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Brazilian airline operating domestic and international passenger flights, with a strong presence in mid-size Brazilian cities.
Brazilian airline operating domestic and international passenger flights, with a strong presence in mid-size Brazilian cities.
Earns from ticket sales and cargo, with many routes into mid-size Brazilian cities where no other airline flies, which supports fares there. Costs for fuel and aircraft leases are largely in dollars while fares are in reais, so the exchange rate matters.
Moat: narrow (installed base, distribution). Largest route network by cities served in Brazil, including many under-served secondary markets.
Headquarters: Barueri, Brazil · Founded: 2008 · Employees: 14,674
Size Azul S.A. Sponsored ADR (AZUL) is a United States Industrials company (Airlines) with a market value of $915M, the 2304th largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.36 on 6 Nov 2026.
Performance Over six months the shares gained 86.3%, against +5.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +10.3%); the operating margin is 13.6% (peer median 4.7%).
Valuation It trades at 13.3× forward earnings against a peer median of 13.2× (8th most expensive of 16).
Capital Return on invested capital runs 7.2 points above its cost of capital (8.0% WACC).
Short interest Short interest is 0.1% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.11B | $3.87B | $3.62B | $3.71B | $3.09B |
| Revenue growth | — | +7% | -2% | +20% | — |
| Gross profit | $863M | $1.07B | $939M | $625M | $318M |
| EBITDA | $1.10B | $1.31B | $1.14B | $843M | $517M |
| Net income | $315M | $22.3M | -$1.70B | -$477M | -$140M |
| Free cash flow | -$279M | -$256M | $391M | $596M | $229M |
| Capital expenditure | $98.4M | $69.2M | $170M | $127M | $281M |
| Total debt | $4.14B | $6.54B | $5.91B | $5.12B | $4.40B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Azul S.A. Sponsored ADR AZUL | $915M | +86% | +12% | 14% | 13.3× | n/a |
| LATAM Airlines Group SA Sponsored ADR LTM | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AZUL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.7% | +7.9% | lowest of 21 |
| 6-month return | +86.3% | +5.5% | highest of 21 |
| Distance from 52-week high | -100.0% | -25.7% | lowest of 21 |
| Revenue growth (TTM) | +12.0% | +10.3% | 8th highest of 21 |
| Operating margin | 13.6% | 4.7% | 3rd highest of 21 |
| Forward P/E | 13.3× | 13.2× | 8th most expensive of 16 |
| ROIC minus cost of capital | +7.2 pp | -1.5 pp | 4th highest of 21 |
| EV / EBITDA | 4.4× | 5.1× | 6th cheapest of 14 |
| Net debt / EBITDA | 3.5× | 2.2× | 8th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Azul S.A. Sponsored ADR AZUL | United States | $915M | +86% | +12% | 14% | 13.3× | n/a | n/a |
| Republic Airways RJET | United States | $942M | -12% | +438% | 11% | n/a | 2.8% | +25.2% |
| Controladora Vuela Compania de Aviacion SAB de CV Sponsored ADR VLRS | United States | $850M | +3% | +19% | -5% | n/a | -13.7% | +23.8% |
| Tigerair Taiwan 6757.TW | Taiwan | $753M | +8% | +13% | 19% | 9.8× | -20.2% | +55.1% |
| Finnair FIA1S.HE | Finland | $1.14B | +38% | +11% | 4% | 9.4× | -9.6% | +30.2% |
| Asiana Airlines 020560.KS | South Korea | $1.21B | +13% | -17% | -12% | n/a | n/a | n/a |
| China Express Airlines 002928.SZ | China | $1.34B | -12% | +4% | -17% | 155.2× | n/a | n/a |
| JetBlue Airways JBLU | United States | $1.38B | -28% | +10% | -6% | n/a | n/a | n/a |
| CITIC Offshore Helicopter 000099.SZ | China | $1.41B | -31% | -9% | 12% | 30.3× | 1.8% | +7.5% |
| Norwegian Air Shuttle NAS.OL | Norway | $1.47B | -11% | +3% | 6% | 22.0× | -16.5% | +35.8% |
| Wizz Air WIZZ.L | United Kingdom | $1.48B | +8% | +11% | -2% | n/a | 3.4% | +49.5% |
| Virgin Australia VGN.AX | Australia | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% | +4.9% |
| Chorus Aviation CHR.TO | Canada | $505M | +30% | -4% | 7% | 13.2× | 2.2% | +6.8% |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1,818.4× | 31.6% | +24.4% |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 52.3× | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 16.8× | n/a | n/a |
| Jejuair 089590.KS | South Korea | $379M | +20% | +12% | -1% | 8.9× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 7.5× | 2.2% | +13.8% |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 69.5× | 0.4% | +17.4% |