Company Reports

Coupang has taken market share from other retail companies in South Korea in the past few years. Its share of retail value excluding sales tax ranked number one, increasing to 15.1% in 2024 from 6.8% in 2020 per Euromonitor, thanks to its fast delivery service, attractive product prices, and wide assortment of goods. Coupang provides dawn (receive before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup). Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should boost spending per customer.

Coupang guided for third-quarter constant-currency revenue growth to slow to 8%-9% year on year and adjusted EBITDA margin contraction of 300-400 basis points, while expecting product commerce-adjusted EBITDA margins to return to pre-data-breach levels by mid-2027.

Coupang has taken market share from other retail companies in South Korea in the past few years. Its share of retail value excluding sales tax ranked number one, increasing to 15.1% in 2024 from 6.8% in 2020 per Euromonitor, thanks to its fast delivery service, attractive product prices, and wide assortment of goods. Coupang provides dawn (receive before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup). Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should boost spending per customer.

Korea's Personal Information Protection Commission, or PIPC, will impose a fine of KRW 624.68 billion, or $408 million, on Coupang for the data breach incident in November 2025.

Coupang has taken market share from other retail companies in South Korea in the past few years. Its share of retail value excluding sales tax ranked number one, increasing to 15.1% in 2024 from 6.8% in 2020 per Euromonitor, thanks to its fast delivery service, attractive product prices, and wide assortment of goods. Coupang provides dawn (receive before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup). Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should boost spending per customer.

As the impact of a 2025 data breach fades, Coupang expects its constant-currency quarterly revenue year-over-year growth to accelerate in 2026, up from the guided 9%-10% for the second quarter. Coupang expects a sequential rise of adjusted EBITDA margin to 1%-2% for the second quarter from 0.3%.

Coupang expects uneven revenue growth over the next few months due to the November data breach. It guided to 5%-10% constant-currency revenue growth for the first quarter and indicated no EBITDA margin expansion in 2026.

Coupang faces mounting regulatory risks from a November 2025 data leak affecting 34 million customers and ongoing labor probes. User engagement has weakened despite the company issuing $1.17 billion in vouchers on Jan. 15 to affected customers.

Coupang has taken market share from other retail companies in South Korea in the past few years. Its share of retail value excluding sales tax ranked number one, increasing to 15.1% in 2024 from 6.8% in 2020 per Euromonitor, thanks to its fast delivery service, attractive product prices, and wide assortment of goods. Coupang provides dawn (receive before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup). Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should boost spending per customer.

Coupang shares fell 3% after news that CEO Park Dae-Jun of its Korean operations resigned, after a data breach disclosed in November that authorities are investigating. The breach began on June 24 and exposed customers’ contact information but didn't compromise payment details or login credentials.

Coupang's third-quarter product commerce adjusted EBITDA margin rose to 8.8% from 6.8% a year ago. The company expects its 2025 developing offerings adjusted EBITDA loss will be at the higher end of the $900 million-$950 million range, mainly due to investment in its Taiwan e-commerce business.

Coupang has taken market share from other retail companies in South Korea in the past few years. Its share of retail value excluding sales tax ranked number one, increasing to 15.1% in 2024 from 6.8% in 2020 per Euromonitor, thanks to its fast delivery service, attractive product prices, and wide assortment of goods. Coupang provides dawn (receive before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup). Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should boost spending per customer.

Coupang has taken market share from other retail companies in South Korea in the past few years—its share of retail value excluding sales tax ranked number one, increasing to 15.1% in 2024 from 6.8% in 2020, per Euromonitor, thanks to its fast delivery service, attractive product prices and wide assortment of goods. Coupang provides dawn (arrives before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup.) Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect a faster 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should be able to boost spending per customer.

Coupang raised its 2025 Developing Offerings, or DO, adjusted EBITDA losses, or LBITDA, guidance by 27%-38% to USD 900-950 million, mainly due to higher investments in its Taiwan e-commerce business. The second-quarter Product Commerce adjusted EBITDA margin grew to 9.0% from 8.0% sequentially.

Coupang has taken market share from other retail companies in South Korea in the past few years—its share of retail value excluding sales tax ranked number one, increasing to 13.3% in 2023 from 6.8% in 2020, per Euromonitor, thanks to its fast delivery service, attractive product prices and wide assortment of goods. Coupang provides dawn (arrives before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup.) Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect a faster 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should be able to boost spending per customer.

Coupang's first-quarter constant-currency revenue grew 21% year on year, while adjusted EBITDA grew 36%. Coupang maintains its 2025 guidance of constant-currency sales growth of about 20%.

Coupang has taken market share from other retail companies in South Korea in the past few years—its share of retail value excluding sales tax ranked number one, increasing to 13.3% in 2023 from 6.8% in 2020, per Euromonitor, thanks to its fast delivery service, attractive product prices and wide assortment of goods. Coupang provides dawn (arrives before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup.) Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect a faster 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should be able to boost spending per customer.

Excluding Farfetch, Coupang's fourth-quarter constant-currency sales grew 21% year on year, while adjusted EBITDA grew 33%. Coupang has guided 2025 constant-currency sales to grow about 20%, excluding Farfetch, and adjusted EBITDA margin to expand year on year.

Coupang has taken market share from other retail companies in South Korea in the past few years—its share of retail value excluding sales tax ranked number one, increasing to 13.3% in 2023 from 6.8% in 2020, per Euromonitor, thanks to its fast delivery service, attractive product prices and wide assortment of goods. Coupang provides dawn (arrives before 7 a.m. if ordering before midnight), same-day (receive by 6 p.m. for orders before 10 a.m.) and next-day deliveries, with an easy returns process (leave the item outside the door for pickup.) Euromonitor projects South Korea’s e-commerce market to grow at a 4% compound annual growth rate during 2023-28, but we expect a faster 5% for the market and 10% for Coupang during the same period. The collapse of small e-commerce peers WeMakePrice and Tmon will drive more customers to other larger platforms such as Coupang. Increasing categories and assortment should be able to boost spending per customer.

We initiate narrow-moat Coupang with an Exemplary Capital Allocation Rating and a fair value estimate of USD 23.10 per ADS, representing 30 times 2025 enterprise value/adjusted EBITDA. The shares are fairly valued, in our view.