COPA HOLDINGS, S.A. vs Delta Air Lines, Inc., two Airlines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Copa is a hub monopoly wearing an airline's clothes: one Panama City connecting bank, a 22.6% operating margin, and no net debt, economics that read more like an airport than a carrier. Delta is the deluxe version of the network model, a 3.2% operating margin in a heavy-investment year, premium cabins and a refinery attached. The returns nearly tie, 24.2% against 20.9% on equity, but Copa gets there without leverage while Delta carries 0.78 turns. The market prices them at 9.6 and 13.5 times, the monopolist cheaper than the network. Free cash favors Copa hugely, 17.8% against 6.5%. Geography does the work skill usually claims; Copa's page is what owning a chokepoint pays.
Comparison updated 2026-07-10.
| Metric | CPA | DAL |
|---|---|---|
| Price | $157.01 | $92.56 |
| Market cap | $6.5B | $60.3B |
| Sector | Airlines | Airlines |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +1.7% |
| P/E | 9.6 | 13.5 |
| P/B | 2.33 | 2.96 |
| P/S | 1.79 | 0.93 |
| EV/EBITDA | 5.2 | 8.7 |
| Revenue growth | +29.4% | +5.5% |
| Operating margin | 22.6% | 3.2% |
| Net margin | 18.6% | 6.5% |
| Return on equity | 24.2% | 20.9% |
| Return on assets | 10.2% | 5.0% |
| Return on invested capital | 25.6% | 12.5% |
| FCF yield | 17.8% | 6.5% |
| Dividend yield | — | 0.7% |
| Debt / equity | 0.00 | 0.78 |
| Current ratio | 1.31 | 0.42 |
| Altman Z (solvency) | 2.66 | 6.74 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.