Copa Holdings, S.A. (CPA) 10-Year Financial Performance & Capital Metrics

CPA • • Industrial / General

IndustrialsAirlines & AirportsFull-Service Network AirlinesInternational Network Carriers

AboutCopa Holdings, S.A., through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 204 daily scheduled flights to 69 destinations in 29 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2021, it operated a fleet of 91 aircraft comprising 77 Boeing 737-Next Generation aircraft and 14 Boeing 737 MAX 9 aircraft. Copa Holdings, S.A. was founded in 1947 and is based in Panama City, Panama.Show more

Revenue $3.45B -0.3%
EBITDA $1.08B -2.7%
Net Income $608M +18.3%
EPS (Diluted) 14.55 +13.8%
Gross Margin 31.86% -5.4%
EBITDA Margin 31.45% -2.4%
Operating Margin 21.85% -6.3%
Net Margin 17.65% +18.7%
ROE 27.06% -4.9%
ROIC 15.22% -15.5%
Debt/Equity 0.84 +2.4%
Interest Coverage 8.91 +73.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.8%
✓Strong 5Y profit CAGR of 19.7%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.45%

5Y4.94%

3Y31.66%

TTM1.36%

Profit (Net Income) CAGR

10Y5.33%

5Y19.74%

3Y140.27%

TTM4.9%

EPS CAGR

10Y5.97%

5Y20.03%

3Y141.74%

TTM4.89%

ROCE

10Y Avg10.74%

5Y Avg10.24%

3Y Avg17.78%

Latest18.13%

Peer Comparison

International Network Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LTMLATAM Airlines Group S.A.	16.9B	58.88	18.40	10.24%	9.08%	113.68%	9.98%	10.05
CPACopa Holdings, S.A.	3.89B	128.92	8.86	-0.31%	18.83%	24.93%	8.75%	0.84
AEROGrupo Aeroméxico, S.A.B. de C.V.	2.9B	19.86		14.32%	10.99%		30.15%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.25B	2.22B	2.52B	2.68B	2.71B	801M	1.51B	2.97B	3.46B	3.45B
Revenue Growth %	-0.17%	-0.01%	0.13%	0.06%	0.01%	-0.7%	0.89%	0.96%	0.17%	-0%
Cost of Goods Sold+	1.71B	1.66B	1.8B	2B	1.94B	876.46M	1.15B	2.16B	2.29B	2.35B
COGS % of Revenue	0.76%	0.75%	0.71%	0.75%	0.72%	1.09%	0.76%	0.73%	0.66%	0.68%
Gross Profit+	543.55M	562.34M	720.37M	682.08M	764.21M	-75.46M	363.82M	800.27M	1.16B	1.1B
Gross Margin %	0.24%	0.25%	0.29%	0.25%	0.28%	-0.09%	0.24%	0.27%	0.34%	0.32%
Gross Profit Growth %	-0.32%	0.03%	0.28%	-0.05%	0.12%	-1.1%	5.82%	1.2%	0.45%	-0.06%
Operating Expenses+	277.46M	286.2M	296.34M	333.89M	328.71M	142.38M	217.3M	349.89M	357.83M	345.09M
OpEx % of Revenue	0.12%	0.13%	0.12%	0.12%	0.12%	0.18%	0.14%	0.12%	0.1%	0.1%
Selling, General & Admin	176.61M	286.2M	296.34M	333.89M	328.71M	142.37M	217.3M	349.89M	357.83M	345.09M
SG&A % of Revenue	0.08%	0.13%	0.12%	0.12%	0.12%	0.18%	0.14%	0.12%	0.1%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-100.86M	0	0	0	0	-10K	0	0	0	0
Operating Income+	266.09M	276.14M	424.03M	348.19M	435.5M	-217.84M	146.52M	450.38M	806.12M	752.95M
Operating Margin %	0.12%	0.12%	0.17%	0.13%	0.16%	-0.27%	0.1%	0.15%	0.23%	0.22%
Operating Income Growth %	-0.49%	0.04%	0.54%	-0.18%	0.25%	-1.5%	1.67%	2.07%	0.79%	-0.07%
EBITDA+	400.98M	435.41M	591.35M	624.75M	717.58M	41.49M	386.46M	718.09M	1.11B	1.08B
EBITDA Margin %	0.18%	0.2%	0.23%	0.23%	0.27%	0.05%	0.26%	0.24%	0.32%	0.31%
EBITDA Growth %	-0.37%	0.09%	0.36%	0.06%	0.15%	-0.94%	8.31%	0.86%	0.55%	-0.03%
D&A (Non-Cash Add-back)	134.89M	159.28M	167.32M	276.56M	282.08M	259.34M	239.95M	267.7M	307.22M	330.71M
EBIT	-159.06M	409.84M	448.58M	173.55M	350.87M	-557.73M	130.56M	473.97M	768.21M	790.28M
Net Interest Income+	-7.21M	-24.02M	-17.28M	-27.2M	-33.03M	-53.08M	-65.39M	-67.71M	-106.9M	-25.58M
Interest Income	25.95M	13M	17.94M	23.63M	24.41M	19.96M	10.85M	18.03M	50.21M	58.91M
Interest Expense	33.16M	37.02M	35.22M	50.83M	57.43M	73.05M	76.23M	85.74M	157.11M	84.49M
Other Income/Expense	-458.3M	96.68M	-10.68M	-225.46M	-142.06M	-412.94M	-92.19M	-62.15M	-195.02M	-47.16M
Pretax Income+	-192.22M	372.81M	413.36M	122.73M	293.44M	-630.78M	54.33M	388.23M	611.1M	705.79M
Pretax Margin %	-0.09%	0.17%	0.16%	0.05%	0.11%	-0.79%	0.04%	0.13%	0.18%	0.2%
Income Tax+	32.76M	38.27M	49.31M	34.53M	46.44M	-23.72M	10.49M	40.18M	97M	97.67M
Effective Tax Rate %	1.17%	0.9%	0.88%	0.72%	0.84%	0.96%	0.81%	0.9%	0.84%	0.86%
Net Income+	-224.97M	334.54M	364.05M	88.2M	247M	-607.06M	43.84M	348.05M	514.1M	608.11M
Net Margin %	-0.1%	0.15%	0.14%	0.03%	0.09%	-0.76%	0.03%	0.12%	0.15%	0.18%
Net Income Growth %	-1.62%	2.49%	0.09%	-0.76%	1.8%	-3.46%	1.07%	6.94%	0.48%	0.18%
Net Income (Continuing)	-224.97M	334.54M	364.05M	88.2M	247M	-607.06M	43.84M	348.05M	514.1M	608.11M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-5.49	7.63	8.55	2.09	5.84	-14.28	1.03	7.88	12.78	14.55
EPS Growth %	-1.67%	2.39%	0.12%	-0.76%	1.79%	-3.45%	1.07%	6.65%	0.62%	0.14%
EPS (Basic)	-5.49	7.63	8.55	2.09	5.84	-14.28	1.03	8.58	12.78	14.55
Diluted Shares Outstanding	43.87M	42.36M	42.42M	42.18M	42.28M	42.51M	42.6M	47.36M	40.2M	41.8M
Basic Shares Outstanding	43.86M	42.36M	42.42M	42.18M	42.28M	42.51M	42.6M	44.16M	40.2M	41.8M
Dividend Payout Ratio	-	0.26%	0.29%	1.67%	0.45%	-	-	-	0.26%	0.44%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	910.16M	1.07B	1.2B	1.06B	1.22B	1.22B	1.24B	1.24B	1.27B	1.58B
Cash & Short-Term Investments	618.67M	814.69M	943.9M	719.55M	851.13M	889.88M	1.02B	934.75M	915.18M	1.2B
Cash Only	202.66M	331.69M	238.79M	153.35M	158.73M	119.06M	211.08M	122.42M	206.38M	613.31M
Short-Term Investments	416M	483M	705.11M	566.2M	692.4M	770.82M	806.34M	812.32M	708.81M	585.92M
Accounts Receivable	87.89M	107.41M	115.64M	96.36M	109.64M	71.09M	97.24M	148.14M	177.28M	187.68M
Days Sales Outstanding	14.26	17.64	16.74	13.13	14.78	32.4	23.51	18.24	18.72	19.88
Inventory	62.25M	74.5M	81.83M	86.53M	69.1M	74.32M	74.78M	93.33M	116.6M	132.34M
Days Inventory Outstanding	13.31	16.39	16.58	15.83	12.98	30.95	23.81	15.74	18.56	20.57
Other Current Assets	88.06M	47.14M	11.7M	144.98M	188.96M	174.79M	44.01M	6.49M	14.19M	3.02M
Total Non-Current Assets+	3.26B	2.78B	3.05B	3.02B	3.12B	2.63B	3.01B	3.45B	3.93B	4.17B
Property, Plant & Equipment	2.65B	2.62B	2.83B	2.7B	2.82B	2.36B	2.68B	3.12B	3.52B	3.77B
Fixed Asset Turnover	0.85x	0.85x	0.89x	0.99x	0.96x	0.34x	0.56x	0.95x	0.98x	0.91x
Goodwill	20.38M	20.38M	20.38M	20.38M	20.38M	20.38M	20.38M	20.38M	20.38M	20.38M
Intangible Assets	49.05M	49.12M	60.73M	80.79M	87.74M	75.19M	61.37M	58.17M	67.61M	76.37M
Long-Term Investments	423.47M	953K	65.95M	138.85M	134.35M	119.62M	199.67M	202.06M	258.93M	248.94M
Other Non-Current Assets	90.47M	64.25M	62.9M	66.87M	38.01M	21.47M	20.82M	25.28M	32.03M	31.41M
Total Assets+	4.17B	3.85B	4.25B	4.09B	4.35B	3.85B	4.25B	4.69B	5.2B	5.74B
Asset Turnover	0.54x	0.58x	0.59x	0.66x	0.62x	0.21x	0.36x	0.63x	0.67x	0.60x
Asset Growth %	0.02%	-0.08%	0.11%	-0.04%	0.06%	-0.11%	0.1%	0.1%	0.11%	0.1%
Total Current Liabilities+	979.55M	922.44M	1.06B	1.04B	997.63M	813.39M	1.05B	1.19B	1.28B	1.36B
Accounts Payable	218.97M	104.18M	129.96M	124.96M	119.33M	63.46M	112.6M	166.66M	182.3M	229.1M
Days Payables Outstanding	46.83	22.91	26.33	22.86	22.41	26.43	35.86	28.1	29.02	35.61
Short-Term Debt	245.51M	222.72M	298.46M	311.96M	122.58M	127.95M	196.6M	142.48M	222.43M	254.85M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-82.95M	45.06M	-61.28M	42.51M	50.1M	10.07M	28.99M	41.92M	61.93M	59.49M
Current Ratio	0.93x	1.16x	1.13x	1.02x	1.23x	1.50x	1.18x	1.04x	0.99x	1.16x
Quick Ratio	0.87x	1.08x	1.06x	0.94x	1.16x	1.41x	1.11x	0.96x	0.90x	1.07x
Cash Conversion Cycle	-19.26	11.12	6.98	6.11	5.35	36.92	11.46	5.87	8.26	4.84
Total Non-Current Liabilities+	1.18B	1.08B	1.08B	1.2B	1.38B	1.76B	1.9B	2B	1.8B	2.01B
Long-Term Debt	1.06B	961.41M	876.12M	975.28M	938.18M	1.04B	1.23B	1.3B	1.24B	1.42B
Capital Lease Obligations	0	461.7M	290.06M	273.23M	206.83M	146.91M	104.73M	158.29M	215.35M	270.59M
Deferred Tax Liabilities	46.55M	39.67M	50.63M	48.94M	43.4M	22.19M	18.78M	16.57M	36.37M	37.48M
Other Non-Current Liabilities	87.2M	-413.01M	-168.71M	161.57M	191.22M	476.22M	482.82M	471.77M	234.47M	217.63M
Total Liabilities	2.16B	2B	2.14B	2.25B	2.41B	2.57B	2.95B	3.2B	3.07B	3.37B
Total Debt+	1.3B	1.18B	1.17B	1.29B	1.36B	1.39B	1.6B	1.68B	1.75B	2B
Net Debt	1.1B	852.45M	935.79M	1.13B	1.2B	1.28B	1.39B	1.56B	1.54B	1.39B
Debt / Equity	0.65x	0.64x	0.56x	0.70x	0.70x	1.09x	1.23x	1.13x	0.82x	0.84x
Debt / EBITDA	3.24x	2.72x	1.99x	2.06x	1.90x	33.61x	4.15x	2.34x	1.57x	1.85x
Net Debt / EBITDA	2.74x	1.96x	1.58x	1.81x	1.67x	30.74x	3.61x	2.17x	1.38x	1.28x
Interest Coverage	8.03x	7.46x	12.04x	6.85x	7.58x	-2.98x	1.92x	5.25x	5.13x	8.91x
Total Equity+	2B	1.85B	2.11B	1.84B	1.93B	1.28B	1.3B	1.49B	2.12B	2.37B
Equity Growth %	-0.04%	-0.08%	0.14%	-0.13%	0.05%	-0.34%	0.01%	0.15%	0.42%	0.12%
Book Value per Share	45.64	43.61	49.78	43.64	45.77	30.20	30.50	31.51	52.79	56.78
Total Shareholders' Equity	2B	1.85B	2.11B	1.84B	1.93B	1.28B	1.3B	1.49B	2.12B	2.37B
Common Stock	28.39M	28.45M	28.5M	28.55M	28.61M	28.66M	28.75M	28.79M	30.67M	30.71M
Retained Earnings	2.05B	1.89B	2.15B	1.87B	1.97B	1.32B	1.37B	1.72B	2.1B	2.44B
Treasury Stock	-136.39M	-136.39M	-136.39M	-136.39M	-136.39M	-136.39M	-176.9M	-344.54M	-204.13M	-291.44M
Accumulated OCI	3.6M	-1.87M	-3.89M	-4.23M	-8.63M	-24.08M	-18.67M	-11.45M	-9.33M	-15.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	329.93M	586.59M	727.33M	341.53M	782.98M	5.28M	507.29M	758.54M	1.04B	996.85M
Operating CF Margin %	0.15%	0.26%	0.29%	0.13%	0.29%	0.01%	0.34%	0.26%	0.3%	0.29%
Operating CF Growth %	-0.14%	0.78%	0.24%	-0.53%	1.29%	-0.99%	95.13%	0.5%	0.38%	-0.05%
Net Income	-224.97M	334.54M	370.02M	88.09M	247M	-607.06M	43.84M	348.05M	514.1M	608.11M
Depreciation & Amortization	134.89M	159.19M	164.34M	169.44M	282.08M	259.34M	239.95M	267.7M	306.11M	330.71M
Stock-Based Compensation	4.03M	7.54M	7.42M	7.14M	6.15M	5.26M	7.1M	5.16M	4.36M	5.48M
Deferred Taxes	32.76M	38.27M	48M	34.53M	46.44M	-23.72M	10.85M	40.18M	97M	97.67M
Other Non-Cash Items	426.98M	-113.01M	-15.28M	101.71M	98.92M	400.67M	101.73M	23.18M	148.16M	-86.65M
Working Capital Changes	-43.76M	160.05M	152.82M	-59.39M	102.39M	-29.21M	103.82M	74.28M	-24.95M	41.52M
Change in Receivables	17.15M	-9.82M	-3.35M	-3.06M	-16.98M	70.34M	-36.05M	-51.65M	-27.56M	-15.46M
Change in Inventory	-34.28M	69.7M	120.1M	-85.24M	110.43M	-43.61M	81.7M	0	0	0
Change in Payables	-33.71M	19.46M	25.14M	11.4M	-3.57M	-66.83M	54.26M	40.04M	19.37M	46.78M
Cash from Investing+	-245.59M	-171.91M	-578.16M	-103.04M	-235.07M	-93.76M	-459.13M	-552.15M	-543M	-343.14M
Capital Expenditures	-184.27M	-150.3M	-319.94M	-365.91M	-163.29M	-60.48M	-495.32M	-650.69M	-800.17M	-626.16M
CapEx % of Revenue	0.08%	0.07%	0.13%	0.14%	0.06%	0.08%	0.33%	0.22%	0.23%	0.18%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	97.52M	-3.85M	-143.75M	169.03M	-1.7M	14.25M	140.54M	0	203.51M	143.08M
Cash from Financing+	-91.65M	-248.63M	-204.76M	-323.94M	-545.33M	93.61M	88.54M	-273.69M	-394.03M	-219.65M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-147.59M	-86.12M	-106.79M	-147.6M	-110.44M	-33.99M	0	0	-134.15M	-269.14M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	56K	587K	0	0	0	0	0	-80M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	145.66M	436.29M	407.39M	-24.38M	619.69M	-100M	-32.71M	90.26M	214.91M	340.51M
FCF Margin %	0.06%	0.2%	0.16%	-0.01%	0.23%	-0.12%	-0.02%	0.03%	0.06%	0.1%
FCF Growth %	2.21%	2%	-0.07%	-1.06%	26.42%	-1.16%	0.67%	3.76%	1.38%	0.58%
FCF per Share	3.32	10.30	9.60	-0.58	14.66	-2.35	-0.77	1.91	5.35	8.15
FCF Conversion (FCF/Net Income)	-1.47x	1.75x	2.00x	3.87x	3.17x	-0.01x	11.57x	2.18x	2.03x	1.64x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.03%	17.38%	18.39%	4.46%	13.08%	-37.72%	3.39%	24.94%	28.45%	27.06%
Return on Invested Capital (ROIC)	6.63%	7.14%	11.07%	8.67%	10.69%	-5.74%	4.18%	11.76%	18.01%	15.22%
Gross Margin	24.16%	25.31%	28.57%	25.47%	28.23%	-9.42%	24.1%	26.99%	33.67%	31.86%
Net Margin	-10%	15.06%	14.44%	3.29%	9.12%	-75.79%	2.9%	11.74%	14.87%	17.65%
Debt / Equity	0.65x	0.64x	0.56x	0.70x	0.70x	1.09x	1.23x	1.13x	0.82x	0.84x
Interest Coverage	8.03x	7.46x	12.04x	6.85x	7.58x	-2.98x	1.92x	5.25x	5.13x	8.91x
FCF Conversion	-1.47x	1.75x	2.00x	3.87x	3.17x	-0.01x	11.57x	2.18x	2.03x	1.64x
Revenue Growth	-16.82%	-1.25%	13.5%	6.18%	1.11%	-70.41%	88.5%	96.37%	16.59%	-0.31%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Frequent flyer program marketing services revenue	-	-	-	-	-	28.4M	-	47.84M
Frequent flyer program marketing services revenue Growth	-	-	-	-	-	-	-	-
Passenger revenue	-	2.59B	2.61B	760.59M	1.41B	-	-	-
Passenger revenue Growth	-	-	0.97%	-70.89%	85.70%	-	-	-
Passenger revenue excluding miles redeemed	-	2.57B	2.58B	752.05M	1.39B	-	-	-
Passenger revenue excluding miles redeemed Growth	-	-	0.54%	-70.86%	84.57%	-	-	-
Cargo and mail revenue	-	62.48M	62.46M	21M	71.58M	-	-	-
Cargo and mail revenue Growth	-	-	-0.04%	-66.38%	240.81%	-	-	-
Miles redeemed	-	20.07M	31.43M	8.54M	24.3M	-	-	-
Miles redeemed Growth	-	-	56.56%	-72.81%	184.42%	-	-	-
Cargo and mail revenue net	-	62.48M	-	-	-	-	-	-
Cargo and mail revenue net Growth	-	-	-	-	-	-	-	-
Frequent Flyer Program Revenue	-	16.29M	-	-	-	-	-	-
Frequent Flyer Program Revenue Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
North America	609.95M	707.2M	857M	233.04M	428.46M	957.73M	1.33B	1.38B
North America Growth	-	15.94%	21.18%	-72.81%	83.86%	123.53%	38.71%	3.50%
South America	-	-	-	281.01M	557.83M	1.09B	1.23B	1.22B
South America Growth	-	-	-	-	98.51%	96.20%	12.69%	-1.09%
Central America	-	-	-	246.73M	475.59M	819.53M	796.68M	747.87M
Central America Growth	-	-	-	-	92.76%	72.32%	-2.79%	-6.13%
Carribean	-	-	-	20.82M	22.09M	54.77M	54.92M	51.09M
Carribean Growth	-	-	-	-	6.10%	147.91%	0.28%	-6.98%
PANAMA	413.5M	432.6M	630.97M	-	-	-	-	-
PANAMA Growth	-	4.62%	45.85%	-	-	-	-	-
BRAZIL	363.77M	319.5M	279.72M	-	-	-	-	-
BRAZIL Growth	-	-12.17%	-12.45%	-	-	-	-	-
COLOMBIA	197.82M	214.4M	201.89M	-	-	-	-	-
COLOMBIA Growth	-	8.38%	-5.84%	-	-	-	-	-
ARGENTINA	-	266.3M	156.15M	-	-	-	-	-
ARGENTINA Growth	-	-	-41.36%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Copa Holdings, S.A. (CPA) has a price-to-earnings (P/E) ratio of 8.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Copa Holdings, S.A. (CPA) reported $3.53B in revenue for fiscal year 2024. This represents a 93% increase from $1.83B in 2011.

Copa Holdings, S.A. (CPA) saw revenue decline by 0.3% over the past year.

Yes, Copa Holdings, S.A. (CPA) is profitable, generating $665.2M in net income for fiscal year 2024 (17.6% net margin).

Dividend & Returns

Yes, Copa Holdings, S.A. (CPA) pays a dividend with a yield of 4.99%. This makes it attractive for income-focused investors.

Copa Holdings, S.A. (CPA) has a return on equity (ROE) of 27.1%. This is excellent, indicating efficient use of shareholder capital.

Copa Holdings, S.A. (CPA) had negative free cash flow of $272.9M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...