ALK vs CPA: Alaska Air and Copa Holdings SA compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Copa Holdings SA is the larger company, worth $6.3B, about 1.5 times Alaska Air.
- Alaska Air grew revenue faster over the last year (+9.8% vs +5.0%).
- Copa Holdings SA keeps more of each dollar of revenue as operating profit (22.6% vs -1.5%).
- On earnings, Copa Holdings SA is the cheaper stock (8.2x vs 77.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ALK | CPA |
|---|---|---|
| Market cap | $4.2B | $6.3B |
| Share price | $39.36 | $134.23 |
| Revenue (last fiscal year) | $14.2B | $3.6B |
| Free cash flow (last fiscal year) | — | $304M |
| Revenue growth, last year | +9.8% | +5.0% |
| Revenue growth per year, last 5 fiscal years | +23.2% | +24.4% |
| Operating margin | -1.5% | 22.6% |
| Net margin | -1.2% | 18.6% |
| Return on equity | -4.8% | 24.2% |
| P/E (trailing) | 77.0x | 8.25x |
| Price / free cash flow | — | 20.4x |
| EV / EBITDA | 13.2x | 5.97x |
| FCF growth the price implies | — | 5.4% |
| Dividend yield | — | 4.4% |
| Debt / equity | 4.79x | 1.37x |
| Fundamental grade | F | C |
| Superinvestors holding it | 4 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Alaska Air
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.2B | $738M | 11.1% |
| 2022 | $9.6B | -$253M | 0.73% |
| 2023 | $10.4B | -$444M | 3.8% |
| 2024 | $11.7B | — | 4.9% |
| 2025 | $14.2B | — | 2.1% |
Copa Holdings SA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | $289M | 10.1% |
| 2022 | $3.0B | $486M | 15.2% |
| 2023 | $3.5B | $415M | 23.4% |
| 2024 | $3.4B | $341M | 21.8% |
| 2025 | $3.6B | $304M | 22.6% |
Where the revenue comes from
Alaska Air · by segments, 2025
Alaska Airlines$9.1B64%
Hawaiian Airlines$3.3B23%
Regional$1.9B13%
Copa Holdings SA · by products, 2025
Passenger revenue$3.4B95%
Cargo and mail revenue$116M3%
Miles redeemed$68M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ALK in InvestinglyQuestions
Which is bigger, Alaska Air or Copa Holdings SA?
Copa Holdings SA (CPA), at $6.3B against $4.2B.
Is ALK or CPA cheaper?
By trailing P/E, Copa Holdings SA (8.25x) is cheaper than Alaska Air (77.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, ALK or CPA?
Alaska Air: revenue grew +9.8% over the last year, against +5.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.