Coupang
CPNG NYSE Broadline Retail Financials FY2019–FY2025
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%.
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.
- Legal name
- COUPANG, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001834584-26-000024
0001834584
Revenue and margins
Coupang had $34.5B of revenue in fiscal 2025, up 14.1% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $522M in fiscal 2025, 1.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Coupang returned $243M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count rose 1.6%.
Value Coupang yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $4.7B and divides by 1,855.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Coupang can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.5B | $3.5B | $5.2B | $5.9B | $6.3B |
| Debt incl. finance leases | $291M | $713M | $811M | $1.5B | $1.6B |
| Net debt / EBITDA | — | −23.5x | −5.9x | −5.1x | −4.8x |
| Debt / equity | 0.1x | 0.3x | 0.2x | 0.4x | 0.4x |
| Interest coverage | −33.2x | −4.2x | 9.9x | 3.1x | 5.5x |
| Current ratio | 1.2x | 1.2x | 1.1x | 1.2x | 1.0x |
| Quick ratio | 0.9x | 0.8x | 0.9x | 0.9x | 0.8x |
| Total assets | $8.6B | $9.5B | $13.3B | $15.3B | $17.8B |
| Total liabilities | $6.5B | $7.1B | $9.2B | $11.2B | $13.2B |
| Shareholders' equity | $2.2B | $2.4B | $4.1B | $4.1B | $4.6B |
| Net debt (− = net cash) | −$3.2B | −$2.8B | −$4.4B | −$4.4B | −$4.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$137M
1 insider
Sold, 12 months
$5.8M
4 insiders
Of sales under plans
39%
$2.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Harold RogersSee Remarks | Sold | 192,110 | $16.18 | $3.1M | Form 4 |
| Aug 10, 2026 | Jonathan D. LeeChief Accounting Officer | Sold plan | 5,519 | $16.10 | $0.1M | Form 4 |
| Mar 13, 2026 | Neil MehtaDirector | Bought | 2,332,863 | $18.40 | $42.9M | Form 4 |
| Mar 12, 2026 | Neil MehtaDirector | Bought | 3,000,000 | $18.68 | $56.0M | Form 4 |
| Mar 11, 2026 | Neil MehtaDirector | Bought | 2,017,241 | $18.64 | $37.6M | Form 4 |
| Jan 2, 2026 | Jonathan D. LeeChief Accounting Officer | Sold | 2,679 | $23.62 | $0.1M | Form 4 |
| Nov 10, 2025 | Gaurav AnandChief Financial Officer | Sold plan | 75,350 | $29.02 | $2.2M | Form 4 |
| Nov 3, 2025 | Pranam KolariVP, Search and Recommendations | Sold | 11,653 | $31.98 | $0.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | −11.3% | −12.1% | −9.5% |
| Altman Z'' | 0.10 | 0.22 | −0.07 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Coupang CPNG | $25.0B | 14.1% | 1.4% | 1.5% | — | — | 6 | |
| MercadoLibre MELI | $91.8B | 39.1% | 11.1% | 37.3% | 35.0% | 49.2x | 4 | Compare → |
| Sea Limited SE | $47.6B | 36.4% | 8.7% | 19.7% | — | — | 8 | Compare → |
| Macy's M | $6.6B | −1.7% | 4.6% | 4.7% | 12.9% | 8.8x | 8 | Compare → |
| Kohl's KSS | $2.9B | −4.3% | 4.0% | 6.5% | 7.2% | 10.7x | 7 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $6.3B | $12.0B | $18.4B | $20.6B | $24.4B | $30.3B | $34.5B |
| Gross profit | $1.0B | $2.0B | $3.0B | $4.7B | $6.2B | $8.8B | $10.1B |
| Operating income | −$642M | −$516M | −$1.5B | −$112M | $473M | $436M | $473M |
| Interest expense | $96.9M | $108M | $45.0M | $27.0M | $48.0M | $140M | $86.0M |
| Pretax income | −$697M | −$463M | −$1.5B | −$93.0M | $584M | $473M | $597M |
| Income tax | −$0.2M | $0.3M | $1.0M | −$1.0M | −$776M | $407M | $383M |
| Net income | −$697M | −$463M | −$1.5B | −$92.0M | $1.4B | $154M | $208M |
| Diluted EPS | −$39.48 | −$19.16 | −$1.08 | −$0.05 | $0.75 | $0.08 | $0.11 |
| Diluted shares | 0.02B | 0.03B | 1.42B | 1.77B | 1.80B | 1.83B | 1.86B |
| Cash flow | |||||||
| Cash from operations | −$312M | $302M | −$411M | $565M | $2.7B | $1.9B | $1.8B |
| Capital expenditure | $218M | $485M | $674M | $824M | $896M | $879M | $1.3B |
| Free cash flow | −$530M | −$183M | −$1.1B | −$259M | $1.8B | $1.0B | $522M |
| Depreciation and amortization | $70.9M | $128M | $201M | $231M | $275M | $433M | $517M |
| Stock-based compensation | $20.8M | $31.3M | $249M | $262M | $326M | $433M | $475M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $68.0M | $0.0M |
| Share buybacks | $115M | $97.0M | $0.0M | $0.0M | $0.0M | $178M | $243M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $115M | $97.0M | $0.0M | $0.0M | $0.0M | $178M | $243M |
| Balance sheet | |||||||
| Cash and short-term investments | $1.4B | $1.3B | $3.5B | $3.5B | $5.2B | $5.9B | $6.3B |
| Total debt | — | $510M | $291M | $713M | $811M | $1.5B | $1.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $2.8B | $5.6B | $5.8B | $7.9B | $9.0B | $9.7B |
| Current liabilities | — | $3.7B | $4.7B | $5.1B | $6.9B | $7.7B | $9.4B |
| Inventory | $0.0M | $1.2B | $1.4B | $1.7B | $1.7B | $2.1B | $2.3B |
| Property and equipment, net | — | $1.0B | $1.3B | $1.8B | $2.5B | $2.8B | $3.7B |
| Total assets | — | $5.1B | $8.6B | $9.5B | $13.3B | $15.3B | $17.8B |
| Total liabilities | — | $5.7B | $6.5B | $7.1B | $9.2B | $11.2B | $13.2B |
| Shareholders' equity | −$3.5B | −$4.1B | $2.2B | $2.4B | $4.1B | $4.1B | $4.6B |
| Margins | |||||||
| 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% |
| EBITDA margin | −9.1% | −3.3% | −7.0% | 0.6% | 3.1% | 2.9% | 2.9% |
| Net margin | −11.1% | −3.9% | −8.4% | −0.5% | 5.6% | 0.5% | 0.6% |
| FCF margin | −8.4% | −1.5% | −5.9% | −1.3% | 7.2% | 3.3% | 1.5% |
| Returns | |||||||
| Return on capital employed | — | — | −57.1% | −2.7% | 8.7% | 6.2% | 5.9% |
| Return on equity | — | — | — | −4.0% | 41.8% | 3.8% | 4.8% |
| Return on assets | — | — | −22.5% | −1.0% | 11.9% | 1.1% | 1.3% |
| Growth | |||||||
| Revenue growth | — | 90.8% | 53.8% | 11.8% | 18.5% | 24.1% | 14.1% |
| Net income growth | — | — | — | — | — | −88.7% | 35.1% |
| EPS growth | — | — | — | — | — | −89.3% | 37.5% |
| FCF growth | — | — | — | — | — | −42.7% | −48.2% |
| Share count change | — | 49.1% | 4,808.3% | 24.0% | 2.2% | 1.3% | 1.6% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | −23.5x | −5.9x | −5.1x | −4.8x |
| Debt / equity | — | — | 0.1x | 0.3x | 0.2x | 0.4x | 0.4x |
| Interest coverage | −6.6x | −4.8x | −33.2x | −4.2x | 9.9x | 3.1x | 5.5x |
| Current ratio | — | 0.8x | 1.2x | 1.2x | 1.1x | 1.2x | 1.0x |
| Quick ratio | — | 0.5x | 0.9x | 0.8x | 0.9x | 0.9x | 0.8x |
| Capital allocation | |||||||
| Capex / revenue | 3.5% | 4.1% | 3.7% | 4.0% | 3.7% | 2.9% | 3.6% |
| Stock comp / revenue | 0.3% | 0.3% | 1.4% | 1.3% | 1.3% | 1.4% | 1.4% |
| Payouts / FCF | — | — | — | — | 0.0% | 17.7% | 46.6% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 4.0 | 7.0 | 5.0 | 6.0 |
| Altman Z'' | — | −5.2 | −2.3 | −1.2 | 0.1 | 0.2 | −0.1 |
| Accruals ratio | — | — | −16.5% | −7.2% | −11.3% | −12.1% | −9.5% |
Source: SEC EDGAR XBRL filings (CIK 0001834584). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.