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Azul USD

Azul S.A. is a Brazilian airline that provides passenger and cargo air transportation services within Brazil and internationally, along with related services such as frequent-flyer programs and aircraft maintenance.

At a glance: strengths & risks
✓Revenue growing (+11% y/y, Q2 2026)✗Profit falling (-205% y/y, Q2 2026)✗Margins compressing (15%→5%, Q2 2026)✗High leverage (4.8x EBITDA)

Sector: Airlines

BR_AZUL

Price chart

4 USDDay 3.63%

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
4 USD · 3.63%
Market cap
1.8 bn USD

Growth

Δ revenue y/y
10.6%
Δ EBITDA y/y
-65.5%

Multiples

P/E (LTM)
4.6x
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
4.2x
EV/EBITDA (ann.)
32.0x

Cash return

Dividend yield
—
FCF yield (LTM)
-16.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+19.1%
↓ details

Liquidity

Daily turnover (listing)
2.4 mln USD

Shares: yahoo_fundamentals_timeseries/AZUL

Financial results

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
2026-06-30Q2 2026 (3M)PARTIAL980.4
y/y 10.6%
-102.1
y/y —
147.1
y/y 7.5%
45.0
y/y -65.5%
-1475.7
y/y -204.8%
-15.3-21.96062.3
y/y 25.7%
-1015.1
y/y —
124.9%3967.4Link
2026-03-31Q1 2026 (3M)PARTIAL1090.5
y/y 13.6%
390.2
y/y 48.1%
130.4
y/y -10.1%
520.6
y/y 27.4%
1199.9
y/y 307.8%
-25.7-21.76211.6
y/y 36.6%
-752.2
y/y —
-158.5%3697.9Link
2025-12-31Q4 2025 (3M)PARTIAL1016.5
y/y 13.2%
402.3
y/y 121.6%
131.1
y/y 13.8%
533.4
y/y 79.7%
-297.7
y/y 58.3%
41.3-45.14316.5
y/y 1.5%
-5302.6
y/y —
-0.4%6362.4Link
2025-09-30Q3 2025 (3M)PARTIAL1066.0
y/y 19.7%
125.2
y/y -29.8%
133.3
y/y 22.7%
258.5
y/y -9.9%
-517.2
y/y -1307.2%
-187.9-10.75133.1
y/y 26.4%
-5092.3
y/y —
20.8%6615.4Link
2025-06-30Q2 2025 (3M)PARTIAL886.5
y/y 19.2%
-6.5
y/y -108.3%
136.8
y/y 25.6%
130.3
y/y -30.5%
263.3
y/y —
43.5-6.44824.2
y/y 18.6%
-4670.6
y/y —
-21.6%5712.2Link
2025-03-31Q1 2025 (3M)PARTIAL959.9
y/y 5.0%
263.5
y/y 68.4%
145.1
y/y 20.8%
408.6
y/y 47.7%
294.2
y/y —
-55.7-8.34546.0
y/y 11.3%
-5062.5
y/y —
-23.6%5888.3Link
2024-12-31Q4 2024 (3M)PARTIAL897.6
y/y -11.5%
181.5
y/y 68.9%
115.2
y/y -4.5%
296.8
y/y 30.1%
-714.3
y/y -6441.5%
158.4-42.94253.1
y/y 0.2%
-4926.5
y/y —
31.4%5698.2Link
2024-09-30Q3 2024 (3M)PARTIAL890.2
y/y -8.6%
178.3
y/y 33.9%
108.7
y/y -12.3%
286.9
y/y 11.6%
21.0
y/y —
120.4-21.24061.6
y/y 4.5%
-4518.3
y/y —
-1.8%5072.2Link
2024-06-30Q2 2024 (3M)PARTIAL743.7
y/y -17.4%
78.6
y/y 23.3%
109.0
y/y -17.9%
187.6
y/y -4.6%
-678.9
y/y —
210.0-45.34068.9
y/y 12.2%
-4663.4
y/y —
60.1%5174.2Link
2024-03-31Q1 2024 (3M)PARTIAL914.3
y/y 1.8%
156.5
y/y 364.3%
120.1
y/y 5.5%
276.6
y/y 87.4%
-205.3
y/y —
-12.3-53.74083.6
y/y 17.0%
-4371.4
y/y —
18.7%5128.5Link
2023-12-31Q4 2023 (3M)PARTIAL1013.7
y/y —
107.5
y/y —
120.7
y/y —
228.1
y/y —
-10.9
y/y —
392.4-73.44243.3
y/y —
-4407.5
y/y —
11.4%4747.7Link
2023-09-30Q3 2023 (3M)PARTIAL974.3
y/y —
133.1
y/y —
124.0
y/y —
257.1
y/y —
-325.1
y/y —
-18.9-16.53885.2
y/y —
-4218.3
y/y —
30.5%4989.1Link
2023-06-30Q2 2023 (3M)PARTIAL900.7
y/y —
63.8
y/y —
132.8
y/y —
196.6
y/y —
152.8
y/y —
125.6-24.03625.0
y/y —
-4167.0
y/y —
-0.5%4574.6Link
2023-03-31Q1 2023 (3M)PARTIAL898.3
y/y —
33.7
y/y —
113.9
y/y —
147.6
y/y —
-147.8
y/y —
209.2-16.43490.8
y/y —
-3957.1
y/y —
—4549.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow after capex (OCF − capex) ($ mln)

-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to -9.87x of reported net profit; after capex, -12.97x. Loss years (2021, 2022, 2023, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit————-9.87x
accruals, % of assets-21.1%-16.9%-28.3%-45.4%5.7%
Last twelve months (to 2025-Q3): -0.57x of profit came back as operating cash flow.
net debt / EBITDA 4.8x · capex 0.9x of depreciation
● Net debt / EBITDA 4.8x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

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

Value created per year: +19.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (45 − 130) × 30.16
-250
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 792 + 3 967) ÷ 1 358
4.2x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (4.2 + 7) ÷ 2
5.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 745 + 0 + 0 − 0
1 745
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-250 × 5.6 + 1 745) ÷ 1 792
+19.1%

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

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA-growth term damped to the multi-year FY trend SIZE but kept the latest period direction (down) - the trend pointed the other way

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +25% vs -18% the year before — a +42.6 pp move. 3-year CAGR +9%.
revenue growth by year: 2023 +24% · 2024 -18% · 2025 +25%
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).

Peer comparison

Group: consumer (Brazil). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Magazine LuizaBrazil0.82.3x
Lojas RennerBrazil1.62.4x
AssaiBrazil1.93.6x
CyrelaBrazil1.24.4x
Vibra EnergiaBrazil6.55.0x
AmbevBrazil41.56.6x
SLC AgricolaBrazil1.86.6x
Group median4.4x
Group average4.4x
This companyBrazil1.84.2x

Group median 4.4x; this company 4.2x — a 5% discount.

Group average 4.4x; against the average this company is at a 5% discount.

At the adjusted group median the market cap would be +21% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Azul — from primary filings.

Frequently asked questions

What is Azul's P/E ratio?
Azul trades at a P/E of 4.6x (price to trailing 12-month earnings).
What is Azul's EV/EBITDA?
Azul trades at 4.2x EV/EBITDA.
What is Azul's return on equity (ROE)?
Azul's ROE is 124.9%.
What is Azul's market capitalization?
Azul's market cap is 1.8 bn USD.

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