The company's financial leverage has increased significantly, with the debt-to-equity ratio climbing to 1.23 in 2026Q1 compared to 0.68 in 2023Q4.
| Total Current Assets | 9.36B | 9.69B | 8.99B | 7.89B | 5.83B | 5.64B | 2.84B | 2.16B | 1.23B |
| Cash & Short-Term Investments | 6.3B | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B | 1.25B | 1.22B | 611.5M |
| Cash Only | 6.3B | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B | 1.25B | 1.22B | 611.5M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 351M | 363M | 407M | 314M | 184M | 175.35M | 71.26M | 63.85M | 25.92M |
| Days Sales Outstanding | 5.11 | 3.84 | 4.91 | 4.7 | 3.26 | 3.48 | 2.17 | 3.72 | 2.33 |
| Inventory | 2.04B | 2.26B | 2.1B | 1.67B | 1.66B | 1.42B | 1.16B | 631.74M | 391.21M |
| Days Inventory Outstanding | 33.08 | 33.76 | 35.74 | 33.42 | 38.1 | 33.57 | 42.46 | 44 | 36.95 |
| Other Current Assets | 674M | 754M | 609M | 669M | 480M | 552.25M | 356.8M | 237.15M | 205.45M |
| Total Non-Current Assets | 8.04B | 8.1B | 6.35B | 5.45B | 3.68B | 3.01B | 2.23B | 1.07B | 418.06M |
| Property, Plant & Equipment | 7.03B | 7.03B | 4.83B | 4.07B | 3.23B | 2.72B | 2.03B | 1B | 374.04M |
| Fixed Asset Turnover | 4.37x | 4.91x | 6.27x | 6.00x | 6.38x | 6.76x | 5.90x | 6.25x | 10.84x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 9.74M | 4.25M | 3.99M | 4.31M |
| Intangible Assets | 178M | 190M | 271M | 37M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 228M | 278M | 628M | 426M | 418M | 273.13M | 193.17M | 67.51M | 39.71M |
| Total Assets | 17.4B | 17.79B | 15.34B | 13.35B | 9.51B | 8.64B | 5.07B | 3.23B | 1.65B |
| Asset Turnover | 1.60x | 1.94x | 1.97x | 1.83x | 2.16x | 2.13x | 2.36x | 1.94x | 2.45x |
| Asset Growth % | 56.34% | 15.92% | 14.97% | 40.29% | 10.08% | 70.54% | 56.89% | 95.49% | - |
| Total Current Liabilities | 9.62B | 9.36B | 7.72B | 6.95B | 5.06B | 4.74B | 3.73B | 1.88B | 1.54B |
| Accounts Payable | 5.96B | 6.3B | 5.55B | 5.1B | 3.62B | 3.44B | 2.91B | 1.59B | 1.18B |
| Days Payables Outstanding | 93.21 | 94.24 | 94.57 | 102.3 | 83.29 | 81.31 | 106.34 | 110.79 | 111.92 |
| Short-Term Debt | 1.67B | 960M | 545M | 485M | 304M | 349.53M | 224.25M | 14.71M | 243.88M |
| Deferred Revenue (Current) | 559M | 188M | 141M | 97M | 92M | 93.97M | 65.26M | 28.91M | 0 |
| Other Current Liabilities | 1.8B | 1.37B | 593M | 526M | 420M | 266.71M | 212.48M | 90.33M | 66M |
| Current Ratio | 0.97x | 1.04x | 1.17x | 1.14x | 1.15x | 1.19x | 0.76x | 1.15x | 0.80x |
| Quick Ratio | 0.76x | 0.79x | 0.89x | 0.90x | 0.82x | 0.89x | 0.45x | 0.81x | 0.55x |
| Cash Conversion Cycle | -55.02 | -56.65 | -53.92 | -64.17 | -41.92 | -44.26 | -61.7 | -63.07 | -72.63 |
| Total Non-Current Liabilities | 3.85B | 3.81B | 3.53B | 2.31B | 2.04B | 1.72B | 5.4B | 4.88B | 863.27M |
| Long-Term Debt | 3.17B | 648M | 988M | 529M | 538M | 283.19M | 943.19M | 768.77M | 688.45M |
| Capital Lease Obligations | 7.19B | 2.48B | 1.77B | 1.39B | 1.23B | 1.2B | 859.48M | 396.14M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 679M | 677M | 768M | 396M | 264M | 237.12M | 3.6B | 3.72B | 174.83M |
| Total Liabilities | 13.47B | 13.16B | 11.24B | 9.26B | 7.1B | 6.47B | 9.14B | 6.76B | 2.4B |
| Total Debt | 4.84B | 4.63B | 3.73B | 2.79B | 2.4B | 2.12B | 2.23B | 1.28B | 932.32M |
| Net Debt | -1.46B | -1.68B | -2.15B | -2.46B | -1.11B | -1.37B | 982.66M | 54.16M | 320.82M |
| Debt / Equity | 1.23x | 1.00x | 0.91x | 0.68x | 1.00x | 0.97x | - | - | - |
| Debt / EBITDA | -107.53x | 6.79x | 4.29x | 3.73x | 20.18x | - | - | - | - |
| Net Debt / EBITDA | 32.49x | -2.46x | -2.48x | -3.28x | -9.30x | - | - | - | - |
| Interest Coverage | 8.88x | 7.94x | 4.38x | 13.17x | -2.44x | -33.27x | -3.30x | -6.19x | -14.44x |
| Total Equity | 3.93B | 4.62B | 4.1B | 4.09B | 2.41B | 2.18B | -4.07B | -3.53B | -752.61M |
| Equity Growth % | 31.61% | 12.7% | 0.32% | 69.39% | 10.94% | 153.48% | -15.17% | -369.42% | - |
| Book Value per Share | 2.15 | 2.49 | 2.25 | 2.27 | 1.37 | 1.53 | -2.38 | -2.21 | -0.47 |
| Total Shareholders' Equity | 3.93B | 4.62B | 4.1B | 4.09B | 2.41B | 2.18B | -4.07B | -3.53B | -752.61M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 175K | 45.12M | 0 | 54.38M |
| Retained Earnings | -4.29B | -4.02B | -4.23B | -4.38B | -5.74B | -5.65B | -4.11B | -3.57B | -2.87B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -540M | -381M | -404M | -17M | 3M | -47.74M | -31.09M | 7.64M | 13.35M |
| Minority Interest | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensity Amidst Contraction
According to recent SEC filings, CPNG's total equity has declined from $4.7 billion in 2025Q3 to $3.9 billion by 2026Q1, reflecting a weakening financial position as the company struggles to maintain its asset base while navigating a period of significant revenue contraction and operational losses.
The erosion of equity suggests that the company is consuming its capital base to fund ongoing operations and infrastructure maintenance. Investors should monitor whether this trend continues, as the current trajectory indicates a diminishing buffer against further operational volatility.
As reported in financial statements, CPNG's debt-to-equity ratio has climbed to 1.23 in 2026Q1, up from 0.68 in 2023Q4, indicating that the firm is increasingly relying on debt financing to support its capital-intensive logistics model during a period of deteriorating profitability.
This increase in leverage appears to be a necessity-driven response to cash burn rather than a strategic capital structure choice. The rising debt burden warrants further investigation into the company's refinancing risk and its ability to service these obligations if revenue growth remains negative.
Based on the company's reported figures, net PPE has expanded to $7.0 billion in 2026Q1, representing a significant portion of the $17.4 billion total asset base, which underscores the high fixed-cost nature of the firm's proprietary logistics network in the South Korean market.
While this infrastructure was intended to create a competitive moat, the current scale of PPE relative to declining revenue suggests that these assets may become a drag on returns. The high asset intensity implies that the company lacks the flexibility to quickly downsize its cost structure in response to shifting demand.
As disclosed in recent quarterly filings, CPNG's current ratio has fallen to 0.97 in 2026Q1, dropping below the 1.0 threshold for the first time in the provided data, which suggests a tightening liquidity position as current liabilities begin to outpace available current assets.
This decline in the current ratio indicates that the company's ability to cover short-term obligations is becoming strained. Investors should monitor this metric closely, as a sustained ratio below unity may signal an increased reliance on external financing to maintain daily operations.
Based on the provided financial statements, CPNG's accumulated deficit in retained earnings has deepened to -$4.3 billion as of 2026Q1, highlighting a persistent inability to generate cumulative profitability despite the company's massive scale and long-term investment in its end-to-end logistics infrastructure.
This persistent deficit suggests that the company's business model has yet to prove its long-term viability through self-sustaining earnings. The reliance on external capital to offset these losses makes the balance sheet particularly sensitive to changes in investor sentiment and credit market conditions.
Quick answers to the most common questions about buying CPNG stock.
As of 2025, Coupang, Inc. (CPNG) had total assets of $17.79B including $9.69B in current assets.
Coupang, Inc. (CPNG) carries total debt of $4.63B, offset by $6.32B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Coupang, Inc. (CPNG) has total shareholders' equity (book value) of $4.62B ($2.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Coupang, Inc. (CPNG) reported a current ratio of 1.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.