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Wednesday 4 November 2026
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Coupang, Inc.
CPNG Consumer Cyclical Internet Retail
Coupang, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $34.5 billion, up 14.1% from fiscal 2024.
- Revenue
- +7.50%
- EPS
- −660.0%
- Free cash flow
- −116.3%
- Total debt
- −80.7%
Quarter to September 2026, against a year earlier
16.97
1.74
+11.42%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 4,054 | 6,273 | 11,967 | 18,406 | 20,583 | 24,383 | 30,268 | 34,534 | 36,157 | +35.8% | 37,102 | 42,626 | 47,509 | +11.2% | |
| Gross margin, % | — | — | 4.66 | 16.47 | 16.60 | 16.03 | 22.88 | 25.39 | 29.18 | 29.37 | 27.37 | +24.7 pt | ||||||
| EBT | — | — | (1,095) | (699) | (463) | (1,542) | (93) | 584 | 473 | 597 | (1,280) | n/m | ||||||
| EBT margin, % | — | — | (27.01) | (11.14) | (3.87) | (8.38) | (0.45) | 2.40 | 1.56 | 1.73 | (3.54) | +28.7 pt | ||||||
| Net income | — | 0 | (1,098) | (699) | (463) | (1,543) | (92) | 1,360 | 66 | 214 | (1,363) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 2.34 | 90.75 | 412.48 | 12.93 | 11.66 | 13.68 | 16.87 | 19.00 | 20.14 | +34.9% | |||||
| Earnings | — | — | (0.63) | (10.11) | (19.16) | (1.08) | (0.05) | 0.76 | 0.09 | 0.11 | (0.76) | n/m | ||||||
| Cash flow | — | — | (0.40) | (4.51) | 10.39 | (0.29) | 0.32 | 1.49 | 1.05 | 0.98 | 0.47 | n/m | ||||||
| Capex | — | — | 0.00 | (3.10) | (16.69) | (0.47) | (0.46) | (0.49) | (0.48) | (0.69) | (0.70) | n/m | ||||||
| Free cash flow | — | — | (0.40) | (7.61) | (6.29) | (0.76) | (0.14) | 1.00 | 0.57 | 0.29 | (0.23) | n/m | ||||||
| Book value | — | — | 0.00 | (51.11) | (140.24) | 1.53 | 1.37 | 2.29 | 2.29 | 2.54 | 1.58 | n/m | ||||||
| Shares, m | — | — | 1,733 | 69 | 29 | 1,424 | 1,765 | 1,782 | 1,794 | 1,818 | 1,809 | +0.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.70 | 244.22 | 204.42 | 0.00 | 58.7 | |||||
| P/S | — | — | 0.12 | 0.12 | 0.12 | 2.27 | 1.28 | 1.15 | 1.30 | 1.24 | 0.76 | 1.0 | ||||||
| P/B | — | — | 0.00 | 0.00 | 0.00 | 19.23 | 10.91 | 6.86 | 9.61 | 9.28 | 9.66 | 7.0 | ||||||
| EV/Sales | — | — | 0.16 | 0.16 | 0.16 | 2.10 | 1.13 | 0.95 | 1.14 | 1.08 | 0.62 | 0.9 | ||||||
| EV/FCF | — | — | (10.42) | (10.42) | (10.42) | (35.71) | (94.78) | 13.05 | 33.91 | 70.76 | (55.23) | (5.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (694) | (312) | 302 | (411) | 565 | 2,652 | 1,886 | 1,773 | 845 | n/m | |||||
| Capex | — | — | (93) | (214) | (484) | (672) | (811) | (877) | (870) | (1,246) | (1,254) | +44.8% | ||||||
| Free cash flow | — | — | (694) | (526) | (183) | (1,082) | (246) | 1,775 | 1,016 | 527 | (409) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 273 | (892) | 893 | 767 | 947 | 1,278 | 334 | (2,311) | +3.4% | |||||
| Net debt | — | — | — | (578) | 474 | (3,183) | (3,018) | (4,864) | (4,976) | (5,764) | (5,421) | +46.7% | ||||||
| Shareholders’ equity | — | — | — | (3,533) | (4,069) | 2,176 | 2,414 | 4,089 | 4,102 | 4,623 | 2,837 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | (47.69) | (13.40) | (22.50) | (1.01) | 11.90 | 1.07 | 1.26 | (7.38) | +1.3 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | 0.00 | 20.26 | 14.63 | 162.99 | (4.01) | 41.83 | 3.76 | 4.77 | (35.97) | +4.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 50,000 | 68,000 | 63,000 | 78,000 | 95,000 | 108,000 | — | +16.7% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.24 | 0.27 | 0.33 | 0.31 | 0.32 | 0.32 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Product Commerce | 29,592 | 85.69% |
|---|---|---|
| Developing Offerings | 4,942 | 14.31% |
| Gross margin | 29.37% | |
| Operating margin | 1.37% | |
| Pre-tax margin | 1.73% |
Coupang, Inc. vs peers in Internet Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MELI MercadoLibre, Inc. | $84.3B | 45.4× | 42.6× | +49.76% (above 0%: growing) | −10.86% (below 0%: shrinking) | +22.47% (above 0%: growing) | 40.90% | 6.72% | Compare |
| DASH DoorDash, Inc. | $79.9B | 75.0× | 64.3× | +33.95% (above 0%: growing) | +87.79% (above 0%: growing) | +8.85% (above 0%: growing) | 52.97% | 9.58% | Compare |
| EBAY eBay Inc. | $52.1B | 25.5× | 27.7× | +13.69% (above 0%: growing) | −19.47% (below 0%: shrinking) | −2.09% (below 0%: shrinking) | 72.33% | 19.21% | Compare |
| SE Sea Limited Sponsored ADR | $43.5B | 28.2× | 25.2× | +48.07% (above 0%: growing) | +5.88% (above 0%: growing) | −6.79% (below 0%: shrinking) | 45.58% | 8.35% | Compare |
| JD JD.com, Inc. | $32.4B | 16.6× | 9.8× | +2.54% (above 0%: growing) | +27.87% (above 0%: growing) | +64.77% (above 0%: growing) | 17.12% | 1.31% | Compare |
| CPNG Coupang, Inc. | $27.4B | — (loss-making) | — (loss-making) | +7.50% (above 0%: growing) | n/m | −116.29% (below 0%: shrinking) | 25.71% | (4.52%) | |
| W Wayfair Inc. | $15.3B | — (loss-making) | — (loss-making) | +7.52% (above 0%: growing) | n/m | +28.46% (above 0%: growing) | 29.95% | 2.96% | Compare |
| CART Maplebear Inc. | $13.5B | 30.6× | 24.6× | +14.11% (above 0%: growing) | +6.98% (above 0%: growing) | +157.22% (above 0%: growing) | 72.00% | 13.81% | Compare |
| CHWY Chewy | $8.9B | 33.5× | 27.7× | +7.28% (above 0%: growing) | +33.33% (above 0%: growing) | −15.49% (below 0%: shrinking) | 30.36% | 2.76% | Compare |
| Median of peers | $37.9B | 30.6× | 27.7× | +13.90% | +6.98% | +15.66% | 43.24% | 7.54% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
75.31%
Held by the ten largest
41.00%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| SB INVESTMENT ADVISERS (UK) LTD | 289.54m | 16.11% | 0.00 |
| Baillie Gifford | 78.74m | 4.38% | −41.91m |
| Dodge & Cox | 72.19m | 4.02% | +186.10k |
| BlackRock | 62.40m | 3.47% | −2.49m |
| Artisan Partners Limited Partnership | 50.44m | 2.81% | +16.77m |
| Morgan Stanley | 50.03m | 2.78% | −6.12m |
| Aspex Management (HK) Ltd | 38.03m | 2.12% | +21.99m |
| TIGER GLOBAL MANAGEMENT LLC | 36.47m | 2.03% | +1.87m |
| Vanguard | 29.95m | 1.67% | −246.67k |
| MASSACHUSETTS INSTITUTE OF TECHNOLOGY | 29.13m | 1.62% | +9.90m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.21m | 3.21m | 47.90 |
| 2024 | 2.07m | 2.40m | 44.63 |
| 2023 | 1.73m | 2.56m | 32.87 |
| 2022 | 1.93m | (49.69m) | 29.87 |
| 2021 | 1.59m | 684.33m | 59.65 |
Ownership
Directors and executive officers, together
75.40% of the votes
Bom Kim
74.30% of the votes
Entities associated with SVF Investments (UK) Limited
4.60% of the votes
Baillie Gifford & Co
2.40% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Coupang, Inc. (CPNG) Latest News
4 Nov
3 Nov
23 Oct
22 Oct
21 Oct
12 Oct
30 Sep
CPNG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Coupang is an online retailer and services company that sells products to consumers and provides a marketplace for other merchants. Its offerings include general merchandise, fresh groceries, restaurant delivery, video streaming, financial technology and luxury fashion. Coupang was founded on 2010-08-10 and is headquartered in Seoul. Bom Kim is its chief executive officer.
Customers can buy products that Coupang owns as well as products sold by third-party merchants through its apps and websites. In Korea, its Rocket Delivery service offers next-day delivery across millions of products. Its Rocket Fresh grocery offering sits alongside general retail, while Eats handles restaurant ordering and delivery. Play provides online content streaming, and Farfetch connects luxury sellers and brands with customers.