Coupang, Inc. (CPNG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-128.9%

-$4.31

vs $14.91 price

Levered DCF

$5.67

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.53

Grey zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	214.45×	256.18×	21.3×	-282.34×	-27.2×	-149.24×	-102.6×	-71.38×
P/B	9.28×	9.61×	7.06×	10.75×	19.23×	-20.66×	-22.3×	-104.69×
P/S	1.24×	1.3×	1.18×	1.26×	2.27×	7.02×	12.56×	19.44×
EV / EBITDA	34.34×	35.64×	29.1×	150.61×	-31.22×	-373.66×	-148.95×	-81.5×
Gross margin	29.4%	29.2%	25.4%	22.9%	16.0%	16.6%	16.5%	4.7%
Operating margin	1.4%	1.4%	1.9%	-0.5%	-8.1%	-4.3%	-10.2%	-26.0%
Net margin	0.6%	0.5%	5.6%	-0.4%	-8.4%	-3.9%	-11.1%	-27.1%
Current ratio	1.04×	1.17×	1.14×	1.15×	1.19×	0.76×	1.15×	0.8×
Debt / equity	1×	0.91×	0.68×	1×	0.97×	-0.55×	-0.36×	-1.24×
Interest coverage	5.5×	3.11×	9.85×	-4.15×	-33.2×	-4.79×	-6.62×	-14.83×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	3.8%	33.3%	-3.8%	-70.9%	11.4%	19.7%	145.8%
Return on invested capital	1.7%	0.7%	6.5%	-2.2%	-33.0%	-29.2%	-44.0%	-296.8%
Return on assets	1.2%	1.0%	10.2%	-1.0%	-17.9%	-9.1%	-21.6%	-66.4%
Free cash flow yield	1.2%	2.6%	6.1%	-1.0%	-2.6%	-0.2%	-0.7%	-1.0%
Earnings yield	0.5%	0.4%	4.7%	-0.4%	-3.7%	-0.6%	-0.9%	-1.4%
Enterprise value	$41.2B	$37.3B	$26.4B	$24.9B	$40.5B	$85B	$78.8B	$79.1B
Net debt / EBITDA	-1.4×	-2.06×	-2.71×	-6.71×	1.05×	-4.32×	-0.1×	-0.33×
Cash conversion cycle (days)	-57	-54	-64	-42	-44	-62	-63	-73