Coupang, Inc. (CPNG) intrinsic value & 10-year financials
Coupang, Inc. (CPNG) has a Graham intrinsic value of $3.65 per share. At $14.27 on Oct 17, 2026, the stock trades 291% above that value. Over the last 8 fiscal years revenue grew 32.9% a year to $34.5B, with an average return on invested capital of 27.9%.
- Graham intrinsic value
- $3.65
- Share price (Oct 17, 2026)
- $14.27
- Price vs Graham value
- 291% above
- Market cap
- $26.5B
- Revenue (FY2025)
- $34.5B
- Revenue growth (8-yr CAGR)
- 32.9%
- ROIC (10-yr avg)
- 27.9%
- Free cash flow (FY2025)
- $522.0M
CPNG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $34.5B | $208.0M | $0.11 | $522.0M | 1.4% | 19.1% |
| FY2024 | $30.3B | $154.0M | $0.08 | $1.0B | 1.4% | 21.7% |
| FY2023 | $24.4B | $1.4B | $0.75 | $1.8B | 1.9% | 53.4% |
| FY2022 | $20.6B | -$92.0M | -$0.05 | -$258.8M | -0.5% | -16.8% |
| FY2021 | $18.4B | -$1.5B | -$1.08 | -$1.1B | -8.1% | 84.8% |
| FY2020 | $12.0B | -$463.2M | -$0.39 | -$183.1M | -4.3% | 12.8% |
| FY2019 | $6.3B | -$696.9M | -$0.81 | -$529.7M | -10.2% | 20.4% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Coupang, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Coupang, Inc. has earned high returns on invested capital, averaging 29.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Coupang, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Coupang, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.65 per share.