Copa Holdings SA (CPA) — Working Capital to Net Assets Ratio
Copa Holdings SA (CPA) has a Working Capital to Net Assets ratio of 12.2% as of December 2025. Working capital of $337.97 Million (current assets of $1.78 Billion minus current liabilities of $1.44 Billion) is measured against net assets of $2.78 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See financial agility of Copa Holdings SA to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Copa Holdings SA Working Capital to Net Assets (2003–2025)
This chart shows how Copa Holdings SA's Working Capital to Net Assets ratio has evolved across 23 annual periods from 2003 to 2025. As of December 2025, the ratio stands at 12.2%, reflecting working capital of $337.97 Million against net assets of $2.78 Billion USD. See CPA days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Copa Holdings SA (2003–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Copa Holdings SA from 2003 to 2025, covering 23 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see market value of Copa Holdings SA.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 12.2% | $337.97 Million | $2.78 Billion | $1.78 Billion | $1.44 Billion | ▲ +2.8 pp |
| 2024 | 9.3% | $221.60 Million | $2.37 Billion | $1.58 Billion | $1.36 Billion | ▲ +9.8 pp |
| 2023 | -0.5% | $-10.51 Million | $2.12 Billion | $1.27 Billion | $1.28 Billion | ▼ -3.3 pp |
| 2022 | 2.8% | $42.25 Million | $1.49 Billion | $1.24 Billion | $1.19 Billion | ▼ -11.5 pp |
| 2021 | 14.3% | $185.69 Million | $1.30 Billion | $1.24 Billion | $1.05 Billion | ▼ -17.3 pp |
| 2020 | 31.6% | $405.98 Million | $1.28 Billion | $1.22 Billion | $813.39 Million | ▲ +21.7 pp |
| 2019 | 9.9% | $191.60 Million | $1.93 Billion | $1.22 Billion | $1.03 Billion | ▲ +8.8 pp |
| 2018 | 1.1% | $20.44 Million | $1.84 Billion | $1.06 Billion | $1.04 Billion | ▼ -5.5 pp |
| 2017 | 6.6% | $140.10 Million | $2.11 Billion | $1.20 Billion | $1.06 Billion | ▼ -1.3 pp |
| 2016 | 8.0% | $146.95 Million | $1.85 Billion | $1.07 Billion | $922.44 Million | ▲ +11.4 pp |
| 2015 | -3.5% | $-69.39 Million | $2.00 Billion | $910.16 Million | $979.55 Million | ▼ -5.1 pp |
| 2014 | 1.6% | $33.33 Million | $2.08 Billion | $1.00 Billion | $970.51 Million | ▼ -14.3 pp |
| 2013 | 15.9% | $301.57 Million | $1.90 Billion | $1.34 Billion | $1.04 Billion | ▲ +7.5 pp |
| 2012 | 8.4% | $128.80 Million | $1.54 Billion | $917.49 Million | $788.69 Million | ▲ +1.4 pp |
| 2011 | 7.0% | $96.70 Million | $1.39 Billion | $754.72 Million | $658.01 Million | ▼ -3.4 pp |
| 2010 | 10.4% | $107.55 Million | $1.04 Billion | $614.33 Million | $506.78 Million | ▲ +3.9 pp |
| 2009 | 6.4% | $55.57 Million | $865.63 Million | $502.15 Million | $446.58 Million | ▲ +3.2 pp |
| 2008 | 3.2% | $20.38 Million | $632.43 Million | $522.46 Million | $502.08 Million | ▲ +1.2 pp |
| 2007 | 2.0% | $10.75 Million | $531.64 Million | $435.74 Million | $424.99 Million | ▲ +15.2 pp |
| 2006 | -13.2% | $-48.92 Million | $371.67 Million | $290.65 Million | $339.57 Million | ▲ +15.0 pp |
| 2005 | -28.1% | $-69.19 Million | $245.87 Million | $184.79 Million | $253.98 Million | ▼ -35.6 pp |
| 2004 | 7.5% | $13.02 Million | $174.16 Million | $156.03 Million | $143.01 Million | ▲ +53.5 pp |
| 2003 | -46.0% | $-53.21 Million | $115.58 Million | $103.52 Million | $156.73 Million | — |