Coupang, Inc. (CPNG) vs Etsy, Inc. (ETSY)

Coupang, Inc. and Etsy, Inc. are both Internet Retail companies. Coupang, Inc. is the larger, with a market value of $25.1B against $6.4B — 4.0× the size. Coupang, Inc. has negative trailing earnings, so its P/E is not meaningful; Etsy, Inc. trades at 32.3×. Coupang, Inc. grew revenue faster over the last twelve months: 9.92% against 6.74%. Etsy, Inc. has the higher net margin (7.11% vs −2.16%) and the higher return on invested capital (47.1% vs 0.00%). Across the 19 metrics below, Etsy, Inc. leads on 12 and Coupang, Inc. on 7.

Valuation

Metric CPNG ETSY Internet Retail median
P/E n/m 32.28 22.73
P/S 0.70 2.20 0.64
P/B 8.36 n/m 1.65
Price to free cash flow 237.81 10.64 14.11
EV/EBITDA n/m 16.12 15.68
EV/Sales 0.55 2.86 0.76
Earnings yield (3.13%) 3.10% (0.11%)
Free cash flow yield 0.42% 9.40% 0.00%

Profitability

Metric CPNG ETSY Internet Retail median
Gross margin 28.35% 71.40% 43.51%
Operating margin (1.77%) 14.31% 0.08%
Net margin (2.16%) 7.11% 0.56%
Free cash flow margin 0.30% 20.86% 0.00%
Return on equity (19.99%) (16.61%) 0.00%
Return on assets (4.35%) 8.38% 0.00%
Return on invested capital 0.00% 47.13% 0.00%

Growth

Metric CPNG ETSY Internet Retail median
Revenue growth (TTM) 9.92% 6.74% 10.60%
EPS growth (last fiscal year) 37.50% (40.85%) —
Revenue growth, 5-year CAGR 23.61% 10.81% 10.81%
Net income growth, 5-year CAGR 0.00% (14.14%) 0.00%

Health

Metric CPNG ETSY Internet Retail median
Debt to equity 0.21 (2.20) 0.13
Current ratio 0.87 1.48 1.49
Net debt to EBITDA (5.82) 3.96 (0.25)

Dividend

Metric CPNG ETSY Internet Retail median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric CPNG ETSY Internet Retail median
Market cap 25.11b 6.35b 443.85m

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