Saturday 17 October 2026
Export CPA’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 25.7%, EPS fell 53.7%, free cash flow grew 207.6% and total debt rose 32.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
132.92
0.99
−0.74%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
11.46 | 15.79 | 37.66 | 18.57 | 0.00 | 87.94 | 9.51 | 8.14 | 6.04 | 7.41 |
Piotroski F-Score |
9 | 7 | 4 | 7 | 4 | 6 | 7 | 8 | 6 | 6 |
P/S ratio |
1.76 | 2.32 | 1.24 | 1.69 | 4.08 | 2.33 | 1.12 | 1.21 | 1.07 | 1.38 |
Altman Z-Score |
2.72 | 3.27 | 2.03 | 2.71 | 1.18 | 1.69 | 2.11 | 2.57 | 2.33 | 2.42 |
Altman Z″-Score (non-manufacturers) |
3.40 | 3.42 | 2.17 | 3.20 | 1.53 | 2.04 | 2.39 | 3.07 | 3.26 | 3.43 |
P/FCF ratio |
9.86 | 8.23 | 44.05 | 21.79 | 0.00 | 3,363.32 | 0.00 | 0.00 | 0.00 | 94.74 |
Beneish M-Score |
(2.84) | (2.72) | (2.26) | (3.06) | (3.39) | (2.43) | (2.07) | (2.79) | (2.79) | (2.73) |
P/Operating CF |
18.61 | 28.55 | 20.11 | 19.36 | 40.58 | 14.43 | 15.50 | 14.93 | 10.88 | 12.47 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 53 |
P/B ratio |
2.12 | 3.08 | 1.85 | 2.36 | 2.55 | 2.71 | 2.23 | 1.97 | 1.55 | 1.79 |
Price to Tangible BV |
2.20 | 3.22 | 1.96 | 2.50 | 2.75 | 2.89 | 2.36 | 2.06 | 1.61 | 1.86 |
EV/Sales |
1.92 | 2.41 | 1.45 | 1.76 | 4.42 | 2.60 | 1.30 | 1.37 | 1.20 | 1.55 |
EV/EBITDA |
15.47 | 14.33 | 24.35 | 13.80 | 0.00 | 25.86 | 8.54 | 5.86 | 5.50 | 6.86 |
EV/Operating CF |
7.19 | 8.36 | 7.15 | 6.09 | 671.55 | 7.75 | 5.07 | 4.53 | 4.16 | 4.88 |
EV/FCF |
10.80 | 8.56 | 51.54 | 22.79 | (6.63) | 3,753.21 | (153.46) | (51.86) | (95.94) | 106.97 |
Quick Ratio |
1.08 | 1.00 | 0.73 | 0.98 | 1.17 | 1.05 | 0.90 | 0.84 | 1.01 | 1.13 |
Current Ratio |
1.24 | 1.13 | 0.92 | 1.24 | 1.50 | 1.18 | 1.04 | 0.99 | 1.16 | 1.31 |
Net Debt/EBITDA |
0.85 | 0.39 | 1.30 | 0.33 | (1.36) | 1.04 | 0.71 | 0.49 | 0.44 | 0.54 |
Debt/Assets |
30.79% | 29.04% | 28.98% | 24.34% | 30.20% | 33.56% | 30.79% | 28.15% | 29.10% | 30.08% |
Debt/Equity |
0.64 | 0.62 | 0.72 | 0.55 | 0.91 | 1.10 | 0.97 | 0.69 | 0.70 | 0.71 |
Asset Turnover |
0.59 | 0.64 | 0.63 | 0.62 | 0.20 | 0.37 | 0.66 | 0.70 | 0.63 | 0.59 |
Operating CF/Net income |
1.78 | 2.00 | 6.16 | 3.18 | (0.01) | 11.57 | 2.18 | 2.03 | 1.64 | 1.71 |
Capex/Depreciation |
(0.41) | (0.60) | (1.32) | (0.16) | (0.11) | (0.28) | (2.40) | (1.30) | (1.95) | (3.01) |
Interest Coverage |
7.46 | 12.04 | 3.14 | 6.03 | (6.31) | 1.99 | 5.14 | 5.10 | 8.91 | 8.32 |
| 19.51% | 19.48% | 4.78% | 13.24% | (37.72%) | 3.39% | 24.94% | 28.45% | 27.06% | 26.09% | |
| 8.85% | 9.23% | 2.08% | 5.61% | (14.79%) | 1.08% | 7.79% | 10.40% | 11.12% | 10.90% | |
ROIC |
7.80% | 12.47% | 4.22% | 10.09% | (18.50%) | 5.56% | 14.06% | 18.90% | 16.55% | 14.98% |
Return on Tangible Assets |
11.82% | 13.20% | 3.38% | 8.92% | (23.77%) | 1.62% | 11.90% | 15.93% | 16.53% | 14.80% |
Average Days of Receivables |
18.75 | 16.74 | 15.82 | 17.50 | 29.45 | 22.35 | 16.94 | 16.81 | 17.90 | 19.94 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
23.85% | 23.24% | 23.52% | 31.14% | 49.77% | 31.49% | 20.40% | 19.20% | 19.69% | 19.63% |
Intangible Assets out of Total Assets |
0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Share Based Compensation of Revenue |
0.34% | 0.29% | 0.27% | 0.23% | 0.66% | 0.47% | 0.17% | 0.13% | 0.16% | 0.16% |
Graham Net Nets |
(0.24) | (0.16) | (0.48) | (0.26) | (0.41) | (0.49) | (0.59) | (0.43) | (0.49) | (0.41) |
Graham Number |
88.70 | 93.68 | 44.75 | 77.43 | 0.00 | 25.40 | 84.54 | 123.16 | 136.37 | 156.93 |
Earnings Yield |
8.73% | 6.33% | 2.66% | 5.38% | (18.56%) | 1.14% | 10.51% | 12.29% | 16.57% | 13.49% |
Free Cash Flow Yield |
10.14% | 12.15% | 2.27% | 4.59% | (16.35%) | 0.03% | (0.75%) | (2.18%) | (1.18%) | 1.06% |
Revenue per Share |
52.45 | 59.45 | 63.48 | 64.07 | 18.92 | 35.44 | 73.06 | 85.94 | 82.45 | 87.69 |
Operating CF per Share |
14.04 | 17.15 | 12.87 | 18.57 | 0.12 | 11.91 | 18.69 | 25.97 | 23.85 | 27.88 |
Capex per Share |
(1.54) | (2.35) | (8.67) | (1.05) | (0.70) | (1.56) | (15.85) | (9.86) | (15.39) | (26.61) |
Free Cash Flow per Share |
12.49 | 14.80 | 4.20 | 17.53 | (0.58) | 10.35 | 2.84 | 16.11 | 8.46 | 1.27 |
Cash per Share |
19.23 | 22.25 | 17.12 | 20.14 | 21.02 | 23.88 | 23.03 | 22.75 | 28.69 | 32.43 |
Shareholders Equity per Share |
43.49 | 44.68 | 42.59 | 45.79 | 30.32 | 30.50 | 36.77 | 52.75 | 56.77 | 67.27 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
43.49 | 44.68 | 42.59 | 45.79 | 30.32 | 30.50 | 36.77 | 52.75 | 56.77 | 67.27 |
Free Cash Flow |
529.25 | 627.60 | 177.10 | 740.62 | (24.54) | 441.04 | 115.28 | 648.12 | 353.47 | 52.52 |
Working Capital |
206.71 | 140.97 | (88.89) | 236.81 | 405.98 | 185.69 | 42.25 | (10.51) | 221.60 | 419.34 |
Capital Expenditures |
(65.34) | (99.73) | (365.91) | (44.26) | (29.82) | (66.25) | (643.27) | (396.67) | (643.38) | (1,097.91) |
Net Current Asset Value |
(934.45) | (951.35) | (1,585.39) | (1,188.03) | (1,350.45) | (1,710.07) | (1,962.43) | (1,806.72) | (1,792.67) | (2,029.52) |
EV/EBIT |
15.47 | 14.33 | 24.35 | 13.80 | 0.00 | 25.86 | 8.54 | 5.86 | 5.50 | 6.86 |
Capex to Sales |
0.03 | 0.04 | 0.14 | 0.02 | 0.04 | 0.04 | 0.22 | 0.11 | 0.19 | 0.30 |
Price to Operating Income |
14.13 | 13.79 | 20.81 | 13.19 | 0.00 | 23.17 | 7.40 | 5.18 | 4.88 | 6.08 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.06 | 0.06 | 0.10 | 0.11 | 0.12 | 0.10 | 0.09 | 0.09 | 0.10 | 0.09 |
Cash ROIC |
13.78% | 15.64% | 4.65% | 19.25% | (0.74%) | 11.78% | 2.98% | 14.40% | 6.74% | 0.86% |
Accounts Receivable Turnover |
20.21 | 21.95 | 23.11 | 22.03 | 8.24 | 19.22 | 25.78 | 23.29 | 21.00 | 19.74 |
Accounts Payable Turnover |
4.34 | 6.41 | 7.24 | 6.76 | 2.71 | 4.90 | 8.46 | 6.88 | 5.59 | 5.99 |
Inventory Turnover |
10.78 | 10.29 | 11.65 | 11.90 | 3.78 | 6.18 | 14.60 | 11.60 | 9.36 | 8.52 |
Average Days of Payables |
59.64 | 59.26 | 52.19 | 52.63 | 89.73 | 96.08 | 50.23 | 55.44 | 72.72 | 51.05 |
Days of Inventory on Hand |
36.89 | 37.13 | 32.20 | 27.24 | 100.01 | 59.21 | 27.77 | 34.96 | 41.48 | 45.27 |
Average Receivables |
109.96 | 114.89 | 115.85 | 122.92 | 97.21 | 78.54 | 115.02 | 148.42 | 164.12 | 183.32 |
Average Payables |
169.70 | 125.51 | 135.41 | 136.87 | 100.09 | 94.01 | 145.08 | 176.89 | 208.47 | 199.51 |
Average Inventory |
68.37 | 78.16 | 84.18 | 77.82 | 71.71 | 74.55 | 84.06 | 104.97 | 124.47 | 140.23 |
Average Assets |
3,780.79 | 3,945.54 | 4,243.43 | 4,399.64 | 4,105.38 | 4,050.82 | 4,469.31 | 4,943.60 | 5,469.56 | 6,162.66 |
Average Common Equity |
1,714.85 | 1,868.70 | 1,845.86 | 1,865.75 | 1,609.23 | 1,291.48 | 1,395.75 | 1,807.13 | 2,247.45 | 2,574.08 |
Columns are period end dates