Latest Ratios: P/E Ratio 168.5x · EV/EBITDA 46.2x · 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 | $33.3B | $43.8B | $40.1B | $29.2B | $26.0B | $41.8B | — | — | — |
| Enterprise Value | $31.6B | $42.1B | $38.0B | $26.7B | $24.9B | $40.5B | — | — | — |
| P/E Ratio → | 168.45 | 214.45 | 260.74 | 21.59 | — | — | — | — | — |
| P/S Ratio | 0.96 | 1.27 | 1.33 | 1.20 | 1.26 | 2.27 | — | — | — |
| P/B Ratio | 7.44 | 9.47 | 9.78 | 7.14 | 10.75 | 19.23 | — | — | — |
| P/FCF | 63.72 | 83.83 | 39.86 | 16.62 | — | — | — | — | — |
| P/OCF | 18.76 | 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 | 46.24 | 61.61 | 43.71 | 35.74 | 208.83 | — | — | — | — |
| EV / EBIT | 66.76 | 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 | 6.79 | 6.79 | 4.29 | 3.73 | 20.18 | — | — | — | — |
| Net Debt / Equity | — | -0.36 | -0.53 | -0.60 | -0.46 | -0.63 | — | — | — |
| Net Debt / EBITDA | -2.46 | -2.46 | -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 | 0.6% | 0.5% | 0.4% | 4.6% | — | — | — | — | — |
| FCF Yield | 1.6% | 1.2% | 2.5% | 6.0% | — | — | — | — | — |
| Buyback Yield | 0.7% | 0.6% | 0.4% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.7% | 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 |
Logistics Cost Overhang
According to recent market data, CPNG trades at a P/S of 0.91 and a P/FCF of 60.45, multiples that appear increasingly difficult to justify given the company's recent shift toward negative free cash flow and the sharp contraction in top-line growth observed in 2026Q1.
The current valuation appears to rely on a growth narrative that is currently unsupported by the most recent quarterly performance. Investors should monitor whether the market's premium for the company's logistics infrastructure persists as the firm struggles to convert its massive scale into consistent, positive free cash flow.
As reported in financial statements, CPNG's ROIC plummeted to -6.7% in 2026Q1, a stark reversal from the 10.6% peak in 2024Q4, suggesting that the company's heavy investment in fulfillment infrastructure is currently failing to generate adequate returns on the capital deployed.
The rapid decline in return on invested capital indicates that the company's fixed-cost base has become a drag on performance during the current period of revenue contraction. This trend warrants further investigation into whether the firm's capital allocation strategy remains viable if the South Korean market growth continues to decelerate.
Based on the company's reported figures, the cash conversion cycle reached -42 days in 2026Q1, reflecting a tightening of working capital efficiency as the firm's ability to leverage supplier payment terms appears to be waning compared to the -57 day cycle observed in 2025Q4.
The shift in the cash conversion cycle suggests that the company may be losing some of its bargaining power with suppliers as operational volumes contract. Investors should monitor whether this trend continues, as a less favorable CCC would further pressure the company's already strained liquidity position.
As disclosed in recent SEC filings, CPNG's current ratio fell to 0.97 in 2026Q1, marking the first time the company has dipped below a 1.0 ratio, which indicates a tightening liquidity position that leaves little room for error under current operational stress.
The decline in the current ratio suggests that the company's ability to cover short-term obligations is becoming increasingly dependent on external financing or rapid inventory liquidation. This development warrants close monitoring, as a further deterioration could limit management's flexibility to fund ongoing operations or strategic initiatives.
The most commonly misapplied metric for CPNG is the P/S ratio, which obscures the company's high-intensity 1P retail model by failing to account for the significant difference in margin profiles between first-party sales and third-party marketplace commissions.
Investors often use P/S to compare CPNG against asset-light platforms, which leads to a fundamental misunderstanding of the company's cost structure. A more appropriate approach would involve adjusting for the 1P/3P revenue mix or focusing on GMV-based multiples to better reflect the underlying economic value of the logistics-heavy business model.
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 168.5x. The historical average is 21.6x. This places it at the 100th percentile of its historical range.
Coupang, Inc.'s current EV/EBITDA is 46.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 47.0x.
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 168.5x. 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 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.