Coupang Inc
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Coupang Inc AI Insights
Informational only. Not investment advice.Snapshot
- Accounts payable of 6.8B exceeds inventory (2.5B) by 2.7x - suppliers fund operations, enabling negative cash conversion cycle[Accounts Payable]
- Revenue growth 18% TTM with EPS growth 25% - operating leverage emerging as 777M operating income turns positive[Total Revenue 1yr Growth]
- FCF of 1.3B TTM vs net income 390M - 3.2x cash conversion signals high earnings quality despite thin 1.2% net margin[Free Cash Flow]
Watch Triggers
- Operating Margin: Sustains above 3% for 2+ quarters — Confirms operating leverage thesis; current 2.3% is inflection point
- Free Cash Flow: Falls below 1B TTM — Would signal growth investments consuming cash generation advantage
- Total Revenue 1yr Growth: Decelerates below 12% — High P/E requires sustained growth; deceleration compresses multiple
Bull Case
Negative working capital model (AP 6.8B vs AR 393M) funds growth without dilution - 7.2B cash provides M&A optionality
Revenue 33.7B growing 22% 3yr CAGR with asset turnover 1.9x - scale advantages compound as Korea e-commerce consolidates
Bear Case
P/E 110x on 1.2% net margin leaves no room for execution missteps - requires sustained margin expansion to justify valuation
Debt/equity 1.04x with 5B total debt while operating margin only 2.3% - limited buffer if growth slows or competition intensifies
Bull vs Bear Balance
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Forward Thesis
Operating margin expansion from 2.3% toward 5%+ as logistics scale and advertising revenue grows
- 6.2B PPE investment now generating leverage
- Gross margin 30% stable while opex ratio declining
- Asset turnover 1.9x drives fixed cost absorption
Valuation Context
Caveats
Public Strategies Rankings
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CPNG Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$35.19B | — | ||
$32.91B | — | ||
90 | — | ||
$33.66B | +16.6% | — | |
$0.21 | -63.1% | — | |
2.31% | +1.4% | — | |
1.16% | -2.4% | — | |
$1.26B | +37.2% | — | |
8.73% | -20.2% | — | |
Beta 5Y (Monthly) | unknown | — |
CPNG Dividend History
CPNG Stock Splits
CPNG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/04/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/25/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/10/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/10/22 | 09/30/22 | 10-Q | |
08/11/22 | 06/30/22 | 10-Q | |
05/12/22 | 03/31/22 | 10-Q | |
03/03/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
05/13/21 | 03/31/21 | 10-Q | |
03/11/21 | 12/31/20 | 424B4 | |
11/12/21 | 09/30/20 | 10-Q | |
08/16/21 | 06/30/20 | 10-Q | |
05/13/21 | 03/31/20 | 10-Q |