Financials Coupang, Inc.

Equities

CPNG

US22266T1097

Department Stores

Market Closed - Nyse Other stock markets 16:00:02 2026-01-16 EST			5-day change	1st Jan Change
21.13 ^USD	-0.56%		-7.08%	-10.43%

01-16	Deutsche Bank Upgrades Coupang to Buy From Hold, Adjusts Price Target to $25 From $29	MT
01-13	Coupang Shares Fall After Nomura Downgrade	MT

Projected Income Statement: Coupang, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	11,967	18,406	20,583	24,383	30,268	34,872	40,178	45,394
Change	-	53.81%	11.82%	18.46%	24.14%	15.21%	15.22%	12.98%
EBITDA ¹	-	-747.6	118.9	748	976	1,180	2,227	3,045
Change	-	-	115.91%	528.86%	30.48%	20.93%	88.69%	36.72%
EBIT ¹	-	-1,198	-112	473	436	709.6	1,369	2,147
Change	-	-	90.65%	522.25%	-7.82%	62.75%	92.99%	56.78%
Interest Paid ¹	-	-45.36	-27.17	-48	-140	-93.05	-96.66	-98
Earnings before Tax (EBT) ¹	-	-1,542	-93.1	584	473	868.5	1,637	2,284
Change	-	-	93.96%	727.25%	-19.01%	83.62%	88.47%	39.54%
Net income ¹	-	-1,543	-92.04	1,360	154	310.3	931.2	1,562
Change	-	-	94.03%	1,577.59%	-88.68%	101.48%	200.13%	67.69%
Announcement Date	2/12/21	3/2/22	2/28/23	2/27/24	2/25/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	4,207	4,478	4,645	5,077	5,117	5,038	5,101	5,327	5,801	5,838	6,184	6,561	7,114	7,323	7,866	7,965	7,908	8,524	9,267	9,256	9,425	9,911	10,350	10,614	10,601	11,076	11,525
Change	-	6.45%	3.72%	9.3%	0.79%	-1.54%	1.26%	4.42%	8.89%	0.64%	5.92%	6.1%	8.43%	2.94%	7.41%	1.26%	-0.72%	7.79%	8.72%	-0.11%	1.82%	5.16%	4.44%	2.54%	-0.12%	4.48%	4.06%
EBITDA ¹	-133	-122.1	-207.4	-285.1	-146.5	-6.744	131.8	140.3	171	213.8	238.7	208	224	221	229	269	261	315	295	369.6	544.4	647.3	441.3	626.6	695	832	629.4
Change	-	8.14%	-69.82%	-37.44%	48.62%	95.4%	2,054.98%	6.42%	21.89%	25.03%	11.62%	-12.85%	7.69%	-1.34%	3.62%	17.47%	-2.97%	20.69%	-6.35%	25.29%	47.3%	18.9%	-31.82%	41.99%	10.91%	19.71%	-24.36%
EBIT ¹	-267.3	-219.4	-315.1	-396.6	-205.7	-67.14	77.42	83.41	106.8	147.6	87.48	130	40	-25	109	312	154	149	162	220.2	403.1	443.8	357	502.3	552.8	686.2	479.9
Change	-	17.91%	-43.6%	-25.86%	48.13%	67.36%	215.31%	7.74%	28.01%	38.27%	-40.75%	48.6%	-69.23%	-162.5%	536%	186.24%	-50.64%	-3.25%	8.72%	35.93%	83.06%	10.08%	-19.55%	40.7%	10.04%	24.15%	-30.07%
Charge d'intérêts	-24.82	-5.848	-7.376	-7.311	-7.368	-6.143	-6.485	-7.173	-8.278	-12.81	-13.3	-13	-	-37	-36	-40	-23	-25	-22	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-295	-518.5	-323.9	-404.1	-209	-75.15	97.56	93.53	123.8	171.2	116.6	171	59	3	132	279	216	194	165	225.6	446	556.3	349.6	533.7	588.6	729.4	527.1
Change	-	-75.75%	37.53%	-24.77%	48.27%	64.05%	229.82%	-4.13%	32.38%	38.28%	-31.87%	46.59%	-65.5%	-94.92%	4,300%	111.36%	-22.58%	-10.19%	-14.95%	36.72%	97.69%	24.75%	-37.16%	52.67%	10.29%	23.91%	-27.74%
Net income ¹	-295	-518.6	-324	-405	-209.3	-75.49	90.68	102.1	90.86	145.2	91.3	1,032	5	-77	70	156	107	32	95	71.81	314	232.7	208.3	320.7	416.2	515.7	372.6
Change	-	-75.78%	37.53%	-25%	48.32%	63.93%	220.12%	12.56%	-10.98%	59.81%	-37.12%	1,030.34%	-99.52%	-1,640%	190.91%	122.86%	-31.41%	-70.09%	196.88%	-24.41%	337.28%	-25.88%	-10.52%	53.98%	29.76%	23.91%	-27.74%
Announcement Date	5/12/21	8/11/21	11/12/21	3/2/22	5/11/22	8/10/22	11/9/22	2/28/23	5/9/23	8/8/23	11/7/23	2/27/24	5/7/24	8/6/24	11/5/24	2/25/25	5/6/25	8/5/25	11/4/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Coupang, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-2,855	-2,843	-4,229	-4,346	-5,301	-6,549	-8,247
Change	-	-	0.42%	-48.75%	-2.77%	-21.97%	-23.54%	-25.93%
Announcement Date	2/12/21	3/2/22	2/28/23	2/27/24	2/25/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Coupang, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	673.7	824.3	896	879	1,134	1,210	1,312
Change	-	22.36%	8.7%	-1.9%	28.96%	6.76%	8.37%
Free Cash Flow (FCF) ¹	-1,084	-258.8	1,756	1,016	731.5	1,372	2,026
Change	-	76.13%	778.46%	-42.14%	-28%	87.56%	47.63%
Announcement Date	3/2/22	2/28/23	2/27/24	2/25/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Coupang, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-4.06%	0.58%	3.07%	3.22%	3.38%	5.54%	6.71%
EBIT Margin (%)	-	-6.51%	-0.54%	1.94%	1.44%	2.03%	3.41%	4.73%
EBT Margin (%)	-	-8.38%	-0.45%	2.4%	1.56%	2.49%	4.07%	5.03%
Net margin (%)	-	-8.38%	-0.45%	5.58%	0.51%	0.89%	2.32%	3.44%
FCF margin (%)	-	-5.89%	-1.26%	7.2%	3.36%	2.1%	3.41%	4.46%
FCF / Net Income (%)	-	70.29%	281.2%	129.12%	659.74%	235.76%	147.33%	129.71%
Profitability
ROA	-	-22.5%	-1.01%	11.9%	1.07%	2.11%	4.74%	7.33%
ROE	-	-196.17%	-4.01%	41.83%	3.76%	7%	17.44%	22.62%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	3.66%	4%	3.67%	2.9%	3.25%	3.01%	2.89%
CAPEX / EBITDA (%)	-	-90.11%	692.97%	119.79%	90.06%	96.04%	54.34%	43.07%
CAPEX / FCF (%)	-	-62.13%	-318.47%	51.03%	86.52%	154.97%	88.21%	64.75%
Items per share
Cash flow per share ¹	-	-0.2884	0.3204	1.471	1.033	1.416	1.299	1.765
Change	-	-	211.13%	359.03%	-29.78%	37.13%	-8.3%	35.87%
Dividend per Share ¹	-	-	-	-	-	-	-	0.0211
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	1.528	1.362	2.284	2.278	2.693	3.168	3.99
Change	-	-	-10.89%	67.71%	-0.25%	18.22%	17.61%	25.98%
EPS ¹	-7.23	-1.08	-0.05	0.75	0.08	0.1682	0.4535	0.8221
Change	-	85.06%	95.37%	1,600%	-89.33%	110.2%	169.71%	81.26%
Nbr of stocks (in thousands)	-	1,751,442	1,770,298	1,787,787	1,798,859	1,826,648	1,826,648	1,826,648
Announcement Date	2/12/21	3/2/22	2/28/23	2/27/24	2/25/25	-	-	-