Coupang IncCoupang Inc
Coupang Inc

Coupang Inc

CPNG
Consumer Discretionary·Broadline Retail

Coupang, Inc. engages in the provision of retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play, and Farfetch. It operates through the Product Commerce and Developing Offerings segments. The Product Commerce segment consists of the company's core retail and marketplace offerings and Rocket Fresh, its fresh grocery category offering. It also includes advertising products associated with these offerings. The Developing Offerings segment covers the company's more nascent offerings and services including: Coupang Eats, a restaurant ordering and delivery service in Korea, Coupang Play, an online content streaming service in Korea, fintech services, retail operations in Taiwan, as well as advertising products associated with these offerings. It also includes Farfetch, a global luxury fashion marketplace. The company was founded by Bom Kim in 2010 and is headquartered in Seattle, WA.

Republic Of Korea
Market cap
$27.7BNo data
Revenue
$34.5B+14.1% YoY
Net income
$208M+35.1% YoY
Free cash flow
$522M−48.2% YoY

Market

Listed stock
Tokenized stocks
CPNGPriceNYSE
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Financial performance

Revenue
$34.5B+14.1% YoY
Operating income
$473M+8.5% YoY
Net income
$208M+35.1% YoY
Free cash flow
$522M−48.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $18.4B, 2022 $20.6B, 2023 $24.4B, 2024 $30.3B, 2025 $34.5B. Operating income: 2021 $-1.5B, 2022 $-112M, 2023 $473M, 2024 $436M, 2025 $473M. Net income: 2021 $-1.5B, 2022 $-92M, 2023 $1.4B, 2024 $154M, 2025 $208M. Free cash flow: 2021 $-1.1B, 2022 $-258.8M, 2023 $1.8B, 2024 $1B, 2025 $522M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
14.1%−1004 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-1.5B, 2022-12-31 $-112M, 2023-12-31 $473M, 2024-12-31 $436M, 2025-12-31 $473M. Net income: 2021-12-31 $-1.5B, 2022-12-31 $-92M, 2023-12-31 $1.4B, 2024-12-31 $154M, 2025-12-31 $208M. Free cash flow: 2021-12-31 $-1.1B, 2022-12-31 $-258.8M, 2023-12-31 $1.8B, 2024-12-31 $1B, 2025-12-31 $522M

Growth heatmap

2022202320242025CAGR
Revenue
+11.8%
+18.5%
+24.1%
+14.1%
+17.0%
Gross profit
+59.6%
+31.4%
+42.7%
+14.8%
+36.2%
Operating income
+92.5%
+522.2%
-7.8%
+8.5%
No data
Free cash flow
+76.1%
+778.5%
-42.7%
-48.2%
No data

Earnings quality

Operating cash flow
$1.8B−6.0% YoY
Net income
$208M+35.1% YoY
Free cash flow
$522M−48.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 852%, 2024-12-31 1225%, 2023-12-31 195%, 2022-12-31 -614%, 2021-12-31 27%. Free cash flow: 2025-12-31 251%, 2024-12-31 654%, 2023-12-31 129%, 2022-12-31 281%, 2021-12-31 70%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data