# Coupang LLC (CPNG.US)

Canonical: https://gigainvestors.com/s/CPNG

Analysis as of: 2026-10-16T07:27:41.449Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $14.79 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 1.64×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.26×

- FY2019: -0.10×

- FY2020: -0.04×

- FY2021: -0.08×

- FY2022: -0.01×

- FY2023: 0.02×

- FY2024: 0.01×

- FY2025: 0.01×

- LTM to Jun 2026: -0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 0.0%

- ROIC, second-lowest year: -147.6%

- Typical minus recent gross margin: -9.4 pp

- Typical gross margin (annual median): 19.7%

- Recent gross margin (lower of latest and 3-year median): 29.2%

- Years with nonpositive capital: 3

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -462.6%

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -147.6%

- FY2022: -6.8%

- FY2023: 29.0%

- FY2024: 14.5%

- FY2025: 10.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -2.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$224M

- Net income, five-year total: $87M

- Return on incremental invested capital: 247.7%

- Working capital / revenue, annual change: 1.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 4.01×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 0.89×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs 14.5%

- Per-share earnings: -0.44 to 0.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 1.5%

- Per-share value change: $0.55

- Per-share value, starting three-year median: -$0.44

- Per-share value, ending three-year median: $0.11

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: 14.5%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.69

- FY2019: -$0.44

- FY2020: -$0.27

- FY2021: -$1.08

- FY2022: -$0.05

- FY2023: $0.75

- FY2024: $0.08

- FY2025: $0.11

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -8.8%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 26.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.52×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -24.4%

- FY2019: -11.9%

- FY2020: -15.1%

- FY2021: -13.1%

- FY2022: -6.9%

- FY2023: -9.7%

- FY2024: -11.3%

- FY2025: -8.8%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Gates](https://gigainvestors.com/GFT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dennis Hong](https://gigainvestors.com/SP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Abrams](https://gigainvestors.com/abc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 54% since Sep 2025 · "Coupang Swings to a $556 Million Loss on Korean Fines" (finance.yahoo.com, Aug 2026) · sales +2.7%

Story as of 2026-10-16T09:58:33.681Z; price observation 2026-10-15.

- 2025-05-07: Coupang (NYSE:CPNG) Reports Strong Q1 Growth With US$107 Million Net Income ([finance.yahoo.com](https://finance.yahoo.com/news/coupang-nyse-cpng-reports-strong-182442021.html))

- 2025-08-06: Coupang Slides on Q2 Profit and Cash-Flow Miss ([finance.yahoo.com](https://finance.yahoo.com/news/coupang-slides-q2-profit-cash-005119219.html))

- 2025-12-17: Why Coupang (CPNG) Is Down 13.9% After Massive Data Breach And CEO Exit ([finance.yahoo.com](https://finance.yahoo.com/news/why-coupang-cpng-down-13-060731686.html))

- 2026-02-26: Coupang swings to loss as data breach dents Q4; sees muted near-term growth ([finance.yahoo.com](https://finance.yahoo.com/news/coupang-reports-q4-revenue-8-211325150.html))

- 2026-05-15: How Weak Profitability And Bigger Buybacks At Coupang (CPNG) Have Changed Its Investment Story ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/weak-profitability-bigger-buybacks-coupang-013101117.html))

- 2026-08-07: CPNG Q2 Deep Dive: Margin Pressures Persist Amid Customer Recovery and Taiwan Expansion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cpng-q2-deep-dive-margin-082122515.html))

### Sales · FY2025–2026

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm; observed 2026-02-26.

- FY2018: $4.1B 

- FY2019: $6.3B 

- FY2020: $12B 

- FY2021: $18B 

- FY2022: $21B 

- FY2023: $24B 

- FY2024: $30B 

- FY2025: $35B 

- FY2026: $35B 

### Gross margin · FY2025

gross margin 29.4%; source https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm; observed 2026-02-26.

- FY2018: 4.7% 

- FY2019: 16.5% 

- FY2020: 16.6% 

- FY2021: 16.0% 

- FY2022: 22.9% 

- FY2023: 25.4% 

- FY2024: 29.2% 

- FY2025: 29.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are USD 34.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm (filed 2026-02-26); FY2025: revenue 34534000000; grossProfit 10141000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPNG.US: 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 Product Commerce segment includes Korean retail and marketplace offerings; Rocket Fresh, a fresh grocery offering; and advertising products. The Developing Offerings segment offers Eats, a restaurant ordering and delivery service; Play, an online content streaming service; fintech activities; and Farfetch, a luxury fashion marketplace. It also performs operations and support services in the United States, South Korea, Taiwan, Singapore, China, Japan, Europe, the United Kingdom, and India. Coupang, Inc. was incorporated in 2010 and is headquartered in Seattle, Washington.

### Why customers stay

Margins ranged from 25.4% to 29.4% during 2023–25; it earns 0% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 29.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 8-year return on capital observations [[2018,-4.626346558343998],[2019,0],[2020,0],[2021,-1.4760371879431826],[2022,-0.06769701606732977],[2023,0.2896509491733007],[2024,0.14540790148794253],[2025,0.10457482993197278]]; median 0. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns over 100% on new investment; paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 608633054.95329; upkeep 287366945.04671; owner earnings 1347633054.95329. Growth capex / owner earnings = 0.4516311415160306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 446000000; upkeep 433000000; owner earnings 154000000. Growth capex / owner earnings = 2.896103896103896.

- Source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm (filed 2026-02-26); FY2025: growth capex 711995672.8401294; upkeep 539004327.1598706; owner earnings 185995672.84012938. Growth capex / owner earnings = 3.828022781218775.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Incremental return on capital 2.4769147820942785, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2018,0],[2019,1516378000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 243000000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPNG.US SharesStats.PercentInsiders = 0.63 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 14.79 USD; reporting-to-trading FX 1; FY2025 annual sales per share 18.616711590296497; price multiple 0.7944475010134939. FY2025 cash earnings/share 0.10026720907823686. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-03: $49.35 per share

- 2021-04: $41.90 per share

- 2021-05: $40.79 per share

- 2021-06: $41.82 per share

- 2021-07: $36.32 per share

- 2021-08: $29.96 per share

- 2021-09: $27.85 per share

- 2021-10: $29.76 per share

- 2021-11: $26.50 per share

- 2021-12: $29.38 per share

- 2022-01: $20.82 per share

- 2022-02: $26.52 per share

- 2022-03: $17.68 per share

- 2022-04: $12.87 per share

- 2022-05: $13.51 per share

- 2022-06: $12.75 per share

- 2022-07: $17.29 per share

- 2022-08: $16.90 per share

- 2022-09: $16.67 per share

- 2022-10: $17.27 per share

- 2022-11: $19.48 per share

- 2022-12: $14.71 per share

- 2023-01: $16.89 per share

- 2023-02: $15.51 per share

- 2023-03: $16.00 per share

- 2023-04: $16.76 per share

- 2023-05: $15.60 per share

- 2023-06: $17.40 per share

- 2023-07: $18.15 per share

- 2023-08: $18.98 per share

- 2023-09: $17.00 per share

- 2023-10: $17.00 per share

- 2023-11: $15.28 per share

- 2023-12: $16.19 per share

- 2024-01: $14.00 per share

- 2024-02: $18.52 per share

- 2024-03: $17.79 per share

- 2024-04: $22.50 per share

- 2024-05: $22.74 per share

- 2024-06: $20.95 per share

- 2024-07: $20.75 per share

- 2024-08: $22.15 per share

- 2024-09: $24.55 per share

- 2024-10: $25.79 per share

- 2024-11: $25.36 per share

- 2024-12: $21.98 per share

- 2025-01: $23.51 per share

- 2025-02: $23.70 per share

- 2025-03: $21.93 per share

- 2025-04: $23.37 per share

- 2025-05: $28.05 per share

- 2025-06: $29.96 per share

- 2025-07: $29.43 per share

- 2025-08: $28.58 per share

- 2025-09: $32.20 per share

- 2025-10: $31.97 per share

- 2025-11: $28.16 per share

- 2025-12: $23.59 per share

- 2026-01: $20.16 per share

- 2026-02: $19.08 per share

- 2026-03: $18.88 per share

- 2026-04: $19.98 per share

- 2026-05: $16.60 per share

- 2026-06: $17.37 per share

- 2026-07: $16.35 per share

- 2026-08: $16.06 per share

- 2026-09: $13.87 per share

- 2026-10: $14.79 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.