# Coupang, Inc. (CPNG)

> Source: Nexqual · https://nexqual.com/CPNG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Coupang, Inc. (CPNG), nexqual.com/CPNG" · informational, not investment advice.

**Price:** USD 13.99 (+0.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.87 · day 13.71–14.22 · 52w 13.35–32.35 · market cap $25.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $35.5B, net income -$767M (-2.2% margin), free cash flow $99.0M (SEC filings).
- 8 of 80 tracked superinvestors hold CPNG (13F, Q2 2026): 0 new, 5 added, 1 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $3.3M; 1 not under a Rule 10b5-1 plan ($3.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.11 on a 1–5 scale) (18 analysts), mean target USD 23.39 (range 12–30).
- Total return with dividends: 1Y -55.1% vs S&P 500 +14.9%; 5Y -51.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.01, revenue estimate $9.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.4B | $20.6B | $24.4B | $30.3B | $34.5B | $35.5B |
| Gross profit | $2.95B | $4.71B | $6.19B | $8.83B | $10.1B | — |
| Operating income | -$1.49B | -$112M | $473M | $436M | $473M | -$628M |
| Net income | -$1.54B | -$92.0M | $1.36B | $154M | $208M | -$767M |
| EPS (diluted) | -$1.08 | -$0.05 | $0.75 | $0.08 | $0.11 | — |
| Free cash flow | -$1.08B | -$259M | $1.76B | $1.01B | $522M | $99.0M |
| Gross margin | 16.0% | 22.9% | 25.4% | 29.2% | 29.4% | — |
| Operating margin | -8.1% | -0.5% | 1.9% | 1.4% | 1.4% | -1.8% |
| Net margin | -8.4% | -0.4% | 5.6% | 0.5% | 0.6% | -2.2% |
| Revenue growth | +53.8% | +11.8% | +18.5% | +24.1% | +14.1% | — |
| Cash + short-term investments | $3.49B | $3.51B | $5.24B | $5.88B | $6.32B | — |
| Total debt | $625M | $667M | $732M | $1.05B | $648M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.7x · EV/Sales 0.6x · P/FCF 254.0x · P/B 8.4x · FCF yield 0.39% · Earnings yield -3.05% · Buyback yield (TTM) 4.35% · Net cash $3.51B · EV $21.6B
P/E at fiscal year-ends: Dec 2025 210.4x, Dec 2024 260.6x, Dec 2023 21.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
8 of 80 tracked investors hold CPNG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dennis Hong | ShawSpring Partners | 6.89% | $16.0M | Added +1.5% |
| David Abrams | Abrams Capital Management | 4.13% | $226M | Unchanged |
| Chase Coleman | Tiger Global Management | 2.64% | $633M | Added +5.4% |
| Dodge & Cox Funds | Dodge & Cox | 0.66% | $1.25B | Added +0.3% |
| Henry Ellenbogen | Durable Capital Partners | 0.66% | $67.4M | Reduced -69.8% |
| Bill Gates | Gates Foundation Trust | 0.47% | $161M | Unchanged |
| Bill Nygren | Oakmark Funds | 0.33% | $248M | Added +43.2% |
| Bill Miller | Miller Value Partners | 0.26% | $1.1M | Added +2.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Lee Jonathan D. | Chief Accounting Officer | 5,519 | $75K | 3% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Rogers Harold | See Remarks | 192,110 | $3.1M | 20.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Lee Jonathan D. | Chief Accounting Officer | 5,519 | $89K | 2.9% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 18 analysts; mean target USD 23.39 (low 12, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | B of A Securities | Target lowered | Buy | $27 → $24 |
| 2026-08-06 | Deutsche Bank | Upgrade | Hold → Buy | $23 → $21.5 |
| 2026-07-29 | Mizuho | Target lowered | Neutral | $25 → $24 |
| 2026-07-07 | Barclays | Target lowered | Overweight | $30 → $29 |
| 2026-06-25 | B of A Securities | Target lowered | Buy | $28 → $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -55.1% | -51.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -55.2% | -13.5% |
| Volatility (annualized) | 47.8% | 45.5% |
| Max drawdown | -57.2% (Nov 2025→Sep 2026) | -62.0% (Dec 2021→Jun 2022) |

## Peers (Internet Retail)
JD (JD.com, Inc.) USD 25.68 -0.43% · W (Wayfair Inc.) USD 113.49 +0.16% · SE (Sea Limited) USD 75.69 -2.89% · CART (Maplebear Inc.) USD 51.68 +2.72% · EBAY (eBay Inc.) USD 122.04 -0.70% · CHWY (Chewy, Inc.) USD 22.33 +4.69%

## More
Full page: https://nexqual.com/CPNG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CPNG's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "A prolonged AWS service disruption affecting our apps or websites could damage our reputation with current and potential customers, expose us to liability, cause us to lose customers, or otherwise harm our business." |
| Partner | Farfetch Holdings | "In July 2025, we borrowed $425 million under the Revolving Credit Facility primarily to finance the redemption of the syndicated term loans assumed by Surpique LP (the "Limited Partnership") as part of the Farfetch Acqui…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Commerce | $7.42B | 83.8% | +1.2% |
| Developing Offerings | $1.43B | 16.2% | +20.3% |
| Total revenue | $8.86B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net retail sales | $6.74B | 76.2% | +3.6% |
| Net other revenue | $2.11B | 23.8% | +4.7% |
| — Third-party merchant services (part of Net other revenue) | $1.83B | 20.7% | +4.4% |
| — Other revenue (part of Net other revenue) | $280.0M | 3.2% | +6.9% |
| Total revenue | $8.86B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $0.00 | — | $9.76B | 2 |
| Next quarter (ends 2026-12-31) | $0.05 | $0.00 | — | $10.10B | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.45 | $-0.36 | +24.8% | $37.06B | 7 |
| Next fiscal year (ends 2027-12-31) | $0.28 | $0.29 | -4.3% | $42.45B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±10.9%; earnings reaction alone ±7.7%; last 8 reports averaged ±6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 48.1% | ±5.7% |
| 2026-11-06 | 14 | 67.2% | ±10.9% |
| 2026-11-13 | 21 | 63.3% | ±12.4% |
| 2026-11-20 | 28 | 61.4% | ±13.8% |
| 2026-11-27 | 35 | 56.9% | ±14.3% |
| 2026-12-04 | 42 | 73.3% | ±20.1% |
| 2026-12-18 | 56 | 56.6% | ±17.8% |
| 2027-01-15 | 84 | 50.1% | ±19.3% |