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Side-by-side financial comparison of Baozun Inc. (BZUN) 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 $84.2M, roughly 104.9× Baozun Inc.). Coupang, Inc. runs the higher net margin — -0.3% vs -2.0%, a 1.7% gap on every dollar of revenue.
Baozun Inc is a leading digital commerce service provider focused on the Chinese market. It delivers full-stack e-commerce solutions including official store operation, digital marketing, logistics and fulfillment, customer support, and technical infrastructure services for global and local consumer brands across fashion, beauty, FMCG, consumer electronics, and other core retail segments.
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.
BZUN vs CPNG — Head-to-Head
Income Statement — Q2 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $84.2M | $8.8B |
| Net Profit | $-1.7M | $-26.0M |
| Gross Margin | — | 28.8% |
| Operating Margin | -1.7% | 0.1% |
| Net Margin | -2.0% | -0.3% |
| Revenue YoY | — | 10.9% |
| Net Profit YoY | — | -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 | — | $8.8B | ||
| Q3 25 | — | $9.3B | ||
| Q2 25 | $84.2M | $8.5B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $7.9B | ||
| Q2 24 | $83.0K | $7.3B | ||
| Q1 24 | — | $7.1B |
| Q4 25 | — | $-26.0M | ||
| Q3 25 | — | $95.0M | ||
| Q2 25 | $-1.7M | $32.0M | ||
| Q1 25 | — | $107.0M | ||
| Q4 24 | — | $156.0M | ||
| Q3 24 | — | $70.0M | ||
| Q2 24 | $-1.7K | $-77.0M | ||
| Q1 24 | — | $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 | — | 0.1% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | -1.7% | 1.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | -1.7% | -0.3% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | -0.3% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | -2.0% | 0.4% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | -2.0% | -1.1% | ||
| Q1 24 | — | 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 | $6.9M | $6.3B |
| Total DebtLower is stronger | — | $648.0M |
| Stockholders' EquityBook value | $10.7M | $4.6B |
| Total Assets | $25.9M | $17.8B |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | $6.9M | $6.8B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | $49.6K | $5.5B | ||
| Q1 24 | — | $5.2B |
| Q4 25 | — | $648.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $988.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | $10.7M | $4.7B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | $80.2K | $3.9B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | — | $17.8B | ||
| Q3 25 | — | $18.7B | ||
| Q2 25 | $25.9M | $17.8B | ||
| Q1 25 | — | $16.0B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | — | $16.3B | ||
| Q2 24 | $188.8K | $15.2B | ||
| Q1 24 | — | $14.9B |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $82.0M |
| Free Cash FlowOCF − Capex | — | $-278.0M |
| FCF MarginFCF / Revenue | — | -3.1% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $522.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $82.0M | ||
| Q3 25 | — | $792.0M | ||
| Q2 25 | — | $545.0M | ||
| Q1 25 | — | $354.0M | ||
| Q4 24 | — | $676.0M | ||
| Q3 24 | — | $334.0M | ||
| Q2 24 | $-1.7K | $664.0M | ||
| Q1 24 | — | $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 | $-2.8K | $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 | -3.3% | 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 | 1.3% | 2.4% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 8.34× | ||
| Q2 25 | — | 17.03× | ||
| Q1 25 | — | 3.31× | ||
| Q4 24 | — | 4.33× | ||
| Q3 24 | — | 4.77× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 42.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BZUN
Segment breakdown not available.
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
