olivLaw · US equity research
Azul S.A. AZUL
Air Transportation, Scheduled · SIC 4512 · Vertical: Air Transportation, Scheduled (SIC 4512)
Azul S.A. is the largest airline in Brazil by cities served, running a domestic and regional network with cargo, loyalty and vacation businesses alongside. It completed a voluntary reorganisation under Chapter 11 in 2025 and emerged in February 2026, so its post-restructuring financial trajectory matters to investors. Net revenue reached R$21.6 billion in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Azul S.A. (AZUL) stock was 4.86 USD (+10.20% on the day), with 52-week range 3.46–9.83 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 2.98 – 8.25
- in the lower half of the band · %B 0.36 · band width 93.9%
- SMA 50 / 200
- 6.46 / unavailable
- MACD (12, 26, 9)
- -0.75 / -0.66
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −35.3% | −1.1% | −34.2 pp | — |
| 3 months | −43.8% | −0.5% | −43.4 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | +2.3% |
| 3 years | unavailable | +76.4% | unavailable | +65.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.1 bn | 11.4 bn | 5.7 bn | 10.0 bn | 15.9 bn | 18.6 bn | 19.5 bn | 21.6 bn |
| Revenue YoY | +17.6% | +26.3% | −49.8% | +73.7% | +59.9% | +16.3% | +5.2% | +10.8% |
| Net income | -635.7 m | -2.4 bn | -10.8 bn | -4.2 bn | -722.4 m | -2.4 bn | -9.2 bn | 124.9 m |
| Net income YoY | −249.8% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -7.0% | -21.0% | -188.6% | -42.2% | -4.5% | -12.8% | -46.9% | 0.6% |
| Free cash flow | 678.5 m | 1.2 bn | 633.2 m | -934.9 m | 1.8 bn | 3.0 bn | 2.1 bn | -1.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 991.6 m BRL
- Financial debt
- 9.3 bn BRL
- Net debt
- 8.3 bn BRL
- Equity
- -29.0 bn BRL
- Total assets
- 23.6 bn BRL
- Debt / equity
- unavailable
- Current ratio
- 0.21x
- ROE
- unavailable
- ROA
- 0.5%
- FCF margin
- -6.6%
Financial statements (source on every figure)
Revenue and net income (BRL)
Margins
Income statement · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.7 bn | 10.0 bn | 15.9 bn | 18.6 bn | 19.5 bn | 21.6 bn | SEC (XBRL)· 03 Apr 2026verified |
| Operating income | -1.4 bn | 54.8 m | 1.4 bn | 1.7 bn | 3.4 bn | 4.3 bn | SEC (XBRL)· 03 Apr 2026verified |
| Depreciation & amortisation | 1.8 bn | 1.5 bn | 2.1 bn | 2.4 bn | 2.6 bn | 3.0 bn | SEC (XBRL)· 03 Apr 2026verified |
| EBITDA | 406.5 m ≈ | 1.6 bn ≈ | 3.5 bn ≈ | 4.1 bn ≈ | 6.0 bn ≈ | 7.3 bn ≈ | SEC (XBRL)· 03 Apr 2026derived |
| Interest expense | 2.5 bn | 3.8 bn | 4.8 bn | 5.6 bn | 5.2 bn | 10.3 bn | SEC (XBRL)· 03 Apr 2026verified |
| Pre-tax income | -11.1 bn | -4.2 bn | -722.4 m | -2.3 bn | -9.2 bn | 124.9 m | SEC (XBRL)· 03 Apr 2026verified |
| Income tax | -242.5 m | 0 | 0 | 39.5 m | -38.8 m | 12.0 k | SEC (XBRL)· 03 Apr 2026verified |
| Net income | -10.8 bn | -4.2 bn | -722.4 m | -2.4 bn | -9.2 bn | 124.9 m | SEC (XBRL)· 03 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.1 bn | 3.1 bn | 668.3 m | 1.9 bn | 1.2 bn | 991.6 m | SEC (XBRL)· 03 Apr 2026verified |
| Receivables | 875.4 m | 997.9 m | 1.8 bn | 1.1 bn | 1.8 bn | 2.7 bn | SEC (XBRL)· 03 Apr 2026verified |
| Inventories | 402.6 m | 571.9 m | 721.7 m | 799.2 m | 943.6 m | 972.5 m | SEC (XBRL)· 03 Apr 2026verified |
| Current assets | 5.4 bn | 5.8 bn | 4.9 bn | 5.0 bn | 5.7 bn | 6.3 bn | SEC (XBRL)· 03 Apr 2026verified |
| Property, plant & equipment, net | 1.8 bn | 2.0 bn | 2.0 bn | 2.3 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 03 Apr 2026verified |
| Goodwill | 810.9 m | — | — | — | — | — | SEC (XBRL)· 30 Apr 2021verified |
| Total assets | 15.8 bn | 18.5 bn | 18.7 bn | 20.5 bn | 26.3 bn | 23.6 bn | SEC (XBRL)· 03 Apr 2026verified |
| Accounts payable | 2.2 bn | 1.5 bn | 2.5 bn | 2.3 bn | 4.1 bn | 3.9 bn | SEC (XBRL)· 03 Apr 2026verified |
| Long-term debt | 6.5 bn | 7.2 bn | 6.1 bn | 8.6 bn | 12.8 bn | 9.3 bn | SEC (XBRL)· 03 Apr 2026verified |
| Current liabilities | 10.2 bn | 11.7 bn | 15.1 bn | 14.7 bn | 21.3 bn | 29.5 bn | SEC (XBRL)· 03 Apr 2026verified |
| Equity | -14.1 bn | -18.3 bn | -19.0 bn | -21.3 bn | -30.4 bn | -29.0 bn | SEC (XBRL)· 03 Apr 2026verified |
Cash flow · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 976.2 m | -310.6 m | 2.4 bn | 3.4 bn | 2.8 bn | -1.2 bn | SEC (XBRL)· 03 Apr 2026verified |
| Capex | 343.1 m | 624.3 m | 624.2 m | 464.4 m | 681.3 m | 198.4 m | SEC (XBRL)· 03 Apr 2026verified |
| Free cash flow | 633.2 m ≈ | -934.9 m ≈ | 1.8 bn ≈ | 3.0 bn ≈ | 2.1 bn ≈ | -1.4 bn ≈ | SEC (XBRL)· 03 Apr 2026derived |
| Investing cash flow | -403.8 m | -684.9 m | -639.9 m | -874.5 m | -1.6 bn | -573.4 m | SEC (XBRL)· 03 Apr 2026verified |
| Financing cash flow | 933.5 m | 812.6 m | -4.2 bn | -1.4 bn | -1.9 bn | 1.7 bn | SEC (XBRL)· 03 Apr 2026verified |
| Share repurchases | 0 | 16.2 m | 3.9 m | 6.8 m | 2.6 m | 4.0 k | SEC (XBRL)· 03 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.6% | 33 (vs peers) | 15% |
| FCF conversion · Quality | -1,146.1% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | 10.7% | 89 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.1x | 60 (vs peers) | 25% |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth· partial89/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AZUL SA (AZUL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 21.6 bn BRL in 2025; YoY growth 10.8%; net margin 0.6%; net debt/EBITDA 1.1x.
The estimated value range is 18.93–42.27 BRL per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.7%
What contradicts it
- FCF conversion: -1,146.1%
- Interest coverage: 0.4x
- Current ratio: 0.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Air Transportation, Scheduled (SIC 4512) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LTMLATAM Airlines Group S.A. | 27,436.0 bn | 19,289.5 | 141.1% | 10.2% | +11.2% | −1% / unavailable |
| RYAAYRyanair Holdings plc | 61.6 bn | 40.6 | — | — | +3.8% | −13% / +25% |
| DALDelta Air Lines, Inc. | 58.7 bn | 17.8 | 15.9% | 4.6% | +2.8% | +39% / +142% |
| UALUnited Airlines Holdings, Inc. | 37.6 bn | 10.6 | 22.3% | 5.5% | +3.5% | +14% / +194% |
| LUVSouthwest Airlines Co | 22.7 bn | 22.9 | 13.9% | 3.3% | +2.1% | +33% / +82% |
| AALAmerican Airlines Group Inc. | 9.0 bn | — | — | -0.8% | +0.8% | −3% / +10% |
| CPACopa Holdings, S.A. | 6.0 bn | 9.0 | 26.1% | 18.6% | +5.0% | +20% / +57% |
| ALKAlaska Air Group, Inc. | 4.5 bn | — | -4.6% | -1.2% | +21.3% | −7% / +6% |
| SKYWSkywest Inc | 3.1 bn | 8.0 | 15.1% | 9.7% | +15.0% | −19% / +74% |
| ALGTAllegiant Travel Co | 2.2 bn | 56.7 | 1.8% | 0.9% | +3.7% | +7% / +19% |
| ULCCFrontier Group Holdings, Inc. | 1.6 bn | — | -175.4% | -8.9% | −1.4% | +55% / +81% |
| JBLUJetblue Airways Corp | 1.3 bn | — | -55.4% | -10.0% | −2.3% | −22% / −19% |
| RJETRepublic Airways Holdings Inc. | 958.4 m | 9.6 | 7.5% | 4.6% | +13.7% | +2% / +90% |
| FJETStarfighters Space, Inc. | 46.8 m | — | -94.2% | — | unavailable | unavailable / unavailable |
| AZULAzul SA | — | — | — | 0.6% | +10.8% | unavailable / unavailable |
1- and 3-year price returns: for AZUL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Apr 2026; since then the company filed 6-K (26 Oct 2026), 6-K (21 Oct 2026), 6-K (07 Oct 2026), 6-K (30 Sept 2026), 6-K (14 Aug 2026), 6-K (10 Jul 2026).
In brief
Azul S.A. is the largest airline in Brazil by cities served, running a domestic and regional network with cargo, loyalty and vacation businesses alongside. It completed a voluntary reorganisation under Chapter 11 in 2025 and emerged in February 2026, so its post-restructuring financial trajectory matters to investors. Net revenue reached R$21.6 billion in fiscal 2025 1.
SWOT
Strengths
- The largest network in Brazil, leading positions on most routes, and a young fleet that supports a lower cost per trip 1.
- A loyalty programme with a large member base and complementary cargo and tourism divisions that diversify revenue 1.
- High punctuality and a recognised brand among customers, supported by NPS scores and awards 1.
Weaknesses
- The voluntary reorganisation under Chapter 11 strained relations with creditors, suppliers and employees 1.
- Post-reorganisation financials are not comparable with earlier periods because fresh-start accounting was not applied 1.
- Exposure to fuel and dollar costs makes results sensitive to price and currency moves 1.
Opportunities
- Growth in air travel demand and credit card penetration could support the loyalty programme and vacation revenue 1.
- Fleet renewal with more efficient aircraft could sustain the cost-per-trip advantage and lower unit costs 1.
- Wider codeshare partnerships could give passengers connections to more international destinations 1.
Threats
- An economic recession or political instability in Brazil could reduce business and leisure travel spending 1.
- Geopolitical tensions and trade disputes could raise fuel and financing costs 1.
- Government intervention in pricing, taxes and regulation could affect the company's ability to generate revenue 1.
Risks
- Reorganisation assumptionshigh
The reorganisation plan rests on assumptions and projections that may not materialise, and actual results could differ significantly 1.
- Access to financinghigh
The company may need additional funds, and access to financing could be limited or costly 1.
- Claims not dischargedmedium
Certain claims not discharged through the reorganisation could be asserted against the company after emergence 1.
- Fuel costsmedium
Fuel prices are volatile and depend on oil and the exchange rate, which could hurt margins if hedging is insufficient 1.
- New governancemedium
The new Strategy Committee may change decision-making and strategic priorities, with uncertain results 1.
Investment thesis
What would need to be true (bull case)
- If air travel demand stays strong and the company keeps its cost advantage, profitability could improve as the balance sheet strengthens 1.
- The wide network and loyalty programme could produce steadier revenue, especially if the cargo and vacation divisions keep growing 1.
- Emergence from Chapter 11 and stronger liquidity could support fleet investment and route expansion 1.
What would break the thesis
- If the reorganisation plan fails to meet its goals, the company could remain with a fragile capital structure and limited access to capital 1.
- Higher fuel costs or a weaker real could compress margins, especially if fares cannot be raised quickly 1.
- A slowdown in the Brazilian economy could reduce flight demand and pressure revenue per passenger 1.
What to watch
- Revenue and margin trends after the reorganisationQ1 2027
- Updates on capital structure and access to financing2027
- Fuel cost and real/dollar exchange rate developmentsQ1 2027
- Strategy Committee decisions and fleet plansnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Apr 2026; since then the company filed 6-K (26 Oct 2026), 6-K (21 Oct 2026), 6-K (07 Oct 2026), 6-K (30 Sept 2026), 6-K (14 Aug 2026), 6-K (10 Jul 2026).
The business
Azul is a Brazilian airline founded in 2008 that operates around 970 daily departures to 160 destinations, with more than 390 non-stop routes 1. The company focuses on domestic and regional flying using a young fleet of ATR, Embraer E-Jets and Airbus aircraft, and it also offers cargo, a loyalty programme and tourism services 1. Net revenue in fiscal 2025 was R$21.6 billion and it carried about 30 million passengers 1.
The company filed for protection under Chapter 11 in 2025 and, after plan confirmation and emergence on 20 February 2026, implemented the main restructuring measures 1. These measures strengthened its capital structure and liquidity position 1. Governance changed with an autonomous Strategy Committee, which could alter future strategic priorities 1.
Segments
Market context
Trends
- Demand for air traveltailwind
Passenger demand grew faster than supply in 2025, which supports fares and load factors 1.
- Fuel costsheadwind
Fuel is the largest expense and depends on oil prices and the exchange rate; high prices could compress margins if they cannot be passed on to customers 1.
- Real/dollar exchange ratemixed
Most revenue is in reais, but a meaningful part of costs is dollar-linked, including fuel and maintenance; a weaker real could affect profitability 1.
- Economy and interest ratesmixed
High interest rates and inflation can reduce travel spending and credit access, but a better economic cycle could support demand 1.
Competitive position
Azul competes with Gol and LATAM, which serve fewer destinations but operate larger aircraft on key routes 1. At 31 December 2025 Azul's network overlapped 16% with Gol and 14% with LATAM, and at Viracopos only 3 of 71 domestic destinations faced direct competition 1.
The main competitive factors are fares, flight schedules, aircraft type, route count, customer service and loyalty programmes 1. Azul's advantage lies in its wide network and fleet matched to the market, but rivals can respond with pricing and promotions 1.
- Gol Linhas Aéreas
Main domestic rival in Brazil with a smaller network and larger aircraft, per the annual report 1.
- LATAM Airlines
Major rival in the Brazilian market with a narrower destination network than Azul at year-end 2025 1.
- TAP Air Portugal
Codeshare partner giving passengers connections to additional international destinations 1.
- United Airlines
Codeshare partner that extends international connectivity for Azul passengers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Java News Roundup: JDK 28 Schedule, Oracle CPUs, eMudhra Certs, Apache POI, WildFly, Azul, BellSoftInfoQ · 26 Oct 2026 · EN
- Java News Roundup: JEPs for JDK 28, Azul Payara, Gatherers4j, Google ADK, Yupiik, Apache Camel CVEsInfoQ · 19 Oct 2026 · EN
- Java News Roundup: JDK 27, Open J Proxy, A2A Jakarta, Azul Payara, BoxLang, Netflix jaInfoQ · 21 Sept 2026 · EN
- Java News Roundup: GraalVM, Jakarta Data, JNoSQL, Azul Payara, WildFly, Quarkus, AtmosphereInfoQ · 31 Aug 2026 · EN
SEC filings
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)09 Jun 2026
- Current report (foreign issuer)26 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Azul S.A. · 03 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.