CPNGCoupang, Inc.

Retail-Catalog & Mail-Order Houses

Revenue: $34.5B; 14% YoY
Operating margin: 1.4%; 4.9% YoY
EBITDA: $990M; 14% YoY
Market cap: $26.0B
Employees: 108,000; $320K revenue each
Net debt / EBITDA: -5.5×; −$5.5B net debt
AI in 10-K: 7.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
852% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
14% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$320K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.0 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$26.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$131M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$18.4B	$20.6B	$24.4B	$30.3B	$34.5B	14%
Operating income	−$1.5B	−$112M	$473M	$436M	$473M	8.5%
Net income	−$1.5B	−$92M	$1.4B	$154M	$208M	35%
Operating cash flow	−$411M	$565M	$2.7B	$1.9B	$1.8B	6.0%
Capex	$674M	$824M	$896M	$879M	$1.3B	42%
Stock-based comp	$249M	$262M	$326M	$433M	$475M	9.7%
Buybacks	—	$0	$0	$178M	$243M	37%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $137M · 3
Open-market sells, 12 mo: $6M · 6
Net: $131M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$3M	48	159
FY2024	$2M	$2M	45	152
FY2023	$2M	$3M	33	114
FY2022	$2M	−$50M	30	80
FY2021	$2M	$684M	60	122