AZUL Azul S.A. American Depositary Shares, each representing two (2) Common Shares
NYSE · View on SEC EDGAR ↗ close Sep 18, 2026 10-K/10-Q Apr 3, 2026
$6.43
· of 52w range
· above low
· to high
$6.4052w low
$9.7852w high
Revenue
$21.64B
your badges
52W Range
$6–$10
Analyst Rating
BUY
Price Target
$11
P/E
·
ROE
-0.42%
Net Profit Margin
0.58%
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AZUL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.43
Revenue
$21.64B
ROE
-0.42%
52W Range
$6–$10
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$21.64B2016-12-31 → 2025-12-31
Free Cash Flow$-1.43B2017-12-31 → 2025-12-31
Net margin0.58%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AZUL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | 20.0%5Y avg ≈11.2% | ≈11.2% | · | · | |
| EBITDA Margin | 33.9%5Y avg ≈24.9% | ≈24.9% | · | · | |
| Pretax Margin | 0.58%5Y avg ≈-21.2% | ≈-21.2% | · | · | |
| Net Profit Margin | 0.58%5Y avg ≈-21.2% | ≈-21.2% | · | · | |
| ROA | 0.50%5Y avg ≈-15.8% | ≈-15.8% | · | · | |
| ROE | -0.42%5Y avg ≈15.3% | ≈15.3% | · | · | |
| ROIC | -14.9%5Y avg ≈-8.3% | ≈-8.3% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | AZUL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio | 0.25Y avg ≈0.3 | ≈0.3 | · | · | |
| Quick Ratio | 0.15Y avg ≈0.1 | ≈0.1 | · | · | |
| Interest Coverage | 0.45Y avg ≈0.3 | ≈0.3 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AZUL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.95Y avg ≈0.8 | ≈0.8 | · | · | |
| Receivables Turnover | 9.65Y avg ≈11.6 | ≈11.6 | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-183.2%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-2.80 | $-1.30 | -115.5% | |
| March 31, 2026 | $5.40 | $1.15 | 368.7% | |
| Dec. 31, 2025 | $-27000.00 | $71066.14 | -138.0% | |
| Sept. 30, 2025 | $-16800.00 | $1716.67 | -1078.6% | |
| June 30, 2025 | $-4950.00 | $-9441.67 | 47.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.64B | $19.53B | $18.55B | $15.95B | $9.98B | $5.74B | $11.44B | $7.70B | |
| Operating Income | $4.32B | $3.39B | $1.66B | $1.43B | $55M | $-1.40B | $-1.20B | $1.24B | |
| Interest Expense | $10.30B | $5.25B | $5.61B | $4.79B | $3.84B | $2.51B | $1.33B | $1.08B | |
| Interest Income | $904M | $239M | $220M | $277M | $154M | $60M | $72M | $128M | |
| Other Non-op | · | · | $-4.00B | $-2.15B | $-4.26B | · | · | · | |
| Pretax Income | $125M | $-9.19B | $-2.34B | $-722M | $-4.21B | $-11.08B | $-2.54B | $414M | |
| Income Tax | $12.0K | $-39M | $40M | $0 | $0 | $-243M | $-133M | $-10M | |
| Net Income | $125M | $-9.15B | $-2.38B | $-722M | $-4.21B | $-10.83B | $-2.40B | $425M | |
| EBITDA | $7.33B | $5.95B | $4.07B | $3.52B | $1.60B | · | $2.48B | $1.16B |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $196M | $168M | $272M | $102M | $230M | $465M | $309M | $160M | |
| Receivables | $2.72B | $1.78B | $1.11B | $1.80B | $998M | $875M | $1.17B | $914M | |
| Inventory | $973M | $944M | $799M | $722M | $572M | $403M | $261M | $150M | |
| Other Current Assets | · | · | · | $190M | · | · | · | · | |
| Current Assets | $6.30B | $5.66B | $5.04B | $4.87B | $5.85B | $5.42B | $4.14B | $3.46B | |
| PP&E (Net) | $2.77B | $3.03B | $2.30B | $1.95B | $1.96B | $1.80B | $1.97B | $1.88B | |
| Total Assets | $23.64B | $26.27B | $20.53B | $18.72B | $18.53B | $15.79B | $19.20B | $13.92B | |
| Accounts Payable | $3.93B | $4.15B | $2.28B | $2.52B | $1.53B | $2.24B | $1.38B | $972M | |
| Current Liabilities | $29.47B | $21.34B | $14.75B | $15.06B | $11.71B | $10.21B | $6.86B | $4.12B | |
| Retained Earnings | $-34.69B | $-34.82B | $-25.67B | $-23.29B | $-22.56B | $-18.35B | $-7.52B | $-4.44B | |
| Stockholders' Equity | $-29.04B | $-30.44B | $-21.33B | $-19.01B | $-18.33B | $-14.15B | $-3.52B | $2.83B |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $3.01B | $2.56B | $2.40B | $2.09B | $1.54B | $1.81B | $1.62B | $1.06B | |
| Other Non-cash | $-4.37B | $9.37B | $3.42B | $1.07B | $2.36B | · | $1.33B | $-534M | |
| Operating Cash Flow | $-1.23B | $2.79B | $3.44B | $2.44B | $-311M | $976M | $2.59B | $1.01B | |
| CapEx | $198M | $681M | $464M | $624M | $624M | $343M | $1.43B | $695M | |
| Investing Cash Flow | $-573M | $-1.57B | $-874M | $-640M | $-685M | $-404M | $-1.19B | $-1.08B | |
| Financing Cash Flow | $1.71B | $-1.92B | $-1.39B | $-4.20B | $813M | $934M | $-914M | $243M | |
| Free Cash Flow | $-1.43B | $2.11B | $2.98B | $1.18B | $-935M | · | $1.17B | $-294M | |
| Levered FCF | $-11.73B | $-3.12B | $-2.73B | $-3.61B | $-4.77B | · | $-93M | $-758M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.0% | 17.4% | 8.9% | 9.0% | 0.55% | · | -10.4% | 11.1% | |
| Net Margin | 0.58% | -46.9% | -12.8% | -4.5% | -42.2% | · | -21.0% | 6.8% | |
| Pretax Margin | 0.58% | -47.1% | -12.6% | -4.5% | -42.2% | · | -22.2% | 7.7% | |
| EBITDA Margin | 33.9% | 30.5% | 21.9% | 22.1% | 16.0% | · | 21.6% | 14.9% | |
| ROA | 0.50% | -39.1% | -12.1% | -3.9% | -24.6% | · | -13.6% | 5.7% | |
| ROE | -0.42% | 35.4% | 11.8% | 3.9% | 25.9% | · | 102.9% | 27.6% | |
| ROIC | -14.9% | -11.1% | -7.9% | -7.5% | -0.30% | · | 32.2% | 27.0% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.3 | 0.3 | 0.3 | 0.5 | · | 0.6 | 1.0 | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.3 | |
| Interest Coverage | 0.4 | 0.6 | 0.3 | 0.3 | 0.0 | · | -0.9 | 1.7 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.8 | 0.9 | 0.9 | 0.6 | · | 0.6 | 0.8 | |
| Receivables Turnover | 9.6 | 13.5 | 12.7 | 11.4 | 10.7 | · | 10.2 | 9.8 |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $21.64B | $19.53B | $18.55B | $15.95B | $9.98B | · | $11.44B | $7.70B | |
| Net Income TTM | $125M | $-9.15B | $-2.38B | $-722M | $-4.21B | · | $-2.40B | $425M |
Valuation (TTM)
| Metric | Trend | Q4 2023 | Q4 2022 | Q4 2020 | Q4 2018 |
|---|---|---|---|---|---|
| Revenue TTM | $18.55B | $15.95B | $5.74B | $9.06B | |
| Net Income TTM | $-2.38B | $-722M | $-10.83B | $-636M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $21.64B | $19.53B | $18.55B | $15.95B | $9.98B |
| Operating Margin % | 20.0% | 17.4% | 8.9% | 9.0% | 0.55% |
| Net Income | $125M | $-9.15B | $-2.38B | $-722M | $-4.21B |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.3 | 0.3 | 0.3 | 0.5 |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.43B | $2.11B | $2.98B | $1.18B | $-935M |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| NEELEMAN DAVID, Saleb II Founder 1 LLC ×4 filings | Feb. 24, 2026 | 0.00% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 11 insiders · 10 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Antonio Carlos Garcia | Chief Financial Officer | June 15, 2026 A | 725,836 | 0 | 0 | $0 |
| Da Cruz Andre Goncalves | Technical Vice President | June 15, 2026 A | 255,024 | 0 | 0 | $0 |
| Bicudo Daniel Marino | Chief Commercial Officer | June 15, 2026 A | 196,172 | 0 | 0 | $0 |
| Ricardo Luiz Temer Mariano | Controller | June 15, 2026 A | 98,086 | 0 | 0 | $0 |
| James Jason Grant | Member of Strategy Committee | June 15, 2026 A | 980,860 | 0 | 0 | $0 |
| John Peter Rodgerson | Also a Member of the Strategy Committee. | June 15, 2026 A | 2,452,151 | 0 | 0 | $0 |
| Abhi Manoj Shah | Chief Revenue Officer | June 15, 2026 A | 1,373,206 | 0 | 0 | $0 |
| Daniel Tkacz | Chief Technical Officer | June 15, 2026 A | 196,172 | 0 | 0 | $0 |
| Jon Zinman | Member of Strategy Committee | June 15, 2026 A | 980,860 | 0 | 0 | $0 |
| John S. Slattery | Member of Strategic Committee | June 15, 2026 A | 588,516 | 0 | 0 | $0 |
| David Neeleman | Director | June 15, 2026 A | 3,764,246 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
AZUL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 10 analysts
BUY
Median target
$10.90
+69.5%
3 30.0%
Strong Buy
5 50.0%
Buy
2 20.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
1 analysts · 2026-09-21Mean target $10.90 +69.5%
Low$10.90
Mean$10.90
High$10.90
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Source: SEC 20-F filed Apr 3, 2026