BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
Coupang — Blitz Index 49 (C)
Product Commerce +11% with $2,485M adjusted EBITDA; Developing Offerings +38% with −$995M. The breach tax: 33M accounts, a $410M provision, $1.2B in vouchers.
49Grade C
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 13 / 25 | FY2025 +14% slowed to +~6% in H1 2026 after the incident; the second curve is +38% but losing money |
| B · Moat | 37 / 60 | WOW bundle lock-in + Rocket Delivery infrastructure; G2 only clears with adjacent-market summation |
| C · Creative destruction | 10 / 15 | Redefined Korean delivery with dawn delivery; Product Commerce is 85.7% of revenue |
| D · BlitzFailing | −11 | 33M-account breach; PIPC $410M provision; Bom Kim holds 74.1% voting power |
Radar axes (0–100): Moat 61.7 · Speed 52 · Creative 66.7.
Watch item
Gates: G1 ✓ · G2 ✓ (borderline). 16 points below the threshold — first score. Act one's harvest is funding act two's burn, with the breach still in the numbers.
Strengths
- Product Commerce $29,592M (+11%), adjusted EBITDA $2,485M at an 8.4% margin — the cash engine
- Developing Offerings $4,942M (+38%) — Eats, Taiwan and Farfetch as the second curve
- Net other revenue $8,222M (+28%) — the 3P, advertising and WOW high-margin mix
- WOW bundle + Rocket Delivery infrastructure holding 24.7M active customers
Concerns
- Growth decelerated from +14% to +~6% — the 10-Q names the incident as the cause
- Developing Offerings losses widened from −$631M to −$995M — the second curve's fuel burn
- TTM FCF $105M, down 87% — the cash-generation collapse
- Bom Kim 74.1% voting power + CEO-chair — no check on the direction
Next earnings
Nov 3, 2026 · Expected
Coverage
Coupang, Inc. · Q3 2026 due Nov 3, 2026 (expected) · Score 49 · Grade C
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.