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Azul Valuation Multiples

Discover revenue and EBITDA valuation multiples for Azul and similar public comparables like Bangkok Airways, Aegean Airlines, and Asia Aviation.

Azul Overview

About Azul

Azul SA is involved in the operation of regular and non-regular airline passenger services, cargo or mail, passenger charter, provision of maintenance and hangarage services for aircraft, engines, parts and pieces, aircraft acquisition and lease, development of frequent-flyer programs, development of related activities and equity holding in other companies. The Company considers that it has a single reportable segment which is air transport.


Founded

2008

HQ

Brazil
Employees

15.4K+

Sectors

Airlines

Financials

LTM Revenue $3.6B

LTM EBITDA $1.1B

EV

$6.2B

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Azul Financials

Azul has a last 12-month revenue (LTM) of $3.6B and a last 12-month EBITDA of $1.1B.

In the most recent fiscal year, Azul achieved revenue of $3.4B and an EBITDA of -$311M.

Azul expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Azul P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $3.6B XXX $3.4B XXX XXX XXX
Gross Profit $1.2B XXX $1.0B XXX XXX XXX
Gross Margin 33% XXX 30% XXX XXX XXX
EBITDA $1.1B XXX -$311M XXX XXX XXX
EBITDA Margin 31% XXX -9% XXX XXX XXX
EBIT $635M XXX $570M XXX XXX XXX
EBIT Margin 18% XXX 17% XXX XXX XXX
Net Profit -$841M XXX -$1.6B XXX XXX XXX
Net Margin -23% XXX -47% XXX XXX XXX
Net Debt XXX XXX $2.6B XXX XXX XXX

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Azul Stock Performance

As of May 30, 2025, Azul's stock price is BRL 1 (or $0).

Azul has current market cap of BRL 832M (or $146M), and EV of BRL 35.1B (or $6.2B).

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Azul Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$6.2B $146M XXX XXX XXX XXX $-1.61

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Azul Valuation Multiples

As of May 30, 2025, Azul has market cap of $146M and EV of $6.2B.

Azul's trades at 1.8x EV/Revenue multiple, and -19.9x EV/EBITDA.

Equity research analysts estimate Azul's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Azul has a P/E ratio of -0.2x.

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Azul Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $146M XXX $146M XXX XXX XXX
EV (current) $6.2B XXX $6.2B XXX XXX XXX
EV/Revenue 1.7x XXX 1.8x XXX XXX XXX
EV/EBITDA 5.5x XXX -19.9x XXX XXX XXX
EV/EBIT 9.7x XXX 10.8x XXX XXX XXX
EV/Gross Profit 5.1x XXX n/a XXX XXX XXX
P/E -0.2x XXX -0.1x XXX XXX XXX
EV/FCF 39.1x XXX 27.2x XXX XXX XXX

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Azul Margins & Growth Rates

Azul's last 12 month revenue growth is 9%

Azul's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $31K for the same period.

Azul's rule of 40 is 34% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Azul's rule of X is 55% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Azul Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 9% XXX 9% XXX XXX XXX
EBITDA Margin 31% XXX -9% XXX XXX XXX
EBITDA Growth 13% XXX 23% XXX XXX XXX
Rule of 40 34% XXX 0% XXX XXX XXX
Bessemer Rule of X XXX XXX 55% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $31K XXX XXX XXX
S&M Expenses to Revenue XXX XXX 5% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 14% XXX XXX XXX

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Azul Public Comps

See public comps and valuation multiples for Airlines comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Aegean Airlines XXX XXX XXX XXX XXX XXX
Asia Aviation XXX XXX XXX XXX XXX XXX
Bangkok Airways XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Azul M&A and Investment Activity

Azul acquired  XXX companies to date.

Last acquisition by Azul was  XXXXXXXX, XXXXX XXXXX XXXXXX . Azul acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Azul

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Azul

When was Azul founded? Azul was founded in 2008.
Where is Azul headquartered? Azul is headquartered in Brazil.
How many employees does Azul have? As of today, Azul has 15.4K+ employees.
Who is the CEO of Azul? Azul's CEO is Mr. John Peter Rodgerson.
Is Azul publicy listed? Yes, Azul is a public company listed on BVMF.
What is the stock symbol of Azul? Azul trades under AZUL4 ticker.
When did Azul go public? Azul went public in 2017.
Who are competitors of Azul? Similar companies to Azul include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Azul? Azul's current market cap is $146M
What is the current revenue of Azul? Azul's last 12 months revenue is $3.6B.
What is the current revenue growth of Azul? Azul revenue growth (NTM/LTM) is 9%.
What is the current EV/Revenue multiple of Azul? Current revenue multiple of Azul is 1.7x.
Is Azul profitable? Yes, Azul is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Azul? Azul's last 12 months EBITDA is $1.1B.
What is Azul's EBITDA margin? Azul's last 12 months EBITDA margin is 31%.
What is the current EV/EBITDA multiple of Azul? Current EBITDA multiple of Azul is 5.5x.
What is the current FCF of Azul? Azul's last 12 months FCF is $158M.
What is Azul's FCF margin? Azul's last 12 months FCF margin is 4%.
What is the current EV/FCF multiple of Azul? Current FCF multiple of Azul is 39.1x.

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