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AZUL · NYSE · United States · Air Transportation, Scheduled
In shortAZUL SA is profitable.
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 19.8% | 83/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 0.6% | 22/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | – | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | – | n/a |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.21× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | – | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 3.01× | 28/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 0.42× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -10.57 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -6.6% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -11.46× | 0/100 |
| Years with positive free cash flow (last 5) | 3 of 5 | 50/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 31.5% | 0/100 |
| Operating margin volatility | 7.7% | 39/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 9.6% | 70/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
BRL millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 10,403 | 16,534 | 18,717 | 19,632 | 21,784 |
| Operating income | 55 | 1,430 | 1,661 | 3,391 | 4,321 |
| Interest expense | 3,838 | 4,794 | 5,609 | 5,247 | 10,295 |
| Pre-tax income | (4,213) | (722) | (2,341) | (9,190) | 125 |
| Income tax | 0 | 0 | 40 | (39) | 0 |
| Net income | (4,213) | (722) | (2,380) | (9,151) | 125 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
−10.57 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
4/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 3, 2026