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Coupang CPNG Free cash flow margin

Free cash flow margin at other companies

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AmazonAMZN
1.4%-1.8pp
DoorDash logo
DoorDashDASH
14.6%-3.7pp
Maplebear Inc. logo
Maplebear Inc.CART
22.8%-0.7pp
Rocket Companies logo
Rocket CompaniesRKT
-16.2%
Packaging Corp of America logo
Packaging Corp of AmericaPKG
7.6%+1.4pp

Other financials

Income statement

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Revenue$8.5B+7.5%
Gross profit$2.3B-0.8%
Operating income-$242.0M-257%
Net income-$266.0M-349%
EPS (diluted)-$0.15-350%

Balance sheet

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Cash & equivalents$6.4B+3.1%
Total debt$5.4B+32.3%
Total equity$3.9B-10.2%
Total assets$17.4B+8.8%

Cash flow

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Operating cash flow$184.0M-48.0%
CapEx$296.0M+23.8%
Free cash flow-$112.0M-197%

Valuation

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Market cap$32.31B-12.8%
Enterprise value$31.32B-10.5%
P/S0.9×-0.3×

Profitability

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Gross margin28.8%-0.9pp
Operating margin0.2%-1.6pp
Net margin1.2%-2.4pp

Returns & leverage

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Return on equity8.7%-20.2pp
Debt / equity1.4×+0.4×
Current ratio-0.2×

Where this comes from

Calculated from Coupang’s reported figures.

Based on trailing twelve months.

The official record: Coupang’s 10-Q, filed November 4, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Coupang's free cash flow margin?
Coupang (CPNG) reported free cash flow margin of 3.7% in Q3 2025.
How has Coupang's free cash flow margin changed year-over-year?
Coupang's free cash flow margin increased by 12.0% year-over-year, from 3.3% to 3.7%.
What is the long-term trend for Coupang's free cash flow margin?
Over 3 years (2020 to 2024), Coupang's free cash flow margin has grown at a 31.5% compound annual growth rate (CAGR), from -1.5% to 3.5%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.