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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and Coupang, Inc. (CPNG). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $8.1B, roughly 1.1× Athene Holding Ltd.). Athene Holding Ltd. runs the higher net margin — 6.4% vs -0.3%, a 6.7% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 10.9%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 11.4%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Coupang, Inc. is an American Delaware-incorporated technology and online retail company headquartered in Seattle, Washington. Founded in 2010 by Bom Kim, the company operates a retail business, food delivery service, and OTT streaming service, with offices and operations in South Korea, Taiwan, the United States, India, Japan and Singapore.
ATHS vs CPNG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $8.8B |
| Net Profit | $523.0M | $-26.0M |
| Gross Margin | — | 28.8% |
| Operating Margin | 16.9% | 0.1% |
| Net Margin | 6.4% | -0.3% |
| Revenue YoY | 115.1% | 10.9% |
| Net Profit YoY | -48.5% | -116.7% |
| EPS (diluted) | — | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $8.8B | ||
| Q3 25 | $8.0B | $9.3B | ||
| Q2 25 | $5.4B | $8.5B | ||
| Q1 25 | $4.2B | $7.9B | ||
| Q4 24 | $3.8B | $8.0B | ||
| Q3 24 | $6.5B | $7.9B | ||
| Q2 24 | $4.7B | $7.3B | ||
| Q1 24 | $5.7B | $7.1B |
| Q4 25 | $523.0M | $-26.0M | ||
| Q3 25 | $1.3B | $95.0M | ||
| Q2 25 | $464.0M | $32.0M | ||
| Q1 25 | $465.0M | $107.0M | ||
| Q4 24 | $1.0B | $156.0M | ||
| Q3 24 | $625.0M | $70.0M | ||
| Q2 24 | $629.0M | $-77.0M | ||
| Q1 24 | $1.2B | $5.0M |
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 29.4% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 29.3% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | — | 28.8% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 27.1% |
| Q4 25 | 16.9% | 0.1% | ||
| Q3 25 | 26.8% | 1.7% | ||
| Q2 25 | 12.2% | 1.7% | ||
| Q1 25 | 22.3% | 1.9% | ||
| Q4 24 | 30.4% | 3.9% | ||
| Q3 24 | 25.7% | 1.4% | ||
| Q2 24 | 22.0% | -0.3% | ||
| Q1 24 | 31.1% | 0.6% |
| Q4 25 | 6.4% | -0.3% | ||
| Q3 25 | 15.7% | 1.0% | ||
| Q2 25 | 8.7% | 0.4% | ||
| Q1 25 | 11.1% | 1.4% | ||
| Q4 24 | 26.8% | 2.0% | ||
| Q3 24 | 9.6% | 0.9% | ||
| Q2 24 | 13.5% | -1.1% | ||
| Q1 24 | 20.8% | 0.1% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.02 | ||
| Q1 25 | — | $0.06 | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $6.3B |
| Total DebtLower is stronger | $7.8B | $648.0M |
| Stockholders' EquityBook value | $20.5B | $4.6B |
| Total Assets | $442.2B | $17.8B |
| Debt / EquityLower = less leverage | 0.38× | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | $15.3B | $5.2B |
| Q4 25 | $7.8B | $648.0M | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $6.3B | — | ||
| Q4 24 | $6.3B | $988.0M | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | $20.5B | $4.6B | ||
| Q3 25 | $20.4B | $4.7B | ||
| Q2 25 | $18.1B | $4.7B | ||
| Q1 25 | $17.5B | $4.4B | ||
| Q4 24 | $16.4B | $4.1B | ||
| Q3 24 | $17.4B | $4.2B | ||
| Q2 24 | $15.0B | $3.9B | ||
| Q1 24 | $14.8B | $4.1B |
| Q4 25 | $442.2B | $17.8B | ||
| Q3 25 | $429.9B | $18.7B | ||
| Q2 25 | $405.3B | $17.8B | ||
| Q1 25 | $381.5B | $16.0B | ||
| Q4 24 | $363.3B | $15.3B | ||
| Q3 24 | $355.0B | $16.3B | ||
| Q2 24 | $332.6B | $15.2B | ||
| Q1 24 | $320.6B | $14.9B |
| Q4 25 | 0.38× | 0.14× | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.39× | 0.24× | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.39× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $82.0M |
| Free Cash FlowOCF − Capex | — | $-278.0M |
| FCF MarginFCF / Revenue | — | -3.1% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | 5.82× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $522.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $82.0M | ||
| Q3 25 | $636.0M | $792.0M | ||
| Q2 25 | $1.1B | $545.0M | ||
| Q1 25 | $426.0M | $354.0M | ||
| Q4 24 | $386.0M | $676.0M | ||
| Q3 24 | $780.0M | $334.0M | ||
| Q2 24 | $525.0M | $664.0M | ||
| Q1 24 | $185.0M | $212.0M |
| Q4 25 | — | $-278.0M | ||
| Q3 25 | — | $439.0M | ||
| Q2 25 | — | $246.0M | ||
| Q1 25 | — | $115.0M | ||
| Q4 24 | — | $462.0M | ||
| Q3 24 | — | $-46.0M | ||
| Q2 24 | — | $486.0M | ||
| Q1 24 | — | $105.0M |
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | -0.6% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 5.82× | — | ||
| Q3 25 | 0.51× | 8.34× | ||
| Q2 25 | 2.28× | 17.03× | ||
| Q1 25 | 0.92× | 3.31× | ||
| Q4 24 | 0.38× | 4.33× | ||
| Q3 24 | 1.25× | 4.77× | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 0.16× | 42.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
