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Azul USD

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Sector: Airlines

BR_AZUL

Price chart

8.82 USDDay 3.40%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
8.82 USD · 3.40%
Market cap
7.9 bn USD

Growth

Δ revenue y/y
1.4%
Δ EBITDA y/y
-70.5%

Multiples

P/E (LTM)
354.0x
P/B (FY)
—
P/E (ann.)
1.8x
EV/EBITDA (LTM)
7.6x
EV/EBITDA (ann.)
19.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-4.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-253.5%
↓ details

Liquidity

Daily turnover (listing)
1.7 mln USD

Shares: yahoo_fundamentals_timeseries/AZUL

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 2 / Err: 3 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-12-31 FY✓OK
2024-12-31 FY✓OK
2025-03-31 Q1⚠Warn 1
2025-06-30 Q2⚠Warn 3
2025-09-30 Q3✗Errors 1
2025-12-31 FY✗Errors 1Warn 1
2025-12-31 Q4✓OK
2026-03-31 Q1✗Errors 1Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK978.1
y/y 1.4%
120.8
y/y -54.4%
0.4
y/y -99.7%
121.3
y/y -70.5%
1076.2
y/y 264.1%
-23.0-24.85571.3
y/y 22.0%
-674.7
y/y —
-146.8%1363.1Link
2025-12-31Q4 2025 (3M)OK2842.9
y/y —
652.1
y/y —
410.4
y/y —
1062.5
y/y —
266.6
y/y —
-27.8-112.74225.5
y/y -13.3%
-5190.8
y/y —
-0.4%4015.9Link
2025-09-30Q3 2025 (3M)OK1025.5
y/y —
120.4
y/y —
128.2
y/y —
248.7
y/y —
-475.5
y/y —
-180.3-21.04938.4
y/y —
-4899.2
y/y —
6.8%3615.2Link
2025-06-30Q2 2025 (3M)OK883.5
y/y —
67.9
y/y —
136.4
y/y —
204.3
y/y —
231.2
y/y —
43.8-10.34808.1
y/y —
-4655.0
y/y —
-19.0%2860.6Link
2025-03-31Q1 2025 (3M)OK964.3
y/y —
264.7
y/y —
145.7
y/y —
410.4
y/y —
295.6
y/y —
-56.0-25.84567.1
y/y —
-5085.9
y/y —
-22.0%2972.6Link
2024-12-31FY 2024 (12M)OK3623.7
y/y -2.5%
629.2
y/y 89.2%
475.8
y/y -1.2%
1105.1
y/y 35.8%
-1698.3
y/y —
517.2-277.24876.1
y/y 18.6%
-5648.1
y/y —
34.2%2775.1Link
2023-12-31FY 2023 (12M)OK3715.0
y/y —
332.6
y/y —
481.4
y/y —
814.0
y/y —
-476.6
y/y —
688.7-194.74111.1
y/y —
-4270.3
y/y —
—1860.9Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-400-20002004006002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01 0002 0003 0004 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +7% vs -2% the year before — a +9.2 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 +20% · 2024 -2% · 2025 +7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -213.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (121 − 410) × 7.34
-2 123
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (7 902 + 1 363) ÷ 890
10.4x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (10.4 + 7) ÷ 2
8.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 610 + 0 + 0 − 0
1 610
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-2 123 × 8.7 + 1 610) ÷ 7 902
-213.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://ri.voeazul.com.br/en/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)