Copa Holdings, S.A.

CPA

Airlines, Airports & Air Services · Industrials

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

Copa Holdings is an airline company based in Panama. It flies passengers and cargo to destinations across North America, South America, Central America, and the Caribbean. Copa is best known for its hub-and-spoke model centered at Tocumen International Airport in Panama City, which sits at a natural geographic crossroads between the Americas.

Copa makes money by selling airline tickets and charging for cargo transport. Its Panama hub gives it a structural advantage — Panama City is one of the most efficient connecting points in the Western Hemisphere, allowing Copa to link dozens of city pairs that would otherwise require multiple stops. The company operates roughly 100 aircraft and serves around 80 destinations. Its operating margin of nearly 23% is unusually high for an airline, reflecting strong cost discipline and hub efficiency. The key risk is exposure to economic instability across Latin America, since demand for air travel in the region can drop sharply during recessions or currency crises.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-53.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$1.5B cash & investments at current burn rate

Revenue accelerating

Copa Holdings, S.A. grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.0%

Thin — 17.0% gross margin

Profit after running costs

Operating Margin

8.7%

Modest — 8.7% operating margin

Return on the money invested

ROCE

14.9%

Good — 14.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+14.8%

Fast-growing sales (+14.8% YoY)

Profit growth

EPS YoY

-1.0%

Earnings shrinking (-1.0% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

201%

Turns 201% of profit into real cash

Spare cash per sale

FCF Margin

4.3%

Thin free cash flow (4.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Covers its interest

Interest Cover

7.35x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.4x

no trend

Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+1.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

4.67%

no trend

Healthy income — 4.67% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+4.7%

no trend

Dividend growing modestly (4.7% YoY)

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