CPA vs LUV: Copa Holdings SA and Southwest Airlines compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Southwest Airlines is the larger company, worth $19.3B, about 3.1 times Copa Holdings SA.
- Southwest Airlines grew revenue faster over the last year (+16.4% vs +5.0%).
- Copa Holdings SA keeps more of each dollar of revenue as operating profit (22.6% vs 3.5%).
- On earnings, Copa Holdings SA is the cheaper stock (8.2x vs 26.3x).
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 | LUV |
|---|---|---|
| Market cap | $6.3B | $19.3B |
| Share price | $134.23 | $41.66 |
| Revenue (last fiscal year) | $3.6B | $28.1B |
| Free cash flow (last fiscal year) | $304M | -$831M |
| Revenue growth, last year | +5.0% | +16.4% |
| Revenue growth per year, last 5 fiscal years | +24.4% | +15.5% |
| Operating margin | 22.6% | 3.5% |
| Net margin | 18.6% | 2.8% |
| Return on equity | 24.2% | 11.8% |
| P/E (trailing) | 8.25x | 26.3x |
| Price / free cash flow | 20.4x | — |
| EV / EBITDA | 5.97x | 8.58x |
| FCF growth the price implies | 5.4% | — |
| Dividend yield | 4.4% | 1.8% |
| Debt / equity | 1.37x | 3.25x |
| Fundamental grade | C | D |
| Superinvestors holding it | 0 | 6 |
| 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% |
Southwest Airlines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.8B | $1.8B | 10.9% |
| 2022 | $23.8B | -$134M | 4.3% |
| 2023 | $26.1B | -$356M | 0.86% |
| 2024 | $27.5B | -$1.6B | 1.2% |
| 2025 | $28.1B | -$831M | 1.5% |
Where the revenue comes from
Copa Holdings SA · by products, 2025
Passenger revenue$3.4B95%
Cargo and mail revenue$116M3%
Miles redeemed$68M2%
Southwest Airlines · by products, 2025
Passenger$25.5B91%
Other$2.4B8%
Freight$171M1%
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 Southwest Airlines?
Southwest Airlines (LUV), at $19.3B against $6.3B.
Is CPA or LUV cheaper?
By trailing P/E, Copa Holdings SA (8.25x) is cheaper than Southwest Airlines (26.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CPA or LUV?
Southwest Airlines: revenue grew +16.4% 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.