CPNG changes
Pick any two versions below to diff them.
- Price
- $14.79 → $13.87(−6.2%)
- Discount
- 32% to 50% → 37% to 53%(+5.0 pts)
- Risks
- Korean regulation. After the November 2025 data breach, the data regulator announced about $410 million of fines in June 2026, and the Korea Fair Trade Commission has older cases against Coupang. In September 2026, the commission charged Coupang with obstruction after it refused an on-site inspection, and lawmakers criticized the company in October 2026. More fines, rules on delivery work or platform rules can raise costs. A US securities class action about the breach is also pending. Margins fell sharply. The adjusted EBITDA margin was 1.8% in Q2 2026, and management guided a lower margin again in Q3. It expects full recovery only around mid-2027. Trailing 12-month free cash flow fell to $105 million at June 30, 2026, from $784 million a year earlier. Currency. Almost all sales are in Korean won, but Coupang reports in US dollars. In Q2 2026, revenue grew 10% at constant currency and only 4% in dollars. The Korea Fair Trade Commission is investigating whether bundling Eats benefits with the WOW membership breaks the law. If it does, Coupang can get a fine and may have to sell the Eats benefit separately, which can make the membership less attractive. Operations. The July 2026 fire at the Incheon fulfillment center adds losses from Q3 2026, and the full cost is not known yet. Coupang also keeps investing in loss-making units such as Taiwan, Coupang Eats and Farfetch.
- Recent events
- 2026-10-12: At the parliamentary audit of the Korea Fair Trade Commission, lawmakers of both main parties criticized Coupang for refusing the commission's on-site inspection. Coupang said that it used its procedural rights. 2026-10-08: Coupang filed two lawsuits in the Seoul Administrative Court to cancel the data protection fines of 624.7 billion won, and it asked the court to suspend the fines while the cases run, Korean press reported. 2026-09-30: The Korea Fair Trade Commission sent Coupang a report that charges it with obstruction of an investigation, because Coupang refused an on-site inspection in August 2026. The maximum fine for a first offense is 100 million won, about $74,000, but the case adds to the conflict with the regulator. 2026-09-23: A Korean court rejected Coupang's request to stop the Korea Fair Trade Commission's on-site inspection of its dealings with suppliers. A court had suspended the inspection for a short time in August. Coupang appealed, and the commission's chair said that the inspection will continue. 2026-08-04: Coupang reported Q2 2026 results. Revenue was $8.9 billion, up 4% and up 10% at constant currency. Operating loss was $556 million, including about $410 million of Korean fines. Adjusted EBITDA was $163 million, a 1.8% margin. Coupang bought back 23.2 million shares for $459 million. It guided Q3 constant-currency revenue growth of 8% to 9% and an adjusted EBITDA margin 3 to 4 points lower than a year earlier, and said that it expects full margin recovery around mid-2027. The stock fell after the report. 2026-07-20: A fire in July 2026 damaged a leased Coupang fulfillment center in Incheon, Korea. Coupang said that the inventory and fixed assets at the site, with its obligation to sellers for their goods there, were worth about $246 million. It will claim insurance and record losses from Q3 2026, and it said that the fire did not materially affect Q3 revenue. 2026-07-14: Reuters reported that a South Korean court suspended the Korea Fair Trade Commission's designation of founder Bom Kim as the controlling person of Coupang. 2026-07-02: A US House report accused South Korea of targeting Coupang after the data breach. South Korea disputed the report. 2026-06-10: Korea's Personal Information Protection Commission announced a fine of about $278 million on Coupang Corp. for the data breach, and a separate fine of about $132 million over data from a third-party advertising program. Coupang said that it will appeal in the Seoul Administrative Court. The stock had its best day since late 2022, because the fine was smaller than investors feared. 2026-05-05: Coupang reported Q1 2026 results with a net loss of about $242 million, and it warned of slower growth. The stock fell about 7% after the report.