Copa Holdings, S.A. (CPA) Financial Ratios
25 years of historical data (2001–2025) · Industrials · Airlines, Airports & Air Services
EV/EBITDA
↓
7.10
-2% vs avg
5yr avg: 7.23
30Y Low4.7·High12.9
P/FCF
↓
20.22
↓-56% vs avg
5yr avg: 45.51
30Y Low7.4·High149.5
P/B Ratio
↓
2.25
+5% vs avg
5yr avg: 2.14
30Y Low1.1·High5.4
ROE
↑
26.1%
↓+19% vs avg
5yr avg: 22.0%
30Y Low-38%·High53%
Debt/EBITDA
↓
2.16
↓-10% vs avg
5yr avg: 2.40
30Y Low0.4·High4.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CPA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Copa Holdings, S.A. trades at 9.3x earnings, 59% below its 5-year average of 22.5x, sitting at the 21st percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 64%. On a free-cash-flow basis, the stock trades at 20.2x P/FCF, 56% below the 5-year average of 45.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.2B | $5.0B | $3.7B | $4.3B | $3.9B | $3.5B | $3.3B | $4.6B | $3.3B | $5.7B | $3.8B |
| Enterprise Value | $8.4B | $7.2B | $5.1B | $5.8B | $5.5B | $4.9B | $4.6B | $5.8B | $4.5B | $6.6B | $4.7B |
| P/E Ratio → | 9.28 | 7.41 | 6.04 | 8.32 | 10.55 | 80.25 | — | 18.51 | 37.66 | 15.68 | 11.90 |
| P/S Ratio | 1.72 | 1.38 | 1.07 | 1.24 | 1.33 | 2.33 | 4.10 | 1.69 | 1.24 | 2.26 | 1.73 |
| P/B Ratio | 2.25 | 1.79 | 1.55 | 2.01 | 2.64 | 2.71 | 2.56 | 2.36 | 1.80 | 2.69 | 2.08 |
| P/FCF | 20.22 | 16.15 | 10.79 | 19.89 | 31.18 | 149.52 | — | 7.37 | — | 13.96 | 8.82 |
| P/OCF | 5.54 | 4.43 | 3.68 | 4.09 | 5.19 | 6.94 | 622.11 | 5.84 | 9.72 | 7.82 | 6.56 |
P/E links to full P/E history page with 30-year chart
CPA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Copa Holdings, S.A.'s enterprise value stands at 7.1x EBITDA, roughly in line with its 5-year average of 7.2x. The Industrials sector median is 13.9x, placing the stock at a 49% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 1.47 | 1.68 | 1.85 | 3.25 | 5.69 | 2.13 | 1.66 | 2.63 | 2.12 |
| EV / EBITDA | 7.10 | 6.04 | 4.67 | 5.22 | 7.66 | 12.54 | — | 9.19 | 10.21 | 10.93 | 10.86 |
| EV / EBIT | 10.27 | 8.19 | 6.40 | 7.56 | 11.56 | 37.64 | — | 16.45 | 25.66 | 14.30 | 11.79 |
| EV / FCF | — | 23.23 | 14.86 | 27.05 | 43.53 | 208.68 | — | 9.31 | — | 16.26 | 10.77 |
CPA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Copa Holdings, S.A. earns an operating margin of 22.6%, significantly above the Industrials sector average of 4.3%. ROE of 26.1% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 14.1% represents solid returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.6% | 35.6% | 35.6% | 36.9% | 30.3% | 27.8% | -5.7% | 32.0% | 29.5% | 33.9% | 35.1% |
| Operating Margin | 22.6% | 22.6% | 21.8% | 23.4% | 15.2% | 10.1% | -57.5% | 12.8% | 6.0% | 17.4% | 11.9% |
| Net Profit Margin | 18.6% | 18.6% | 17.6% | 14.9% | 11.7% | 2.9% | -75.8% | 9.1% | 3.3% | 14.4% | 14.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.1% | 26.1% | 27.1% | 28.4% | 24.9% | 3.4% | -37.7% | 13.1% | 4.5% | 18.3% | 16.8% |
| ROA | 10.9% | 10.9% | 11.1% | 10.4% | 7.8% | 1.1% | -14.8% | 5.9% | 2.1% | 9.0% | 8.1% |
| ROIC | 14.1% | 14.1% | 15.2% | 18.0% | 11.8% | 4.3% | -12.1% | 8.5% | 4.0% | 11.4% | 6.9% |
| ROCE | 17.2% | 17.2% | 18.1% | 21.8% | 13.5% | 4.9% | -14.4% | 10.8% | 5.1% | 14.3% | 8.7% |
CPA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Copa Holdings, S.A. carries a Debt/EBITDA ratio of 2.2x, which is manageable (33% below the sector average of 3.2x). Net debt stands at $2.2B ($2.6B total debt minus $383M cash). Interest coverage of 8.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 0.84 | 0.82 | 1.13 | 1.23 | 1.09 | 0.70 | 0.70 | 0.56 | 0.64 |
| Debt / EBITDA | 2.16 | 2.16 | 1.85 | 1.57 | 2.34 | 4.09 | — | 2.16 | 2.95 | 1.94 | 2.74 |
| Net Debt / Equity | — | 0.79 | 0.58 | 0.73 | 1.05 | 1.07 | 0.99 | 0.62 | 0.62 | 0.44 | 0.46 |
| Net Debt / EBITDA | 1.84 | 1.84 | 1.28 | 1.38 | 2.17 | 3.55 | — | 1.91 | 2.60 | 1.54 | 1.97 |
| Debt / FCF | — | 7.08 | 4.07 | 7.17 | 12.35 | 59.16 | — | 1.94 | — | 2.30 | 1.95 |
| Interest Coverage | 8.88 | 8.88 | 9.35 | 4.86 | 5.43 | 1.71 | -7.64 | 6.11 | 3.41 | 9.06 | 10.77 |
CPA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.23x means Copa Holdings, S.A. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.99x to 1.23x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.23 | 1.23 | 1.16 | 0.99 | 1.04 | 1.18 | 1.50 | 1.23 | 1.02 | 1.13 | 1.16 |
| Quick Ratio | 1.13 | 1.13 | 1.07 | 0.90 | 0.96 | 1.11 | 1.41 | 1.16 | 0.94 | 1.06 | 1.08 |
| Cash Ratio | 0.93 | 0.93 | 0.88 | 0.72 | 0.78 | 0.97 | 1.09 | 0.85 | 0.69 | 0.89 | 0.88 |
| Asset Turnover | — | 0.55 | 0.60 | 0.67 | 0.63 | 0.36 | 0.21 | 0.62 | 0.66 | 0.59 | 0.58 |
| Inventory Turnover | 15.74 | 15.74 | 16.76 | 18.71 | 22.15 | 14.58 | 11.39 | 26.63 | 21.81 | 20.37 | 19.34 |
| Days Sales Outstanding | — | 19.94 | 19.88 | 18.72 | 18.24 | 23.51 | 32.40 | 14.78 | 13.13 | 16.74 | 17.67 |
CPA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Copa Holdings, S.A. returns 4.4% to shareholders annually — split between a 4.3% dividend yield and 0.1% buyback yield. The payout ratio of 39.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 10.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 5.3% | 7.3% | 3.1% | — | — | 1.0% | 2.4% | 4.4% | 1.9% | 2.2% |
| Payout Ratio | 39.6% | 39.6% | 44.3% | 26.1% | — | — | — | 44.7% | 167.4% | 29.5% | 26.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.8% | 13.5% | 16.6% | 12.0% | 9.5% | 1.2% | — | 5.4% | 2.7% | 6.4% | 8.4% |
| FCF Yield | 4.9% | 6.2% | 9.3% | 5.0% | 3.2% | 0.7% | — | 13.6% | — | 7.2% | 11.3% |
| Buyback Yield | 0.1% | 0.2% | 2.4% | 2.5% | 4.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.4% | 5.5% | 9.7% | 5.6% | 4.3% | 1.2% | 1.0% | 2.4% | 4.4% | 1.9% | 2.2% |
| Shares Outstanding | — | $41M | $42M | $40M | $47M | $43M | $43M | $42M | $42M | $42M | $42M |
Peer Comparison
Compare CPA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CPAYou | $6B | 9.3 | 7.1 | 20.2 | 35.6% | 22.6% | 26.1% | 14.1% | 2.2 |
 VLRS | $1B | -10.0 | 5.2 | 1.4 | 27.4% | 4.4% | -33.1% | 3.0% | 4.9 |
 OMAB | $6B | 17.9 | 10.8 | 13.0 | 75.6% | 56.0% | 48.6% | 31.7% | 1.4 |
 UAL | $38B | 11.6 | 8.3 | 15.0 | 64.1% | 8.0% | 24.0% | 9.1% | 4.1 |
 AAL | $11B | 94.1 | 13.0 | — | 19.2% | 2.7% | — | 3.5% | 10.5 |
 DAL | $55B | 11.0 | 8.7 | 14.3 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
 JBLU | $2B | -3.4 | 32.3 | — | 33.9% | -4.1% | -25.3% | -2.7% | 32.0 |
 BA | $176B | 89.8 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 GE | $374B | 43.8 | 38.2 | 51.4 | 36.8% | 19.1% | 45.3% | 24.7% | 2.1 |
 AXON | $34B | 280.4 | 1651.5 | 454.4 | 59.7% | -2.2% | 4.5% | -1.3% | 90.6 |
 CHRW | $22B | 38.3 | 26.1 | 24.5 | 8.4% | 4.9% | 32.9% | 18.0% | 1.8 |
| Industrials Median | — | 25.6 | 13.9 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 25 years · Updated daily
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CPA — Frequently Asked Questions
Quick answers to the most common questions about buying CPA stock.
What is Copa Holdings, S.A.'s P/E ratio?
Copa Holdings, S.A.'s current P/E ratio is 9.3x. The historical average is 16.8x. This places it at the 21th percentile of its historical range.
What is Copa Holdings, S.A.'s EV/EBITDA?
Copa Holdings, S.A.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
What is Copa Holdings, S.A.'s ROE?
Copa Holdings, S.A.'s return on equity (ROE) is 26.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.8%.
Is CPA stock overvalued?
Based on historical data, Copa Holdings, S.A. is trading at a P/E of 9.3x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Copa Holdings, S.A.'s dividend yield?
Copa Holdings, S.A.'s current dividend yield is 4.27% with a payout ratio of 39.6%.
What are Copa Holdings, S.A.'s profit margins?
Copa Holdings, S.A. has 35.6% gross margin and 22.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Copa Holdings, S.A. have?
Copa Holdings, S.A.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.