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Azul SA (AZUL) Stock Fundamental Analysis

USA - New York Stock Exchange - NYSE:AZUL - US05501U1060 - ADR

0.5 USD
+0.01 (+2.33%)
Last: 5/27/2025, 8:04:00 PM
0.49 USD
-0.01 (-2%)
Pre-Market: 5/28/2025, 8:00:23 AM
Fundamental Rating

3

AZUL gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 22 industry peers in the Passenger Airlines industry. AZUL has a medium profitability rating, but doesn't score so well on its financial health evaluation. AZUL is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -5B -10B

1.2 Ratios

The Return On Assets of AZUL (-24.97%) is worse than 69.57% of its industry peers.
The Return On Invested Capital of AZUL (36.38%) is better than 100.00% of its industry peers.
AZUL had an Average Return On Invested Capital over the past 3 years of 24.48%. This is significantly above the industry average of 13.76%.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 200

1.3 Margins

AZUL has a better Operating Margin (19.40%) than 95.65% of its industry peers.
AZUL's Operating Margin has improved in the last couple of years.
The Gross Margin of AZUL (56.60%) is better than 60.87% of its industry peers.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100 -150

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1

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so AZUL is creating value.
Compared to 1 year ago, AZUL has about the same amount of shares outstanding.
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 2015 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

AZUL has an Altman-Z score of -1.07. This is a bad value and indicates that AZUL is not financially healthy and even 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.
The Debt to FCF ratio of AZUL is 26.68, which is on the high side as it means it would take AZUL, 26.68 years of fcf income to pay off all of its debts.
AZUL has a Debt to FCF ratio (26.68) which is comparable to the rest of the 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B -30B

2.3 Liquidity

A Current Ratio of 0.35 indicates that AZUL may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.35, AZUL is doing worse than 78.26% of the companies in the same industry.
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 has a worse Quick ratio (0.29) than 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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5

3. Growth

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%.
AZUL shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.28% yearly.
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.
AZUL is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.43% yearly.
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

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
AZUL Yearly Revenue VS EstimatesAZUL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 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. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for AZUL. In the last year negative earnings were reported.
A Price/Forward Earnings ratio of 91.45 indicates a quite expensive valuation of AZUL.
Compared to the rest of the industry, the Price/Forward Earnings ratio of AZUL indicates a slightly more expensive valuation: AZUL is more expensive than 60.87% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of AZUL to the average of the S&P500 Index (36.56), we can say AZUL is valued expensively.
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 ratio is in line with 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.
AZUL's earnings are expected to grow with 30.17% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y41.52%
EPS Next 3Y30.17%

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0

5. Dividend

5.1 Amount

No dividends for AZUL!.
Industry RankSector Rank
Dividend Yield N/A

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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 2025-05-14/bmo
Earnings (Next)08-07 2025-08-07
Inst Owners5.25%
Inst Owner Change-99.11%
Ins OwnersN/A
Ins Owner ChangeN/A
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 NumberN/A
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 FAQ

What is the fundamental rating for AZUL stock?

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


What is the valuation status of Azul SA (AZUL) stock?

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


How profitable is Azul SA (AZUL) stock?

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


How financially healthy is Azul SA?

The financial health rating of Azul SA (AZUL) is 1 / 10.