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Coupang
(NYSE:CPNG)
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Rating:52Neutral
Price Target:
$14.00
▼(-16.12% Downside)
Action:Reiterated
Date:08/05/26
CPNG’s score is primarily constrained by weakened profitability and margins in the latest TTM period alongside higher leverage and sharply lower free cash flow. Technicals are also soft with the stock below key longer-term moving averages and a negative MACD. The earnings call offers some offsetting positives (sequential margin improvement, positive cash generation, and share repurchases), but guidance still points to near-term margin contraction and continued losses in developing offerings.
Positive Factors
Underlying commerce demand
Strong underlying customer spending indicates continued engagement with Coupang’s commerce platform despite reported growth being affected by a departing cohort and currency effects. This supports transaction scale, improves logistics density, and provides a durable base for future revenue expansion.
Negative Factors
Profitability and margin pressure
The shift from recent profitability to operating and net losses raises questions about the sustainability of earnings as the business scales. Weaker gross margin and higher operating costs can limit reinvestment capacity and delay the conversion of revenue growth into durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Underlying commerce demand
Strong underlying customer spending indicates continued engagement with Coupang’s commerce platform despite reported growth being affected by a departing cohort and currency effects. This supports transaction scale, improves logistics density, and provides a durable base for future revenue expansion.
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
$24.99B
Dividend YieldN/A
Average Volume (3M)15.20M
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth9.92%
EPS Growth-309.73%
CountryUS
Employees108,000
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.43
Shares Outstanding1,639,708,700
10 Day Avg. Volume12,632,305
30 Day Avg. Volume15,195,608
Financial Highlights & Ratios
PEG Ratio7.60
Price to Book (P/B)9.28
Price to Sales (P/S)1.24
P/FCF Ratio82.16
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue0.87
Enterprise Value/Gross Profit3.05
Enterprise Value/Ebitda958.68
Forecast
1Y Price Target
$22.93Price Target Upside37.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.53
Revenue Forecast (FY)$37.11B
Coupang Business Overview & Revenue Model
Company Description
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 ...
How the Company Makes Money
Coupang generates revenue primarily from commerce transactions on its platform, complemented by service revenues tied to logistics, advertising, and membership offerings.
1) Product commerce (largest revenue driver)
- First-party (1P) retail: Cou...
Coupang Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but constructive picture: strong underlying customer spend trends, improving sequential margins, solid cash generation, meaningful progress in developing offerings (notably Taiwan and Eats), and clear guidance toward recovery by mid-2027. However, the quarter was materially affected by a $410 million regulatory fine, margin compression, elevated near-term marketing and capacity costs, a fulfillment-center fire with potential asset exposure (~$246 million pre-fire carrying value), and substantial continuing losses in developing offerings. Management articulated a coherent multi-quarter plan to regain pre-incident margins and customer traction, but near-term financials remain pressured.Positive Updates
Consolidated Revenue Growth (Constant Currency)
Consolidated net revenues were $8.9 billion, up 10% year-over-year in constant currency (4% reported), in line with guidance; management emphasized constant-currency as USD reporting was depressed by a materially weaker KRW.
Negative Updates
Regulatory Fines and Large One-Time Charge
The company recorded $410 million in administrative fines in OG&A related to regulatory actions (subject to appeal); these fines materially impacted reported operating loss, net loss, and EPS (net loss attributable to Coupang stockholders $570 million, or $160 million excluding fines).
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth (Constant Currency)
Consolidated net revenues were $8.9 billion, up 10% year-over-year in constant currency (4% reported), in line with guidance; management emphasized constant-currency as USD reporting was depressed by a materially weaker KRW.
Read all positive updates
Company Guidance
Coupang guided Q3 consolidated constant‑currency revenue growth of 8%–9% and expects consolidated year‑over‑year adjusted EBITDA margin contraction of roughly 300–400 basis points in Q3 (noting underlying product‑commerce drivers are improving but masked by Chuseok timing and seasonality); management reiterated product‑commerce adjusted‑EBITDA margins should return to approximately pre‑incident levels by mid‑2027 and confirmed full‑year developing‑offerings adjusted‑EBITDA losses of $950M–$1.0B, while noting underlying product‑commerce spend (excluding customers who left and haven’t returned) is growing ~16% YoY and that Q2 operating trends included $8.9B consolidated revenue (10% CC growth), $7.4B product‑commerce revenue (8% CC), product‑commerce active customers 24.7M (+3% YoY), product‑commerce gross profit margin 30.5% and adjusted‑EBITDA $382M (5.1%), consolidated adjusted‑EBITDA $163M (1.8%), a $410M regulatory fine recorded in Q2, trailing‑12‑month operating cash flow $1.4B and free cash flow $105M.Coupang Financial Statement Overview
Summary
Income Statement
53
Neutral
Balance Sheet
56
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.46B | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B |
| Gross Profit | 10.05B | 10.14B | 8.83B | 6.19B | 4.71B | 2.95B |
| EBITDA | 32.00M | 1.20B | 1.05B | 907.00M | 165.00M | -1.30B |
| Net Income | -767.00M | 208.00M | 154.00M | 1.36B | -92.00M | -1.54B |
Balance Sheet | ||||||
| Total Assets | 17.39B | 17.79B | 15.34B | 13.35B | 9.51B | 8.64B |
| Cash, Cash Equivalents and Short-Term Investments | 6.11B | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B |
| Total Debt | 5.63B | 4.63B | 3.73B | 2.79B | 2.40B | 2.12B |
| Total Liabilities | 14.41B | 13.16B | 11.24B | 9.26B | 7.10B | 6.47B |
| Stockholders Equity | 2.99B | 4.62B | 4.10B | 4.09B | 2.41B | 2.18B |
Cash Flow | ||||||
| Free Cash Flow | 107.54M | 522.00M | 1.01B | 1.76B | -259.00M | -1.08B |
| Operating Cash Flow | 1.44B | 1.77B | 1.89B | 2.65B | 565.00M | -411.00M |
| Investing Cash Flow | -1.38B | -1.25B | -819.00M | -927.00M | -848.00M | -676.00M |
| Financing Cash Flow | -138.06M | -247.00M | -69.00M | 199.00M | 247.00M | 3.58B |
Coupang Technical Analysis
Negative
16.69
Price Trends
14.99
Negative
15.95
Negative
17.46
Negative
Market Momentum
-0.21
Positive
40.80
Neutral
10.88
Positive
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 16.69 is above the 20-day moving average (MA) of 14.40, above the 50-day MA of 14.99, and below the 200-day MA of 17.46, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 40.80 is Neutral, neither overbought nor oversold. The STOCH value of 10.88 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.68T | 19.68 | 30.50% | ― | 15.77% | 88.63% | |
70 Outperform | $91.77B | 49.26 | 26.54% | 0.19% | 46.01% | -9.25% | |
65 Neutral | $45.71B | 27.54 | 13.51% | 10.18% | 43.06% | 32.91% | |
62 Neutral | $34.75B | 15.78 | 6.63% | 3.94% | 7.23% | -57.76% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $248.19B | 21.50 | 7.04% | 1.05% | 7.76% | -49.08% | |
52 Neutral | $24.99B | -32.01 | -18.84% | ― | 9.92% | -309.73% |
* Consumer Cyclical Sector Average
CPNG
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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.