Coupang, Inc.
- Open
- 16.14
- Day high
- 16.20
- Day low
- 15.70
- Prev close
- 15.97
- Volume
- 1.2M
- Mkt cap
- $28.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 9.5
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.2M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Coupang, Inc. (CPNG) is a Consumer Cyclical company listed on NYSE. The stock is down 43% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering CPNG.
Coupang, Inc. (CPNG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CPNG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $-0.27 | $-0.32 | -18.6% | $8.9B | -0.7% |
| May 5, 2026 | $-0.09 | $-0.15 | -60.7% | $8.5B | +0.3% |
| Nov 4, 2025 | $0.04 | $0.05 | +36.5% | $9.3B | +1.3% |
| Feb 27, 2024 | $0.06 | $0.08 | +33.3% | $6.6B | +2.5% |
| Feb 28, 2023 | $0.05 | $0.06 | +20.0% | $5.3B | -1.4% |
| Aug 10, 2022 | $-0.11 | $-0.04 | +63.6% | $5.0B | -2.8% |
| Mar 2, 2022 | $-0.20 | $-0.23 | -15.0% | $5.1B | -2.0% |
| Nov 12, 2021 | $-0.10 | $-0.19 | -90.0% | $4.6B | +19.7% |
| Aug 11, 2021 | $-0.13 | $-0.13 | +0.0% | $4.5B | +0.0% |
| May 12, 2021 | $-0.16 | $-0.68 | -325.0% | $4.2B | -56.1% |
| Mar 11, 2021 | — | $-0.11 | — | $3.1B | — |
CPNG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Rogers Haroldofficer: See Remarks | Sell | 192,110 | $16.18 |
| Aug 11, 2026 | Lee Jonathan D.officer, other: Chief Accounting Officer | Sell | 5,519 | $16.10 |
| Jun 12, 2026 | Sharma Ashadirector | Grant | 17,971 | — |
| Jun 12, 2026 | Toubassy Ambereendirector | Grant | 19,565 | — |
| Jun 12, 2026 | Sun Benjamindirector | Grant | 19,275 | — |
| Jun 12, 2026 | Child Jasondirector | Grant | 21,304 | — |
| Jun 12, 2026 | Franceschi Pedrodirector | Grant | 17,971 | — |
| Jun 12, 2026 | MEHTA NEILdirector | Grant | 17,391 | — |
| May 15, 2026 | Toubassy Ambereendirector | Grant | 69 | — |
| Apr 3, 2026 | Rogers Haroldofficer: See Remarks | Grant | 213,884 | — |
| Apr 3, 2026 | Lee Jonathan D.officer, other: Chief Accounting Officer | Grant | 47,181 | — |
| Apr 3, 2026 | Lee Jonathan D.officer, other: Chief Accounting Officer | Grant | 18,157 | — |
| Apr 3, 2026 | Anand Gauravofficer: Chief Financial Officer | Grant | 260,402 | — |
| Mar 20, 2026 | Child Jasondirector | Grant | 1,147 | — |
| Mar 20, 2026 | Sun Benjamindirector | Grant | 706 | — |
Source: CPNG SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full CPNG insider & 13F page →Coupang, Inc. company profile
Overview
Coupang, Inc. (NYSE:CPNG) is a South Korean e-commerce company that has emerged as one of Asia's leading online retail platforms. Founded in 2010 by Bom Kim, who previously worked at Harvard Business School and Boston Consulting Group, Coupang began as a daily deals website before pivoting to become a comprehensive e-commerce platform. The company went public on the New York Stock Exchange in March 2021 in one of the largest IPOs of that year. Today, Coupang operates primarily in South Korea while expanding into international markets including Taiwan, with additional operations in China, Singapore, Japan, and the United States.
Business
Coupang operates as a comprehensive e-commerce ecosystem that combines online retail with advanced logistics infrastructure. The company functions in the rapidly growing Asian e-commerce market, which has been driven by increasing smartphone penetration, changing consumer habits, and demand for faster delivery services. The company operates through two primary business segments: Product Commerce represents approximately 85-90% of total revenue and serves as Coupang's core e-commerce platform. This segment operates through mobile applications and websites where customers can purchase a wide variety of products including home goods, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables. The platform combines both first-party sales (where Coupang purchases and sells products directly) and third-party marketplace services through its Fulfillment and Logistics by Coupang (FLC) program, which allows external merchants to leverage Coupang's logistics infrastructure. Developing Offerings accounts for the remaining 10-15% of revenue and encompasses several growth initiatives including Coupang Eats (food delivery service), international expansion efforts particularly in Taiwan, travel booking services, and the luxury fashion platform Farfetch which Coupang acquired in 2023. This segment also includes Coupang Play, a video streaming service, and various other experimental ventures. The company's competitive advantage lies in its proprietary logistics network and WOW membership program, which provides subscribers with free and fast delivery services, often within hours of ordering. This infrastructure-heavy model differentiates Coupang from pure marketplace operators by controlling the entire customer experience from order placement to final delivery.
Revenue model
Coupang generates revenue through multiple streams within its two-segment structure. In Product Commerce, the company earns money through direct product sales where it purchases inventory and sells to consumers at a markup, capturing the retail margin. Additionally, it collects fees from third-party merchants who use the FLC platform, including fulfillment fees, storage fees, and commission on sales processed through the marketplace. The WOW membership program provides a subscription revenue stream, with members paying annual fees in exchange for free delivery and other benefits. The company has been strategically increasing membership fees while maintaining strong customer retention, indicating pricing power in its core market. In Developing Offerings, Coupang Eats generates revenue through delivery fees and commissions from restaurant partners, while the Taiwan expansion follows a similar e-commerce model adapted to local market conditions. The Farfetch acquisition adds luxury fashion sales and platform fees to the revenue mix. Several factors influence Coupang's profitability margins. Positive margin drivers include increasing automation in fulfillment centers, which reduces labor costs; growing scale that provides better supplier negotiation power; expanding higher-margin categories like beauty and electronics; and the shift toward more third-party marketplace sales which carry higher margins than first-party retail. The company's investments in artificial intelligence and operational efficiency continue to drive cost reductions. Margin pressures come from intense competition in South Korea's e-commerce market, requiring continued investment in competitive pricing and service quality. Rising labor and real estate costs in South Korea affect fulfillment operations, while international expansion requires significant upfront investments before achieving profitability. Additionally, the company faces pressure from fluctuating foreign exchange rates given its international operations and dollar-denominated public listing.
Competitive moat
Coupang's competitive moat centers on its extensive logistics infrastructure and operational scale within South Korea, creating significant barriers to entry for potential competitors. The company has built a dense network of fulfillment centers, last-mile delivery capabilities, and automated sorting facilities that would require billions of dollars and years of development for competitors to replicate. This infrastructure enables Coupang's signature rapid delivery service, often within hours, which has become a customer expectation that competitors struggle to match consistently. The WOW membership program creates customer stickiness through switching costs and behavioral lock-in effects. With over 14 million active customers and high retention rates, Coupang benefits from predictable recurring revenue and increased customer lifetime value. The network effects become stronger as more customers join, making the service more valuable and economically viable. However, Coupang's moat faces several challenges. The company operates in a highly competitive market with well-funded rivals including Naver, Kakao, and potentially Amazon or Chinese e-commerce giants. Unlike global platforms, Coupang's moat is primarily geographic, concentrated in South Korea, which limits its total addressable market. The company's international expansion efforts in Taiwan and through Farfetch are still in early stages and face established local competitors. Additionally, the infrastructure-heavy model that creates the moat also requires continuous capital investment to maintain competitive advantages. Changes in consumer behavior, regulatory environment, or the emergence of new technologies could potentially erode Coupang's current advantages. The luxury fashion segment through Farfetch operates in a different competitive landscape with different dynamics, where Coupang's logistics advantages may be less relevant.
Risks & safety
Coupang demonstrates a moderate margin of safety with mixed financial health indicators. The company has achieved profitability and positive cash generation, but trades at elevated valuation multiples. • Liquidity and Solvency: Strong cash position of $6.1 billion with minimal debt burden. Current ratio of 1.16 indicates adequate short-term liquidity. Debt-to-equity ratio of 0.93 is manageable but not conservative. • Cash Flow: Positive operating cash flow of $354 million and free cash flow of $115 million in Q1 2025, though free cash flow was negative in Q3 2024 due to capital investments. Full year 2024 generated $1.9 billion in operating cash flow and $1.0 billion in free cash flow. • Valuation Metrics: Price-to-earnings ratio of 92.5x appears expensive relative to current earnings. EV/EBITDA of 26.0x is elevated for a retail company. Price-to-book ratio of 9.1x suggests significant premium to tangible assets. • Profitability: Return on equity of 2.4% is low, indicating inefficient use of shareholder capital. Net income margins remain thin at approximately 1.4%. • Other Considerations: The company announced a $1 billion share repurchase program, indicating management confidence. However, continued investments in developing offerings and international expansion create ongoing cash requirements.
Recent development
Over the past few years, Coupang has executed several strategic initiatives focused on expanding its ecosystem and international presence. The most significant development was the acquisition of Farfetch in 2023 for approximately $500 million, bringing a luxury fashion platform with $4 billion in gross merchandise value into Coupang's portfolio. Management has successfully stabilized Farfetch operations, achieving near break-even profitability by late 2024. The company has aggressively expanded its Taiwan operations, with revenues growing over 350% year-over-year and selection expanding by nearly 500%. Taiwan now features the full WOW membership program and represents a key test case for Coupang's international expansion strategy. The company has taken a disciplined approach, leveraging existing infrastructure and operational expertise from the Korean market. Coupang Eats has emerged as a significant growth driver within developing offerings, benefiting from the integration with the WOW membership program that provides free delivery. The food delivery service has achieved positive unit economics and continues to gain market share in South Korea's competitive food delivery market. The Fulfillment and Logistics by Coupang (FLC) marketplace has experienced rapid growth, with seller participation increasing 80% in 2023 and continuing to grow at multiples of the overall business growth rate. Over 80% of FLC sellers are small and medium enterprises, positioning Coupang as an enabler of Korean SME e-commerce growth. Technology investments have focused on automation and artificial intelligence, with the company nearly doubling its highly automated infrastructure. These investments are expected to drive operational efficiency improvements and margin expansion over time, though they have temporarily increased operating expenses as a percentage of revenue.
CPNG company profile · for informational purposes only — not investment advice.
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