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. In the quarter to June 2026, revenue grew 3.89%, EPS fell 1,700.0%, free cash flow fell 79.4% and total debt fell 39.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Coupang, Inc. (CPNG) Altman Z-score
Coupang, Inc.'s Altman Z-score for fiscal 2025 is 3.69, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.69 | (0.19) |
| FY2024 | 3.88 | 0.45 |
| FY2023 | 3.44 | (0.13) |
| FY2022 | 3.57 | (1.08) |
| FY2021 | 4.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.02 | |
| Retained earnings / total assets | (0.23) | — | −0.32 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 3.26 | — | 1.95 | |
| Sales / total assets | 1.94 | — | 1.94 | |
| Altman Z-score | Safe zone | 3.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.07 | ||
Z and Z″ put Coupang, Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DASH DoorDash, Inc. compare | 6.7× |
| CART Maplebear Inc. compare | 6.2× |
| EBAY eBay Inc. compare | 6.1× |
| CHWY Chewy compare | 5.9× |
| SE Sea Limited Sponsored ADR compare | 3.8× |
| CPNG Coupang, Inc. | 3.7× |
| MELI MercadoLibre, Inc. compare | 3.0× |
| W Wayfair Inc. compare | 2.9× |
| JD JD.com, Inc. compare | 2.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets