Coupang vs Macy's
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The short version
- Coupang is the larger business, with $34.5B of revenue in fiscal 2025 against $22.6B for Macy's, about 1.5 times as much.
- Coupang grew revenue faster (14.1%, against −1.7%).
- Macy's kept more of each dollar of sales as operating profit (4.6% operating margin, against 1.4%).
- Macy's turned more of its sales into free cash flow (4.7% FCF margin, against 1.5%).
| Latest fiscal year | CPNG · FY25 | M · FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.0B | $6.6B |
| Revenue | $34.5B | $22.6B |
| Free cash flow | $522M | $1.1B |
| Net income | $208M | $642M |
| Growth | ||
| Revenue growth | 14.1% | −1.7% |
| 5-year growth | 23.6% | 5.5% |
| Share count change | 1.6% | −1.8% |
| Profitability | ||
| Gross margin | 29.4% | 40.3% |
| Operating margin | 1.4% | 4.6% |
| Net margin | 0.6% | 2.8% |
| FCF margin | 1.5% | 4.7% |
| Return on capital | — | 12.9% |
| Return on equity | 4.8% | 13.6% |
| Balance sheet | ||
| Net debt | −$4.7B | $1.2B |
| Net debt / EBITDA | −4.8x | 0.6x |
| Dividends and buybacks | $243M | $447M |
| Valuation & quality | ||
| P/E | — | 8.8x |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
CPNG —
M $25.9B
FY17
CPNG —
M $24.9B
FY18
CPNG —
M $25.0B
FY19
CPNG $6.3B
M $24.6B
FY20
CPNG $12.0B
M $17.3B
FY21
CPNG $18.4B
M $25.4B
FY22
CPNG $20.6B
M $25.4B
FY23
CPNG $24.4B
M $23.9B
FY24
CPNG $30.3B
M $23.0B
FY25
CPNG $34.5B
M $22.6B
CPNG
M
Operating margin
FY16
CPNG —
M 5.3%
FY17
CPNG —
M 7.5%
FY18
CPNG —
M 7.0%
FY19
CPNG −10.2%
M 4.0%
FY20
CPNG −4.3%
M −25.8%
FY21
CPNG −8.1%
M 9.3%
FY22
CPNG −0.5%
M 6.6%
FY23
CPNG 1.9%
M 1.3%
FY24
CPNG 1.4%
M 4.0%
FY25
CPNG 1.4%
M 4.6%
CPNG
M
Free cash flow
FY16
CPNG —
M $1.2B
FY17
CPNG —
M $1.5B
FY18
CPNG —
M $1.1B
FY19
CPNG −$530M
M $706M
FY20
CPNG −$183M
M $311M
FY21
CPNG −$1.1B
M $2.4B
FY22
CPNG −$259M
M $727M
FY23
CPNG $1.8B
M $674M
FY24
CPNG $1.0B
M $760M
FY25
CPNG $522M
M $1.1B
CPNG
M
Return on capital
FY16
CPNG —
M 9.1%
FY17
CPNG —
M 19.1%
FY18
CPNG —
M 13.6%
FY19
CPNG —
M 7.7%
FY20
CPNG —
M −45.3%
FY21
CPNG —
M 33.1%
FY22
CPNG —
M 23.0%
FY23
CPNG —
M 4.9%
FY24
CPNG —
M 11.5%
FY25
CPNG —
M 12.9%
CPNG
M
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.