Is CPNG a good stock to buy? We came across a bullish thesis on Coupang, Inc. on Sunrise Capital’s Substack. In this article, we will summarize the bulls’ thesis on CPNG. Coupang, Inc.’s share was trading at $18.56 as of July 2nd. CPNG’s trailing and forward P/E were 184.18 and 35.34 respectively according to Yahoo Finance.
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Coupang, Inc. (CPNG) is a leading South Korean e-commerce platform whose share price has declined roughly 50% from its recent high following a Q4 2025 data breach, despite revenue increasing more than 60% since late 2022. The breach, caused by a former employee abusing internal access, initially raised concerns about lasting customer damage, but recent operating results suggest the business remains fundamentally intact.
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In Q1 2026, revenue grew 8% year over year to $8.5 billion, while Product Commerce revenue increased 4% and Developing Offerings expanded 28%. Although Product Commerce adjusted EBITDA margin declined from 8.0% to 5.0% due to customer vouchers and excess operating costs, management indicated January marked the trough in growth, with sequential improvement continuing through March. More importantly, customer behavior has remained resilient, reinforcing Coupang’s competitive moat.
Most WOW members continued increasing spending at double-digit rates throughout the incident, many former subscribers have returned, and nearly 80% of the post-breach membership decline had been recovered by the end of April as sign-ups and churn normalized. Management believes reported revenue growth will continue improving as customer engagement recovers and difficult comparisons fade.
Beyond Korea, Coupang continues investing aggressively in Taiwan, replicating the logistics-driven strategy that established its domestic leadership, with customer retention trends already resembling those seen during Korea’s early growth years. From a valuation perspective, the core Product Commerce business alone appears to justify most of the current market value.
Assuming margins recover toward historical levels and applying a 15x EV/EBITDA multiple implies an equity value of roughly $21 per share, representing attractive upside from the current share price before assigning any value to Developing Offerings, leaving investors with additional upside if international expansion succeeds.
Previously, we covered a bullish thesis on Coupang, Inc. (CPNG) by Brian Coughlin in April 2025, which highlighted the company’s logistics-driven competitive moat and long-term margin expansion potential. CPNG’s stock price has depreciated by approximately 13.23% since our coverage. Sunrise Capital shares a similar view but emphasizes on the company’s resilience following the data breach and the recovery in customer engagement.
Coupang, Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held CPNG at the end of the first quarter which was 94 in the previous quarter. While we acknowledge the risk and potential of CPNG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CPNG and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
