At a glance
Coupang LLC is worth $25.00B, about 127 times its fiscal 2025 earnings. Revenue grew 14.1% to $34.53B in fiscal 2025, with 0.6% kept as profit; over 5 years it has grown 23.6% a year. It pays no dividend; it spent $421.0M buying back its shares over FY2021–FY2025. The stock returned −56.2% over the past year with dividends reinvested and −14.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 38 months after the low.
The business in plain English
Coupang runs a large online store, with most of its operations in South Korea. It controls the whole chain, from technology and automation to warehouses and delivery. Shoppers can order daily essentials, general merchandise, fresh groceries and luxury goods. Many orders arrive next-day, at dawn or the same day, with order cutoffs as late as midnight. Members of its WOW program get extra delivery benefits and other perks. Coupang also offers restaurant delivery (Eats), video streaming (Play), payments and the Farfetch luxury marketplace.
Most of its revenue comes from goods Coupang purchases from suppliers and resells. In the year ended December 31, 2025, these net retail sales were $26.3 billion, or 76.2% of $34.5 billion in total revenue. Third-party merchant services added $7.1 billion (20.6%). That covers outside merchants, many of them small businesses, who list their goods on Coupang and can use its warehouses and delivery network. Other revenue was $1.1 billion (3.2%). Coupang also offers advertising to suppliers and merchants on its apps and websites.
Coupang reports two business segments. Product Commerce brought in $29.6 billion, or 85.7% of 2025 revenue. Developing Offerings brought in $4.9 billion, or 14.3%. Revenue grew 14.1% in 2025 and about 23.6% a year on average over the five years from 2020. Profit margins are thin: net income was $208 million, or 0.6% of revenue.
Price history
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CPNG -56.2% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Net retail sales | $26.31B | 76.2% |
| Third-party merchant services | $7.11B | 20.6% |
| Other revenue | $1.11B | 3.2% |
By business segment
| Product Commerce | $29.59B | 85.7% |
| Developing Offerings | $4.94B | 14.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $8.86B, up 3.9% from a year earlier, and net income was $-570.0M (-1881.3%).
- For fiscal 2025, revenue was $34.53B (+14.1% year over year; +23.6% a year from FY2020 to FY2025) with a 0.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.6% good |
|---|---|
| Operating margin | 1.4% weak |
| Free cash flow margin | 1.5% watch |
| Return on equity (FY2025) | 4.5% weak |
| Return on assets (FY2025) | 1.2% weak |
| Net cash (cash minus debt) | $3.51B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.97B | $-463.2M | $-183.1M |
| FY2021 | $18.41B | $-1.54B | $-1.08B |
| FY2022 | $20.58B | $-92.0M | $-259.0M |
| FY2023 | $24.38B | $1.36B | $1.76B |
| FY2024 | $30.27B | $154.0M | $1.01B |
| FY2025 | $34.53B | $208.0M | $522.0M |
Valuation snapshot
| Market value | $25.00B |
|---|---|
| P/E ratio | 126.5 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CPNG price data to Oct 27, 2026 | -41.0% | -56.2% | -6.5% | -14.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -41.0% |
| 2025 | +7.3% |
| 2024 | +35.8% |
| 2023 | +10.1% |
| 2022 | -49.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.8% over that stretch · deepest drop along the way 67.4%, back to its old high 37.5 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (23 read): 3 open-market purchases ($136.6M) and 6 sales ($5.9M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 12, 2026 | Neil Mehta Director | buy | $56.0M |
| Mar 13, 2026 | Neil Mehta Director | buy | $42.9M |
| Mar 11, 2026 | Neil Mehta Director | buy | $37.6M |
| Aug 10, 2026 | Harold Rogers See Remarks | sell | $3.1M |
| Nov 10, 2025 | Gaurav Anand Chief Financial Officer | sell (plan) | $2.2M |
Who owns it
Large shareholders (13G filings)
| SB Investment Advisers (UK) Ltd | 18.7% | Jun 30, 2025 |
| SB Investment Advisers (UK) Limited | 17.3% | Sep 30, 2025 |
| Bom Kim | 9.1% | Dec 31, 2024 |
| BAILLIE GIFFORD & CO | 4.8% | Jun 30, 2026 |
ETFs with the most weight in CPNG
| ONLN ProShares Online Retail ETF | 4.56% |
| MVPA Miller Value Partners Appreciation ETF | 4.5% |
| DINT Davis Select International ETF | 3.32% |
| EMQQ EMQQ The Emerging Markets Internet ETF | 3.2% |
| TOGA Tremblant Global ETF | 2.93% |
| WCME First Trust WCM Developing World Equity ETF | 2.83% |
| MKOR Matthews Korea Active ETF | 2.61% |
| FMQQ FMQQ The Next Frontier Internet ETF | 2.56% |
What could go wrong
- Heavy dependence on South Korea. Most operations are in Korea, so a weak Korean economy, emergency government restrictions, tensions with North Korea or currency swings could hurt results. Executives of its Korean affiliates can face criminal liability.
- Data breaches and cybersecurity incidents. Coupang says it has had a data incident involving unauthorized access to data, and it reported a cybersecurity incident to the SEC on December 16, 2025. Breaches can bring investigations, penalties and lost trust.
- Strict Korean labor and safety rules. Coupang directly employed about 108,000 people at the end of 2025, mostly frontline logistics workers. Changing Korean labor, safety and fair trade laws, union activity and accidents can raise costs or bring penalties.
- Farfetch deal adds integration risk. The Farfetch acquisition took Coupang into luxury goods and new geographic areas. The company previously disclosed a material weakness, a serious gap in financial reporting controls, tied to the deal.
- Thin and uneven profits. Coupang had net losses before 2023, kept just 0.6% of revenue as profit in 2025, and lost $570 million in the quarter ended June 30, 2026. It puts long-term growth ahead of short-term results.
- Competition on many fronts at once. Coupang competes with physical and online retailers, grocers, food delivery apps, logistics firms, streaming services, payment companies and luxury retailers. AI shopping tools and search engines also compete for shoppers' attention and spending.
Recent events
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
- Cybersecurity incident
- Quarterly results released
For income and retirement investors
Coupang does not pay a dividend. It paid none from 2021 through 2025 and had no dividend yield as of October 27, 2026, so there is no history of dividend increases to judge. An income investor would depend entirely on changes in the share price. Coupang bought back $421 million of stock over 2021–2025, all of it in 2024 ($178 million) and 2025 ($243 million). That is small next to its market value of about $25.0 billion as of October 27, 2026.
The shares have swung sharply. In the 2022 bear market, when stocks broadly fell, the shares dropped 67.4% from January 3 to May 9, 2022. From that low, they took about 37.5 months to regain their earlier peak, on June 24, 2025. Later, they fell 56.2% in the year to October 27, 2026. The price history is too short to show how they behaved in the 2008 or 2020 crashes. Single stocks like Coupang carry more risk than diversified funds.
Questions investors ask
How does Coupang make money?
Mostly by reselling goods it purchases from suppliers and delivers itself. Net retail sales were $26.3 billion, or 76.2% of Coupang's $34.5 billion in revenue for the year ended December 31, 2025. Services for third-party merchants, meaning outside businesses that list on its marketplace and can use its warehouses and delivery, brought in $7.1 billion (20.6%). Other revenue was $1.1 billion (3.2%). Coupang also offers advertising to suppliers and merchants and runs food delivery, streaming and payments services.
Is Coupang a Korean or an American company?
It is a US company that does most of its business in South Korea. Coupang, Inc. is incorporated in Delaware, and its Class A shares trade on the New York Stock Exchange. But a majority of its operations take place in Korea, and its Korean affiliate Coupang Corp. is incorporated there and subject to Korean law. Most of its roughly 108,000 employees worked in Korea as of December 31, 2025. Korean laws, regulators and economic conditions matter a great deal to shareholders.
Is Coupang profitable?
Only barely, and not consistently. Coupang had net losses before 2023, including $1.5 billion in 2021. It earned $1.36 billion in 2023, then $154 million in 2024 and $208 million in 2025, which was just 0.6% of revenue. It then reported a net loss of $570 million for the quarter ended June 30, 2026. As of October 27, 2026, the shares traded at about 126.5 times 2025 earnings per share. That price-to-earnings ratio is high.
Does Coupang pay a dividend?
No. Coupang paid no dividends from 2021 through 2025 and had no dividend yield as of October 27, 2026. It has returned some cash through share buybacks instead: $421 million over 2021–2025, all of it in 2024 ($178 million) and 2025 ($243 million). For income investors, any return from the stock would come only from changes in the share price, which fell 56.2% in the year to October 27, 2026.
Who owns the most Coupang stock?
SB Investment Advisers (UK) is the largest holder that has reported a stake. It held 17.3% of the shares as of September 30, 2025, according to its Schedule 13G ownership filing. Bom Kim reported 9.1% as of December 31, 2024, and Baillie Gifford & Co reported 4.8% as of June 30, 2026. Director Neil Mehta added about $136.6 million of shares in three purchases on March 11–13, 2026. Insider sales in the year to October 28, 2026 totaled about $5.9 million.