Coupang (CPNG)
NYSE:CPNG
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Coupang
(NYSE:CPNG)
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Rating:53Neutral
Price Target:
$19.50
▼(-9.51% Downside)
Action:ReiteratedDate:03/02/26
The score is held up by improving fundamentals and strong cash generation, but is capped by weak technicals (price below key longer-term averages) and expensive valuation (very high P/E with no dividend). Earnings-call risks—muted near-term growth, large Developing Offerings losses, and ongoing uncertainty from the data-security incident—further limit the rating.
Positive Factors
Cash generation
Sustained positive operating and free cash flow since 2023 indicates the business can self-fund growth and capex. That durable cash generation reduces reliance on external financing, supports reinvestment in logistics and markets, and provides a buffer against cyclical retail headwinds.
Negative Factors
Developing Offerings losses
Large, ongoing losses in Developing Offerings reflect aggressive investment in new markets and services. While strategic, these sizable recurring losses materially pressure consolidated margins and cash flow, increasing execution and capital-allocation risk until returns in those markets are proven.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow since 2023 indicates the business can self-fund growth and capex. That durable cash generation reduces reliance on external financing, supports reinvestment in logistics and markets, and provides a buffer against cyclical retail headwinds.
Read all positive factors
Coupang (CPNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.13B
Dividend YieldN/A
Average Volume (3M)18.70M
Price to Earnings (P/E)206.2
Beta (1Y)1.12
Revenue Growth14.09%
EPS Growth34.31%
CountryUS
Employees95,000
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.01
Shares Outstanding1,670,388,500
10 Day Avg. Volume16,588,370
30 Day Avg. Volume18,695,958
Financial Highlights & Ratios
PEG Ratio7.31
Price to Book (P/B)9.28
Price to Sales (P/S)1.24
P/FCF Ratio82.16
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue1.01
Enterprise Value/Gross Profit3.45
Enterprise Value/Ebitda51.26
Forecast
1Y Price Target
$26.50Price Target Upside22.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.06
Revenue Forecast (FY)$38.22B
Coupang Business Overview & Revenue Model
Company Description
Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company sells various products an...
How the Company Makes Money
Coupang generates revenue through multiple channels, primarily from its e-commerce platform where it sells products directly to consumers and also facilitates third-party seller listings. The company earns a significant portion of its revenue from...
Coupang Key Performance Indicators (KPIs)
Any
Net Revenue Per Active Customer
Measures the average revenue generated from each active customer, reflecting customer spending habits and the company's ability to monetize its user base.
Measures the average revenue generated from each active customer, reflecting customer spending habits and the company's ability to monetize its user base.
Data provided by:
The Fly
The FlyCoupang Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Negative
The call presented a mix of operational progress—strong growth and execution in Taiwan and Developing Offerings, solid liquidity, and improving product-commerce profitability on an adjusted basis—counterbalanced by a material data-security incident that drove short-term customer churn, a December revenue slowdown, significant near-term investments that produced large Developing Offerings losses (~$995M for the year and guidance of $950M–$1B for 2026), compressed consolidated EBITDA (down 37% YoY) and nearly 50% lower free cash flow. Management emphasized remediation, stabilization and a path to recovery, but near-term financial and regulatory uncertainties remain significant.Positive Updates
Product Commerce Revenue Growth
Product Commerce net revenue of $7.4 billion, up 8% year-over-year (12% constant currency), with earlier 3-month pre-December growth at ~16% constant currency.
Negative Updates
Data Security Incident and Customer Impact
A former employee illegally accessed data from over 33 million user accounts and retained data from ~3,000 Korean accounts and 1 Taiwan account; customer reactions (removed payment methods, churn) led to visible business impacts and ongoing government investigations with potential unknown fines.
Read all updates
Q4-2025 Updates
Positive
Negative
Product Commerce Revenue Growth
Product Commerce net revenue of $7.4 billion, up 8% year-over-year (12% constant currency), with earlier 3-month pre-December growth at ~16% constant currency.
Read all positive updates
Company Guidance
Guidance from the call was that near‑term trends will be muted and uneven but should improve over the year, with consolidated constant‑currency revenue growth expected to be 5–10% in Q1 2026 (Product Commerce had been growing ~16% CC pre‑December before weakening to an estimated ~4% CC in January); Developing Offerings is guided to full‑year adjusted EBITDA losses of $950M–$1.0B (after DO losses of $300M in Q4 and $995M for full‑year 2025), and the company expects its prior cadence of annual consolidated EBITDA‑margin expansion to be disrupted this year; Q4 results for context included consolidated net revenue $8.8B (+11% reported, +14% CC), Product Commerce net revenue $7.4B (+8% YoY, +12% CC), Product Commerce gross profit $2.4B and segment adjusted EBITDA $567M (7.7% margin), Developing Offerings revenue $1.4B (+32% YoY) with $183M gross profit, consolidated adjusted EBITDA $267M (3% margin, down 37% YoY), operating cash flow $1.8B and free cash flow $527M (≈50% YoY decline), cash balance >$6B, a 2025 effective tax rate of 64% (long‑term target nearer 25%), and continued share‑repurchase capacity under the $1B authorization (≈$243M used to date, ~5.9M shares repurchased in the quarter); Taiwan remains a bright spot (triple‑digit revenue growth, ~70% geo coverage and ~75% next‑day volume in December with no meaningful variable cost increase).Coupang Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B |
| Gross Profit | 10.14B | 8.83B | 6.19B | 4.71B | 2.95B |
| EBITDA | 683.00M | 1.05B | 907.00M | 165.00M | -1.30B |
| Net Income | 208.00M | 154.00M | 1.36B | -92.00M | -1.54B |
Balance Sheet | |||||
| Total Assets | 17.79B | 15.34B | 13.35B | 9.51B | 8.64B |
| Cash, Cash Equivalents and Short-Term Investments | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B |
| Total Debt | 4.63B | 3.73B | 2.79B | 2.40B | 2.12B |
| Total Liabilities | 13.16B | 11.24B | 9.26B | 7.10B | 6.47B |
| Stockholders Equity | 4.62B | 4.10B | 4.09B | 2.41B | 2.18B |
Cash Flow | |||||
| Free Cash Flow | 522.00M | 1.01B | 1.76B | -259.00M | -1.08B |
| Operating Cash Flow | 1.77B | 1.89B | 2.65B | 565.00M | -411.00M |
| Investing Cash Flow | -1.25B | -819.00M | -927.00M | -848.00M | -676.00M |
| Financing Cash Flow | -247.00M | -69.00M | 199.00M | 247.00M | 3.58B |
Coupang Technical Analysis
Positive
21.55
Price Trends
19.00
Positive
21.19
Positive
25.80
Negative
Market Momentum
0.55
Negative
68.80
Neutral
87.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPNG, the sentiment is Positive. The current price of 21.55 is above the 20-day moving average (MA) of 19.50, above the 50-day MA of 19.00, and below the 200-day MA of 25.80, indicating a neutral trend. The MACD of 0.55 indicates Negative momentum. The RSI at 68.80 is Neutral, neither overbought nor oversold. The STOCH value of 87.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CPNG.
Coupang Risk Analysis
Coupang disclosed 77 risk factors in its most recent earnings report. Coupang reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Coupang Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $135.97B | 11.49 | 26.44% | ― | 9.87% | -12.32% | |
70 Outperform | $89.58B | 51.14 | 33.73% | ― | 39.06% | 4.50% | |
69 Neutral | $319.89B | 36.81 | 8.82% | 1.31% | 3.74% | -21.81% | |
64 Neutral | $41.12B | 14.55 | 8.57% | 3.37% | 13.13% | -51.27% | |
64 Neutral | $50.84B | 48.10 | 15.34% | ― | 36.38% | 245.29% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $37.13B | 206.19 | 4.52% | ― | 14.09% | 34.31% |
* Consumer Cyclical Sector Average
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Coupang Corporate Events
Executive/Board Changes
Coupang Director Kevin Warsh May Exit for Fed Role
Neutral
Feb 6, 2026
On January 30, 2026, U.S. President Donald J. Trump announced his intent to nominate Kevin M. Warsh, a member of Coupang, Inc.’s Board of Directors, to serve as Chairman of the Board of Governors of the U.S. Federal Reserve System, subject t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.