Copa Holdings, S.A. (CPA) vs United Airlines Holdings Inc (UAL)

Copa Holdings, S.A. and United Airlines Holdings Inc are both Airlines companies. United Airlines Holdings Inc is the larger, with a market value of $36.4B against $5.3B — 6.9× the size. Copa Holdings, S.A. trades at the lower P/E: 8.8× against 10.7×. Copa Holdings, S.A. grew revenue faster over the last twelve months: 14.8% against 8.47%. Copa Holdings, S.A. has the higher net margin (15.7% vs 5.56%) and the higher return on invested capital (12.4% vs 11.5%). Across the 21 metrics below, Copa Holdings, S.A. leads on 15 and United Airlines Holdings Inc on 6.

Valuation

Metric CPA UAL Airlines median
P/E 8.79 10.66 10.32
P/S 1.37 0.59 0.57
P/B 1.90 2.22 2.06
Price to free cash flow 30.89 14.08 13.20
EV/EBITDA 8.39 9.62 9.68
EV/Sales 1.62 0.74 0.89
Earnings yield 11.37% 9.38% 2.85%
Free cash flow yield 3.24% 7.10% 3.17%

Profitability

Metric CPA UAL Airlines median
Gross margin 62.38% 67.68% 42.57%
Operating margin 19.36% 7.74% 4.18%
Net margin 15.71% 5.56% 1.85%
Free cash flow margin 4.44% 4.18% 4.31%
Return on equity 23.07% 23.26% 10.75%
Return on assets 9.54% 4.32% 1.67%
Return on invested capital 12.43% 11.48% 3.19%

Growth

Metric CPA UAL Airlines median
Revenue growth (TTM) 14.75% 8.47% 9.79%
EPS growth (last fiscal year) 11.81% 7.94% —
Revenue growth, 5-year CAGR 35.20% 30.93% 25.83%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CPA UAL Airlines median
Debt to equity 0.79 1.59 0.81
Current ratio 1.06 0.78 0.60
Net debt to EBITDA 0.54 1.65 1.42

Dividend

Metric CPA UAL Airlines median
Dividend yield 5.83% — 0.82%
Payout ratio 0.21 0.00 0.00

Size

Metric CPA UAL Airlines median
Market cap 5.30b 36.35b 3.91b

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