CPNG Consumer Cyclical

Coupang, Inc.

$15.23+3.61%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Consumer Cyclical
Industry: Internet Retail
Country: United States
Market cap: 27.4B USD
Enterprise value: 22.2B USD
Full-time employees: 108,000

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.63), less short-term liquidity (current ratio 0.87 vs a peer median of 1.48) and more debt relative to equity (0.87× vs a peer median of 0.46×)higher risk: bigger price swings (beta 1.17 vs peers 0.63), less liquidity (current ratio 0.87 vs peers 1.48) and more debt vs equity (0.87× vs peers 0.46×)
About average: growth

Ranks #1,376 of 1,502 consumer cyclical companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $1.2B vs $421M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Coupang recorded $1.2B of stock-based pay expense and spent $421M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Coupang recorded $1.2B of stock-based pay expense and spent $421M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Earnings slid into a loss. Loss per share this year after a profit last year.
Coupang made a loss per share in its latest year after a profit the year before.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Coupang reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $12.0B in 2020 to $34.5B in 2025.
Coupang's fiscal-year revenue rose in each of the five years to 2025, from $12.0B to $34.5B.

StockQuotient Score

23/ 100

Oct 5 23 → Nov 4 23

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-0.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield0.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -1.06Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield10.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

57/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ 3-yr revenue
▲ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.14Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth17.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.03Sector median: 0.0425 · MAD: 0.0636

Revenue growth9.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.95Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-1.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.77Sector median: 0.0638 · MAD: 0.0461

Return on assets-4.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.04Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-77.9%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin28.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-25.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.17

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.78Sector median: 0.6345 · MAD: 0.2980

Current ratio0.87×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.09Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.87×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.14Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Coupang

Is Coupang getting weaker?: Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 23/100 since Oct 28, 2026.
How is Coupang valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 1,612 consumer cyclical peers. Earnings yield -2.8% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -2.8% vs peers 4.4% (weaker than 100% of peers).
Is Coupang growing?: At about the same pace as its peers. Growth scores 57/100 against 1,612 consumer cyclical peers. 3-year revenue growth 17.1% vs a peer median of 4.3% (stronger than 85% of peers).3-year revenue growth 17.1% vs peers 4.3% (stronger than 85% of peers).
How profitable is Coupang?: Less profitable than most of its peers. Profitability scores 6/100 against 1,612 consumer cyclical peers. Return on invested capital -77.9% vs a peer median of 7.3% (weaker than 100% of peers).Return on invested capital -77.9% vs peers 7.3% (weaker than 100% of peers).
How risky is Coupang?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.87× vs a peer median of 1.48× (weaker than 83% of peers).Current ratio 0.87× vs peers 1.48× (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Coupang is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	35.1B USD	35.5B USD	+0.9%
Net income (12 months)	−165.0M USD	−767.0M USD	+364.8%
Operating margin	0.2%	-1.8%	−2.0 pts
Free cash flow (12 months)	295.0M USD	99.0M USD	−66.4%
Debt	2.3B USD	2.6B USD	+13.7%
Cash	6.3B USD	6.1B USD	−3.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Internet Retail companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	22.9%	25.4%	29.2%	29.4%	▲ 0.2 pts
Operating margin	-8.1%	-0.5%	1.9%	1.4%	1.4%	▼ 0.1 pts
Net margin	-8.4%	-0.4%	5.6%	0.5%	0.6%	▲ 0.1 pts
Return on assets (ROA)	-17.9%	-1.0%	10.2%	1.0%	1.2%	▲ 0.2 pts
Return on equity (ROE)	-70.9%	-3.8%	33.3%	3.8%	4.5%	▲ 0.7 pts
Free cash flow margin	-5.9%	-1.3%	7.2%	3.3%	1.5%	▼ 1.8 pts
Current ratio	1.19×	1.15×	1.14×	1.17×	1.04×	▼ 11%
Quick ratio	0.89×	0.82×	0.90×	0.89×	0.79×	▼ 11%
Debt to equity	0.16×	0.30×	0.20×	0.36×	0.35×	▼ 2.7%
Interest coverage	-33.20×	-4.15×	9.85×	3.11×	5.50×	▲ 77%

CPNG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.63), less short-term liquidity (current ratio 0.87 vs a peer median of 1.48) and more debt relative to equity (0.87× vs a peer median of 0.46×)higher risk: bigger price swings (beta 1.17 vs peers 0.63), less liquidity (current ratio 0.87 vs peers 1.48) and more debt vs equity (0.87× vs peers 0.46×)

About average: growth

Ranks #1,376 of 1,502 consumer cyclical companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $1.2B vs $421M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Coupang recorded $1.2B of stock-based pay expense and spent $421M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Coupang recorded $1.2B of stock-based pay expense and spent $421M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Earnings slid into a loss. Loss per share this year after a profit last year.

Coupang made a loss per share in its latest year after a profit the year before.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Coupang reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $12.0B in 2020 to $34.5B in 2025.

Coupang's fiscal-year revenue rose in each of the five years to 2025, from $12.0B to $34.5B.

Questions investors ask about Coupang

Is Coupang getting weaker?

Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 23/100 since Oct 28, 2026.

How is Coupang valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 1,612 consumer cyclical peers. Earnings yield -2.8% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -2.8% vs peers 4.4% (weaker than 100% of peers).

Is Coupang growing?

At about the same pace as its peers. Growth scores 57/100 against 1,612 consumer cyclical peers. 3-year revenue growth 17.1% vs a peer median of 4.3% (stronger than 85% of peers).3-year revenue growth 17.1% vs peers 4.3% (stronger than 85% of peers).

How profitable is Coupang?

Less profitable than most of its peers. Profitability scores 6/100 against 1,612 consumer cyclical peers. Return on invested capital -77.9% vs a peer median of 7.3% (weaker than 100% of peers).Return on invested capital -77.9% vs peers 7.3% (weaker than 100% of peers).

How risky is Coupang?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.87× vs a peer median of 1.48× (weaker than 83% of peers).Current ratio 0.87× vs peers 1.48× (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

35.1B USD

35.5B USD

+0.9%

Net income (12 months)

−165.0M USD

−767.0M USD

+364.8%

Operating margin

0.2%

-1.8%

−2.0 pts

Free cash flow (12 months)

295.0M USD

99.0M USD

−66.4%

Debt

2.3B USD

2.6B USD

+13.7%

Cash

6.3B USD

6.1B USD

−3.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

22.9%

25.4%

29.2%

29.4%

▲ 0.2 pts

Operating margin

-8.1%

-0.5%

1.9%

1.4%

▼ 0.1 pts

Net margin

-8.4%

-0.4%

5.6%

0.5%

0.6%

▲ 0.1 pts

Return on assets (ROA)

-17.9%

-1.0%

10.2%

1.0%

1.2%

▲ 0.2 pts

Return on equity (ROE)

-70.9%

-3.8%

33.3%

3.8%

4.5%

▲ 0.7 pts

Free cash flow margin

-5.9%

-1.3%

7.2%

3.3%

1.5%

▼ 1.8 pts

Current ratio

1.19×

1.15×

1.14×

1.17×

1.04×

▼ 11%

Quick ratio

0.89×

0.82×

0.90×

0.89×

0.79×

▼ 11%

Debt to equity

0.16×

0.30×

0.20×

0.36×

0.35×

▼ 2.7%

Interest coverage

-33.20×

-4.15×

9.85×

3.11×

5.50×

▲ 77%