Latest Ratios: P/E Ratio 126.1x · EV/EBITDA 23.5x · ROE 4.8%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.9B | $43.8B | $40.1B | $29.2B | $26.0B | $41.8B | — | — | — |
| Enterprise Value | $23.2B | $42.1B | $38.0B | $26.7B | $24.9B | $40.5B | — | — | — |
| P/E Ratio → | 126.09 | 214.45 | 260.74 | 21.59 | — | — | — | — | — |
| P/S Ratio | 0.72 | 1.27 | 1.33 | 1.20 | 1.26 | 2.27 | — | — | — |
| P/B Ratio | 5.57 | 9.47 | 9.78 | 7.14 | 10.75 | 19.23 | — | — | — |
| P/FCF | 47.76 | 83.83 | 39.86 | 16.62 | — | — | — | — | — |
| P/OCF | 14.06 | 24.68 | 21.28 | 11.01 | 45.94 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.22 | 1.25 | 1.10 | 1.21 | 2.20 | — | — | — |
| EV / EBITDA | 23.48 | 42.50 | 43.71 | 35.74 | 208.83 | — | — | — | — |
| EV / EBIT | 49.15 | 61.61 | 61.96 | 42.30 | — | — | — | — | — |
| EV / FCF | — | 80.61 | 37.72 | 15.22 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.4% | 29.4% | 29.2% | 25.4% | 22.9% | 16.0% | 16.6% | 16.5% | 4.7% |
| Operating Margin | 1.4% | 1.4% | 1.4% | 1.9% | -0.5% | -8.1% | -4.3% | -10.2% | -26.0% |
| Net Profit Margin | 0.6% | 0.6% | 0.5% | 5.6% | -0.4% | -8.4% | -3.9% | -11.1% | -27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 3.8% | 41.8% | -4.0% | -70.9% | — | — | — |
| ROA | 1.3% | 1.3% | 1.1% | 11.9% | -1.0% | -22.5% | -11.2% | -28.5% | -66.4% |
| ROIC | 14.5% | 14.5% | 18.3% | 24.1% | -7.9% | -138.5% | — | — | — |
| ROCE | 5.9% | 5.9% | 6.2% | 8.7% | -2.7% | -57.1% | -38.5% | -88.0% | -951.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 0.91 | 0.68 | 1.00 | 0.97 | — | — | — |
| Debt / EBITDA | 4.68 | 4.68 | 4.29 | 3.73 | 20.18 | — | — | — | — |
| Net Debt / Equity | — | -0.36 | -0.53 | -0.60 | -0.46 | -0.63 | — | — | — |
| Net Debt / EBITDA | -1.70 | -1.70 | -2.48 | -3.28 | -9.30 | — | — | — | — |
| Debt / FCF | — | -3.22 | -2.14 | -1.40 | — | — | — | — | — |
| Interest Coverage | 7.94 | 7.94 | 4.38 | 13.17 | -2.44 | -33.27 | -3.30 | -6.19 | -14.44 |
Net cash position: cash ($6.3B) exceeds total debt ($4.6B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.17 | 1.14 | 1.15 | 1.19 | 0.76 | 1.15 | 0.80 |
| Quick Ratio | 0.79 | 0.79 | 0.89 | 0.90 | 0.82 | 0.89 | 0.45 | 0.81 | 0.55 |
| Cash Ratio | 0.68 | 0.68 | 0.76 | 0.75 | 0.69 | 0.74 | 0.34 | 0.65 | 0.40 |
| Asset Turnover | — | 1.94 | 1.97 | 1.83 | 2.16 | 2.13 | 2.36 | 1.94 | 2.45 |
| Inventory Turnover | 10.81 | 10.81 | 10.21 | 10.92 | 9.58 | 10.87 | 8.60 | 8.29 | 9.88 |
| Days Sales Outstanding | — | 3.84 | 4.91 | 4.70 | 3.26 | 3.48 | 2.17 | 3.72 | 2.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.5% | 0.4% | 4.6% | — | — | — | — | — |
| FCF Yield | 2.1% | 1.2% | 2.5% | 6.0% | — | — | — | — | — |
| Buyback Yield | 1.0% | 0.6% | 0.4% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 1.0% | 0.6% | 0.4% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $1.9B | $1.8B | $1.8B | $1.8B | $1.4B | $1.7B | $1.6B | $1.6B |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying CPNG stock.
Coupang, Inc.'s current P/E ratio is 126.1x. The historical average is 21.6x. This places it at the 100th percentile of its historical range.
Coupang, Inc.'s current EV/EBITDA is 23.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 40.6x.
Coupang, Inc.'s return on equity (ROE) is 4.8%. The historical average is -4.9%.
Based on historical data, Coupang, Inc. is trading at a P/E of 126.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Coupang, Inc. has 29.4% gross margin and 1.4% operating margin.
Coupang, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Farfetch integration and margin pressure
Metrics are mathematically derived from official filings.
Margin Compression Undermines Earnings Power
Gross margin fell to 28.2% in 2026Q2 from 30.0% a year earlier, while operating margin swung to -6.3%, according to recent financial statements, signaling a sharp deterioration in core profitability.
The sequential decline in gross margin from 28.8% in 2025Q4 to 28.2% in 2026Q2, coupled with an operating loss of $556M, suggests that the company is absorbing higher costs or engaging in promotional activity. The negative operating leverage is evident as SG&A surged 25% YoY while revenue grew only 4.7%, implying that fixed costs are not scaling efficiently. This margin erosion may be partly attributable to the Farfetch acquisition and increased investments, but the lack of guidance raises questions about the sustainability of the core Korean business's profitability.
Return on Capital Turns Sharply Negative
ROIC plummeted to -15.1% in 2026Q2 from +10.6% in 2024Q4, as reported in the latest financial data, indicating a severe destruction of value on invested capital.
The dramatic swing in ROIC from positive territory in 2024 and most of 2025 to -15.1% in 2026Q2 suggests that the company's investments, particularly in Farfetch and logistics expansion, are not yet generating returns. The negative ROIC is driven by both margin compression and a growing capital base, as PPE net increased to $6.5B. This trend implies that the company is in a period of heavy investment with uncertain payoff, and investors should monitor whether the core Korean operations can regain their historical return levels.
Working Capital Efficiency Holds Steady
Cash conversion cycle remained negative at -55 days in 2026Q2, according to reported figures, reflecting a persistent ability to finance operations with supplier credit.
The negative CCC, driven by DPO of 88 days versus DSO of 4 days and DIO of 29 days, indicates that Coupang is effectively using its suppliers' capital to fund its inventory and receivables. This is a structural advantage of its scale and bargaining power, but the slight reduction in DPO from 96 days in 2025Q4 to 88 days in 2026Q2 may signal a shift in supplier terms or payment practices. Asset turnover has remained stable around 0.5x, suggesting that the efficiency of the asset base is not improving despite the heavy investment in logistics infrastructure.
Leverage Rises While Coverage Deteriorates
Debt-to-equity climbed to 1.89 in 2026Q2 from 0.86 in 2024Q1, while interest coverage turned negative at -20.32, based on recent balance sheet data, indicating heightened financial risk.
The doubling of D/E over the past two years, driven by a 55% increase in total debt to $5.6B, suggests that the company is increasingly relying on debt to fund its expansion. The negative interest coverage in 2026Q2, a stark contrast to the positive coverage in 2025, implies that operating income is insufficient to cover interest expenses, which may be a temporary effect of the Farfetch acquisition and one-off charges. However, the trend warrants close monitoring, as continued losses could strain the company's ability to service its debt, especially if cash reserves decline.
Liquidity Buffer Thins Below Unity
Current ratio fell to 0.87 in 2026Q2 from 1.15 in 2024Q1, as per the latest balance sheet, indicating that current liabilities now exceed current assets.
The decline in the current ratio below 1.0 suggests that Coupang may face challenges in meeting its short-term obligations without relying on cash flows or additional financing. The quick ratio of 0.68 further highlights the inventory dependence, as inventory constitutes a significant portion of current assets. While the company holds $6.1B in cash, the negative working capital position could become a concern if operating cash flows deteriorate further. This liquidity strain appears to be a result of aggressive investment and the Farfetch acquisition, and investors should monitor whether the company can restore a more comfortable liquidity cushion.
Misapplied P/E Obscures Growth Potential
The trailing P/E of 147.55 is misleading for Coupang because current earnings are depressed by one-off charges and heavy investments, as reported in recent filings, making it an unreliable valuation gauge.
The P/E ratio is commonly used for mature, stable businesses, but for Coupang, the negative earnings in 2026Q2 and the volatile margin profile render the P/E meaningless. A more appropriate metric is EV/Sales, which at 0.84 reflects the market's valuation of the company's revenue base, or EV/EBITDA, which at 27.77 is more comparable to peers like Amazon and MercadoLibre. Investors should focus on forward-looking metrics that capture the potential for margin expansion as the logistics network scales and high-margin advertising and membership revenues grow, rather than relying on a distorted P/E.