Fact based stock research
Azul (BOVESPA:AZUL4)

BRAZULACNPR4

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Azul stock research in summary

voeazul.com.brfrhome

ANALYSIS: With an Obermatt Combined Rank of 19 (worse than 81% compared with investment alternatives), Azul (Airlines, Brazil) shares have lower financial characteristics compared with similar stocks. Shares of Azul are a good value (attractively priced) with a consolidated Value Rank of 90 (better than 90% of alternatives) but show below-average growth (Growth Rank of 13), and are riskily financed (Safety Rank of 6), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 19, is a sell recommendation based on Azul's financial characteristics. As the company Azul's key financial metrics exhibit good value (Obermatt Value Rank of 90) but low growth (Obermatt Growth Rank of 13) and risky financing practices (Obermatt Safety Rank of 6), it may be a risky investment, because debt in times of crises can make things worse. The good value, better than 90% of comparable companies, may indicate the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	90
Growth Rank	13
Safety Rank	6
Combined Rank	19

Country	Brazil
Industry	Airlines
Index	BOVESPA, Energy Efficient, Independent Boards Growth Markets
Size class	Medium

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Azul

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	81	70	73	90
GROWTH
GROWTH	27	95	3	13
SAFETY
SAFETY	6	1	4	6
SENTIMENT
SENTIMENT	5	8	5	^new
360° VIEW
360° VIEW	7	30	1	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Azul is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	81	70	73	90
GROWTH
GROWTH	27	95	3	13
SAFETY
SAFETY	6	1	4	6
COMBINED
COMBINED	24	53	8	19

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Azul the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 90 (better than 90% compared with alternatives) for 2025, Azul shares are significantly less expensive than comparable stocks. The Value Rank is based on consolidating four value indicators, with three out of four indicators above average for Azul. Price-to-Sales (P/S) is 100, which means that the stock price compared with what market professionals expect for future sales is lower than for 100% of comparable companies, indicating a good value regarding Azul's revenue size. The same is valid for expected Price to Profits (or Price / Earnings, P/E), more favorable than for 100% of alternatives, and it's also true for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 97. But, compared with other companies in the same industry, dividend yields are expected to be lower than average; only 1% of all competitors have even lower dividend yields than Azul (a Dividend Yield Rank of 1). 99% alternative investments in the same business provide a higher dividend yield. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 90, is a buy recommendation based on Azul's stock price compared with the company's operational size and dividend yields. The below-average dividend yield may be a good sign, as it could mean the company has more attractive investment opportunities for the generated cash than to pay it out as dividends. A low dividend yield can also indicate a growth phase. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	95	100	100	100
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	9	66	78	100
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	95	93	97	97
DIVIDEND YIELD
DIVIDEND YIELD	1	1	1	1
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	81	70	73	90

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Azul; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 13 (better than 13% compared with alternatives), Azul shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four metrics below average for Azul. While Profit Growth has a good rank of 94, as professionals currently expect the company to grow its profits more than 94% of its competitors, all other growth indicators are below market averages. Sales Growth has a rank of 30, which means that currently professionals expect the company to grow less than 70% of its competitors, while Capital Growth has a rank of 21 and Stock Returns have been below market median, with a rank of 1 (99% of alternative investments were better). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 13, is a sell recommendation for growth and momentum investors. While revenue growth and capital growth are good growth momentum indicators, profit is less reliable, because profits may increase due to cost-cutting measures which typically indicate negative growth momentum. "You can save a dollar only once" is the saying about such situations. Growth Investors should look at company priorities closely if they are interested in growth, because the increase in profits is not usually an indicator of growth, and stock prices have been below market, too. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	77	55	84	30
PROFIT GROWTH
PROFIT GROWTH	52	72	4	94
CAPITAL GROWTH
CAPITAL GROWTH	31	100	16	21
STOCK RETURNS
STOCK RETURNS	11	81	1	1
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	27	95	3	13

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Azul.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 6 (better than 6% compared with alternatives), the company Azul has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of Azul is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with all three metrics below average for Azul. Liquidity is at 15, meaning that the company generates less profit to service its debt than 85% of its competitors. This indicates that the company is on the riskier side when it comes to debt service. Even worse, Leverage is at a rank of 2, meaning the company has an above-average debt-to-equity ratio. It has more debt than 98% of its competitors. Finally, Refinancing is at a rank of 1 which means that the portion of the debt about to be refinanced is above average. It has more debt in the refinancing stage than 99% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 6 (worse than 94% compared with alternatives), Azul has a financing structure that is significantly riskier than that of its competitors. This combination is rather dangerous in most situations. Only very promising companies with bright future outlooks and stellar reputations can operate with such risky financing. Investors should look at Obermatt’s Value, Growth, and Sentiment Ranks to confirm a very positive outlook or be careful with investing in stocks of Azul because it may suffer significantly in case of future difficulties. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	2	2	1	2
REFINANCING
REFINANCING	7	3	4	1
LIQUIDITY
LIQUIDITY	18	10	10	15
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	6	1	4	6

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Azul and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	34	9	^new
OPINIONS CHANGE
OPINIONS CHANGE	32	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	48	12	12	^new
MARKET PULSE
MARKET PULSE	17	17	5	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	5	8	5	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Azul.
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