Copa Holdings, S.A.
CPA · Air Transportation, Scheduled · EDGAR filings ↗
Grade
A86Best-in-class Latin American airline with a durable Panama hub moat and top-decile margins, returns and cash generation.
Strengths
- Top-of-sector profitability: operating margin 22.6%, net margin 18.6%, ROE 24.2%, ROA 10.2% (all ~100th pct) with interest coverage 45x
- Structural cost and connectivity advantage from the Tocumen hub and modern 737 fleet, driving consistent returns
Risks
- Regional macro/political exposure (Venezuela, Argentina, Colombia FX) and fuel-price sensitivity
- Large 737 MAX order book and cyclical air-travel demand
Notable findings
- Customer concentration~95% of revenue from one customer/distributor — Revenues We derive our revenues primarily from passenger transportation, which represented 94
- Strong balance sheetStrong balance sheet — $383M cash & investments
Key metrics
Operating margin
22.6%
Net margin
18.6%
Return on equity
24.2%
Return on assets
10.2%
ROIC
13.6%
Revenue growth (QoQ)
5.0%
Net-income growth
10.4%
Debt / equity
0.7×
Interest coverage
45.2×
Current ratio
1.3×
Tangible book value
$2.8B
Cash & investments
$383M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-26 | 2025-12-31 | 0001345105-26-000019 ↗ |
| 20-F | 2025-04-29 | 2024-12-31 | 0001628280-25-020427 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001628280-24-018938 ↗ |
| 20-F | 2023-03-24 | 2022-12-31 | 0001193125-23-079096 ↗ |
| 20-F | 2022-04-04 | 2021-12-31 | 0001193125-22-094968 ↗ |
| 20-F | 2021-04-23 | 2020-12-31 | 0001193125-21-128866 ↗ |
| 20-F | 2020-04-08 | 2019-12-31 | 0001193125-20-101308 ↗ |
| 20-F | 2019-04-24 | 2018-12-31 | 0001193125-19-117216 ↗ |
| 20-F | 2018-04-18 | 2017-12-31 | 0001193125-18-121137 ↗ |
| 20-F | 2017-04-24 | 2016-12-31 | 0001193125-17-133064 ↗ |
| 20-F | 2016-05-02 | 2015-12-31 | 0001193125-16-572584 ↗ |
| 20-F | 2015-04-30 | 2014-12-31 | 0001193125-15-159136 ↗ |