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Also traded in: Brazil, Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash-to-Debt 0.42
AZUL's Cash-to-Debt is ranked lower than
52% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 0.54 vs. AZUL: 0.42 )
Ranked among companies with meaningful Cash-to-Debt only.
AZUL' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.09  Med: 0.22 Max: 0.49
Current: 0.42
0.09
0.49
Equity-to-Asset 0.26
AZUL's Equity-to-Asset is ranked lower than
51% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 0.28 vs. AZUL: 0.26 )
Ranked among companies with meaningful Equity-to-Asset only.
AZUL' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.07  Med: 0.19 Max: 0.29
Current: 0.26
0.07
0.29
Debt-to-Equity 1.27
AZUL's Debt-to-Equity is ranked lower than
60% of the 65 Companies
in the Global Airlines industry.

( Industry Median: 1.03 vs. AZUL: 1.27 )
Ranked among companies with meaningful Debt-to-Equity only.
AZUL' s Debt-to-Equity Range Over the Past 10 Years
Min: -12.27  Med: 3.77 Max: 24.66
Current: 1.27
-12.27
24.66
Debt-to-EBITDA 2.51
AZUL's Debt-to-EBITDA is ranked higher than
53% of the 73 Companies
in the Global Airlines industry.

( Industry Median: 2.52 vs. AZUL: 2.51 )
Ranked among companies with meaningful Debt-to-EBITDA only.
AZUL' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -27.73  Med: 5.95 Max: 136.56
Current: 2.51
-27.73
136.56
Interest Coverage 1.47
AZUL's Interest Coverage is ranked lower than
89% of the 71 Companies
in the Global Airlines industry.

( Industry Median: 8.94 vs. AZUL: 1.47 )
Ranked among companies with meaningful Interest Coverage only.
AZUL' s Interest Coverage Range Over the Past 10 Years
Min: 0.06  Med: 0.87 Max: 2.03
Current: 1.47
0.06
2.03
Altman Z-Score: 2.00
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 2/10

vs
industry
vs
history
Operating Margin % 6.55
AZUL's Operating Margin % is ranked higher than
61% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 9.42 vs. AZUL: 6.55 )
Ranked among companies with meaningful Operating Margin % only.
AZUL' s Operating Margin % Range Over the Past 10 Years
Min: -5.84  Med: 3.31 Max: 11.11
Current: 6.55
-5.84
11.11
Net Margin % 6.93
AZUL's Net Margin % is ranked higher than
56% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 6.30 vs. AZUL: 6.93 )
Ranked among companies with meaningful Net Margin % only.
AZUL' s Net Margin % Range Over the Past 10 Years
Min: -17.18  Med: -4.01 Max: 6.79
Current: 6.93
-17.18
6.79
ROE % 21.04
AZUL's ROE % is ranked higher than
71% of the 70 Companies
in the Global Airlines industry.

( Industry Median: 18.33 vs. AZUL: 21.04 )
Ranked among companies with meaningful ROE % only.
AZUL' s ROE % Range Over the Past 10 Years
Min: -978.79  Med: -46.17 Max: 27.71
Current: 21.04
-978.79
27.71
ROA % 5.75
AZUL's ROA % is ranked higher than
56% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 5.28 vs. AZUL: 5.75 )
Ranked among companies with meaningful ROA % only.
AZUL' s ROA % Range Over the Past 10 Years
Min: -12.64  Med: -3.28 Max: 5.7
Current: 5.75
-12.64
5.7
ROC (Joel Greenblatt) % 36.77
AZUL's ROC (Joel Greenblatt) % is ranked higher than
87% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 14.30 vs. AZUL: 36.77 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
AZUL' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -10.84  Med: 5.39 Max: 30.52
Current: 36.77
-10.84
30.52
3-Year Revenue Growth Rate -75.30
AZUL's 3-Year Revenue Growth Rate is ranked lower than
99.99% of the 69 Companies
in the Global Airlines industry.

( Industry Median: 5.10 vs. AZUL: -75.30 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
AZUL' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -75.3  Med: 7.2 Max: 63.1
Current: -75.3
-75.3
63.1
3-Year EBITDA Growth Rate -69.10
AZUL's 3-Year EBITDA Growth Rate is ranked lower than
99.99% of the 63 Companies
in the Global Airlines industry.

( Industry Median: 16.60 vs. AZUL: -69.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
AZUL' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: 5.3 Max: 311.7
Current: -69.1
0
311.7
GuruFocus has detected 1 Warning Sign with Azul SA AZUL.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» AZUL's 30-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q4 2017

AZUL Guru Trades in Q4 2017

Pioneer Investments 90,299 sh (New)
Jim Simons 310,200 sh (+140.09%)
Howard Marks 1,168,341 sh (+1.18%)
Ken Heebner Sold Out
» More
Q1 2018

AZUL Guru Trades in Q1 2018

Ken Heebner 85,000 sh (New)
Jim Simons 598,400 sh (+92.91%)
Pioneer Investments Sold Out
Howard Marks 1,069,674 sh (-8.45%)
» More
Q2 2018

AZUL Guru Trades in Q2 2018

Steven Cohen 75,000 sh (New)
Louis Moore Bacon 100,000 sh (New)
Jana Partners 125,000 sh (New)
Howard Marks 1,754,774 sh (+64.05%)
Louis Moore Bacon 100,000 sh (unchged)
Jim Simons Sold Out
Ken Heebner Sold Out
» More
Q3 2018

AZUL Guru Trades in Q3 2018

Ken Heebner 160,000 sh (New)
Chris Davis 402,288 sh (New)
Julian Robertson 125,000 sh (New)
Howard Marks 1,873,216 sh (+6.75%)
Jana Partners Sold Out
Louis Moore Bacon Sold Out
Steven Cohen Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with AZUL

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

Guru Date Action
Impact Price Range
(Average)*
Change from Average Comment Current Shares
» Interactive Charts

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Business Description

Industry: Airlines » Airlines    NAICS: 481111    SIC: 4512
Compare:SHSE:603885, XKLS:5099, TSX:AC, SHSE:601021, MIC:AFLT, LSE:WIZZ, NAS:SKYW, XPAR:AF, NZSE:AIR, XKRX:003490, NYSE:SAVE, NAS:ALGT, SZSE:002928, NYSE:CPA, TSX:WJA, NAS:HA, LSE:DTG, ASX:VAH, DFM:AIRARABIA, BOM:500285 » details
Traded in other countries:AZUL4.Brazil, 8AZA.Germany,
Headquarter Location:Brazil
Azul SA through its subsidiaries provides airline passenger and cargo services. The company's airlines flies to select international destinations, including Fort Lauderdale, Orlando, and Lisbon.

Azul SA through its subsidiaries provides airline passenger and cargo services. The Company's airlines flies to select international destinations, including Fort Lauderdale, Orlando, and Lisbon.

Ratios

vs
industry
vs
history
PE Ratio 26.77
AZUL's PE Ratio is ranked lower than
82% of the 65 Companies
in the Global Airlines industry.

( Industry Median: 10.79 vs. AZUL: 26.77 )
Ranked among companies with meaningful PE Ratio only.
AZUL' s PE Ratio Range Over the Past 10 Years
Min: 12.57  Med: 20.62 Max: 81.49
Current: 26.77
12.57
81.49
Forward PE Ratio 13.18
AZUL's Forward PE Ratio is ranked lower than
95% of the 39 Companies
in the Global Airlines industry.

( Industry Median: 11.78 vs. AZUL: 13.18 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 26.77
AZUL's PE Ratio without NRI is ranked lower than
82% of the 65 Companies
in the Global Airlines industry.

( Industry Median: 10.79 vs. AZUL: 26.77 )
Ranked among companies with meaningful PE Ratio without NRI only.
AZUL' s PE Ratio without NRI Range Over the Past 10 Years
Min: 12.57  Med: 20.62 Max: 81.28
Current: 26.77
12.57
81.28
PB Ratio 4.03
AZUL's PB Ratio is ranked lower than
93% of the 70 Companies
in the Global Airlines industry.

( Industry Median: 1.79 vs. AZUL: 4.03 )
Ranked among companies with meaningful PB Ratio only.
AZUL' s PB Ratio Range Over the Past 10 Years
Min: 2.37  Med: 3.49 Max: 4.35
Current: 4.03
2.37
4.35
PS Ratio 1.62
AZUL's PS Ratio is ranked lower than
88% of the 74 Companies
in the Global Airlines industry.

( Industry Median: 0.77 vs. AZUL: 1.62 )
Ranked among companies with meaningful PS Ratio only.
AZUL' s PS Ratio Range Over the Past 10 Years
Min: 0.99  Med: 1.26 Max: 2.14
Current: 1.62
0.99
2.14
Price-to-Operating-Cash-Flow 38.53
AZUL's Price-to-Operating-Cash-Flow is ranked lower than
93% of the 60 Companies
in the Global Airlines industry.

( Industry Median: 5.21 vs. AZUL: 38.53 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
AZUL' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 11.13  Med: 29.59 Max: 663.25
Current: 38.53
11.13
663.25
EV-to-EBIT 10.17
AZUL's EV-to-EBIT is ranked lower than
53% of the 68 Companies
in the Global Airlines industry.

( Industry Median: 11.79 vs. AZUL: 10.17 )
Ranked among companies with meaningful EV-to-EBIT only.
AZUL' s EV-to-EBIT Range Over the Past 10 Years
Min: 6.4  Med: 11.1 Max: 707.2
Current: 10.17
6.4
707.2
EV-to-EBITDA 9.57
AZUL's EV-to-EBITDA is ranked lower than
65% of the 72 Companies
in the Global Airlines industry.

( Industry Median: 7.40 vs. AZUL: 9.57 )
Ranked among companies with meaningful EV-to-EBITDA only.
AZUL' s EV-to-EBITDA Range Over the Past 10 Years
Min: 6  Med: 10.2 Max: 658.8
Current: 9.57
6
658.8
EV-to-Revenue 1.41
AZUL's EV-to-Revenue is ranked lower than
73% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 1.13 vs. AZUL: 1.41 )
Ranked among companies with meaningful EV-to-Revenue only.
AZUL' s EV-to-Revenue Range Over the Past 10 Years
Min: 1  Med: 1.4 Max: 110.1
Current: 1.41
1
110.1
Current Ratio 0.94
AZUL's Current Ratio is ranked higher than
58% of the 72 Companies
in the Global Airlines industry.

( Industry Median: 0.85 vs. AZUL: 0.94 )
Ranked among companies with meaningful Current Ratio only.
AZUL' s Current Ratio Range Over the Past 10 Years
Min: 0.46  Med: 0.64 Max: 0.99
Current: 0.94
0.46
0.99
Quick Ratio 0.89
AZUL's Quick Ratio is ranked higher than
57% of the 72 Companies
in the Global Airlines industry.

( Industry Median: 0.84 vs. AZUL: 0.89 )
Ranked among companies with meaningful Quick Ratio only.
AZUL' s Quick Ratio Range Over the Past 10 Years
Min: 0.43  Med: 0.61 Max: 0.95
Current: 0.89
0.43
0.95
Days Inventory 9.05
AZUL's Days Inventory is ranked higher than
57% of the 72 Companies
in the Global Airlines industry.

( Industry Median: 10.00 vs. AZUL: 9.05 )
Ranked among companies with meaningful Days Inventory only.
AZUL' s Days Inventory Range Over the Past 10 Years
Min: 4.17  Med: 7.84 Max: 9.05
Current: 9.05
4.17
9.05
Days Sales Outstanding 48.27
AZUL's Days Sales Outstanding is ranked lower than
90% of the 59 Companies
in the Global Airlines industry.

( Industry Median: 18.28 vs. AZUL: 48.27 )
Ranked among companies with meaningful Days Sales Outstanding only.
AZUL' s Days Sales Outstanding Range Over the Past 10 Years
Min: 23.79  Med: 32.32 Max: 52.02
Current: 48.27
23.79
52.02
Days Payable 55.94
AZUL's Days Payable is ranked higher than
58% of the 57 Companies
in the Global Airlines industry.

( Industry Median: 54.89 vs. AZUL: 55.94 )
Ranked among companies with meaningful Days Payable only.
AZUL' s Days Payable Range Over the Past 10 Years
Min: 52.6  Med: 73.51 Max: 82.37
Current: 55.94
52.6
82.37

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio -0.40
AZUL's 3-Year Average Share Buyback Ratio is ranked lower than
99.99% of the 48 Companies
in the Global Airlines industry.

( Industry Median: -0.30 vs. AZUL: -0.40 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
AZUL' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -0.4  Med: 0 Max: 0
Current: -0.4
-0.4
0

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 6.10
AZUL's Price-to-Tangible-Book is ranked lower than
91% of the 66 Companies
in the Global Airlines industry.

( Industry Median: 1.95 vs. AZUL: 6.10 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
AZUL' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 3.65  Med: 5.2 Max: 6.21
Current: 6.1
3.65
6.21
Price-to-Median-PS-Value 1.29
AZUL's Price-to-Median-PS-Value is ranked lower than
51% of the 63 Companies
in the Global Airlines industry.

( Industry Median: 1.13 vs. AZUL: 1.29 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
AZUL' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.8  Med: 0.88 Max: 1.7
Current: 1.29
0.8
1.7
Price-to-Graham-Number 2.69
AZUL's Price-to-Graham-Number is ranked lower than
92% of the 52 Companies
in the Global Airlines industry.

( Industry Median: 0.97 vs. AZUL: 2.69 )
Ranked among companies with meaningful Price-to-Graham-Number only.
AZUL' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.44  Med: 1.86 Max: 4.43
Current: 2.69
1.44
4.43
Earnings Yield (Greenblatt) % 9.83
AZUL's Earnings Yield (Greenblatt) % is ranked higher than
52% of the 75 Companies
in the Global Airlines industry.

( Industry Median: 8.22 vs. AZUL: 9.83 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
AZUL' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.1  Med: 9 Max: 15.6
Current: 9.83
0.1
15.6

More Statistics

Revenue (TTM) (Mil) $2,467.84
EPS (TTM) $ 0.96
Volatility68.10%
52-Week Range $15.53 - 35.05
Shares Outstanding (Mil)112.71 (ADR)

Analyst Estimate

Dec18 Dec19
Revenue (Mil $) 2,543 3,097
EBIT (Mil $)
EBITDA (Mil $) 802 970
EPS ($) 1.50 1.95
EPS without NRI ($) 1.50 1.95
EPS Growth Rate
(Future 3Y To 5Y Estimate)
10.00%
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: ----
Positive ROAN
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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