CPA vs RYAAY: Copa Holdings SA and Ryanair Holdings PLC ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ryanair Holdings PLC ADR is the larger company, worth $27.8B, about 4.4 times Copa Holdings SA.
- Copa Holdings SA grew revenue faster over the last year (+5.0% vs +3.8%).
- Copa Holdings SA keeps more of each dollar of revenue as operating profit (22.6% vs 11.2%).
- On earnings, Copa Holdings SA is the cheaper stock (8.2x vs 11.3x).
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 | RYAAY |
|---|---|---|
| Market cap | $6.3B | $27.8B |
| Share price | $134.23 | $54.24 |
| Revenue (last fiscal year) | $3.6B | $13.9B |
| Free cash flow (last fiscal year) | $304M | $1.9B |
| Revenue growth, last year | +5.0% | +3.8% |
| Revenue growth per year, last 5 fiscal years | +24.4% | +70.9% |
| Operating margin | 22.6% | 11.2% |
| Net margin | 18.6% | 11.6% |
| Return on equity | 24.2% | 22.9% |
| P/E (trailing) | 8.25x | 11.3x |
| Price / free cash flow | 20.4x | 14.9x |
| EV / EBITDA | 5.97x | 5.53x |
| FCF growth the price implies | 5.4% | — |
| Dividend yield | 4.4% | 1.8% |
| Debt / equity | 1.37x | 1.49x |
| Fundamental grade | C | C |
| 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% |
Ryanair Holdings PLC ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | -$2.7B | -51.3% |
| 2022 | $4.8B | $759M | -7.1% |
| 2023 | $10.8B | $2.0B | 13.4% |
| 2024 | $13.4B | $766M | 15.3% |
| 2025 | $13.9B | $1.9B | 11.2% |
Where the revenue comes from
Copa Holdings SA · by products, 2025
Passenger revenue$3.4B95%
Cargo and mail revenue$116M3%
Miles redeemed$68M2%
Ryanair Holdings PLC ADR · by segments, 2026
Ryanair DAC$16.2B91%
Other Airlines$1.7B9%
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 Ryanair Holdings PLC ADR?
Ryanair Holdings PLC ADR (RYAAY), at $27.8B against $6.3B.
Is CPA or RYAAY cheaper?
By trailing P/E, Copa Holdings SA (8.25x) is cheaper than Ryanair Holdings PLC ADR (11.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CPA or RYAAY?
Copa Holdings SA: revenue grew +5.0% over the last year, against +3.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.