Coupang, Inc. (CPNG)

Price$15.29Cached quoteAs of 2026-09-05 21:12 UTC

AI: Fair-priced

Price checkThe shares look fair-priced because recovery upside is meaningful, but current cash earnings leave little room for disappointment.

At the observed market level, Coupang’s equity value is about $29.6 billion, roughly 0.83 times trailing revenue. That looks modest for a company still growing, but cash valuation is demanding: trailing free cash flow—cash left after operations and capital spending—was only $105 million, making the equity value roughly 280 times that cash flow. Even using stronger historical cash flow, the multiple is about 29 times 2024 and 57 times 2025. Net cash helps, so the evidence supports fair pricing rather than a clear bargain or excess.

Big pictureRevenue keeps growing, but weaker margins and cash conversion show the recovery is not yet durable.

Revenue rose 14% in 2025, but second-quarter 2026 growth was 4% in dollars versus 10% after removing currency moves. Product Commerce sales grew 8% on that constant-currency basis, yet its adjusted EBITDA margin—a measure of operating profit before interest, taxes, depreciation, and amortization—fell to 5.1% from 9.0%. Free cash flow fell from $1.76 billion in 2023 to $1.01 billion in 2024, $522 million in 2025, and $105 million trailing. Won swings distort reported growth, while Farfetch and food delivery add more consumer-cycle sensitivity than everyday retail.

Business strengthA large cash cushion protects the downside, while buybacks now exceed the value of stock compensation.

At June 2026, Coupang held $6.11 billion of cash against $2.60 billion of debt, leaving about $3.51 billion of net cash. That cushion matters while profits are pressured by fines, expansion, and incident-related costs. Capital allocation is mixed. Stock compensation was $475 million in 2025, almost as large as that year’s $522 million free cash flow, while buybacks were only $243 million. In the first half of 2026, however, buybacks jumped to $850 million versus $283 million of stock compensation. Repurchases reduce dilution, although much second-quarter buying occurred above the recently observed market level.

What could change the storyMargin recovery would make today’s valuation look reasonable; persistent cash weakness would make it expensive.

Today’s valuation works if breach-related disruption fades, Product Commerce returns toward its prior margin, and fast-growing Taiwan, Eats, and Farfetch eventually consume less profit. In Q2, active Product Commerce customers still rose 3% to 24.7 million, while Developing Offerings revenue grew 24% after removing currency effects and its loss narrowed slightly. The bear case is that core margin stays near 5% while regulatory, fire, and expansion costs continue. Sustained free cash flow above roughly $1 billion would strengthen the thesis; staying below $500 million would weaken it.

AI: News

Second-quarter profit resetSecond-quarter sales grew, but a large loss and thinner core margins reset near-term profit expectations.

On August 4, 2026, Coupang reported $8.9 billion of revenue, up 4%, but a $556 million operating loss. About $410 million came from Korean administrative fines; excluding them, the operating loss was $146 million. Product Commerce’s adjusted EBITDA margin, an operating-profit measure before interest, taxes, depreciation and amortization, fell to 5.1% from 9.0%; trailing free cash flow was $105 million. A market report showed shares down 5.45% premarket afterward. That timing suggests a reaction to the results, but does not prove any single item caused it.

Record privacy finesKorean regulators imposed record privacy penalties, turning an earlier data breach into a direct financial hit.

On June 10, Korean privacy regulators announced two fines totaling about $410 million: roughly $278 million tied to the 2025 customer-data incident and $132 million tied to a separate advertising-data practice. Reuters reported the combined penalty as about 625 billion won, the country’s largest data-breach-related fine. Coupang recorded the amount in Q2 and said it plans judicial challenges. The fines reduce near-term earnings and cash protection, while continued investigations create uncertain additional exposure rather than a known fixed cost.

Incheon warehouse fireA major warehouse fire added asset-loss risk, but Coupang says customer service remains intact.

A fire began July 18 at Coupang’s Incheon logistics center and burned for more than 52 hours, according to Reuters. In its August filing, Coupang estimated about $246 million of inventory, fixed assets, and seller obligations were associated with the site before the fire, while noting insurance coverage and possible additional costs. The company also said the fire had not materially hurt third-quarter revenue generation or customer demand. The event therefore raises loss and insurance uncertainty, but current evidence does not show a lasting sales disruption.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$34.53B	$30.27B	$24.38B	$20.58B	$18.41B	$11.97B	$6.27B
Gross profit	$10.14B	$8.83B	$6.19B	$4.71B	$2.95B	$1.99B	$1.03B
Gross margin	29.37%	29.18%	25.39%	22.88%	16.03%	16.60%	16.47%
Operating expenses	$34.06B	$29.83B	$23.91B	$20.70B	$19.90B	$12.48B	$6.92B
Operating income	$473.0M	$436.0M	$473.0M	−$112.0M	−$1.49B	−$516.0M	−$641.9M
Operating margin	1.37%	1.44%	1.94%	−0.54%	−8.12%	−4.31%	−10.23%
EBITDA	$990.0M	$869.0M	$748.0M	$119.0M	−$1.29B	−$388.5M	−$571.0M
EBITDA margin	2.87%	2.87%	3.07%	0.58%	−7.02%	−3.25%	−9.10%
Net income	$208.0M	$154.0M	$1.36B	−$92.0M	−$1.54B	−$463.2M	−$696.9M
Net profit margin	0.60%	0.51%	5.58%	−0.45%	−8.38%	−3.87%	−11.11%
Basic EPSper basic share	$0.11	$0.09	$0.76	-$0.05	-$1.08	-$19.16	-$39.48
Diluted EPSper diluted share	$0.11	$0.08	$0.75	-$0.05	-$1.08	-$19.16	-$39.48

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

17.72%of listed shares

SB INVESTMENT ADVISERS (UK) LTD289.54M shares · Jun 30, 2026

View holders

Top 20 reported holders of CPNG
Holder	% owned
SB INVESTMENT ADVISERS (UK) LTD	17.72%289.54M shares
BAILLIE GIFFORD & CO	4.82%78.74M shares
Dodge & Cox	4.42%72.19M shares
BlackRock, Inc.	3.82%62.4M shares
MEHTA NEIL	≈3.39%55.41M shares
Artisan Partners Limited Partnership	3.09%50.44M shares
MORGAN STANLEY	3.06%50.03M shares
Aspex Management (HK) Ltd	2.33%38.03M shares
TIGER GLOBAL MANAGEMENT LLC	2.23%36.47M shares
MASSACHUSETTS INSTITUTE OF TECHNOLOGY	1.78%29.13M shares
Assenagon Asset Management S.A.	1.62%26.47M shares
GREENOAKS LLC	1.57%25.7M shares
GEODE CAPITAL MANAGEMENT, LLC	1.47%23.94M shares
Point72 Asset Management, L.P.	1.37%22.41M shares
GOLDMAN SACHS GROUP INC	1.25%20.45M shares
NORGES BANK	1.25%20.36M shares
STATE STREET CORP	1.22%19.89M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.00%16.37M shares
HARRIS ASSOCIATES L P	0.87%14.3M shares
Holocene Advisors, LP	0.87%14.14M shares

Percentages use 1.63B shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys18$268.09M disclosed value

Sells (SEC code S)38$2.04B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 13, 2026Form 4	MEHTA NEILDirector	BuyClass A Common Shares · indirect	2.33M	$18.40	$42.92M	55.31M
Mar 12, 2026Form 4	MEHTA NEILDirector	BuyClass A Common Shares · indirect	3.00M	$18.68	$56.04M	52.98M
Mar 11, 2026Form 4	MEHTA NEILDirector	BuyClass A Common Shares · indirect	2.02M	$18.64	$37.60M	49.98M
Jan 2, 2026Form 4	Lee Jonathan D.Chief Accounting Officer	SellClass A Common Stock	2.7K	$23.62	$63.3K	122.1K
Nov 10, 2025Form 4 · 10b5-1	Anand GauravChief Financial Officer	SellClass A Common Stock	75.3K	$29.02	$2.19M	1.94M