Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 2026
Coupang, Inc. (CPNG)
A forensic read on Coupang, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-3.7%
ROE
$31.6B
Market cap
Coupang, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.7%/yrShare-count dilution.Diluted share count changed +5% over the last 3 years to FY2025 (+1.7%/yr). The count is GROWING — existing holders are being diluted. That's ~1.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 91% of free cash flow in FY2025 — about $0.26 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
12%Return on invested capital.Return on invested capital is 12% and rising from -8% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
Key fundamentals
Net Margin0.6%
Debt / Equity0.14x
Free Cash Flow$522.0M
Latest Revenue$34.53B
Return on Equity4.5%
Revenue Growth YoY+14.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Coupang, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CPNG's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown