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Copa Holdings, S.A.

CPA Industrials Airlines

Copa Holdings, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 4.98% from fiscal 2024.

Revenue
+25.7%
EPS
−53.7%
Free cash flow
+207.6%
Total debt
+32.3%

Quarter to June 2026, against a year earlier

142.24 3.65 −2.50%
Market cap
$5.8B
P/E
9.4×
Fwd P/E
8.5×
Dividend yield
4.74%
F-score
6/9
Altman Z
2.42
Beneish M
−2.73
Dividend safety
53/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 27.07%

Capital & Financial Ratios $m

Size
Market Cap 5,830.00
Revenue ttm 3,987.79
Net income ttm 671.65
Free cash flow ttm 177.06
Net debt Q 1,008.36
Valuation
P/E 9.35
Forward P/E 8.52
Price / sales 1.46
Forward P/S Powerpack
Price / FCF 32.86
Price / book 2.03
Financial health
Current ratio Q 1.06
Debt / equity Q 0.79
Interest coverage Q 3.25
Growth
Revenue growth Q +25.72% (above 0%: growing)
Operating income growth Q −49.98% (below 0%: shrinking)
EPS, this year −8.08% (below 0%: weak)
EPS, next year A +27.59% (at or above 15%: strong)
Revenue, next year A +22.56% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +11.62%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.6×; over the ten years it ranged from 0.8× in 2020 to 10.4× in 2021.
P/E against its own 10 years 45.20%
10-year low 10-year high
P/S against its own 10 years 55.48%
10-year low 10-year high
P/B against its own 10 years 46.97%
10-year low 10-year high
EV/Sales against its own 10 years 60.03%
10-year low 10-year high
EV/FCF against its own 10 years 73.77%
10-year low 10-year high

Dividends

Yield
4.74%
Annual rate
6.74
Payout ratio
44.3%
Growth, 2017–25
+12.4%/yr
  1. 2.52 ’17
  2. 3.48 ’18 +38
  3. 2.60 ’19 −25
  4. 0.80 ’20 −69
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 3.28 ’23
  8. 6.44 ’24 +96
  9. 6.44 ’25 +0
  10. 6.44 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 915 1,199 1,338 1,263
Receivables 159 169 198 221
Inventory 117 132 148 155
Other 32 33 39 38
1,268 1,577 1,778 1,762
2023 2024 2025 Q'26
Payables 185 232 167 208
ST’ Debt 222 255 173 202
Other 612 622 738 878
1,278 1,355 1,359 1,657

Compound Annual Growth %

10y 5y 3y
Sales 4.86% 35.20% 6.86%
Cash Flow 13.76% 193.56% 14.89%
Earnings 0.00% 0.00% 24.50%
Book Value 5.75% 16.68% 22.98%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 1.88 Actual 1.67

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 4.03 4.20 Beat by 0.17
Dec 2025 4.44 4.18 Miss by 0.26
Mar 2026 4.43 5.16 Beat by 0.73
Jun 2026 1.88 1.67 Miss by 0.21
Sep 2026 4.00 — Reports 18 November 2026

EPS $

Mar Jun Sep Dec Year
’26 5.16 1.67 — — —
’25 4.28 3.61 4.20 4.18 16.28
’24 4.19 2.88 3.50 3.99 14.56
’23 3.07 0.44 4.72 4.55 12.89
’22 0.47 3.01 2.93 2.23 7.88
’21 (2.60) 0.66 0.19 2.69 0.94
’20 1.75 (9.08) 2.45 (9.45) (14.08)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,052 1,059 — — —
’25 899 843 913 963 3,618
’24 893 819 855 879 3,446
’23 867 809 868 913 3,457
’22 572 693 809 891 2,965
’21 186 304 445 575 1,510
’20 595 15 708 (517) 801
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 360 258 — — —
’25 205 279 267 399 1,150
’24 201 270 189 337 997
’23 203 217 344 280 1,045
’22 169 158 216 215 759
’21 (1) 151 114 244 507
’20 106 (163) (19) 81 5
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 191 40 — — —
’25 143 (37) 44 (97) 53
’24 201 (25) 62 115 353
’23 203 217 344 (116) 648
’22 169 158 216 (428) 115
’21 (1) 151 114 178 441
’20 106 (163) (19) 51 (25)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,222 2,522 2,678 2,707 801 1,510 2,965 3,457 3,446 3,618 3,988 +5.6% 4,434 4,796 5,108 +12.2%
Gross margin, % 66.82 68.10 63.37 65.80 66.14 69.47 58.62 64.78 66.21 66.99 62.38 +0.2 pt
EBT 373 413 123 293 (631) 54 388 611 706 776 719 +8.5%
EBT margin, % 16.78 16.39 4.58 10.84 (78.75) 3.60 13.09 17.68 20.48 21.44 18.03 +4.7 pt
Net income 335 364 88 247 (607) 44 348 514 608 672 672 +8.1%
Per share, $
Per share, $ Revenue 52.45 59.45 63.48 64.07 18.92 35.44 73.06 85.94 82.45 87.69 97.49 +5.9%
Earnings 8.02 8.72 2.07 5.81 (14.08) 0.94 8.58 12.89 14.56 16.28 15.21 +8.2%
Cash flow 14.04 17.15 12.87 18.57 0.12 11.91 18.69 25.97 23.85 27.88 31.39 +7.9%
Capex (1.54) (2.35) (8.67) (1.05) (0.70) (1.56) (15.85) (9.86) (15.39) (26.61) (27.06) +37.2%
Free cash flow 12.49 14.80 4.20 17.53 (0.58) 10.35 2.84 16.11 8.46 1.27 4.33 (22.4%)
Book value 43.49 44.68 42.59 45.79 30.32 30.50 36.77 52.75 56.77 67.27 70.24 +5.0%
Shares, m 42 42 42 42 42 43 41 40 42 41 41 (0.3%)
Valuation, ×
Valuation, × P/E 11.46 15.79 37.66 18.57 0.00 87.94 9.51 8.14 6.04 7.41 9.35 20.3
P/S 1.76 2.32 1.24 1.69 4.08 2.33 1.12 1.21 1.07 1.38 1.46 1.8
P/B 2.12 3.08 1.85 2.36 2.55 2.71 2.23 1.97 1.55 1.79 2.03 2.2
EV/Sales 1.92 2.41 1.45 1.76 4.42 2.60 1.30 1.37 1.20 1.55 1.71 2.0
EV/FCF 10.80 8.56 51.54 22.79 (6.63) 3,753.21 (153.46) (51.86) (95.94) 106.97 38.56 364.6
Cash, $m
Cash, $m Operating cash flow 595 727 543 785 5 507 759 1,045 997 1,150 1,284 +7.6%
Capex (65) (100) (366) (44) (30) (66) (643) (397) (643) (1,098) (1,107) +36.8%
Free cash flow 529 628 177 741 (25) 441 115 648 353 53 177 (22.6%)
Balance, $m
Balance, $m Working capital 207 141 (89) 237 406 186 42 (11) 222 419 105 +8.2%
Net debt 369 231 565 210 274 408 510 548 472 642 1,008 +6.3%
Shareholders’ equity 1,842 1,895 1,797 1,935 1,284 1,299 1,492 2,122 2,373 2,775 2,873 +4.7%
Returns, %
Returns, % ROA 8.85 9.23 2.08 5.61 (14.79) 1.08 7.79 10.40 11.12 10.90 9.54 +2.1 pt
ROIC 7.80 12.47 4.22 10.09 (18.50) 5.56 14.06 18.90 16.55 14.98 12.43 +7.2 pt
ROE 19.51 19.48 4.78 13.24 (37.72) 3.39 24.94 28.45 27.06 26.09 23.07 +6.6 pt
People
People Employees 8,733 9,045 9,450 8,877 5,667 6,127 7,265 7,625 7,909 8,565 — (0.2%)
Revenue/emp, $m 0.25 0.28 0.28 0.30 0.14 0.25 0.41 0.45 0.44 0.42 — +5.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Copa Holdings, S.A. vs peers in Airlines (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LUV Southwest Airlines Co. $21.8B 21.1× 17.1× +21.20% (above 0%: growing) +450.00% (above 0%: growing) +46.94% (above 0%: growing) 21.40% 4.49% Compare
LTM LATAM Airlines Group S.A. $13.5B 8.3× 8.3× +17.97% (above 0%: growing) +17.79% (above 0%: growing) −13.57% (below 0%: shrinking) 23.04% 13.14% Compare
AAL American Airlines Group Inc. $8.6B — (loss-making) — (loss-making) +19.31% (above 0%: growing) n/m −43.12% (below 0%: shrinking) 19.23% 0.70% Compare
CPA Copa Holdings, S.A. $5.8B 9.4× 8.5× +25.72% (above 0%: growing) −53.74% (below 0%: shrinking) +207.63% (above 0%: growing) 50.85% 8.65%
ALK Alaska Air Group, Inc. $4.3B — (loss-making) — (loss-making) +14.39% (above 0%: growing) n/m −16.83% (below 0%: shrinking) 100.00% 1.90% Compare
SKYW SkyWest, Inc. $3.0B 7.6× 7.7× +6.41% (above 0%: growing) +7.27% (above 0%: growing) −119.57% (below 0%: shrinking) 69.21% 15.75% Compare
ALGT Allegiant Travel Company $2.4B 61.7× 47.8× +36.86% (above 0%: growing) n/m −610.56% (below 0%: shrinking) 24.77% 2.24% Compare
AERO Grupo Aeromexico SAB DE CV - Sponsored ADR $2.1B 9.3× 71.2× +8.67% (above 0%: growing) −44.00% (below 0%: shrinking) −77.90% (below 0%: shrinking) 71.03% 11.74% Compare
ULCC Frontier Group Holdings, Inc. $1.6B — (loss-making) — (loss-making) +52.93% (above 0%: growing) n/m +76.50% (above 0%: growing) 23.76% (7.97%) Compare
Median of peers $3.7B 9.3× 17.1× +18.64% +12.53% −29.97% 24.27% 3.37%

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CPA metrics, ten years each

stockrow.com/CPA · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com