Copa Holdings, S.A. (CPA) intrinsic value & 10-year financials
Copa Holdings, S.A. (CPA) has a Graham intrinsic value of $344.11 per share. Over the last 10 fiscal years revenue grew 5.6% a year to $3.6B, with an average return on invested capital of 9.8%.
- Graham intrinsic value
- $344.11
- Revenue (FY2025)
- $3.6B
- Revenue growth (10-yr CAGR)
- 5.6%
- ROIC (10-yr avg)
- 9.8%
- Free cash flow (FY2025)
- —
CPA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.6B | $671.6M | $16.28 | — | 22.6% | 18.2% |
| FY2024 | $3.4B | $608.1M | $14.55 | — | 21.8% | 19.1% |
| FY2023 | $3.5B | $514.1M | $12.78 | — | 23.4% | 21.9% |
| FY2022 | $3.0B | $348.1M | $0.01 | — | 15.2% | 15.2% |
| FY2021 | $1.5B | $43.8M | $0.00 | — | 10.1% | 5.1% |
| FY2020 | $801.0M | -$607.1M | -$0.01 | — | -57.5% | -17.2% |
| FY2019 | $2.7B | $247.0M | — | — | 12.8% | 10.0% |
| FY2018 | $2.7B | $88.1M | — | — | 5.4% | 3.5% |
| FY2017 | $2.5B | $370.0M | — | — | 17.4% | 13.6% |
| FY2016 | $2.2B | $334.5M | — | — | 12.4% | 9.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Copa Holdings, S.A. has demonstrated mature, steady growth, with revenue compounding at 5.6% annually over the past decade.
Copa Holdings, S.A. returns on capital have been average, hovering around 9.8% ROIC over the decade.
Over the decade, Copa Holdings, S.A. shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Copa Holdings, S.A. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $344.11 per share.