Key takeaways
- Coupang's P/S ratio sits far below GameStop's, while GameStop's cash-heavy balance sheet and thin-margin logistics bet tell very different stories.
- Note that stock-based compensation (SBC) represented 26.8% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
- While it ended 2025 with 14% year-over-year revenue growth, that slowed to 8% in the first quarter of 2026, then dropped to 4% in Q2.
Coupang maintains a dominant e-commerce position in South Korea with a growing logistics and delivery network. GameStop has shifted its focus toward collectibles and digital assets while maintaining an exceptionally high current ratio.
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