CPNG NYSE Broadline Retail Financials FY2019βFY2025
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.
Hi! I read Coupangβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+14.1%
Yes. Sales grew 14.1% last year.
Does it make a profit?
0.6%
A little. It keeps 0.6% of every sale as profit.
Does profit turn into cash?
1.5%
Partly. 1.5% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Coupang had $34.5B of revenue in fiscal 2025, up 14.1% on the year before.
Over five years, revenue changed +23.6% a year on average.
Its operating margin was 1.4%, down 0.1Β pts: of every 100 in sales, about 1 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Coupang made $208M of net profit in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $522M in fiscal 2025, 1.5% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Coupang returned $243M to shareholders in fiscal 2025, 47% of free cash flow.
The diluted share count rose 1.6%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders bought $137M and sold $5.9M of shares on the open market.
Bought, 12 months
$137M
1 insider
Sold, 12 months
$5.9M
4 insiders
Of sales under plans
40%
$2.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | Jonathan D. LeeChief Accounting Officer, Principal Accounting Officer | Sold plan | 5,519 | $13.65 | $0.1M | Form 4 |
| Aug 10, 2026 | Harold RogersSee Remarks | Sold | 192,110 | $16.18 | $3.1M | Form 4 |
| Aug 10, 2026 | Jonathan D. LeeChief Accounting Officer, Principal 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, Principal 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 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Coupang can carry it.
KIRA summarises the numbers
Coupang has $4.7B more cash than debt.
Cash vs debt (incl. leases)
| 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 | β | β23.5x | β5.9x | β5.1x | β4.8x |
| Debt / equity | 0.1x | 0.3x | 0.2x | 0.4x | 0.4x |
| Interest coverage | β33.2x | β4.2x | 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 (β = net cash) | β$3.2B | β$2.8B | β$4.4B | β$4.4B | β$4.7B |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
Coupang passes 6 of 9 financial health tests (Piotroski F-score).
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | β11.3% | β12.1% | β9.5% |
| Altman Z'' | 0.10 | 0.22 | β0.07 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
What does the share cost, and how does it compare?
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
KIRA summarises the numbers
At $13.75 a share, the company is worth $24.7B.
Value per share
β
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.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
KIRA summarises the numbers
Coupang grew sales faster than 2 of its 4 similar companies.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Coupang CPNG | $24.7B | 14.1% | 1.4% | 1.5% | β | β | 6 | |
| MercadoLibre MELI | $84.6B | 39.1% | 11.1% | 37.3% | 35.0% | 45.4x | 4 | Compare β |
| Sea Limited SE | $47.2B | 36.4% | 8.7% | 19.7% | β | β | 8 | Compare β |
| Macy's M | $6.4B | β1.7% | 4.6% | 4.7% | 12.9% | 8.6x | 8 | Compare β |
| Kohl's KSS | $2.8B | β4.3% | 4.0% | 6.5% | 7.2% | 10.3x | 7 | Compare β |
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
Every number, year by year.
Amounts in USD. Hover a ratioβs 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 | β$642M | β$516M | β$1.5B | β$112M | $473M | $436M | $473M |
| Interest expense | $96.9M | $108M | $45.0M | $27.0M | $48.0M | $140M | $86.0M |
| Pretax income | β$697M | β$463M | β$1.5B | β$93.0M | $584M | $473M | $597M |
| Income tax | β$0.2M | $0.3M | $1.0M | β$1.0M | β$776M | $407M | $383M |
| Net income | β$697M | β$463M | β$1.5B | β$92.0M | $1.4B | $154M | $208M |
| Diluted EPS | β$39.48 | β$19.16 | β$1.08 | β$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 | β$312M | $302M | β$411M | $565M | $2.7B | $1.9B | $1.8B |
| Capital expenditure | $218M | $485M | $674M | $824M | $896M | $879M | $1.3B |
| Free cash flow | β$530M | β$183M | β$1.1B | β$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 | β | $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 | β | $2.8B | $5.6B | $5.8B | $7.9B | $9.0B | $9.7B |
| Current liabilities | β | $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 | β | $1.0B | $1.3B | $1.8B | $2.5B | $2.8B | $3.7B |
| Total assets | β | $5.1B | $8.6B | $9.5B | $13.3B | $15.3B | $17.8B |
| Total liabilities | β | $5.7B | $6.5B | $7.1B | $9.2B | $11.2B | $13.2B |
| Shareholders' equity | β$3.5B | β$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 | β10.2% | β4.3% | β8.1% | β0.5% | 1.9% | 1.4% | 1.4% |
| EBITDA margin | β9.1% | β3.3% | β7.0% | 0.6% | 3.1% | 2.9% | 2.9% |
| Net margin | β11.1% | β3.9% | β8.4% | β0.5% | 5.6% | 0.5% | 0.6% |
| FCF margin | β8.4% | β1.5% | β5.9% | β1.3% | 7.2% | 3.3% | 1.5% |
| Returns | |||||||
| Return on capital employed | β | β | β57.1% | β2.7% | 8.7% | 6.2% | 5.9% |
| Return on equity | β | β | β | β4.0% | 41.8% | 3.8% | 4.8% |
| Return on assets | β | β | β22.5% | β1.0% | 11.9% | 1.1% | 1.3% |
| Growth | |||||||
| Revenue growth | β | 90.8% | 53.8% | 11.8% | 18.5% | 24.1% | 14.1% |
| Net income growth | β | β | β | β | β | β88.7% | 35.1% |
| EPS growth | β | β | β | β | β | β89.3% | 37.5% |
| FCF growth | β | β | β | β | β | β42.7% | β48.2% |
| Share count change | β | 49.1% | 4,808.3% | 24.0% | 2.2% | 1.3% | 1.6% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β23.5x | β5.9x | β5.1x | β4.8x |
| Debt / equity | β | β | 0.1x | 0.3x | 0.2x | 0.4x | 0.4x |
| Interest coverage | β6.6x | β4.8x | β33.2x | β4.2x | 9.9x | 3.1x | 5.5x |
| Current ratio | β | 0.8x | 1.2x | 1.2x | 1.1x | 1.2x | 1.0x |
| Quick ratio | β | 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 | β | β | β | β | 0.0% | 17.7% | 46.6% |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 4.0 | 7.0 | 5.0 | 6.0 |
| Altman Z'' | β | β5.2 | β2.3 | β1.2 | 0.1 | 0.2 | β0.1 |
| Accruals ratio | β | β | β16.5% | β7.2% | β11.3% | β12.1% | β9.5% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
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 β not investment advice. Check the original filings before relying on any figure.
