Recent News
On July 14, 2026 Copa Holdings published preliminary traffic statistics for June 2026 showing higher capacity and passenger volumes alongside a lower load factor; the company issued a similar May traffic update on June 11, 2026. Analyst coverage and commentary followed the monthly operating releases, with market coverage noting the capacity increases and hub performance.
Technical Analysis
Directional indicators show emerging trend strength by ADX at 21.79 while directional movement favors sellers: DI+ sits at 25.19 and is decreasing, DI- sits at 25.19 and is increasing, a configuration that signals bearish directional bias despite the ADX reading signaling only an emerging trend.
MACD momentum weighs on price action: MACD at 1.53 remains below the MACD signal (3.46) and the MACD trend declines, indicating bearish momentum and the absence of a bullish MACD cross above the signal line.
MRO stands at 23.11 and trends downward; the positive MRO indicates the current price sits above the model target, implying downward pressure as the oscillator contracts toward equilibrium.
RSI at 53.63 and falling signals fading upside momentum from a neutral position; the decline in RSI aligns with the MACD and directional indicators toward constrained upside over the near term.
Price sits below the 20-day average ($149.36) and the 12-day EMA ($146.91), while the 200-day average ($126.67) remains well below the close ($139.07). Trading below the one-standard-deviation lower Bollinger band ($143.95) highlights short-term downside bias inside a wider year-to-date range; the 50-day average ($140.12) sits slightly above the close, offering nearby technical resistance.
Volatility measures remain elevated relative to longer-term norms (42-day and 52-week volatility ~3%), and 10-day average volume (283,612) roughly matches recent session volume (299,833), so price moves have occurred without decisive heavy-volume conviction. Beta over 42 days (1.80) and 52 weeks (1.69) imply above-market sensitivity to directional moves, amplifying short-term downside risk.
Fundamental Analysis
Operating performance shows durable margin structure: EBIT margin at 25.93% and operating margin at 24.58%. Both sit above the industry peer mean (EBIT margin industry peer mean ~3.10%, industry peer median near 0%), reflecting comparatively strong profitability on current operations.
Revenue expanded materially year-over-year: reported revenue growth YoY at 297.39% while sequential revenue growth (QoQ) reads 70.72%, indicating rapid top-line expansion over the latest periods. Gross margin registers 35.88% with a modest QoQ rise and slight year-over-year decline.
Earnings metrics show a meaningful beat: actual EPS $5.16 versus estimate $4.42, an EPS surprise of 16.74%. Forward EPS equals $4.98 producing a forward P/E of 25.58, above the reported trailing P/E of 23.46, implying modest upward pressure on future multiples relative to current reported earnings.
Liquidity and cash flow present a mixed picture. Cash and short-term investments total $1,333,680,000 and operating cash flow equals $359,710,000, but free cash flow stands negative at -$54,361,000 and free-cash-flow yield at -1.10%. The company maintains a current ratio of 1.16 and a cash ratio of 0.85, while net debt reads $1,734,551,000 and debt-to-EBITDA sits at 8.86, indicating leverage above typical comfortable ranges for some capital structures despite an interest-coverage ratio of 10.56.
Capital allocation details show capital expenditures of -$414,071,000 and a capex-to-revenue ratio of -39.35%, consistent with fleet investment and growth initiatives. Return on equity sits at 7.39% and return on assets at 3.15%, both improving QoQ but reflecting modest absolute returns given the capital base.
Valuation context: WMDST values the stock as over-valued. The valuation judgment reflects strong operating margins and an EPS beat offset by negative free cash flow, elevated leverage (debt-to-EBITDA ~8.9), and a forward P/E that modestly exceeds the trailing P/E.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-13 |
| NEXT REPORT DATE: | 2026-08-12 |
| CASH FLOW | Begin Period Cash Flow | $ 382.6 M |
| Operating Cash Flow | $ 359.7 M | |
| Capital Expenditures | $ -414.07 M | |
| Change In Working Capital | $ 147.2 M | |
| Dividends Paid | $ -70.58 M | |
| Cash Flow Delta | $ -8.33 M | |
| End Period Cash Flow | $ 374.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 251.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 674.8 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 793.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 377.6 M | |
| EBITDA | $ 272.9 M | |
| EBIT | $ 272.9 M | |
| Operating Income | $ 258.6 M | |
| Interest Income | $ 16.1 M | |
| Interest Expense | $ 25.8 M | |
| Net Interest Income | $ -9.75 M | |
| Income Before Tax | $ 247.1 M | |
| Tax Provision | $ 34.6 M | |
| Tax Rate | 14.0 % | |
| Net Income | $ 212.5 M | |
| Net Income From Continuing Operations | $ 212.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.42 | |
| EPS Actual | $ 5.16 | |
| EPS Difference | $ 0.74 | |
| EPS Surprise | 16.742 % | |
| Forward EPS | $ 4.98 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.9 B | |
| Intangible Assets | $ 104.5 M | |
| Net Tangible Assets | $ 2.8 B | |
| Total Current Assets | $ 1.8 B | |
| Cash and Short-Term Investments | $ 1.3 B | |
| Cash | $ 374.2 M | |
| Net Receivables | $ 207.7 M | |
| Inventory | $ 152.2 M | |
| Long-Term Investments | $ 12.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 211.7 M | |
| Short-Term Debt | $ 218.3 M | |
| Total Current Liabilities | $ 1.6 B | |
| Net Debt | $ 1.7 B | |
| Total Debt | $ 2.4 B | |
| Total Liabilities | $ 4.0 B | |
| EQUITY | ||
| Total Equity | $ 2.9 B | |
| Retained Earnings | $ 3.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 70.43 | |
| Shares Outstanding | 40.799 M | |
| Revenue Per-Share | $ 25.80 | |
| VALUATION | Market Capitalization | $ 4.9 B |
| Enterprise Value | $ 6.0 B | |
| Enterprise Multiple | 22.071 | |
| Enterprise Multiple QoQ | -23.577 % | |
| Enterprise Multiple YoY | 5.939 % | |
| Enterprise Multiple IPRWA | high: 476.31 CPA: 22.071 mean: -302.3 median: -416.775 low: -928.252 |
|
| EV/R | 5.723 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.399 | |
| Asset To Liability | 1.715 | |
| Debt To Capital | 0.457 | |
| Debt To Assets | 0.351 | |
| Debt To Assets QoQ | 0.137 % | |
| Debt To Assets YoY | 3.924 % | |
| Debt To Assets IPRWA | high: 0.762 CPA: 0.351 mean: 0.348 median: 0.24 low: 0.076 |
|
| Debt To Equity | 0.841 | |
| Debt To Equity QoQ | 1.294 % | |
| Debt To Equity YoY | 7.644 % | |
| Debt To Equity IPRWA | high: 18.459 mean: 2.23 median: 0.996 CPA: 0.841 low: -8.558 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.719 | |
| Price To Book QoQ | -11.169 % | |
| Price To Book YoY | 13.184 % | |
| Price To Book IPRWA | high: 6.359 mean: 3.154 median: 2.122 CPA: 1.719 low: -5.294 |
|
| Price To Earnings (P/E) | 23.462 | |
| Price To Earnings QoQ | -24.877 % | |
| Price To Earnings YoY | 9.708 % | |
| Price To Earnings IPRWA | high: 191.282 CPA: 23.462 mean: -3.821 median: -12.756 low: -149.558 |
|
| PE/G Ratio | 1.001 | |
| Price To Sales (P/S) | 4.693 | |
| Price To Sales QoQ | -15.853 % | |
| Price To Sales YoY | 11.986 % | |
| Price To Sales IPRWA | high: 24.869 mean: 10.046 CPA: 4.693 median: 2.981 low: 0.58 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 25.582 | |
| Forward PE/G | 1.091 | |
| Forward P/S | 19.817 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.62 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.156 | |
| Asset Turnover Ratio QoQ | 4.301 % | |
| Asset Turnover Ratio YoY | -0.217 % | |
| Asset Turnover Ratio IPRWA | high: 0.248 median: 0.186 mean: 0.163 CPA: 0.156 low: 0.015 |
|
| Receivables Turnover | 5.192 | |
| Receivables Turnover Ratio QoQ | 14.948 % | |
| Receivables Turnover Ratio YoY | 0.197 % | |
| Receivables Turnover Ratio IPRWA | high: 43.003 mean: 16.626 median: 5.784 CPA: 5.192 low: 1.573 |
|
| Inventory Turnover | 4.493 | |
| Inventory Turnover Ratio QoQ | 3.531 % | |
| Inventory Turnover Ratio YoY | 10.08 % | |
| Inventory Turnover Ratio IPRWA | high: 15.791 median: 7.316 mean: 6.661 CPA: 4.493 low: 0.246 |
|
| Days Sales Outstanding (DSO) | 17.574 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 12.168 | |
| Cash Conversion Cycle Days QoQ | -29.752 % | |
| Cash Conversion Cycle Days YoY | 105.481 % | |
| Cash Conversion Cycle Days IPRWA | high: 251.875 mean: 19.675 CPA: 12.168 median: -9.249 low: -50.983 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.177 | |
| CapEx To Revenue | -0.393 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.8 B | |
| Net Invested Capital | $ 5.0 B | |
| Invested Capital | $ 5.0 B | |
| Net Tangible Assets | $ 2.8 B | |
| Net Working Capital | $ 252.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.852 | |
| Current Ratio | 1.161 | |
| Current Ratio QoQ | -11.283 % | |
| Current Ratio YoY | 17.808 % | |
| Current Ratio IPRWA | high: 5.24 mean: 1.477 CPA: 1.161 median: 0.698 low: 0.158 |
|
| Quick Ratio | 1.064 | |
| Quick Ratio QoQ | -11.328 % | |
| Quick Ratio YoY | 21.244 % | |
| Quick Ratio IPRWA | high: 3.444 mean: 1.115 CPA: 1.064 median: 0.659 low: 0.364 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.858 | |
| Cost Of Debt | 0.941 % | |
| Interest Coverage Ratio | 10.562 | |
| Interest Coverage Ratio QoQ | 32.265 % | |
| Interest Coverage Ratio YoY | 6.701 % | |
| Interest Coverage Ratio IPRWA | CPA: 10.562 high: 7.786 mean: 2.424 median: 1.88 low: -15.586 |
|
| Operating Cash Flow Ratio | 0.23 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 26.886 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.01 | |
| Dividend Payout Ratio | 0.332 | |
| Dividend Rate | $ 1.73 | |
| Dividend Yield | 0.014 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.732 % | |
| Revenue Growth | 9.299 % | |
| Revenue Growth QoQ | 70.718 % | |
| Revenue Growth YoY | 297.393 % | |
| Revenue Growth IPRWA | high: 31.249 % CPA: 9.299 % median: -2.593 % mean: -4.29 % low: -22.348 % |
|
| Earnings Growth | 23.445 % | |
| Earnings Growth QoQ | -5025.42 % | |
| Earnings Growth YoY | 222.578 % | |
| Earnings Growth IPRWA | high: 165.132 % CPA: 23.445 % median: -128.387 % mean: -166.0 % low: -490.698 % |
|
| MARGINS | ||
| Gross Margin | 35.882 % | |
| Gross Margin QoQ | 6.355 % | |
| Gross Margin YoY | -3.139 % | |
| Gross Margin IPRWA | high: 73.657 % CPA: 35.882 % median: 18.588 % mean: 14.705 % low: -20.968 % |
|
| EBIT Margin | 25.93 % | |
| EBIT Margin QoQ | 13.783 % | |
| EBIT Margin YoY | 1.384 % | |
| EBIT Margin IPRWA | high: 40.107 % CPA: 25.93 % mean: 3.097 % median: -0.397 % low: -74.482 % |
|
| Return On Sales (ROS) | 24.575 % | |
| Return On Sales QoQ | 9.441 % | |
| Return On Sales YoY | -3.914 % | |
| Return On Sales IPRWA | high: 40.107 % CPA: 24.575 % median: 3.16 % mean: 2.702 % low: -52.141 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -54.36 M | |
| Free Cash Flow Yield | -1.101 % | |
| Free Cash Flow Yield QoQ | -149.417 % | |
| Free Cash Flow Yield YoY | -120.191 % | |
| Free Cash Flow Yield IPRWA | high: 14.156 % mean: 2.749 % median: 2.454 % CPA: -1.101 % low: -17.87 % |
|
| Free Cash Growth | -145.44 % | |
| Free Cash Growth QoQ | -38.966 % | |
| Free Cash Growth YoY | -11.552 % | |
| Free Cash Growth IPRWA | high: 146.247 % CPA: -145.44 % median: -239.716 % mean: -274.6 % low: -617.715 % |
|
| Free Cash To Net Income | -0.256 | |
| Cash Flow Margin | 23.335 % | |
| Cash Flow To Earnings | 1.693 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.153 % | |
| Return On Assets QoQ | 17.474 % | |
| Return On Assets YoY | 2.47 % | |
| Return On Assets IPRWA | CPA: 3.153 % high: 3.098 % mean: -0.068 % median: -0.349 % low: -3.821 % |
|
| Return On Capital Employed (ROCE) | 5.121 % | |
| Return On Equity (ROE) | 0.074 | |
| Return On Equity QoQ | 18.875 % | |
| Return On Equity YoY | 3.79 % | |
| Return On Equity IPRWA | high: 0.922 CPA: 0.074 mean: 0.029 median: -0.014 low: -0.343 |
|
| DuPont ROE | 7.522 % | |
| Return On Invested Capital (ROIC) | 4.71 % | |
| Return On Invested Capital QoQ | 13.521 % | |
| Return On Invested Capital YoY | -1.67 % | |
| Return On Invested Capital IPRWA | high: 4.839 % CPA: 4.71 % mean: 0.196 % median: -0.109 % low: -3.537 % |
|