CPNGNYSERetail-Catalog & Mail-Order HousesFiscal year ends December 31
Coupang, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$14.34+0.07 (+0.49%)
Close on Oct 19, 2026
- Market cap
- $25.80B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
29.4%+12.8 pts over 5 years
Operating margin
1.4%+5.7 pts over 5 years
Net margin
0.6%+4.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +14.1% | +18.8% | +23.6% | – | |
| Gross profit | +14.8% | +29.1% | +38.6% | – | |
| Operating income | +8.5% | – | – | – | |
| Net income | +35.1% | – | – | – | |
| EPS, diluted | +37.5% | – | – | – | |
| Free cash flow | -48.2% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 12.2% | – | |
| Return on assets | – | – | 1.3% | |
| Current ratio | – | 0.76 | 1.04 | |
| Interest coverage | – | -4.8× | 5.5× | |
| Inventory turnover | – | – | 11.2× | |
| Capex to revenue | – | 4.0% | 3.6% | |
| Diluted shares | – | 29M | 1.85B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Coupang generated $7.29B from operations and spent $4.95B on capital expenditure, dividends and share buybacks. 91% of that went back into the business.
Generated
$7.29B
Used
$4.95B
Capital expenditure$4.52B91%Dividends$00%Share buybacks$421.00M9%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.6%
×Asset turnover2.13×
×Equity multiplier3.52×
=Return on equity, FY202341.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 5.6% | 2.13× | 3.52× | 41.8% |
| FY2022 | -0.4% | 2.27× | 3.96× | -4.0% |
| FY2021 | -8.4% | 2.69× | -7.24× | 163.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$208.00M
- Cash generatingOperating cash flow above zero$1.77B
- Return on assets improvedROA up on the prior year1.2% → 1.4%
- Earnings backed by cashOperating cash flow above net income$1.77B vs $208.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.17 → 1.04
- No dilutionShare count did not rise1.83B → 1.85B
- Gross margin improvedGross margin up on the prior year29.18% → 29.37%
- More efficientAsset turnover rose2.27 → 2.25