Coupang, Inc. Class A (CPNG)
NYSE:CPNG
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Coupang
(NYSE:CPNG)
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Rating:54Neutral
Price Target:
$15.50
▼(-28.07% Downside)
Action:Reiterated
Date:05/09/26
The score is held up by solid cash generation and strong revenue growth, but capped by thin/negative profitability and rising leverage. Technicals are notably weak with the stock below major moving averages and negative MACD, while the earnings call points to near-term margin pressure before an expected recovery and ongoing buybacks.
Positive Factors
Strong cash generation
Consistent positive operating cash flow (TTM ~$1.55B) and positive free cash flow (~$279M TTM) provide durable internal funding for network investment, share repurchases and working capital. This reduces reliance on external financing and supports execution through cyclical periods.
Negative Factors
Thin/negative profitability
Very thin operating margins and a slightly negative net margin leave limited buffer for shocks and increase dependency on margin normalization. Structural profitability weakness constrains reinvestment capacity and makes long‑term returns contingent on restoring operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent positive operating cash flow (TTM ~$1.55B) and positive free cash flow (~$279M TTM) provide durable internal funding for network investment, share repurchases and working capital. This reduces reliance on external financing and supports execution through cyclical periods.
Read all positive factors
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 (CPNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.04B
Dividend YieldN/A
Average Volume (3M)22.56M
Price to Earnings (P/E)―
Beta (1Y)1.05
Revenue Growth13.10%
EPS Growth-163.64%
CountryUS
Employees95,000
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.09
Shares Outstanding1,637,261,200
10 Day Avg. Volume24,607,291
30 Day Avg. Volume22,564,682
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 Cap0.95
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit2.65
Enterprise Value/Ebitda120.06
Forecast
1Y Price Target
$25.57Price Target Upside18.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.05
Revenue Forecast (FY)$38.04B
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 primarily makes money by selling goods and services through its commerce platform. Key revenue streams include: (1) Product commerce revenue from selling merchandise to customers, including both first-party retail (where Coupang buys, hold...
Coupang Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call balances encouraging operational recovery signals and continued top‑line growth (revenue up 8% consolidated, Product Commerce recovery momentum, Taiwan hypergrowth, positive trailing cash flow and an active buyback program) against meaningful near‑term profitability pressures (voucher program, margin compression across Product Commerce and consolidated results, large Developing Offerings losses, elevated tax rate and underutilized pre‑sized capacity). Management presented a credible path for margins to normalize as the temporary inefficiencies abate and emphasized long‑term margin drivers and disciplined capital allocation.Positive Updates
Recovery Trajectory After Data Incident
Management reports sequential improvement in Product Commerce growth from the January low point through February and March; through the end of April the company has closed nearly 80% of the decline in WOW memberships caused by the incident, with the vast majority of remaining members compounding spend at double-digit rates and many paused members returning to prior spending levels.
Negative Updates
Large Voucher Program Reduced Reported Revenue and Margins
Management disclosed a $1.2 billion voucher program issued in response to the data incident; vouchers are netted against revenue and reduced reported revenue and margins in Q1, with redemption consistent with expectations and utilization extending modestly into early Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
Recovery Trajectory After Data Incident
Management reports sequential improvement in Product Commerce growth from the January low point through February and March; through the end of April the company has closed nearly 80% of the decline in WOW memberships caused by the incident, with the vast majority of remaining members compounding spend at double-digit rates and many paused members returning to prior spending levels.
Read all positive updates
Company Guidance
Management guided Q2 consolidated constant‑currency revenue growth of 9–10% and expects consolidated adjusted‑EBITDA margin to contract about 300–400 bps year‑over‑year in Q2 as the effects of a $1.2B voucher program (mostly Q1 with a modest tail into early Q2) and temporary network under‑utilization work through; they expect margins to improve through the year with annual margin expansion resuming next year. In Q1 Product Commerce net revenue was $7.2B (+4% reported, +5% cc) with 23.9M active customers (+2% YoY, -3% QoQ), $2.2B gross profit (30.3% margin, ~‑100 bps YoY, ‑160 bps QoQ) and $358M adjusted EBITDA (5% margin, ~‑300 bps YoY). Developing Offerings: $1.3B revenue (+28% reported, +25% cc), $123M gross profit (‑25% YoY) and $329M adjusted‑EBITDA loss; full‑year DO loss guidance remains $950M–$1.0B. Consolidated Q1: $8.5B revenue (+8% cc), $2.3B gross profit (27% margin, ~‑230 bps YoY), operating loss $242M, net loss $266M ($0.15), consolidated adjusted EBITDA $29M (0.3%). Trailing‑12‑month operating cash flow $1.6B, free cash flow $301M; repurchased 20.4M shares for $391M and Board approved an additional $1B buyback.Coupang Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.13B | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B |
| Gross Profit | 10.12B | 10.14B | 8.83B | 6.19B | 4.71B | 2.95B |
| EBITDA | 223.00M | 683.00M | 1.05B | 907.00M | 165.00M | -1.30B |
| Net Income | -165.00M | 208.00M | 154.00M | 1.36B | -92.00M | -1.54B |
Balance Sheet | ||||||
| Total Assets | 17.40B | 17.79B | 15.34B | 13.35B | 9.51B | 8.64B |
| Cash, Cash Equivalents and Short-Term Investments | 6.30B | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B |
| Total Debt | 4.84B | 4.63B | 3.73B | 2.79B | 2.40B | 2.12B |
| Total Liabilities | 13.47B | 13.16B | 11.24B | 9.26B | 7.10B | 6.47B |
| Stockholders Equity | 3.93B | 4.62B | 4.10B | 4.09B | 2.41B | 2.18B |
Cash Flow | ||||||
| Free Cash Flow | 278.51M | 522.00M | 1.01B | 1.76B | -259.00M | -1.08B |
| Operating Cash Flow | 1.55B | 1.77B | 1.89B | 2.65B | 565.00M | -411.00M |
| Investing Cash Flow | -1.31B | -1.25B | -819.00M | -927.00M | -848.00M | -676.00M |
| Financing Cash Flow | 87.94M | -247.00M | -69.00M | 199.00M | 247.00M | 3.58B |
Coupang Technical Analysis
Negative
21.55
Price Trends
18.98
Negative
19.49
Negative
24.38
Negative
Market Momentum
-1.17
Positive
32.00
Neutral
22.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPNG, the sentiment is Negative. The current price of 21.55 is above the 20-day moving average (MA) of 17.92, above the 50-day MA of 18.98, and below the 200-day MA of 24.38, indicating a bearish trend. The MACD of -1.17 indicates Positive momentum. The RSI at 32.00 is Neutral, neither overbought nor oversold. The STOCH value of 22.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $139.71B | 11.49 | 26.44% | ― | 9.87% | -12.32% | |
73 Outperform | $53.01B | 29.59 | 14.24% | ― | 40.54% | 78.98% | |
71 Outperform | $83.71B | 52.55 | 29.58% | ― | 42.11% | -6.84% | |
67 Neutral | $44.72B | 13.78 | 6.15% | 3.37% | 12.13% | -67.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $28.04B | -32.38 | -3.67% | ― | 13.10% | -163.64% | |
54 Neutral | $323.12B | 137.72 | 9.98% | 1.31% | 4.44% | -16.38% |
* Consumer Cyclical Sector Average
CPNG
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15.73
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-42.34%
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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.