% 15 of 22
Net margin Profitability -2.2% 1.7% 17 of 23
Free-cash-flow margin Cash generation 0.3% 2.1% 14 of 23
Stock pay as % of revenue Cash generation 1.5% 0.8% 15 of 22
Long-term debt as % of assets Balance sheet 3.6% 6.2% 5 of 12
Change in share count Balance sheet -0.6% 0.1% 9 of 22
Days sales outstanding Balance sheet 4 days 13 days 2 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $26.3B 76.2% ▲ 10.2%
Other $8.2B 23.8% ▲ 28.4%
Third Party Merchant Services $7.1B 86.5% ▲ 27.5%
Other services $1.1B 13.5% ▲ 34.9%

From Coupang, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23.5B
Institutions reporting
586
Shares held vs prior quarter
▼ 1.9%
Positions opened / closed
76 / 93

Top buyers and sellers, Q2 2026: 253 institutions bought and 335 sold ; the biggest buyer was Aspex Management (HK) Ltd (+22.0M shares) and the biggest seller Baillie Gifford & Co (−41.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Sb Investment Advisers (UK) Ltd $5B 289.5M 21.4% 0.0%
Baillie Gifford & Co $1.4B 78.7M 5.8% ▼ 34.7%
Dodge & Cox $1.3B 72.2M 5.3% ▲ 0.3%
Blackrock, Inc. $1.1B 62.4M 4.6% ▼ 3.8%
Artisan Partners Limited Partnership $876M 50.4M 3.7% ▲ 49.8%
Morgan Stanley $869M 50.0M 3.7% ▼ 10.9%
Aspex Management (HK) Ltd $661M 38.0M 2.8% ▲ 137.1%
Tiger Global Management LLC $633M 36.5M 2.7% ▲ 5.4%
Massachusetts Institute Of Technology $506M 29.1M 2.2% ▲ 51.5%
Assenagon Asset Management S.A. $460M 26.5M 2.0% ▲ 54.7%
Greenoaks LLC $446M 25.7M 1.9% 0.0%
Geode Capital Management, LLC $416M 23.9M 1.8% ▼ 3.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Coupang, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $137M 3 trades by 1 insider, last 12 months Insider sales History → $5.9M 6 trades by 4 insiders · 40% under pre-set plans
Net ▲ $131M net buying
Insider Date Trade Shares Price Value
Lee Jonathan D. Chief Accounting Officer October 2, 2026 Sell pre-set plan 5,519 $13.65 $75,339
Lee Jonathan D. Chief Accounting Officer August 10, 2026 Sell pre-set plan 5,519 $16.10 $88,856
Rogers Harold See Remarks August 10, 2026 Sell 192,110 $16.18 $3.1M
Mehta Neil Director March 13, 2026 Buy 2,332,863 $18.40 $42.9M
Mehta Neil Director March 12, 2026 Buy 3,000,000 $18.68 $56M
Mehta Neil Director March 11, 2026 Buy 2,017,241 $18.64 $37.6M
Lee Jonathan D. Chief Accounting Officer January 2, 2026 Sell 2,679 $23.62 $63,278
Anand Gaurav Chief Financial Officer November 10, 2025 Sell pre-set plan 75,350 $29.02 $2.2M
Kolari Pranam VP, Search and Recommendations November 3, 2025 Sell 11,653 $31.98 $372,663

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Coupang, Inc. shares.

  • Jonathan L. Jackson(D-IL 1):Sale (full), $15,001 - $50,000, traded January 22, 2026, filed February 23, 2026
  • Jonathan L. Jackson(D-IL 1):Purchase, $15,001 - $50,000, traded July 3, 2024, filed August 12, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 26, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Coupang, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Coupang, Inc. in brief

What does Coupang, Inc. do?
Coupang, Inc. is a US-listed company in the broadline retail industry. Its financial year ends in December.
What is Coupang, Inc.'s stock ticker?
Coupang, Inc. trades under the ticker CPNG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Coupang, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Coupang, Inc. reported revenue of $35.5B, 9.9% higher than a year earlier, according to its SEC filings.
What is Coupang, Inc.'s free cash flow?
Coupang, Inc.'s free-cash-flow margin is 0.3% of revenue over the trailing twelve months, ranking 14 of the 23 broadline retail companies we cover.
What is Coupang, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Coupang, Inc.'s free cash flow after stock-based pay gives ~$10 per share in the base case, and ~$8.0–$13 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Coupang, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Sb Investment Advisers (UK) Ltd, Baillie Gifford & Co and Dodge & Cox. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Coupang, Inc. buying back stock, and does it pay a dividend?
Coupang, Inc. spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 0.6% over the year.
What is Coupang, Inc.'s market cap?
On November 2, 2026, Coupang, Inc.'s market capitalisation was about $27B and net debt of -$3.5B. Market figures come from third-party market data and may be delayed.
How much debt does Coupang, Inc. have?
Coupang, Inc.'s debt-to-equity ratio is 87.1%, from its latest balance sheet (13.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Coupang, Inc.'s competitors?
In our Broadline Retail peer group, the companies closest to Coupang, Inc. are Macy's, Inc., PDD Holdings Inc., Kohls Corp, Vipshop Holdings Ltd and eBay Inc. The side-by-side comparison below sets their revenue, margins and growth against Coupang, Inc.'s.
Are insiders buying or selling Coupang, Inc. stock?
Over the last 12 months, Coupang, Inc.'s directors and officers reported 3 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Coupang, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Coupang, Inc. announces its own schedule.