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Coupang (CPNG) AI Stock Analysis
Coupang
(NYSE:CPNG)
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.
Coupang Key Performance Indicators (KPIs)
Net Revenue Per Active CustomerMeasures the average revenue generated from each active customer, reflecting customer spending habits and the company's ability to monetize its user base.
Net revenue per active customer has moved materially higher since 2020, signaling stronger customer spend and better monetization, but the trajectory has been uneven since 2023 with a late‑2025 peak followed by a pullback. Management says the recent dip largely reflects a one‑time $1.2B voucher program and a membership disruption that are temporary; as memberships and spend recover, per‑customer revenue should reaccelerate, though near‑term volatility and heavy Developing Offerings investment will mute margin translation.
The FlyCoupang (CPNG) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $25.83B
- Dividend Yield
- ―
- Average Volume (3M)
- 15.98M
- Price to Earnings (P/E)
- -33.1
- Beta (1Y)
- 1.25
- Revenue Growth
- 9.92%
- EPS Growth
- -309.73%
- Country
- US
- Employees
- 108,000
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Specialty Retail
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 Pro...
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: Coupang...
Coupang Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Strong top-line momentum (TTM revenue up ~94.5%) is outweighed by a clear deterioration in profitability and margin stability, with TTM net margin and operating profit turning negative and gross margin notably weaker versus 2024–2025. Balance-sheet risk has increased as leverage rose (debt-to-equity ~1.70 vs ~0.91–1.00 previously) and returns turned negative. Operating cash flow remains positive, but free cash flow has compressed sharply (~-64.6% TTM), reducing near-term financial flexibility.
Income Statement
53NeutralBalance Sheet
56NeutralCash Flow
61Positive| 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
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPNG, the sentiment is Neutral. The current price of 14.86 is above the 20-day moving average (MA) of 14.48, above the 50-day MA of 14.80, and below the 200-day MA of 17.27, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 49.10 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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.
Latest Risks Added
0 New RisksCoupang Peers Comparison
Overall Rating
AMZN74Outperform
JD67Neutral
BABA65Neutral
SE65Neutral
MELI64Neutral- CPNG52Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| AMZN | 74Outperform | $2.59T | 19.17 | 26.71% | ― | 15.35% | 73.92% |
| JD | 67Neutral | $34.88B | 15.77 | 6.63% | 3.89% | 7.23% | -57.76% |
| BABA | 65Neutral | $246.19B | 21.23 | 7.04% | 1.07% | 7.76% | -49.08% |
| SE | 65Neutral | $45.47B | 27.39 | 13.51% | ― | 43.06% | 32.91% |
| MELI | 64Neutral | $82.36B | 44.20 | 26.54% | ― | 46.01% | -9.25% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| CPNG | 52Neutral | $25.83B | -33.09 | -18.84% | ― | 9.92% | -309.73% |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| CPNG | Coupang, Inc. Class A | 14.70 | -17.43 | -54.25% | |
| AMZN | Amazon.Com, Inc. | 245.63 | -3.69 | -1.48% | |
| MELI | Mercadolibre, Inc. | 1676.79 | -628.90 | -27.28% | |
| JD | JD.com Inc | 26.30 | -4.45 | -14.46% | |
| BABA | Alibaba Group | 101.50 | -61.33 | -37.67% | |
| SE | Sea Ltd | 75.48 | -81.03 | -51.77% |
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.
Date of analysis: Aug 05, 2026