Coupang, Inc.

Scaled, vertically integrated commerce franchise compounding revenue at double digits with improving profitability and cash generation.

Strengths

• Revenue +14% (90th pct) and net income +35% (80th pct); operating margin 69.6th pct and OCF margin 81st pct
• $6.3B cash (95th pct) and $522M FCF (93rd pct) funding expansion into new geographies and Farfetch/luxury

Risks

• Net margin still thin (0.6%) and returns modest (ROA 1.2%); deliberately forgoes near-term profit for growth
• Korea concentration, dual-class control by founder, and intense competition

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Chronic dilutionShare count +210%/yr over 4y (dilution)
• Strong balance sheetStrong balance sheet — $6.3B cash & investments