Coupang, Inc.CPNG
NYSE•Consumer Cyclical•Internet Retail
Coupang, Inc., together with its subsidiaries, owns and operates retail business through its mobile applications and internet websites in South Korea and internationally. It operates through Product Commerce and Developing Offerings segments. The Product Commerce segment includes Korean retail and marketplace offerings; Rocket Fresh, a fresh grocery offering; and advertising products. The Developing Offerings segment offers Eats, a restaurant ordering and delivery service; Play, an online content streaming service; fintech activities; and Farfetch, a luxury fashion marketplace. It also performs operations and support services in the United States, South Korea, Taiwan, Singapore, China, Japan, Europe, the United Kingdom, and India. Coupang, Inc. was incorporated in 2010 and is headquartered in Seattle, Washington.
Coupang, Inc. (CPNG) reported trailing twelve months revenue of $35.13B as of March 2026, a 13.1% increase year-over-year. Quarterly revenue reached $8.50B, reflecting continued top-line momentum.
Coupang, Inc. reported a TTM net loss of $165.00M, with quarterly EBITDA of $-99.00M. The operating margin contracted from 1.9% to -2.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-2.8%) and net margin (-3.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 1.4% a year ago, reflecting increased costs or interest expense.
CPNG trades at a P/S of 0.9x. The price-to-book ratio of 8.5x indicates a significant premium over book value.
The company reported negative free cash flow of $-112.00M, indicating cash consumption over the period. The balance sheet shows $17.40B in total assets with $617.00M in long-term debt against $3.93B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 1.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~29.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 89.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding rose 2.0% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation