Coupang

CPNG · NYSE · Consumer Discretionary · Financials, fiscal 2019 to 2025

CPNG · Last close · October 26, 2026

$13.75

Coupang's revenue rose 14.1% to $34.5 billion in fiscal 2025. Its operating margin was 1.4%, down from 1.4% a year earlier. Free cash flow was $522 million, down 48.2%. It paid out $243 million in dividends and buybacks, 47% of free cash flow. The diluted share count rose 1.6%.

COUPANG, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001834584-26-000024 Updated October 10, 2026

Revenue

$34.5B

14.1%

Operating margin

1.4%

0.1 pts

Net income

$208M

35.1%

Free cash flow

$522M

48.2%

Return on equity

4.8%

1.0 pts

Market cap

$24.7B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Coupang does

Coupang is an online retailer that also runs restaurant delivery, video streaming and financial services. It sells under brands that include Coupang, Eats, Play, Rocket Now and Farfetch, the last of which is an online marketplace for luxury goods. Customers can order everyday items, general merchandise, fresh groceries and niche products, with delivery that can arrive the next day or the same day.

The company reports two segments: Product Commerce and Developing Offerings. It earns money by selling products, by letting small and medium-sized merchants sell through its apps and websites, and through its WOW membership program, which gives members delivery benefits and other perks. It also earns from advertising on its platforms.

Coupang says it controls the whole experience from technology to warehouses and delivery, and it builds its own fulfillment and logistics network. It also ships goods for sellers in the United States from its own facilities. It says it competes in a crowded retail industry.

Its biggest risks, as it describes them

Failing to manage its growth, including the expansion of its warehouse and delivery network.
Strong competition in online retail and delivery that could cost it customers or sales.
Expanding into new countries and new services that may prove harder or costlier than expected.
Inventory risks, and the strain that seasonal peaks put on its operations.
Rising food, energy, labor and other costs.

From Coupang's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2023 to 2025, earnings per share fell 61.7% a year and net income 60.9% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Coupang yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Coupang's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Coupang's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.4 times depreciation, which holds its free cash flow down) of $1.3B, net cash of $4.7B at December 31, 2025 and 1,855 million diluted shares, from its filings. The scenarios are fitted to Coupang: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 18.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Broadline Retail), plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Coupang's own revenue growth, as above. Cautious: growth of 9.5% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 19% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $13.75
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Coupang's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3.5	3.5	5.2	5.9	6.3
Debt incl. finance leases	0.3	0.7	0.8	1.5	1.6
Net debt (negative means net cash)	−3.2	−2.8	−4.4	−4.4	−4.7
Net debt to EBITDA	—	−23.5x	−5.9x	−5.1x	−4.8x
Debt to equity	0.1x	0.3x	0.2x	0.4x	0.3x
Interest coverage	−33.2x	−4.2x	9.8x	3.1x	5.5x
Current ratio	1.2x	1.1x	1.1x	1.2x	1.0x
Quick ratio	0.9x	0.8x	0.9x	0.9x	0.8x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $136.6 million of Coupang shares on the open market, and 4 insiders sold $5.8 million, $2.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 10, 2026	Harold RogersSee Remarks	Sold	192,110	$16.18	$3.1 million	Form 4
Aug 10, 2026	Jonathan D. LeeChief Accounting Officer	Sold plan	5,519	$16.10	$88,856	Form 4
Mar 13, 2026	Neil MehtaDirector	Bought	2,332,863	$18.40	$42.9 million	Form 4
Mar 12, 2026	Neil MehtaDirector	Bought	3,000,000	$18.68	$56.0 million	Form 4
Mar 11, 2026	Neil MehtaDirector	Bought	2,017,241	$18.64	$37.6 million	Form 4
Jan 2, 2026	Jonathan D. LeeChief Accounting Officer	Sold	2,679	$23.62	$63,278	Form 4
Nov 10, 2025	Gaurav AnandChief Financial Officer	Sold plan	75,350	$29.02	$2.2 million	Form 4
Nov 3, 2025	Pranam KolariVP, Search and Recommendations	Sold	11,653	$31.98	$372,663	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	7 of 9	5 of 9	6 of 9
Accruals ratio	−11.3%	−12.1%	−9.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Coupang side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Coupang	FY25	14.1%	1.4%	1.5%	—	−4.8x	6
MercadoLibre	FY25	39.1%	11.1%	37.3%	35.0%	0.8x	4	Compare
Sea Limited	FY25	36.4%	8.7%	19.7%	—	−4.5x	8	Compare
Macy's	FY25	−1.7%	4.5%	4.7%	12.9%	0.6x	8	Compare
Kohl's	FY25	−4.3%	4.0%	6.5%	7.2%	2.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6.3	12.0	18.4	20.6	24.4	30.3	34.5
Revenue growth	—	90.8%	53.8%	11.8%	18.5%	24.1%	14.1%
Gross profit	1.0	2.0	3.0	4.7	6.2	8.8	10.1
Research and development	—	—	—	—	—	—	—
Operating income	−0.6	−0.5	−1.5	−0.1	0.5	0.4	0.5
Net income	−0.7	−0.5	−1.5	−0.1	1.4	0.2	0.2
Diluted EPS (US$)	−39.48	−19.16	−1.08	−0.05	0.75	0.08	0.11
Diluted shares (millions)	20	29	1,424	1,765	1,803	1,826	1,855
Cash flow
Cash from operations	−0.3	0.3	−0.4	0.6	2.7	1.9	1.8
Capital expenditure	0.2	0.5	0.7	0.8	0.9	0.9	1.3
Free cash flow	−0.5	−0.2	−1.1	−0.3	1.8	1.0	0.5
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share buybacks	0.1	0.1	0.0	0.0	0.0	0.2	0.2
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Stock-based compensation	0.0	0.0	0.2	0.3	0.3	0.4	0.5
Balance sheet at fiscal year end
Cash and short-term investments	1.4	1.3	3.5	3.5	5.2	5.9	6.3
Debt incl. finance leases	—	0.5	0.3	0.7	0.8	1.5	1.6
Total assets	—	5.1	8.6	9.5	13.3	15.3	17.8
Total liabilities	—	5.7	6.5	7.1	9.2	11.2	13.2
Shareholders' equity	−3.5	−4.1	2.2	2.4	4.1	4.1	4.6
Margins and ratios
Gross margin	16.5%	16.6%	16.0%	22.9%	25.4%	29.2%	29.4%
Operating margin	−10.2%	−4.3%	−8.1%	−0.5%	1.9%	1.4%	1.4%
Net margin	−11.1%	−3.9%	−8.4%	−0.5%	5.6%	0.5%	0.6%
Free cash flow margin	−8.4%	−1.5%	−5.9%	−1.3%	7.2%	3.3%	1.5%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	—	−4.0%	41.8%	3.8%	4.8%
Return on assets	—	—	−22.5%	−1.0%	11.9%	1.1%	1.3%
Net debt to EBITDA	—	—	—	−23.5x	−5.9x	−5.1x	−4.8x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Coupang's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Coupang.