Facts, figures and data
In the last five years, turnover has increased massively from USD 11.97 billion to USD 30.27 billion.
This growth was financed entirely from current cash flow. Coupang currently has no net debt and the number of outstanding shares has Aktien has only decreased from Börsengang only increased from 1.71 billion to 1.79 billion in 2021.
After unprofitable growth shares fell out of favor on the Börse fell out of favor, a strategic realignment and a stronger focus on profitability was decided. One quarter after announcing its intention to grow profitably from then on, the company was already in the black.
Since then, Coupang has kept its free cash flow largely stable at USD 1 billion per year.
That speaks for itself
In the current financial year, the company has consistently built on its previous successes.
In the third quarter, earnings of USD 0.05 per share exceeded expectations of USD 0.04. With sales of USD 9.27 billion, analysts' estimates of USD 9.15 billion were also exceeded.
For the year as a whole, this corresponds to an 18% increase in sales and a 25% jump in profits.
In local currency, sales increased by 20 % and gross profit by 22 %. The gross margin improved from 28.9 % to 29.4 %.
The most relevant Kennzahl In my view, the most relevant indicator besides sales is the operating cash flow, as Coupang clearly focuses on growth, not profit maximization, and reinvests a large proportion of its current income. Operating cash flow improved from USD 1.85 billion to USD 2.40 billion and free cash flow from USD 1.0 billion to USD 1.3 billion.
After South Korea, now also Taiwan
The expansion into new business areas and regions appears to be bearing fruit. The segment recently recorded a 32% increase in sales to USD 1.29 billion. According to the Management Board, the company is currently in a phase of rapidly scaling Taiwan operations.
Furthermore, the focus is on automating logistics in order to reduce costs and further improve service. In the long term, these investments should lead to a significant improvement in profitability.
In addition, there are ongoing share buybacks. In the last quarter, 2.8 million treasury shares were retired for USD 81 million.
As cash reserves have risen from USD 5.88 billion to USD 7.22 billion over the year, Coupang could and should use considerably more funds for buybacks.
As the company's earnings and cash flow are more or less stable and the focus is on growth, a valuation based on the KGV is not really expedient. The P/E ratio is more useful, whereby the increasing gross margin and the rise in profitability over time also tend to speak in favor of a rising P/E ratio.
Since the IPO, the P/E ratio has been between 1 and 6, averaging 1.52. The current P/E ratio is 1.57.
By this yardstick, Coupang is fairly valued. However, as turnover will increase significantly in the current and coming financial year, there is still considerable upside potential.
With a P/E ratio of 1.52, this results in a price of Kursziel of USD 33.29 - provided Coupang does not exceed expectations again
Coupang share: Chart from 10.11.2025, price: USD 28.70 - symbol: CPNG | Source: TWS
If the share now manages to return above USD 30, the correction could already be over. In this scenario, a renewed rise towards USD 33-34 is likely.
If, on the other hand, the share falls below USD 27.50, further price losses must be expected. Possible starting points are USD 25.50 or USD 23.50.
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