Azul SA (AZUL) Fundamental Analysis & Valuation

NYSE:AZUL • US05501U1060

Current stock price

0.5 USD
+0.01 (+2.33%)
At close:
0.49 USD
-0.01 (-2%)
Pre-Market:

This AZUL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

4

1. AZUL Profitability Analysis

1.1 Basic Checks

  • In the past year AZUL has reported negative net income.
  • AZUL had a positive operating cash flow in the past year.
  • AZUL had negative earnings in each of the past 5 years.
  • AZUL had a positive operating cash flow in 4 of the past 5 years.
AZUL Yearly Net Income VS EBIT VS OCF VS FCFAZUL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -5B -10B

1.2 Ratios

  • AZUL has a Return On Assets of -24.97%. This is in the lower half of the industry: AZUL underperforms 69.57% of its industry peers.
  • AZUL's Return On Invested Capital of 36.38% is amongst the best of the industry. AZUL outperforms 100.00% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for AZUL is below the industry average of 28.11%.
  • The last Return On Invested Capital (36.38%) for AZUL is above the 3 year average (24.48%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA -24.97%
ROE N/A
ROIC 36.38%
ROA(3y)-16.76%
ROA(5y)-28.32%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)24.48%
ROIC(5y)N/A
AZUL Yearly ROA, ROE, ROICAZUL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

1.3 Margins

  • Looking at the Operating Margin, with a value of 19.40%, AZUL belongs to the top of the industry, outperforming 95.65% of the companies in the same industry.
  • AZUL's Operating Margin has improved in the last couple of years.
  • With a decent Gross Margin value of 56.60%, AZUL is doing good in the industry, outperforming 60.87% of the companies in the same industry.
  • AZUL's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 19.4%
PM (TTM) N/A
GM 56.6%
OM growth 3YN/A
OM growth 5Y2.99%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y6.57%
GM growth 5Y0.8%
AZUL Yearly Profit, Operating, Gross MarginsAZUL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100 -150

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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. AZUL Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so AZUL is creating value.
  • AZUL has about the same amout of shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, AZUL has more shares outstanding
  • AZUL has a worse debt/assets ratio than last year.
AZUL Yearly Shares OutstandingAZUL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
AZUL Yearly Total Debt VS Total AssetsAZUL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • Based on the Altman-Z score of -1.07, we must say that AZUL is in the distress zone and has some risk of bankruptcy.
  • AZUL has a Altman-Z score of -1.07. This is in the lower half of the industry: AZUL underperforms 73.91% of its industry peers.
  • AZUL has a debt to FCF ratio of 26.68. This is a negative value and a sign of low solvency as AZUL would need 26.68 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 26.68, AZUL is in line with its industry, outperforming 52.17% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 26.68
Altman-Z -1.07
ROIC/WACC6.93
WACC5.25%
AZUL Yearly LT Debt VS Equity VS FCFAZUL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B -30B

2.3 Liquidity

  • AZUL has a Current Ratio of 0.35. This is a bad value and indicates that AZUL is not financially healthy enough and could expect problems in meeting its short term obligations.
  • AZUL has a worse Current ratio (0.35) than 78.26% of its industry peers.
  • AZUL has a Quick Ratio of 0.35. This is a bad value and indicates that AZUL is not financially healthy enough and could expect problems in meeting its short term obligations.
  • AZUL's Quick ratio of 0.29 is on the low side compared to the rest of the industry. AZUL is outperformed by 86.96% of its industry peers.
Industry RankSector Rank
Current Ratio 0.35
Quick Ratio 0.29
AZUL Yearly Current Assets VS Current LiabilitesAZUL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. AZUL Growth Analysis

3.1 Past

  • The earnings per share for AZUL have decreased strongly by -46.22% in the last year.
  • AZUL shows a small growth in Revenue. In the last year, the Revenue has grown by 7.93%.
  • Measured over the past years, AZUL shows a quite strong growth in Revenue. The Revenue has been growing by 11.28% on average per year.
EPS 1Y (TTM)-46.22%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-286.35%
Revenue 1Y (TTM)7.93%
Revenue growth 3Y25.09%
Revenue growth 5Y11.28%
Sales Q2Q%-2.44%

3.2 Future

  • Based on estimates for the next years, AZUL will show a very strong growth in Earnings Per Share. The EPS will grow by 30.17% on average per year.
  • Based on estimates for the next years, AZUL will show a quite strong growth in Revenue. The Revenue will grow by 11.43% on average per year.
EPS Next Y76.26%
EPS Next 2Y41.52%
EPS Next 3Y30.17%
EPS Next 5YN/A
Revenue Next Year17.51%
Revenue Next 2Y13.22%
Revenue Next 3Y11.43%
Revenue Next 5YN/A

3.3 Evolution

  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
AZUL Yearly Revenue VS EstimatesAZUL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5B 10B 15B
AZUL Yearly EPS VS EstimatesAZUL Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2 -2 -4 -6 -8

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3

4. AZUL Valuation Analysis

4.1 Price/Earnings Ratio

  • AZUL reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • A Price/Forward Earnings ratio of 91.45 indicates a quite expensive valuation of AZUL.
  • Based on the Price/Forward Earnings ratio, AZUL is valued a bit more expensive than the industry average as 60.87% of the companies are valued more cheaply.
  • AZUL's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 38.20.
Industry RankSector Rank
PE N/A
Fwd PE 91.45
AZUL Price Earnings VS Forward Price EarningsAZUL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60 80

4.2 Price Multiples

  • AZUL's Enterprise Value to EBITDA is on the same level as the industry average.
  • 100.00% of the companies in the same industry are more expensive than AZUL, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 0.64
EV/EBITDA 5.08
AZUL Per share dataAZUL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10 -10 -15

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • A more expensive valuation may be justified as AZUL's earnings are expected to grow with 30.17% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y41.52%
EPS Next 3Y30.17%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. AZUL Dividend Analysis

5.1 Amount

  • AZUL does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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AZUL Fundamentals: All Metrics, Ratios and Statistics

Azul SA

NYSE:AZUL (5/27/2025, 8:04:00 PM)

Premarket: 0.49 -0.01 (-2%)

0.5

+0.01 (+2.33%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)05-14
Earnings (Next)08-07
Inst Owners5.25%
Inst Owner Change-87.11%
Ins OwnersN/A
Ins Owner Change0%
Market Cap154.03M
Revenue(TTM)20.24B
Net Income(TTM)-6.38B
Analysts47.5
Price Target1.68 (236%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-914.43%
Min EPS beat(2)-1853.43%
Max EPS beat(2)24.56%
EPS beat(4)1
Avg EPS beat(4)-490.46%
Min EPS beat(4)-1853.43%
Max EPS beat(4)24.56%
EPS beat(8)1
Avg EPS beat(8)-354.03%
EPS beat(12)1
Avg EPS beat(12)-252.9%
EPS beat(16)3
Avg EPS beat(16)-185.84%
Revenue beat(2)0
Avg Revenue beat(2)-82.44%
Min Revenue beat(2)-82.5%
Max Revenue beat(2)-82.39%
Revenue beat(4)0
Avg Revenue beat(4)-82.91%
Min Revenue beat(4)-84.21%
Max Revenue beat(4)-82.39%
Revenue beat(8)0
Avg Revenue beat(8)-82.73%
Revenue beat(12)0
Avg Revenue beat(12)-64.15%
Revenue beat(16)2
Avg Revenue beat(16)-48.7%
PT rev (1m)-54.35%
PT rev (3m)-58.3%
EPS NQ rev (1m)-24.77%
EPS NQ rev (3m)-293.75%
EPS NY rev (1m)0%
EPS NY rev (3m)-218.58%
Revenue NQ rev (1m)-2.45%
Revenue NQ rev (3m)-2.38%
Revenue NY rev (1m)1.25%
Revenue NY rev (3m)1.2%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 91.45
P/S 0.04
P/FCF 0.64
P/OCF 0.34
P/B N/A
P/tB N/A
EV/EBITDA 5.08
EPS(TTM)-3.63
EYN/A
EPS(NY)0.01
Fwd EY1.09%
FCF(TTM)0.79
FCFY157.07%
OCF(TTM)1.48
OCFY296.25%
SpS11.82
BVpS-16.61
TBVpS-17.53
PEG (NY)N/A
PEG (5Y)N/A
Graham Number0 (-100%)
Profitability
Industry RankSector Rank
ROA -24.97%
ROE N/A
ROCE 46.05%
ROIC 36.38%
ROICexc 44.79%
ROICexgc 57.89%
OM 19.4%
PM (TTM) N/A
GM 56.6%
FCFM 6.65%
ROA(3y)-16.76%
ROA(5y)-28.32%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)24.48%
ROIC(5y)N/A
ROICexc(3y)33.92%
ROICexc(5y)N/A
ROICexgc(3y)57.91%
ROICexgc(5y)N/A
ROCE(3y)30.98%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y55.25%
ROICexc growth 3YN/A
ROICexc growth 5Y41.91%
OM growth 3YN/A
OM growth 5Y2.99%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y6.57%
GM growth 5Y0.8%
F-Score4
Asset Turnover0.79
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 26.68
Debt/EBITDA 4.64
Cap/Depr 43.11%
Cap/Sales 5.89%
Interest Coverage 1.67
Cash Conversion 37.91%
Profit Quality N/A
Current Ratio 0.35
Quick Ratio 0.29
Altman-Z -1.07
F-Score4
WACC5.25%
ROIC/WACC6.93
Cap/Depr(3y)56%
Cap/Depr(5y)48.67%
Cap/Sales(3y)7.33%
Cap/Sales(5y)7.53%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-46.22%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-286.35%
EPS Next Y76.26%
EPS Next 2Y41.52%
EPS Next 3Y30.17%
EPS Next 5YN/A
Revenue 1Y (TTM)7.93%
Revenue growth 3Y25.09%
Revenue growth 5Y11.28%
Sales Q2Q%-2.44%
Revenue Next Year17.51%
Revenue Next 2Y13.22%
Revenue Next 3Y11.43%
Revenue Next 5YN/A
EBIT growth 1Y123.92%
EBIT growth 3YN/A
EBIT growth 5Y14.61%
EBIT Next Year109.01%
EBIT Next 3Y34.3%
EBIT Next 5YN/A
FCF growth 1Y-44.24%
FCF growth 3YN/A
FCF growth 5Y4.57%
OCF growth 1Y-31.77%
OCF growth 3YN/A
OCF growth 5Y1.44%

Azul SA / AZUL Fundamental Analysis FAQ

What is the fundamental rating for AZUL stock?

ChartMill assigns a fundamental rating of 3 / 10 to AZUL.


Can you provide the valuation status for Azul SA?

ChartMill assigns a valuation rating of 4 / 10 to Azul SA (AZUL). This can be considered as Fairly Valued.


Can you provide the profitability details for Azul SA?

Azul SA (AZUL) has a profitability rating of 5 / 10.


What is the earnings growth outlook for Azul SA?

The Earnings per Share (EPS) of Azul SA (AZUL) is expected to grow by 76.26% in the next year.