Coupang, Inc. (CPNG) vs Global-e Online Ltd. (GLBE)

Coupang, Inc. and Global-e Online Ltd. are both Internet Retail companies. Coupang, Inc. is the larger, with a market value of $25.1B against $6.9B — 3.7× the size. Coupang, Inc. has negative trailing earnings, so its P/E is not meaningful; Global-e Online Ltd. trades at 44.1×. Global-e Online Ltd. grew revenue faster over the last twelve months: 31.4% against 9.92%. Global-e Online Ltd. has the higher net margin (13.9% vs −2.16%) and the higher return on invested capital (26.5% vs 0.00%). Across the 20 metrics below, Global-e Online Ltd. leads on 17 and Coupang, Inc. on 3.

Valuation

Metric CPNG GLBE Internet Retail median
P/E n/m 44.14 22.73
P/S 0.70 6.07 0.64
P/B 8.36 7.45 1.65
Price to free cash flow 237.81 23.20 14.11
EV/EBITDA n/m 31.18 15.68
EV/Sales 0.55 5.59 0.76
Earnings yield (3.13%) 2.27% (0.11%)
Free cash flow yield 0.42% 4.31% 0.00%

Profitability

Metric CPNG GLBE Internet Retail median
Gross margin 28.35% 45.22% 43.51%
Operating margin (1.77%) 14.25% 0.08%
Net margin (2.16%) 13.87% 0.56%
Free cash flow margin 0.30% 26.16% 0.00%
Return on equity (19.99%) 16.96% 0.00%
Return on assets (4.35%) 11.96% 0.00%
Return on invested capital 0.00% 26.46% 0.00%

Growth

Metric CPNG GLBE Internet Retail median
Revenue growth (TTM) 9.92% 31.40% 10.60%
EPS growth (last fiscal year) 37.50% 186.67% —
Revenue growth, 5-year CAGR 23.61% 47.81% 10.81%
Net income growth, 5-year CAGR 0.00% 148.19% 0.00%

Health

Metric CPNG GLBE Internet Retail median
Debt to equity 0.21 0.00 0.13
Current ratio 0.87 2.07 1.49
Net debt to EBITDA (5.82) (3.93) (0.25)

Dividend

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

Size

Metric CPNG GLBE Internet Retail median
Market cap 25.11b 6.87b 443.85m

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