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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. 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%
Market cap
$5.5B
P/E
8.7×
Fwd P/E
8.2×
Dividend yield
5.07%
F-score
6/9
Altman Z
2.42
Beneish M
−2.73
Dividend safety
53/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 27.07%

Capital & Financial Ratios $m

Market Cap 5,510.00
Revenue 3,987.79
Net Income 671.65
Free Cash Flow 177.06
Net Debt 1,008.36
Current Ratio 1.06
Debt/Equity 0.79
P/E ratio 8.74
Fwd P/E 8.21
P/S ratio 1.36
P/B ratio 1.89
Past 5Y EPS Growth —
This Y EPS Growth (5.98%) (below 0%: weak)
Next Y EPS Growth 25.32% (at or above 15%: strong)
Next Y revenue growth 22.12% (at or above 10%: strong)
Next 5Y EPS Growth 11.67%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, 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 38.49%
10-year low 10-year high
P/S against its own 10 years 48.58%
10-year low 10-year high
P/B against its own 10 years 36.75%
10-year low 10-year high
EV/Sales against its own 10 years 51.35%
10-year low 10-year high
EV/FCF against its own 10 years 71.62%
10-year low 10-year high

Dividends

Payout Ratio 0.44
Annual Dividend Rate 6.74
Annual Dividend Yield 5.07%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 6.44
1.71
1.71
1.71
2025 6.44
1.61
1.61
1.61
1.61
2024 6.44
1.61
1.61
1.61
1.61
2023 3.28
0.82
0.82
0.82
0.82
2022 Powerpack
2021 Powerpack
2020 0.80
0.80
2019 2.60
0.65
0.65
0.65
0.65
2018 3.48
0.87
0.87
0.87
0.87
2017 2.52
0.51
0.51
0.75
0.75
2016 2.04
0.51
0.51
0.51
0.51
predictions special payouts not included in total or ratios

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%

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.

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 8.58
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 42.61 90.85 67.38 77.31 24.00 64.66 55.25 78.12 80.01 82.54

Analyst estimates 2026–2028

Powerpack
High 97.00 138.72 141.34 116.88 114.00 94.91 97.63 121.20 114.00 130.00
People
People Employees 8,733 9,045 9,450 8,877 5,667 6,127 7,265 7,625 7,909 8,565
Revenue/emp, $m 0.25 0.28 0.28 0.30 0.14 0.25 0.41 0.45 0.44 0.42
Income, $m
Income, $m Revenue 2,222 2,522 2,678 2,707 801 1,510 2,965 3,457 3,446 3,618
Gross margin, % 66.82 68.10 63.37 65.80 66.14 69.47 58.62 64.78 66.21 66.99
EBT 373 413 123 293 (631) 54 388 611 706 776
EBT margin, % 16.78 16.39 4.58 10.84 (78.75) 3.60 13.09 17.68 20.48 21.44
Net income 335 364 88 247 (607) 44 348 514 608 672
Depreciation 159 167 277 282 259 240 268 306 331 365
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
Earnings 8.02 8.72 2.07 5.81 (14.08) 0.94 8.58 12.89 14.56 16.28
Cash flow 14.04 17.15 12.87 18.57 0.12 11.91 18.69 25.97 23.85 27.88
Capex (1.54) (2.35) (8.67) (1.05) (0.70) (1.56) (15.85) (9.86) (15.39) (26.61)
Free cash flow 12.49 14.80 4.20 17.53 (0.58) 10.35 2.84 16.11 8.46 1.27
Book value 43.49 44.68 42.59 45.79 30.32 30.50 36.77 52.75 56.77 67.27
Shares, m 42 42 42 42 42 43 41 40 42 41
Valuation, ×
Valuation, × P/E 11.46 15.79 37.66 18.57 0.00 87.94 9.51 8.14 6.04 7.41
P/S 1.76 2.32 1.24 1.69 4.08 2.33 1.12 1.21 1.07 1.38
P/B 2.12 3.08 1.85 2.36 2.55 2.71 2.23 1.97 1.55 1.79
EV/Sales 1.92 2.41 1.45 1.76 4.42 2.60 1.30 1.37 1.20 1.55
EV/FCF 10.80 8.56 51.54 22.79 (6.63) 3,753.21 (153.46) (51.86) (95.94) 106.97
Cash, $m
Cash, $m Operating cash flow 595 727 543 785 5 507 759 1,045 997 1,150
Capex (65) (100) (366) (44) (30) (66) (643) (397) (643) (1,098)
Free cash flow 529 628 177 741 (25) 441 115 648 353 53
Balance, $m
Balance, $m Working capital 207 141 (89) 237 406 186 42 (11) 222 419
Total debt 1,184 1,175 1,287 1,061 1,164 1,426 1,444 1,463 1,671 1,980
Net debt 369 231 565 210 274 408 510 548 472 642
Shareholders’ equity 1,842 1,895 1,797 1,935 1,284 1,299 1,492 2,122 2,373 2,775
Returns, %
Returns, % ROA 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
ROE 19.51 19.48 4.78 13.24 (37.72) 3.39 24.94 28.45 27.06 26.09
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $20.0B 23.8× 15.0× +16.40% (above 0%: growing) +20.00% (above 0%: growing) +86.75% (above 0%: growing) 21.20% 3.38% Compare
ZNH China Southern Airlines Company Limited $17.7B — (loss-making) — −21.77% (below 0%: shrinking) n/m +258.94% (above 0%: growing) 10.93% 3.41% Compare
LTM LATAM Airlines Group S.A. $13.9B 8.7× 8.8× +27.15% (above 0%: growing) −45.68% (below 0%: shrinking) −20.71% (below 0%: shrinking) 16.27% 5.29% Compare
AAL American Airlines Group Inc. $8.1B — (loss-making) — (loss-making) +16.28% (above 0%: growing) −87.91% (below 0%: shrinking) −175.65% (below 0%: shrinking) 20.73% 2.67% Compare
CPA Copa Holdings, S.A. $5.5B 8.7× 8.2× +25.72% (above 0%: growing) −53.74% (below 0%: shrinking) +207.63% (above 0%: growing) 50.85% 8.65%
ALK Alaska Air Group, Inc. $4.1B — (loss-making) — (loss-making) +9.75% (above 0%: growing) n/m −14.61% (below 0%: shrinking) 100.00% (4.13%) Compare
SKYW SkyWest, Inc. $3.6B 8.9× 7.8× +6.52% (above 0%: growing) −14.43% (below 0%: shrinking) +122.47% (above 0%: growing) 69.52% 14.13% Compare
AERO Grupo Aeromexico SAB DE CV - Sponsored ADR $2.2B 8.4× 9.1× +6.26% (above 0%: growing) n/m +81.61% (above 0%: growing) 66.60% 4.53% Compare
ALGT Allegiant Travel Company $1.9B 47.2× 32.8× +36.86% (above 0%: growing) n/m −610.56% (below 0%: shrinking) 24.77% 2.24% Compare
Median of peers $6.1B 8.9× 9.1× +13.02% −30.05% +33.50% 22.99% 3.39%

All 19 Airlines stocks →

Copa Holdings, S.A. (CPA) key facts

  • Strength: Copa Holdings, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 4.98% from fiscal 2024.
  • Copa Holdings, S.A. (CPA) is an Airlines company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, CPA traded at $132.92, a market capitalization of $5.5 billion.
  • Copa Holdings, S.A. pays an annual dividend of $6.74 per share, a yield of 5.07%, with a payout ratio of 44.3%.
  • Return on equity was 26.1% and debt-to-equity 0.79.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.42 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Copa Holdings, S.A. (CPA) Latest News

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stockrow.com/CPA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com