COPA HOLDINGS, S.A. vs SOUTHWEST AIRLINES CO., two Airlines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither carrier's traffic growth prints here, but the margin trajectories imply the stories: Copa's 22.6% operating margin is a hub monopoly at cruise; Southwest's 4.6% is a business model mid-renovation, seat assignments and bag fees arriving decades late. The multiples price the renovation above the monopoly, 34.6 times earnings against 9.6, trough arithmetic on Southwest's side and disbelief on Copa's. Returns on equity, 24.2% against 11.9%; free cash, 17.8% against negative 1.5%. Southwest pays 1.4% in dividends; Copa's payout is undisplayed. The pair prices hope at three and a half times the rate of delivery, in an industry where delivery is the anomaly.
Comparison updated 2026-07-10.
| Metric | CPA | LUV |
|---|---|---|
| Price | $157.01 | $51.88 |
| Market cap | $6.5B | $26.1B |
| Sector | Airlines | Airlines |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | -0.7% |
| P/E | 9.6 | 34.6 |
| P/B | 2.33 | 3.80 |
| P/S | 1.79 | 0.90 |
| EV/EBITDA | 5.2 | 10.7 |
| Revenue growth | +29.4% | +5.0% |
| Operating margin | 22.6% | 4.5% |
| Net margin | 18.6% | 2.8% |
| Return on equity | 24.2% | 11.9% |
| Return on assets | 10.2% | 2.8% |
| Return on invested capital | 25.6% | 6.8% |
| FCF yield | 17.8% | -1.5% |
| Dividend yield | — | 1.4% |
| Debt / equity | 0.00 | 0.66 |
| Current ratio | 1.31 | 0.48 |
| Altman Z (solvency) | 2.66 | 7.54 |
| Piotroski F (quality) | 5 / 9 | 7 / 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.