Copa Holdings S.A (C2H) - Net Assets
Based on the latest financial reports, Copa Holdings S.A (C2H) has net assets worth €2.78 Billion EUR (≈ $3.24 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€6.58 Billion ≈ $7.70 Billion USD) and total liabilities (€3.81 Billion ≈ $4.45 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of Copa Holdings S.A to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €2.78 Billion |
| % of Total Assets | 42.16% |
| Annual Growth Rate | 3.2% |
| 5-Year Change | 114.24% |
| 10-Year Change | 50.65% |
| Growth Volatility | 19.42 |
Copa Holdings S.A - Net Assets Trend (2013–2025)
This chart illustrates how Copa Holdings S.A's net assets have evolved over time, based on quarterly financial data. See C2H cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Copa Holdings S.A (2013–2025)
The table below shows the annual net assets of Copa Holdings S.A from 2013 to 2025. For live valuation and market cap data, see market cap of Copa Holdings S.A.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €2.78 Billion ≈ $3.24 Billion |
+16.97% |
| 2024-12-31 | €2.37 Billion ≈ $2.77 Billion |
+11.81% |
| 2023-12-31 | €2.12 Billion ≈ $2.48 Billion |
+42.22% |
| 2022-12-31 | €1.49 Billion ≈ $1.74 Billion |
+15.18% |
| 2021-12-31 | €1.30 Billion ≈ $1.51 Billion |
+0.27% |
| 2020-12-31 | €1.29 Billion ≈ $1.51 Billion |
-33.23% |
| 2019-12-31 | €1.93 Billion ≈ $2.26 Billion |
+5.12% |
| 2018-12-31 | €1.84 Billion ≈ $2.15 Billion |
-12.83% |
| 2017-12-31 | €2.11 Billion ≈ $2.47 Billion |
+14.61% |
| 2016-12-31 | €1.84 Billion ≈ $2.15 Billion |
+16.05% |
| 2015-12-31 | €1.59 Billion ≈ $1.86 Billion |
-23.50% |
| 2014-12-31 | €2.08 Billion ≈ $2.43 Billion |
+9.11% |
| 2013-12-31 | €1.90 Billion ≈ $2.22 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Copa Holdings S.A's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 56.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €2.84 Billion | 102.35% |
| Total Equity | €2.78 Billion | 100.00% |
Copa Holdings S.A Competitors by Market Cap
The table below lists competitors of Copa Holdings S.A ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Mattel Inc
NASDAQ:MAT
|
$4.11 Billion |
|
KLCC Property Holdings Bhd
KLSE:5235SS
|
$4.11 Billion |
|
Ningbo Orient Wires and Cables Co Ltd
SHG:603606
|
$4.11 Billion |
|
Yangtze Optical Electronic Co. Ltd. A
SHG:688143
|
$4.11 Billion |
|
Bread Financial Holdings, Inc.
NYSE:BFH
|
$4.10 Billion |
|
Delek Group
TA:DLEKG
|
$4.10 Billion |
|
Mueller Water Products
NYSE:MWA
|
$4.10 Billion |
|
Endeavour Group Ltd
AU:EDV
|
$4.10 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Copa Holdings S.A's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,372,743,000 to 2,775,423,000, a change of 402,680,000 (17.0%).
- Net income of 671,648,000 contributed positively to equity growth.
- Dividend payments of 265,852,000 reduced retained earnings.
- Share repurchases of 8,705,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €671.65 Million | +24.2% |
| Dividends Paid | €265.85 Million | -9.58% |
| Share Repurchases | €8.71 Million | -0.31% |
| Other Changes | €5.59 Million | +0.2% |
| Total Change | €- | 16.97% |
Book Value vs Market Value Analysis
This analysis compares Copa Holdings S.A's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.82x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.44x to 1.82x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €50.13 | €122.50 | x |
| 2018-12-31 | €43.62 | €122.50 | x |
| 2019-12-31 | €45.77 | €122.50 | x |
| 2020-12-31 | €30.50 | €122.50 | x |
| 2021-12-31 | €30.89 | €122.50 | x |
| 2022-12-31 | €37.86 | €122.50 | x |
| 2023-12-31 | €50.48 | €122.50 | x |
| 2024-12-31 | €57.63 | €122.50 | x |
| 2025-12-31 | €67.47 | €122.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Copa Holdings S.A utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 24.20%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.56%
- • Asset Turnover: 0.55x
- • Equity Multiplier: 2.37x
- Recent ROE (24.20%) is above the historical average (10.24%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2013 | 22.48% | 16.39% | 0.66x | 2.08x | €237.28 Million |
| 2014 | 17.43% | 13.37% | 0.66x | 1.97x | €154.16 Million |
| 2015 | -14.17% | -9.98% | 0.61x | 2.34x | €-383.72 Million |
| 2016 | 18.16% | 15.06% | 0.58x | 2.09x | €150.32 Million |
| 2017 | 17.52% | 14.64% | 0.59x | 2.01x | €158.87 Million |
| 2018 | 4.79% | 3.29% | 0.66x | 2.22x | €-95.97 Million |
| 2019 | 12.77% | 9.12% | 0.62x | 2.25x | €53.51 Million |
| 2020 | -46.33% | -74.73% | 0.21x | 2.98x | €-727.81 Million |
| 2021 | 3.08% | 2.65% | 0.36x | 3.28x | €-89.61 Million |
| 2022 | 23.33% | 11.74% | 0.63x | 3.14x | €198.84 Million |
| 2023 | 24.23% | 14.87% | 0.67x | 2.45x | €301.88 Million |
| 2024 | 25.63% | 17.65% | 0.60x | 2.42x | €370.84 Million |
| 2025 | 24.20% | 18.56% | 0.55x | 2.37x | €394.11 Million |
Industry Comparison
This section compares Copa Holdings S.A's net assets metrics with peer companies in the Airlines industry.
Industry Context
- Industry: Airlines
- Average net assets among peers: $26,983,935,241
- Average return on equity (ROE) among peers: -2.80%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Copa Holdings S.A (C2H) | €2.78 Billion | 22.48% | 1.37x | $4.11 Billion |
| Controladora Vuela Compañía de Aviación S.A.B. de C.V (2CDA) | $277.00 Million | -10.83% | 15.31x | $741.53 Million |
| Asia Aviation Public Company Limited (55AA) | $31.45 Billion | 4.70% | 1.00x | $327.67 Million |
| Bangkok Airways Public Company Limited (8BA) | $19.61 Billion | -26.95% | 1.58x | $5.14K |
| Air China Limited (AD2) | $39.23 Billion | -4.51% | 7.74x | $2.95 Billion |
| AIR CHINA LTD H ADR/20 (AD2B) | $40.95 Billion | -0.58% | 7.44x | $3.01 Billion |
| China Eastern Airlines Corporation Limited (CIAH) | $59.15 Billion | -20.01% | 3.81x | $2.26 Billion |
| CATHAY PAC.AIRW.HD-20ADR5 (CTYA) | $52.51 Billion | 18.83% | 2.26x | $8.96 Billion |
| EASYJET PLC SP.ADR NEW/4 (EJTS) | $3.50 Billion | 14.12% | 2.29x | $3.49 Billion |
| AIR FRANCE-KLM ADR EO 85 (FQZ) | $-3.82 Billion | 0.00% | 0.00x | $2.84 Billion |
About Copa Holdings S.A
Copa Holdings, S.A., through its subsidiaries, provides airline passenger, and cargo and mail transportation services in North America, South America, Central America, and the Caribbean. As of December 31, 2025, it operated through a fleet of 125 aircraft. The company was founded in 1947 and is based in Panama City, Panama.