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Coupang, Inc. key statistics and ratios

In fiscal 2025, Coupang, Inc. had return on equity of 4.8%, an operating margin of 1.4%, debt equal to 34.8% of equity and a current ratio of 1.04. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin16.5%16.6%16.0%22.9%25.4%29.2%29.4%28.4%
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%
Return on equity———−4.0%41.8%3.8%4.8%−20.2%
Return on assets—−9.1%−22.5%−1.0%11.9%1.1%1.3%−4.4%
Asset turnover—2.362.692.272.132.112.082.02
Current ratio—0.761.191.151.141.171.040.87
Debt to equity——29.1%34.9%24.8%37.4%34.8%87.1%
Interest cover (operating income ÷ interest)n/mn/mn/mn/m9.9x3.1x5.5xn/m
Effective tax rate—————86.0%64.2%—
Capital spending as % of revenue3.5%4.0%3.7%4.0%3.7%2.9%3.6%3.7%
Free cash flow ÷ net income————129.1%653.9%251.0%—
Dividends and buybacks ÷ free cash flow————0.0%17.7%46.6%>999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CPNG vs MCPNG vs PDDCPNG vs KSS

More: Broadline Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Coupang, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Coupang, Inc.