CPNGCoupang, Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CPNG?
Coupang, Inc. keeps −1.8% of every revenue dollar as operating profit, against 6.0% for the median Internet Retail name.
Operating margin · Internet Retail median 6.0% · 12 months to Q2 2026
- Share count, year on year
- −3.0%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 28%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −4.3% |
| FY2021 | −8.1% |
| FY2022 | −0.54% |
| FY2023 | 1.9% |
| FY2024 | 1.4% |
| FY2025 | 1.4% |
Details›
- Gross margin12 months to Q2 2026
- 28%
- Operating margin12 months to Q2 2026
- −1.8%
- Net margin12 months to Q2 2026
- −2.2%
- Free cash flow margin
- 0.28%
- Revenue, trailing twelve months
- $35.5B
- Free cash flow, trailing twelve months
- $99M
- Net income, trailing twelve months
- −$767M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Internet Retail
Ranks #12 of 14 by RyuScore