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General information

Country: BRAZIL

Sector: Airlines

Azul S.A., together with its subsidiaries, provides passenger and cargo air transportation services in Brazil. As of December 31, 2019, it operated 916 daily flights to 116 destinations through a network of 249 non-stop routes with a fleet of 140 aircraft. The company is also involved in the aircraft financing, package holidays, loyalty programs, and investment fund activities. Azul S.A. was incorporated in 2008 and is headquartered in Barueri, Brazil.
Website: voeazul.com.br



Growth: Good revenue growth rate 120.6%, there is acceleration compared to average historical growth rates 48.4%. The revenue growth dynamics is unstable Site traffic for the last 3 months showed a change of +21.3%

Profitability: LTM EBITDA margin is positive, +14.9%. On average the margin is decreasing steadily. Gross margin is low, +19.2%. In the last quarter the company did not beat the estimated EPS. The company was ahead of estimated EPS in 0% of quarters (showing a gain of -$0.26 per share on average)

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield -46.9% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 64.6% higher than minimum and 77.8% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 5.6x by EV / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: AZUL
Share price, USD:  (+8.6%)6.42
year average price 9.04  


year start price 7.00 2023-05-06

max close price 13.69 2023-06-30

min close price 5.38 2024-04-25

current price 6.42 2024-05-05
Common stocks: 116 930 278

Dividend Yield:  0.0%
FCF Yield LTM: -46.9%
EV / LTM EBITDA: 8.6x
Last revenue growth (y/y):  120.6%
Last growth of EBITDA (y/y):  ---
Historical revenue growth:  48.4%
Historical growth of EBITDA:  9.7%
EV / Sales: 1.3x
Margin (EBITDA LTM / Revenue): 14.9%
Fundamental value created in LTM:
Market Cap ($m): 751
Net Debt ($m): 4 090
EV (Enterprise Value): 4 841
Price to Book: -0.2x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2024-04-18The Motley Fool

Why Azul Stock Lost Altitude This Week

2024-04-16Forbes

Exclusive Interview: Organic Tequila Casa Azul Wins Trademark Lawsuit Against Casa Tradición

2024-04-01Zacks Investment Research

AZUL Incurs Q4 Loss, Misses on Revenues, Tweaks '24 View

2024-01-31Seeking Alpha

Azul Benefiting From Gol Bankruptcy Is Not Certain

2024-01-30Seeking Alpha

Azul Should Benefit From GOL's Chapter 11

2024-01-10Zacks Investment Research

AZUL December Passenger Traffic Increases From 2022 Levels

2023-12-12Zacks Investment Research

AZUL November Passenger Traffic Increases From 2022 Levels

2023-11-29Seeking Alpha

Fundamentals Do Not Justify Azul's Discount To Gol

2023-11-27Green Stock News

Surf Air Mobility ($SRFM) to Electrify Azul Conecta's Cessna Caravan Fleet

2023-11-16Seeking Alpha

Azul Stock: Still A Strong Buy But Watch Oil Prices And Macroeconomics
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AZUL AZUL AZUL AZUL AZUL AZUL
reportedCurrency BRL BRL BRL BRL BRL BRL
cik 1M 1M 1M 1M 1M 1M
fillingDate 2023-12-31 2023-12-08 2023-06-30 2023-03-31 2022-12-31 2022-09-30
acceptedDate 2023-12-29 19:00:00 2023-12-07 20:27:34 2023-06-30 00:00:00 2023-03-31 00:00:00 2022-12-30 19:00:00 2022-09-29 20:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3
revenue 4 905M 4 914M 4 269M 4 478M 4 453M 4 377M
costOfRevenue 4 149M 3 215M 3 109M 3 395M 3 454M 3 507M
grossProfit 756M 1 699M 1 161M 1 084M 1 000M 870M
grossProfitRatio 0.154 0.346 0.272 0.242 0.225 0.199
researchAndDevelopmentExpenses 0 0 0 0 0 0
generalAndAdministrativeExpenses 132M 189M 82M 15M 0 0
sellingAndMarketingExpenses 233M 205M 180M 174M 217M 197M
sellingGeneralAndAdministrativeExpenses 362M 205M 180M 174M 217M 197M
otherExpenses 0 0 0 448M 258M 269M
operatingExpenses 362M 3 957M 569M 622M 475M 466M
costAndExpenses 4 511M 3 957M 3 678M 4 016M 3 929M 3 973M
interestIncome 76M 39M 51M 54M 86M 100M
interestExpense 1 207M 1 330M 1 135M 1 196M 1 248M 1 271M
depreciationAndAmortization 584M 626M 627M 621M 659M 622M
ebitda 978M 957M 1 270M 1 084M 1 184M 1 025M
ebitdaratio 0.199 0.195 0.297 0.242 0.266 0.234
operatingIncome 394M 957M 592M 462M 525M 404M
operatingIncomeRatio 0.080 0.195 0.139 0.103 0.118 0.092
totalOtherIncomeExpensesNet -407M -747M 990M -785M -294M -2 049M
incomeBeforeTax -13M -1 075M 498M -322M 231M -1 645M
incomeBeforeTaxRatio -0.003 -0.219 0.117 -0.072 0.052 -0.376
incomeTaxExpense 40M 660M 1 135M -358M 294M 2 049M
netIncome -53M -1 075M 498M 35M -62M -3 694M
netIncomeRatio -0.011 -0.219 0.117 0.008 -0.014 -0.844
eps -0.150 -3.090 3.520 0.310 -0.540 -31.850
epsdiluted -0.150 -3.090 3.520 0.250 -0.440 -26.360
weightedAverageShsOut 348M 348M 142M 116M 116M 116M
weightedAverageShsOutDil 348M 348M 142M 141M 141M 140M
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finalLink Link

Balance Sheet Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AZUL AZUL AZUL AZUL AZUL AZUL
reportedCurrency BRL BRL BRL BRL BRL BRL
cik 1M 1M 1M 1M 1M 1M
fillingDate 2023-12-31 2023-12-08 2023-06-30 2023-02-10 2022-12-31 2022-09-30
acceptedDate 2023-12-29 19:00:00 2023-12-07 20:27:34 2023-06-30 00:00:00 2023-02-09 19:13:33 2022-12-30 19:00:00 2022-09-29 20:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 540M 1 399M 616M 466M 668M 1 104M
shortTermInvestments 1 357M 121M 514M 0 0 200 000
cashAndShortTermInvestments 1 897M 1 399M 616M 466M 668M 1 104M
netReceivables 1 343M 2 018M 1 607M 1 568M 2 109M 2 473M
inventory 1 020M 752M 723M 719M 722M 679M
otherCurrentAssets 783M 58M 134M 84M 129M 874M
totalCurrentAssets 5 044M 5 931M 4 628M 3 950M 4 872M 5 129M
propertyPlantEquipmentNet 11 307M 9 772M 8 683M 9 320M 9 506M 8 531M
goodwill 901M 901M 901M 901M 901M 0
intangibleAssets 562M 561M 566M 562M 525M 0
goodwillAndIntangibleAssets 1 463M 1 463M 1 468M 1 464M 1 427M 1 397M
longTermInvestments 797M 744M 742M 754M 733M 691M
taxAssets 562M 1 687M 1 593M 0 0 0
otherNonCurrentAssets 1 360M 7M 8M 1 915M 2 184M 2 571M
totalNonCurrentAssets 15 489M 13 674M 12 494M 13 453M 13 849M 13 190M
otherAssets 1.000 0 0 0 0 0
totalAssets 20 533M 19 605M 17 122M 17 402M 18 721M 18 319M
accountPayables 2 278M 1 902M 2 913M 7 294M 2 433M 1 924M
shortTermDebt 4 813M 5 057M 6 349M 1 442M 5 907M 5 813M
taxPayables 138M 119M 130M 135M 194M 126M
deferredRevenue 5 206M 1 348M 1 633M 0 0 0
otherCurrentLiabilities 2 452M 5 757M 5 929M 7 148M 6 716M 7 120M
totalCurrentLiabilities 14 749M 14 064M 16 823M 15 884M 15 056M 14 858M
longTermDebt 8 599M 21 622M 15 875M 17 124M 18 066M 18 790M
deferredRevenueNonCurrent 11 459M 38M 26M 9M 0 0
deferredTaxLiabilitiesNonCurrent 152M 3 690M -26M -9M 0 0
otherNonCurrentLiabilities 6 902M 1 476M 4 107M 4 120M 4 607M 15 855M
totalNonCurrentLiabilities 27 112M 26 827M 19 981M 21 245M 22 673M 23 592M
otherLiabilities 0 0 0 0 0 0
capitalLeaseObligations 11 459M 15 001M 13 475M 9 921M 14 583M 14 374M
totalLiabilities 41 861M 40 891M 36 804M 37 129M 37 729M 38 449M
preferredStock 0 0 0 0 0 0
commonStock 2 315M 2 315M 2 314M 2 314M 2 314M 2 314M
retainedEarnings -25 667M -25 614M -23 999M -24 023M -23 287M -24 393M
accumulatedOtherComprehensiveIncomeLoss 2 033M 2 022M 2 016M 1 996M 1 975M 1 951M
othertotalStockholdersEquity -8M -8M -12M -13M -10M -3M
totalStockholdersEquity -21 328M -21 286M -19 682M -19 727M -19 008M -20 131M
totalEquity -21 328M -21 286M -19 682M -19 727M -19 008M -20 131M
totalLiabilitiesAndStockholdersEquity 20 533M 19 605M 17 122M 17 402M 18 721M 18 319M
minorityInterest 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 20 533M 19 605M 17 122M 17 402M 18 721M 18 319M
totalInvestments 2 154M 744M 742M 754M 733M 691M
totalDebt 24 871M 26 679M 22 223M 18 566M 23 973M 24 603M
netDebt 24 331M 25 280M 21 607M 18 100M 23 304M 23 499M
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Cash Flow Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol AZUL AZUL AZUL AZUL AZUL AZUL
reportedCurrency BRL BRL BRL BRL BRL BRL
cik 1M 1M 1M 1M 1M 1M
fillingDate 2023-12-31 2023-12-08 2023-06-30 2023-03-31 2022-12-31 2022-09-30
acceptedDate 2023-12-29 19:00:00 2023-12-07 20:27:34 2023-06-30 00:00:00 2023-03-31 00:00:00 2022-12-30 19:00:00 2022-09-29 20:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3
netIncome -53M -1 615M 24M -737M 1 106M -2 015M
depreciationAndAmortization 584M 626M 627M 568M 573M 521M
deferredIncomeTax 40M 344M -22M -21M 0 0
stockBasedCompensation 14M 15M 22M 21M 0 0
changeInWorkingCapital 1 396M -867M 237M 376M 347M -177M
accountsReceivables 619M -260M 84M 439M 171M -658M
inventory -123M -99M -202M 2M -159M 0
accountsPayables 2 135M -231M 629M 349M 1 067M -59M
otherWorkingCapital -1 234M -277M -274M -415M -732M 539M
otherNonCashItems -1 246M 1 402M -294M 836M -1 193M 1 731M
netCashProvidedByOperatingActivities 2 184M -96M 593M 1 043M 833M 60M
investmentsInPropertyPlantAndEquipment -355M -170M -222M -82M -427M -494M
acquisitionsNet 0 0 0 0 30M 0
purchasesOfInvestments 0 0 0 0 0 0
salesMaturitiesOfInvestments 6M 0 0 0 0 0
otherInvestingActivites 210M -257M 0 0 171M 640M
netCashUsedForInvestingActivites -145M -426M -222M -82M -225M 145M
debtRepayment -967M -2 588M -821M -735M -901M -1 158M
commonStockIssued -8000.000 800 000 819 000 0 100 000 0
commonStockRepurchased 26 000 -4M 0 -3M -3M 0
dividendsPaid 0 0 0 0 0 0
otherFinancingActivites 112M 4 303M 600M -425M -125M 0
netCashUsedProvidedByFinancingActivities -1 535M 1 240M -220M -1 163M -1 029M -1 158M
effectOfForexChangesOnCash -6M 65M -2M -600 000 -15M 23M
netChangeInCash -1 008M 783M 150M -202M -435M -930M
cashAtEndOfPeriod 540M 1 399M 616M 466M 668M 1 104M
cashAtBeginningOfPeriod 1 549M 616M 466M 668M 1 104M 2 034M
operatingCashFlow 2 184M -96M 593M 1 043M 833M 60M
capitalExpenditure -355M -170M -222M -82M -427M -494M
freeCashFlow 1 829M -265M 372M 961M 406M -434M
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Earning call transcript

2024 q1
2024-03-28 ET (fiscal 2023 q4)
2023 q3
2023-11-14 ET (fiscal 2023 q3)
2023 q2
2023-08-10 ET (fiscal 2023 q2)
2023 q1
2023-05-15 ET (fiscal 2023 q1)
2022 q4
2023-03-06 ET (fiscal 2022 q4)
2022 q3
2022-11-14 ET (fiscal 2022 q3)
2022 q2
2022-08-11 ET (fiscal 2022 q2)
2022 q1
2022-05-09 ET (fiscal 2022 q1)

Press-releases

Show financial reports only

2024-03-18 16:48 ET
Azul TecOps Gains EASA Approval for Maintenance Services of European Union-Registered Aircraft  
2024-02-01 13:24 ET
Azul is once again recognized by its Successful Capital Optimization Plan concluded in 2023
2024-01-25 16:24 ET
Azul Airlines and Silver Airways announce a codeshare agreement for flights between Brazil and the United States
2023-12-04 13:07 ET
Azul is included in B3's Corporate Sustainability Index (ISE B3) for Third Consecutive Year
2023-11-27 13:00 ET
Surf Air Mobility and Azul Conecta Enter Agreement to Incorporate Electric Powertrains into Azul’s Cessna Caravan Fleet
2023-11-16 14:00 ET
Azul and Navitaire Renew Partnership
2023-08-17 12:38 ET
Azul Announces the Results of its Mandatory Repurchase Offer to Purchase up to U.S.$55,900,850 in Aggregate Principal Amount of its Outstanding 11.500% Senior Secured Second Out Notes due 2029
2023-07-20 23:49 ET
Azul Announces the Launch of a Mandatory Repurchase Offer to Purchase up to U.S.$55,900,850 in Aggregate Principal Amount of its Outstanding 11.500% Senior Secured Second Out Notes due 2029
2023-07-13 11:03 ET
Azul Announces Expiration and Final Results of Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures
2023-07-12 13:09 ET
Azul Announces the Launch of Senior Secured Notes Offering due 2028
2023-07-12 10:00 ET
Azul Announces Expected Settlement Date for the Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures
2023-06-28 12:08 ET
Azul Announces an 86% Acceptance Rate for Its Exchange Offers
2023-06-28 11:00 ET
Azul Announces Early Participation Results for the Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures
2023-06-13 12:14 ET
Azul Announces Exchange Offers of Certain Existing Notes for New Notes and Solicitations of Consents to Proposed Amendments to the Existing Indentures
2023-05-08 15:41 ET
Azul Airlines and United Airlines Expand Codeshare Arrangements to Include Six New U.S. Destinations 
2023-04-20 18:10 ET
Azul Launches Azul TecOps - Aircraft Maintenance, Repair and Overhaul services
2023-04-20 13:24 ET
Azul Files Form 20-F Report for the Fiscal Year Ended 2022
2023-02-17 14:37 ET
Azul announces Nonstop flights to Paris
2023-01-26 14:30 ET
FLYR and Azul Partner on Revenue Optimization Initiatives
2022-09-29 13:00 ET
AZUL AIRLINES PARTNERS WITH FETCHERR TO PILOT DEMAND PREDICTION AND ALGO PRICING PLATFORM
2022-08-18 18:08 ET
Azul was the most on-time airline in the world in July
2022-05-09 13:28 ET
Azul Reports Record First Quarter 2022 Revenue 25.6% Above 1Q19
2022-05-02 13:39 ET
AZUL FILES ANNUAL REPORT ON FORM 20-F FOR THE YEAR ENDED DECEMBER 31, 2021
2022-03-11 17:04 ET
Azul to raise funds for Ukrainian people
2022-02-09 21:01 ET
Innovation: Azul Cargo introduces the world's first Class-F freighter aircraft
2021-08-02 05:00 ET
Lilium holds Capital Markets Day, announces plan for $1 billion commercial deal & strategic alliance with leading Brazilian airline Azul and the appointment of new board members following business combination with Qell
2021-07-28 20:49 ET
Azul Cargo now delivers to more than one thousand cities in all 26 Brazilian states within 48h
2021-06-07 12:16 ET
Azul Files Form 20-F Report for the Fiscal Year End 2020
2021-05-25 00:58 ET
Azul Statement on the LATAM Codeshare and Potential Industry Consolidation
2021-04-22 15:37 ET
Azul Brazilian Airlines Nominates Peter Seligmann as Newest Board Member
2021-02-03 21:30 ET
Azul Cargo Revenue Grows 64% in 4Q20
2020-12-08 14:57 ET
Azul Reports November 2020 Traffic
2020-11-16 20:23 ET
Seabury Securities Advises Azul S.A. US$325 Million Convertible Debentures Placement
2020-11-15 21:55 ET
Azul S.A. Statement on the Successful Settlement of Public Convertible Debentures
2020-08-12 13:16 ET
Azul and Latam commence codeshare in Brazil
2020-07-28 14:00 ET
Azul is elected Best Airline in the World by Tripadvisor
2020-01-06 23:06 ET
Azul Reports December 2019 Traffic
2019-12-16 16:30 ET
Azul begins operating flights from Belo Horizonte to Fort Lauderdale, USA
2019-12-06 13:00 ET
Azul Reports November 2019 Traffic
2019-11-12 19:50 ET
Azul receives the first Airbus A321neo in Brazil
2019-11-07 11:20 ET
Azul Reports Third Quarter Results
2019-11-06 22:51 ET
Azul Reports October 2019 Traffic

SEC forms

Show financial reports only

SEC form 6
2024-03-28 09:06 ET
Azul published news for 2023 q4
SEC form 6
2024-03-28 08:54 ET
Azul published news for 2023 q4
SEC form 6
2024-03-28 08:51 ET
Azul published news for 2023 q4
SEC form 6
2024-03-05 18:24 ET
Azul published news for 2023 q4
SEC form 6
2024-02-05 18:45 ET
Azul published news for 2023 q4
SEC form 6
2024-02-05 08:06 ET
Azul published news for 2023 q4
SEC form 6
2024-02-05 08:03 ET
Azul published news for 2023 q4
SEC form 6
2024-01-10 07:11 ET
Azul published news for 2023 q4
SEC form 6
2023-12-26 16:57 ET
Azul published news for 2023 q3
SEC form 6
2023-12-04 07:48 ET
Azul published news for 2023 q3
SEC form 6
2023-11-30 16:53 ET
Azul published news for 2023 q3
SEC form 6
2023-11-14 07:56 ET
Azul published news for 2023 q3
SEC form 6
2023-11-14 07:53 ET
Azul published news for 2023 q3
SEC form 6
2023-11-14 07:44 ET
Azul published news for 2023 q3
SEC form 6
2023-11-09 20:02 ET
Azul published news for 2023 q3
SEC form 6
2023-10-02 08:42 ET
Azul published news for 2023 q3
SEC form 6
2023-09-15 14:31 ET
Azul published news for 2023 q2
SEC form 6
2023-09-11 18:09 ET
Azul published news for 2023 q2
SEC form 6
2023-08-17 20:03 ET
Azul published news for 2023 q2
SEC form 6
2023-08-10 08:23 ET
Azul published news for 2023 q2
SEC form 6
2023-08-08 19:03 ET
Azul published news for 2023 q2
SEC form 6
2023-07-14 19:03 ET
Azul published news for 2023 q2
SEC form 6
2023-07-14 18:00 ET
Azul published news for 2023 q2
SEC form 6
2023-07-13 21:16 ET
Azul published news for 2023 q2
SEC form 6
2023-07-12 08:45 ET
Azul published news for 2023 q2
SEC form 6
2023-07-07 08:55 ET
Azul published news for 2023 q2
SEC form 6
2023-06-28 07:32 ET
Azul published news for 2023 q1
SEC form 6
2023-06-13 08:29 ET
Azul published news for 2023 q1
SEC form 6
2023-06-13 08:26 ET
Azul reported for 2023 q1
SEC form 6
2023-06-13 08:22 ET
Azul published news for 2023 q1
SEC form 6
2023-06-01 17:55 ET
Azul published news for 2023 q1
SEC form 6
2023-05-15 08:02 ET
Azul published news for 2023 q1
SEC form 6
2023-05-15 07:59 ET
Azul published news for 2023 q1
SEC form 6
2023-05-15 07:57 ET
Azul published news for 2023 q1
SEC form 6
2023-05-10 19:12 ET
Azul published news for 2023 q1
SEC form 6
2023-04-19 21:55 ET
Azul published news for 2023 q1
SEC form 6
2023-04-19 21:41 ET
Azul published news for 2023 q1
SEC form 6
2023-04-07 13:39 ET
Azul published news for 2023 q1
SEC form 6
2023-03-09 17:26 ET
Azul published news for 2022 q4
SEC form 6
2023-03-06 06:02 ET
Azul published news for 2022 q4
SEC form 6
2023-02-09 19:13 ET
Azul published news for 2022 q4
SEC form 6
2023-01-17 06:18 ET
Azul published news for 2022 q4