Coupang, Inc.

AI-generated fair value estimate for this company.

Method: 10-year DCF on a normalized unlevered FCF base of $400M (between the TTM trough of $99M, depressed by Farfetch-integration and logistics capex, and the FY2025 level of $520M); FCF growth 10% years 1-3, 8% years 4-6, 5% years 7-10; 10% discount rate; 3% terminal growth; net cash $477M; 1.80B diluted shares.

Reasoning: Coupang's free cash flow has collapsed roughly 94% from its FY2023 peak as Farfetch integration and logistics capex ramped, so a normalized base between the depressed trailing figure and the more recent FY2025 level was used; even with that partial normalization, the business's current cash generation is small relative to its $35B revenue base, and the resulting value is well below the current share price, which appears to be priced primarily on revenue scale and growth rather than free cash flow.