Azul S.A. (AZUL) Key Metrics
AZUL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Brazilian reaisAZUL returns How much profit the business earns on the capital it uses.
AZUL financial health Debt, liquidity and how easily interest is covered.
AZUL efficiency & capital use Working capital cycle and where the cash goes.
AZUL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AZUL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AZUL cash returned to shareholders
AZUL key metrics in Brazilian reais
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | — | — | — | — | 22.1% | −41.4% |
| Return on invested capital (ROIC) | 74.3% | 59.9% | 35.4% | 29.0% | 1.4% | −17.0% | −9.8% | 9.5% | 16.5% | 4.2% |
| Return on assets (ROA) | 0.5% | −39.1% | −12.1% | −3.9% | −24.5% | −61.9% | −13.6% | −4.2% | 3.8% | −1.6% |
| Return on tangible assets | 0.6% | −37.0% | −12.5% | −4.2% | −24.5% | −74.1% | −13.3% | −4.2% | 3.3% | −1.7% |
| Free cash flow margin | −6.5% | 7.8% | 14.2% | 7.4% | −9.4% | 11.0% | 10.2% | 7.5% | 4.1% | −5.0% |
| Income quality (OCF / net income) | −9.68 | — | — | — | — | — | — | — | 2.39 | — |
| Financial health | ||||||||||
| Total debt | R$35.84B | R$37.54B | R$26.34B | R$23.97B | R$24.91B | R$19.88B | R$15.62B | R$11.68B | R$9.92B | R$4.08B |
| Cash & short-term investments | R$1.02B | R$1.28B | R$1.90B | R$668.3M | R$3.08B | R$3.16B | R$1.71B | R$1.69B | R$1.81B | R$933.8M |
| Net debt | R$34.82B | R$36.26B | R$24.44B | R$23.30B | R$21.83B | R$16.72B | R$13.91B | R$9.99B | R$8.11B | R$3.15B |
| Debt / equity | — | — | — | — | — | — | — | — | 3.50 | 4.07 |
| Debt / assets | 1.52 | 1.43 | 1.28 | 1.28 | 1.34 | 1.26 | 0.81 | 0.73 | 0.71 | 0.49 |
| Net debt / EBITDA | 5.87 | 6.24 | 5.29 | 4.15 | 38.55 | — | 4.19 | 3.67 | 3.57 | 3.37 |
| Current ratio | 0.21 | 0.27 | 0.34 | 0.32 | 0.50 | 0.53 | 0.60 | 0.70 | 0.84 | 0.53 |
| Quick ratio | 0.17 | 0.22 | 0.29 | 0.27 | 0.45 | 0.49 | 0.57 | 0.66 | 0.80 | 0.50 |
| Interest coverage | 1.5 | 0.6 | 0.4 | 0.4 | 0.0 | -0.5 | -0.9 | 1.2 | 2.3 | 0.5 |
| Working capital | −R$23.16B | −R$15.68B | −R$9.70B | −R$10.18B | −R$5.86B | −R$4.80B | −R$2.72B | −R$1.59B | −R$653.5M | −R$1.71B |
| Invested capital | R$5.80B | R$5.83B | R$3.11B | R$4.30B | R$3.50B | R$2.58B | R$10.40B | R$8.84B | R$10.95B | R$4.15B |
| Tangible asset value | −R$30.56B | −R$31.99B | −R$22.79B | −R$20.43B | −R$19.69B | −R$15.32B | −R$4.61B | −R$2.17B | −R$1.35B | R$59.4M |
| Net current asset value | −R$46.35B | −R$51.05B | −R$36.82B | −R$32.86B | −R$31.02B | −R$24.53B | −R$18.58B | −R$13.55B | −R$10.84B | −R$5.49B |
| Capital allocation | ||||||||||
| Share buybacks (net) | R$3,921 | R$2.6M | R$6.8M | R$3.9M | R$16.2M | — | R$12.9M | R$12.2M | R$47.4M | R$346.3M |
| Dividends + buybacks / free cash flow | — | 0.2% | 0.3% | 0.3% | — | — | 1.1% | 1.8% | 14.8% | — |
| Capex / revenue | 0.9% | 6.4% | 4.3% | 7.9% | 6.3% | 6.0% | 12.5% | 12.0% | 9.0% | 5.8% |
| Capex / operating cash flow | — | 45.2% | 23.4% | 51.4% | — | 35.1% | 55.0% | 61.6% | 68.5% | 714.8% |
| Capex / depreciation | 0.06 | 0.49 | 0.33 | 0.60 | 0.40 | 0.19 | 0.88 | 0.85 | 0.65 | 1.28 |
| Stock-based compensation / revenue | 0.3% | 0.2% | 0.4% | −0.1% | 0.2% | 0.9% | 0.3% | 0.3% | 0.4% | 0.1% |
| SG&A / revenue | 4.7% | 8.1% | 7.1% | 0.6% | 4.9% | 15.0% | 3.9% | 4.1% | 4.0% | 5.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 41.4 | 31.1 | 31.6 | 35.0 | 42.4 | 79.8 | 44.8 | 48.3 | 40.0 | 38.6 |
| Days of inventory on hand | 27.0 | 22.1 | 19.6 | 18.3 | 21.8 | 19.5 | 10.3 | 12.1 | 10.5 | 6.5 |
| Days payables outstanding | 95.2 | 81.6 | 56.7 | 51.8 | 79.7 | 98.3 | 56.1 | 74.4 | 81.8 | 68.1 |
| Cash conversion cycle (days) | -26.9 | -28.4 | -5.5 | 1.4 | -15.6 | 1.0 | -1.0 | -14.0 | -31.2 | -23.0 |
| Receivables turnover | 8.82 | 11.75 | 11.53 | 10.43 | 8.61 | 4.57 | 8.15 | 7.55 | 9.12 | 9.46 |
| Payables turnover | 3.83 | 4.47 | 6.43 | 7.04 | 4.58 | 3.71 | 6.51 | 4.91 | 4.46 | 5.36 |
| Inventory turnover | 13.54 | 16.50 | 18.65 | 20.00 | 16.77 | 18.74 | 35.28 | 30.21 | 34.77 | 56.06 |
| Asset turnover | 0.87 | 0.83 | 0.95 | 0.86 | 0.58 | 0.33 | 0.65 | 0.60 | 0.69 | 0.82 |
| Average receivables | R$2.45B | R$1.66B | R$1.61B | R$1.53B | R$1.16B | R$1.26B | R$1.40B | R$1.20B | R$845.0M | R$705.4M |
| Average payables | R$4.04B | R$3.21B | R$2.40B | R$2.03B | R$1.78B | R$1.67B | R$1.25B | R$1.08B | R$1.00B | R$1.04B |
| Average inventory | R$1.14B | R$871.4M | R$826.9M | R$713.3M | R$487.3M | R$331.7M | R$230.5M | R$175.2M | R$128.8M | R$99.8M |
| Intangibles / total assets | 6.5% | 5.9% | 7.1% | 7.6% | 7.3% | 7.4% | 5.7% | 6.3% | 6.9% | 11.2% |
Computed from AZUL's annual financial statements (latest annual report filed April 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Brazilian reais; data from EODHD. Averages use the opening and closing balance of each year.
AZUL valuation and financial ratios
Azul earned a return on invested capital of 74.3% in fiscal 2025. It ended the year with R$35.8 billion of debt and R$1.0 billion in cash and short-term investments, net debt of R$34.8 billion. It returned R$0.0 million to shareholders: R$0 in dividends and R$0.0 million in share buybacks.
See the AZUL income statement, the AZUL chart for price history, or the AZUL stock overview for the latest quote and news.
AZUL key metrics FAQ
What is Azul's ROIC?
Azul's return on invested capital was 74.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Azul have?
Azul had total debt of R$35.8 billion at the end of fiscal 2025 and R$34.8 billion of net debt (5.87 times EBITDA).
Does Azul buy back its shares?
Yes. Azul spent R$0.0 million on net share repurchases in fiscal 2025.
What is Azul's current ratio?
Azul's current ratio was 0.21 at the end of fiscal 2025: current assets were 0.21 times current liabilities.