CPA
Copa Holdings, S.A.
Airlines, Airports & Air Services
Market Cap$3.71B
5Y Perf.+180.0%
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Stock Comparison
CPA vs UAL
Revenue, margins, valuation, and 5-year total return — side by side.
UAL
United Airlines Holdings, Inc.
Airlines, Airports & Air Services
Market Cap$32.33B
5Y Perf.+255.1%
CPA vs UAL — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | CPA | UAL |
|---|---|---|
| Industry | Airlines, Airports & Air Services | Airlines, Airports & Air Services |
| Market Cap | $3.71B | $32.33B |
| Revenue (TTM) | $3.53B | $60.47B |
| Net Income (TTM) | $665M | $3.67B |
| Gross Margin | 32.5% | 64.2% |
| Operating Margin | 22.8% | 8.4% |
| Forward P/E | 9.2x | 10.8x |
| Total Debt | $2.00B | $31.04B |
| Cash & Equiv. | $613M | $5.94B |
CPA vs UAL — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
CPA
UAL
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Copa Holdings, S.A. (CPA) | 100 | 280.0 | +180.0% |
| United Airlines Hol… (UAL) | 100 | 355.1 | +255.1% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CPA vs UAL
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CPA leads in 6 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. United Airlines Holdings, Inc. is the stronger pick specifically for growth and revenue expansion. As sector peers, any of these can serve as alternatives in the same allocation.
CPA
Copa Holdings, S.A.
The Income Pick
CPA carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 2 yrs, beta 1.50, yield 5.2%
- Rev growth -0.3%, EPS growth 13.8%, 3Y rev CAGR 31.7%
- 188.9% 10Y total return vs UAL's 117.9%
Best for: income & stability and growth exposure
UAL
United Airlines Holdings, Inc.
The Growth Leader
UAL is the clearest fit if your priority is growth.
- 3.5% revenue growth vs CPA's -0.3%
Best for: growth
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | UAL | 3.5% revenue growth vs CPA's -0.3% |
| Value | CPA | Lower P/E (9.2x vs 10.8x) |
| Quality / Margins | CPA | 18.8% margin vs UAL's 6.1% |
| Stability / Safety | CPA | Beta 1.50 vs UAL's 2.25, lower leverage |
| Dividends | CPA | 5.2% yield; 2-year raise streak; the other pay no meaningful dividend |
| Momentum (1Y) | CPA | +28.5% vs UAL's +25.4% |
| Efficiency (ROA) | CPA | 10.6% ROA vs UAL's 4.7%, ROIC 15.2% vs 9.1% |
CPA vs UAL — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2025
CPA vs UAL — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCPALAGGINGUAL
UALUnited Airlines Holdi…
1leads
CPACopa Holdings, S.A.
3leads
6 Total Categories
CATEGORYLEADERvs UALMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
UAL4/6
Valuation MetricsMultiples, price ratios, and targets
CPA4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
CPA8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
Tied
—
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
CPA1/1
Income & Cash Flow (Last 12 Months)
UAL leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
UAL is the larger business by revenue, generating $60.5B annually — 17.1x CPA's $3.5B. CPA is the more profitable business, keeping 18.8% of every revenue dollar as net income compared to UAL's 6.1%. On growth, UAL holds the edge at +10.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CPACopa Holdings, S.… | UALUnited Airlines H… |
|---|---|---|
| RevenueTrailing 12 months | $3.5B | $60.5B |
| EBITDAEarnings before interest/tax | $1.2B | $8.1B |
| Net IncomeAfter-tax profit | $665M | $3.7B |
| Free Cash FlowCash after capex | -$273M | $3.2B |
| Gross MarginGross profit ÷ Revenue | +32.5% | +64.2% |
| Operating MarginEBIT ÷ Revenue | +22.8% | +8.4% |
| Net MarginNet income ÷ Revenue | +18.8% | +6.1% |
| FCF MarginFCF ÷ Revenue | -7.7% | +5.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +6.8% | +10.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +20.3% | +84.5% |
UAL leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
CPA leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 8.4x trailing earnings, CPA trades at a 13% valuation discount to UAL's 9.7x P/E. On an enterprise value basis, CPA's 4.7x EV/EBITDA is more attractive than UAL's 7.5x.
| Metric | CPACopa Holdings, S.… | UALUnited Airlines H… |
|---|---|---|
| Market CapShares × price | $3.7B | $32.3B |
| Enterprise ValueMkt cap + debt − cash | $5.1B | $57.4B |
| Trailing P/EPrice ÷ TTM EPS | 8.44x | 9.74x |
| Forward P/EPrice ÷ next-FY EPS est. | 9.19x | 10.84x |
| PEG RatioP/E ÷ EPS growth rate | 0.42x | — |
| EV / EBITDAEnterprise value multiple | 4.70x | 7.51x |
| Price / SalesMarket cap ÷ Revenue | 1.08x | 0.55x |
| Price / BookPrice ÷ Book value/share | 2.16x | 2.13x |
| Price / FCFMarket cap ÷ FCF | 10.89x | 12.64x |
CPA leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
CPA leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
CPA delivers a 24.9% return on equity — every $100 of shareholder capital generates $25 in annual profit, vs $25 for UAL. CPA carries lower financial leverage with a 0.84x debt-to-equity ratio, signaling a more conservative balance sheet compared to UAL's 2.03x. On the Piotroski fundamental quality scale (0–9), UAL scores 8/9 vs CPA's 5/9, reflecting strong financial health.
| Metric | CPACopa Holdings, S.… | UALUnited Airlines H… |
|---|---|---|
| ROE (TTM)Return on equity | +24.9% | +24.9% |
| ROA (TTM)Return on assets | +10.6% | +4.7% |
| ROICReturn on invested capital | +15.2% | +9.1% |
| ROCEReturn on capital employed | +18.1% | +9.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 8 |
| Debt / EquityFinancial leverage | 0.84x | 2.03x |
| Net DebtTotal debt minus cash | $1.4B | $25.1B |
| Cash & Equiv.Liquid assets | $613M | $5.9B |
| Total DebtShort + long-term debt | $2.0B | $31.0B |
| Interest CoverageEBIT ÷ Interest expense | 9.37x | 4.61x |
CPA leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
Evenly matched — CPA and UAL each lead in 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in UAL five years ago would be worth $18,430 today (with dividends reinvested), compared to $16,378 for CPA. Over the past 12 months, CPA leads with a +28.5% total return vs UAL's +25.4%. The 3-year compound annual growth rate (CAGR) favors UAL at 29.5% vs CPA's 14.2% — a key indicator of consistent wealth creation.
| Metric | CPACopa Holdings, S.… | UALUnited Airlines H… |
|---|---|---|
| YTD ReturnYear-to-date | +2.2% | -11.9% |
| 1-Year ReturnPast 12 months | +28.5% | +25.4% |
| 3-Year ReturnCumulative with dividends | +49.0% | +117.1% |
| 5-Year ReturnCumulative with dividends | +63.8% | +84.3% |
| 10-Year ReturnCumulative with dividends | +188.9% | +117.9% |
| CAGR (3Y)Annualised 3-year return | +14.2% | +29.5% |
Evenly matched — CPA and UAL each lead in 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — CPA and UAL each lead in 1 of 2 comparable metrics.
Risk & Volatility
CPA is the less volatile stock with a 1.50 beta — it tends to amplify market swings less than UAL's 2.25 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. UAL currently trades 83.5% from its 52-week high vs CPA's 78.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CPACopa Holdings, S.… | UALUnited Airlines H… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.50x | 2.25x |
| 52-Week HighHighest price in past year | $156.41 | $119.21 |
| 52-Week LowLowest price in past year | $97.38 | $71.55 |
| % of 52W HighCurrent price vs 52-week peak | +78.5% | +83.5% |
| RSI (14)Momentum oscillator 0–100 | 56.5 | 57.9 |
| Avg Volume (50D)Average daily shares traded | 475K | 8.2M |
Evenly matched — CPA and UAL each lead in 1 of 2 comparable metrics.
Analyst Outlook
CPA leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Wall Street rates CPA as "Buy" and UAL as "Buy". Consensus price targets imply 46.6% upside for CPA (target: $180) vs 36.7% for UAL (target: $136). CPA is the only dividend payer here at 5.24% yield — a key consideration for income-focused portfolios.
| Metric | CPACopa Holdings, S.… | UALUnited Airlines H… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $180.00 | $136.10 |
| # AnalystsCovering analysts | 30 | 47 |
| Dividend YieldAnnual dividend ÷ price | +5.2% | — |
| Dividend StreakConsecutive years of raises | 2 | 0 |
| Dividend / ShareAnnual DPS | $6.44 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +2.4% | +2.0% |
CPA leads this category, winning 1 of 1 comparable metric.
Key Takeaway
CPA leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). UAL leads in 1 (Income & Cash Flow). 2 tied.
Best OverallCopa Holdings, S.A. (CPA)Leads 3 of 6 categories
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CPA vs UAL: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is CPA or UAL a better buy right now?
For growth investors, United Airlines Holdings, Inc.
(UAL) is the stronger pick with 3. 5% revenue growth year-over-year, versus -0. 3% for Copa Holdings, S. A. (CPA). Copa Holdings, S. A. (CPA) offers the better valuation at 8. 4x trailing P/E (9. 2x forward), making it the more compelling value choice. Analysts rate Copa Holdings, S. A. (CPA) a "Buy" — based on 30 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CPA or UAL?
On trailing P/E, Copa Holdings, S.
A. (CPA) is the cheapest at 8. 4x versus United Airlines Holdings, Inc. at 9. 7x. On forward P/E, Copa Holdings, S. A. is actually cheaper at 9. 2x.
03Which is the better long-term investment — CPA or UAL?
Over the past 5 years, United Airlines Holdings, Inc.
(UAL) delivered a total return of +84. 3%, compared to +63. 8% for Copa Holdings, S. A. (CPA). Over 10 years, the gap is even starker: CPA returned +188. 9% versus UAL's +117. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CPA or UAL?
By beta (market sensitivity over 5 years), Copa Holdings, S.
A. (CPA) is the lower-risk stock at 1. 50β versus United Airlines Holdings, Inc. 's 2. 25β — meaning UAL is approximately 50% more volatile than CPA relative to the S&P 500. On balance sheet safety, Copa Holdings, S. A. (CPA) carries a lower debt/equity ratio of 84% versus 2% for United Airlines Holdings, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — CPA or UAL?
By revenue growth (latest reported year), United Airlines Holdings, Inc.
(UAL) is pulling ahead at 3. 5% versus -0. 3% for Copa Holdings, S. A. (CPA). On earnings-per-share growth, the picture is similar: Copa Holdings, S. A. grew EPS 13. 8% year-over-year, compared to 8. 1% for United Airlines Holdings, Inc.. Over a 3-year CAGR, CPA leads at 31. 7% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CPA or UAL?
Copa Holdings, S.
A. (CPA) is the more profitable company, earning 17. 6% net margin versus 5. 7% for United Airlines Holdings, Inc. — meaning it keeps 17. 6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CPA leads at 21. 8% versus 8. 0% for UAL. At the gross margin level — before operating expenses — UAL leads at 64. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is CPA or UAL more undervalued right now?
On forward earnings alone, Copa Holdings, S.
A. (CPA) trades at 9. 2x forward P/E versus 10. 8x for United Airlines Holdings, Inc. — 1. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CPA: 46. 6% to $180. 00.
08Which pays a better dividend — CPA or UAL?
In this comparison, CPA (5.
2% yield) pays a dividend. UAL does not pay a meaningful dividend and should not be held primarily for income.
09Is CPA or UAL better for a retirement portfolio?
For long-horizon retirement investors, Copa Holdings, S.
A. (CPA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (5. 2% yield, +188. 9% 10Y return). United Airlines Holdings, Inc. (UAL) carries a higher beta of 2. 25 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CPA: +188. 9%, UAL: +117. 9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CPA and UAL?
Both stocks operate in the Industrials sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
CPA pays a dividend while UAL does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(CPA: 6.8% · UAL: 10.6%)Net Margin>
%
(CPA: 18.8% · UAL: 6.1%)P/E Ratio<
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