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CPACopa Holdings, S.A.
$128.83$5.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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CPA logo

Copa Holdings, S.A.

CPA
NYSE · Airlines & Airports
$128.83
At close - Sep 24, 4:00 PM EDT - USD
Market Cap$5.31B
P/E7.9x
52W High$160.47
Volume363.26K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Margin Compression and Debt Reclassification Cloud Copa's Growth

Copa Holdings is navigating a period of decelerating growth and significant margin volatility, with gross margin plunging to 17.0% in 2026Q2 from 35.9% in 2026Q1, likely due to fuel cost spikes. The company's aggressive fleet expansion, evidenced by capex-to-r...

GrowthDecelerating
ProfitabilityStable
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

CPA price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-68% Peers

P/E is 68% below peer median

03

Market leadership

RS 56 · Avg

Average momentum (RS Rating: 56)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 18
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth decelerated to 25.7% YoY in 2026Q2, but gross margin collapsed to 17.0% from 35.9% sequentially, driving a 53.7% YoY decline in net income to $68.2M.

Analyst Consensus+39.1% target
Buy(30 analysts)
23 Buy7 Hold0 Sell

The Bull Case

Upside Catalysts

Strong traffic growth

Copa Holdings reported year-over-year growth in available seat miles and revenue passenger miles, indicating robust demand and operational expansion.

Record financial performance

The company posted record revenue and net income in Q1 2026, with strong earnings per share and a confirmed quarterly dividend, reflecting financial health.

Strategic fleet expansion

A large Boeing 737 MAX order highlights Copa's commitment to modernizing and expanding its fleet to meet growing demand.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/25/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
CPA+9.96%
S&P 500 (^GSPC)+12.30%
1-Year Return
CPA+13.50%
S&P 500 (^GSPC)+16.05%
3-Year Return
CPA+69.81%
S&P 500 (^GSPC)+76.20%
5-Year Return
CPA+78.71%
S&P 500 (^GSPC)+67.35%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
7.9x
Forward P/E
8.1x
EV/EBITDA60th %ile
6.3x
FCF YieldCash Flow
5.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
7.9x
8.3x
40th· Fair
EV/EBITDA
6.3x
6.0x
60th· Fair
Price/FCF
17.2x
19.9x
40th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$184.24+43.0%
Base (Fair)$284.09+115.7%
Bull$441.23+242.5%
$184.24 Bear$284.09 Base$441.23 Bull
Current Market Price: $128.83
Trades at a 54.7% discount to Base DCF ($284.09)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$3.62B+5.0% YoY
Net income
$672M+10.4% YoY
Free cash flow
$308M-9.5% YoY
Operating margin
22.6%+0.8 pts YoY
ROIC (TTM)14.1%
Avg ROIC 5Y-
ROE (TTM)26.1%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$1.67-11.2%
vs $1.88
$1.1B-1.9%
vs $1.1B
Q2 2026
May 13, 2026
$5.16+24.6%
vs $4.14
$1.1B+1.5%
vs $1.0B
Q1 2026
Feb 11, 2026
$4.18-5.9%
vs $4.44
$963M+0.4%
vs $959M
Q4 2025
Nov 19, 2025
$4.20+4.2%
vs $4.03
$913M-0.3%
vs $916M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·4d ago
Copa Holdings, S.A. (NYSE:CPA) Given Average Recommendation of “Buy” by Brokerages

Copa Holdings, S.A. (NYSE: CPA - Get Free Report) has been assigned a consensus recommendation of "Buy" from the twelve ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the

Zacks Investment Research·Sep 15, 2026
Airline Stocks Report Robust August 2026 Traffic Numbers: An Analysis

Here, we present the traffic numbers for August 2026 for four airline companies: CPA, LTM, VLRS and RYAAY.

Zacks Investment Research·Sep 11, 2026
CPA's August 2026 Traffic Improves Y/Y, Load Factor Remains Flat

Copa Holdings' August 2026 traffic climbed 16.8% year over year as capacity rose at the same pace, keeping load factor unchanged at 88.3%.

GlobeNewsWire·Sep 10, 2026
Copa Holdings Announces Monthly Traffic Statistics for August 2026

PANAMA CITY, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA) today released preliminary passenger traffic statistics for August 2026:

Filtered for Copa Holdings, S.A.More Headlines
04

Compare before deciding

Benchmark CPA against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Copa Holdings, S.A. (CPA)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CPA logoCPACopa Holdings, S.A.Current
$128.83$5.31B7.914.98%18.57%26.09%5%
VLRS logoVLRSControladora Vuela Compañía de Aviación, S.A.B. de C.V.
$6.73$773.4M-0.75-3.32%-5.7%-93.94%—
OMAB logoOMABGrupo Aeroportuario del Centro Norte, S.A.B. de C.V.
$101.06$4.88B16.025.91%33.21%49.73%—
UAL logoUALUnited Airlines Holdings, Inc.
$111.19$36.09B10.883.52%5.56%22.5%—
AAL logoAALAmerican Airlines Group Inc.
$13.35$8.84B78.530.78%-0.56%——
DAL logoDALDelta Air Lines, Inc.
$82.76$54.42B10.802.79%5.79%19.33%—

Compare CPA vs Peers

Copa Holdings, S.A. (CPA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VLRS

Most directly comparable listed peer for CPA.

Scale Benchmark

vs GE

Larger-name benchmark to compare CPA against a more recognizable public peer.

Peer Set

Compare Top 5

vs VLRS, OMAB, UAL, AAL

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CPA Frequently Asked Questions

Copa Holdings, S.A. (CPA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Copa Holdings, S.A.'s revenue?

Copa Holdings, S.A. (CPA) reported $3.99B in revenue for fiscal year 2025. This represents a 1273% increase from $290.4M in 2001.

How fast is Copa Holdings, S.A. growing?

Copa Holdings, S.A. (CPA) grew revenue by 5.0% over the past year. Growth has been modest.

Is CPA profitable?

Yes, Copa Holdings, S.A. (CPA) is profitable, generating $626.6M in net income for fiscal year 2025 (18.6% net margin).

Dividend & Returns
Does CPA pay dividends?

Yes, Copa Holdings, S.A. (CPA) pays a dividend with a yield of 5.00%. This makes it attractive for income-focused investors.

What is CPA's return on equity?

Copa Holdings, S.A. (CPA) has a return on equity (ROE) of 26.1%. This is excellent, indicating efficient use of shareholder capital.

What is Copa Holdings, S.A.'s free cash flow?

Copa Holdings, S.A. (CPA) generated $170.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in CPA back in 2001?

Total return calculator · dividends reinvested · 25+ years of data

See returns →