Coupang
CPNG on NYSE. Coupang sells retail goods, restaurant delivery, video streaming, and fintech services to customers. Market value $33.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.37 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 63 of 100. Price score: 2 of 100. Our list needs 70 on quality and 60 on price.
$14.42 a share, 8% above its 1-year low
Over the past year the price has ranged from $13.35 to $32.70.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $99 million in the past 12 months, $522 million in the year to December 2025.
| Revenue | |||||
| Revenue | $18.4bn | $20.6bn | $24.4bn | $30.3bn | $34.5bn |
| Operating margin | |||||
| Operating margin | -8.1% | -0.5% | 1.9% | 1.4% | 1.4% |
| Debt to equity | |||||
| Debt to equity | 0.13 | 0.30 | 0.20 | 0.36 | 0.35 |
| Shares outstanding | |||||
| Shares outstanding | 1.42bn | 1.76bn | 1.80bn | 1.83bn | 1.85bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.35× equity
- Revenue growth, five yearsStrong, 17.0% a year
- Buying back its own sharesNo, 30% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $8.9 billion last quarter, up 4% on a year ago.
- A loss of $570 million, after a profit of $32 million a year ago.
- It loses 2 cents on each $1 of sales, after keeping 2 cents a year earlier.
- Spare cash over the past 12 months: $99 million, down from $777 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7.9bn |
| December 2024 | $8.0bn |
| March 2025 | $7.9bn |
| June 2025 | $8.5bn |
| September 2025 | $9.3bn |
| December 2025 | $8.8bn |
| March 2026 | $8.5bn |
| June 2026 | $8.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $70m |
| December 2024 | $156m |
| March 2025 | $107m |
| June 2025 | $32m |
| September 2025 | $95m |
| December 2025 | -$26m |
| March 2026 | -$266m |
| June 2026 | -$570m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
8 long-term investors we follow own it, up from 7 last quarter. 589 funds in all.
- Dodge & CoxDodge & Cox investment committee
- Value
- $1.3bn
- Share of fund
- 0.7%
- Abrams CapitalDavid Abrams
- Value
- $226m
- Share of fund
- 4.1%
- ShawSpring PartnersDennis Hong
- Value
- $16m
- Share of fund
- 6.9%
- First Manhattan Co.First Manhattan partners
- Value
- $303,107
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Dodge & CoxDodge & Cox investment committee | $1.3bn | 0.7% | |
| Harris Associates (Oakmark)Bill Nygren | $248m | 0.3% | Added |
| Abrams CapitalDavid Abrams | $226m | 4.1% | |
| Irenic CapitalAdam Katz | $43m | 3.1% | New |
| Hosking PartnersJeremy Hosking | $35m | 1.2% | Added |
| ShawSpring PartnersDennis Hong | $16m | 6.9% | |
| Miller Value PartnersBill Miller IV | $1m | 0.3% | Added |
| First Manhattan Co.First Manhattan partners | $303,107 | <0.1% |
Largest holders overall
- SB Investment Advisers (uk)$5.0bn
- Baillie Gifford$1.4bnCut
- Dodge & Cox$1.3bn
- BlackRock$1.1bnCut
- Artisan Partners Limited Partnership$876mAdded
- Morgan Stanley$869mCut
- Aspex Management (HK)$661mAdded
- Tiger Global Management$633mAdded
- Massachusetts Institute of Technology$506mAdded
- Assenagon Asset Management$460mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- SB Investment Advisers (UK) LimitedPassive investorat least 17.3%−1.4 pts(filed with 1 related holder)Since 30 September 2025
- Bom KimPassive investor9.1%Since 31 December 2024
- BAILLIE GIFFORD & COPassive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
SB Investment Advisers (UK) Limited Passive investor | at least 17.3%−1.4 pts (filed with 1 related holder) | 30 September 2025 | |
Bom Kim Passive investor | 9.1% | 31 December 2024 | |
BAILLIE GIFFORD & CO Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $137m of shares on the open market. 4 sold $6m, $2m of it under preset trading plans.
- Lee Jonathan D.Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 5,519
- Price
- $13.65
- Value
- $75,339
- Rogers HaroldSee RemarksSold
- Date
- 10 August 2026
- Shares
- 192,110
- Price
- $16.18
- Value
- $3m
- Lee Jonathan D.Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 5,519
- Price
- $16.10
- Value
- $88,867
- MEHTA NEILDirectorBought
- Date
- 13 March 2026
- Shares
- 2,332,863
- Price
- $18.40
- Value
- $43m
- MEHTA NEILDirectorBought
- Date
- 12 March 2026
- Shares
- 3,000,000
- Price
- $18.68
- Value
- $56m
- MEHTA NEILDirectorBought
- Date
- 11 March 2026
- Shares
- 2,017,241
- Price
- $18.64
- Value
- $38m
- Lee Jonathan D.Chief Accounting OfficerSold
- Date
- 2 January 2026
- Shares
- 2,679
- Price
- $23.62
- Value
- $63,278
- Anand GauravChief Financial OfficerSoldunder a preset trading plan
- Date
- 10 November 2025
- Shares
- 75,350
- Price
- $29.02
- Value
- $2m
- Kolari PranamVP, Search and RecommendationsSold
- Date
- 3 November 2025
- Shares
- 11,653
- Price
- $31.98
- Value
- $372,663
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | Lee Jonathan D. Chief Accounting Officer | Sold under a preset trading plan | 5,519 | $13.65 | $75,339 |
| 10 August 2026 | Rogers Harold See Remarks | Sold | 192,110 | $16.18 | $3m |
| 10 August 2026 | Lee Jonathan D. Chief Accounting Officer | Sold under a preset trading plan | 5,519 | $16.10 | $88,867 |
| 13 March 2026 | MEHTA NEIL Director | Bought | 2,332,863 | $18.40 | $43m |
| 12 March 2026 | MEHTA NEIL Director | Bought | 3,000,000 | $18.68 | $56m |
| 11 March 2026 | MEHTA NEIL Director | Bought | 2,017,241 | $18.64 | $38m |
| 2 January 2026 | Lee Jonathan D. Chief Accounting Officer | Sold | 2,679 | $23.62 | $63,278 |
| 10 November 2025 | Anand Gaurav Chief Financial Officer | Sold under a preset trading plan | 75,350 | $29.02 | $2m |
| 3 November 2025 | Kolari Pranam VP, Search and Recommendations | Sold | 11,653 | $31.98 | $372,663 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.