COPA HOLDINGS, S.A. vs United Airlines Holdings, Inc., two Airlines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Copa runs a single-hub fortress at Panama's isthmus, monetizing Latin America's connecting traffic at a 22.6% operating margin with zero net debt; United runs a global network at 6.8% with 1.38 turns of leverage, scale against chokepoint. Returns on equity nearly match, 24.2% against 23.1%, achieved through opposite means, margin at Copa, gearing at United. The multiples sit at 9.6 and 12.2 times, both modest, with Copa's 17.8% free-cash yield more than doubling United's 7.2%. The pair is airline economics in cross-section: geography-as-moat against network-as-moat; the geography is currently cheaper per dollar and safer per balance sheet.
Comparison updated 2026-07-10.
| Metric | CPA | UAL |
|---|---|---|
| Price | $157.01 | $136.03 |
| Market cap | $6.5B | $44.5B |
| Sector | Airlines | Airlines |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | -0.3% |
| P/E | 9.6 | 12.2 |
| P/B | 2.33 | 2.80 |
| P/S | 1.79 | 0.74 |
| EV/EBITDA | 5.2 | 7.3 |
| Revenue growth | +29.4% | +4.9% |
| Operating margin | 22.6% | 6.8% |
| Net margin | 18.6% | 6.1% |
| Return on equity | 24.2% | 23.1% |
| Return on assets | 10.2% | 4.5% |
| Return on invested capital | 25.6% | 10.8% |
| FCF yield | 17.8% | 7.2% |
| Debt / equity | 0.00 | 1.38 |
| Current ratio | 1.31 | 0.70 |
| Altman Z (solvency) | 2.66 | 6.85 |
| 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.