CPA vs LTM: Copa Holdings SA and LATAM Airlines Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- LATAM Airlines Group is the larger company, worth $15.7B, about 2.5 times Copa Holdings SA.
- LATAM Airlines Group grew revenue faster over the last year (+11.2% vs +5.0%).
- Copa Holdings SA keeps more of each dollar of revenue as operating profit (22.6% vs 16.4%).
- Copa Holdings SA's price assumes faster free cash flow growth: about 5% a year, against -7% for LATAM Airlines Group (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CPA | LTM |
|---|---|---|
| Market cap | $6.3B | $15.7B |
| Share price | $134.23 | $50.25 |
| Revenue (last fiscal year) | $3.6B | $14.3B |
| Free cash flow (last fiscal year) | $304M | $2.0B |
| Revenue growth, last year | +5.0% | +11.2% |
| Revenue growth per year, last 5 fiscal years | +24.4% | +30.7% |
| Operating margin | 22.6% | 16.4% |
| Net margin | 18.6% | 10.2% |
| Return on equity | 24.2% | 108.5% |
| P/E (trailing) | 8.25x | — |
| Price / free cash flow | 20.4x | 10.6x |
| EV / EBITDA | 5.97x | 5.15x |
| FCF growth the price implies | 5.4% | -7.2% |
| Dividend yield | 4.4% | — |
| Debt / equity | 1.37x | 12.1x |
| Fundamental grade | C | B |
| Superinvestors holding it | 0 | 1 |
| 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.
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% |
LATAM Airlines Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.9B | -$771M | -70.1% |
| 2022 | $9.4B | -$684M | 12.9% |
| 2023 | $11.6B | $1.5B | 9.3% |
| 2024 | $12.8B | $1.8B | 12.0% |
| 2025 | $14.3B | $2.0B | 16.4% |
Where the revenue comes from
Copa Holdings SA · by products, 2025
Passenger revenue$3.4B95%
Cargo and mail revenue$116M3%
Miles redeemed$68M2%
LATAM Airlines Group · by products, 2025
Passengers$12.6B88%
Cargo$1.7B12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CPA in InvestinglyQuestions
Which is bigger, Copa Holdings SA or LATAM Airlines Group?
LATAM Airlines Group (LTM), at $15.7B against $6.3B.
Which grows faster, CPA or LTM?
LATAM Airlines Group: revenue grew +11.2% 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.