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Azul stock: key metrics
AZULAzul had an operating margin of 20% and a return on invested capital (ROIC) of 74.3% in fiscal 2025.
Margins show how much of revenue is left over, returns on capital how hard the invested money works.
Daily figure as of 13 Nov 2026
Margins
- Gross margin
- Operating margin
- Net margin
Figures as a table
| Year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| 2010 | 10.8% | −5.8% | −11.2% |
| 2011 | 15.1% | 1.5% | −6.1% |
| 2012 | 14.2% | 0.3% | −6.3% |
| 2013 | 20.9% | 8.9% | 0.4% |
| 2014 | 18.3% | 6.9% | −1.1% |
| 2015 | 9.2% | −2.7% | −17.2% |
| 2016 | 16.1% | 5.2% | −1.9% |
| 2017 | 41.9% | 16.1% | 5.5% |
| 2018 | 41.5% | 13.2% | −7.0% |
| 2019 | 26.0% | −10.4% | −21.0% |
| 2020 | −8.2% | −24.4% | −188.6% |
| 2021 | 18.1% | 0.5% | −42.2% |
| 2022 | 10.6% | 9.0% | −4.5% |
| 2023 | 16.9% | 9.0% | −12.8% |
| 2024 | 26.4% | 17.4% | −46.9% |
| 2025 | 28.5% | 20.0% | 0.6% |
Returns on capital
- ROE
- ROIC
- ROA
Figures as a table
| Year | ROE | ROIC | ROA |
|---|---|---|---|
| 2010 | −54.2% | −4.7% | −8.0% |
| 2011 | −100.0% | 1.8% | −5.4% |
| 2012 | −48.7% | 0.3% | −3.6% |
| 2013 | 4.3% | 8.2% | 0.4% |
| 2014 | −15.6% | 11.4% | −1.0% |
| 2015 | 200.0% | −3.9% | −13.7% |
| 2016 | −12.6% | 4.2% | −1.5% |
| 2017 | 15.0% | 20.9% | 3.1% |
| 2018 | 55.3% | 11.4% | −4.0% |
| 2019 | 68.3% | −9.8% | −12.5% |
| 2020 | 76.6% | −17.0% | −68.6% |
| 2021 | 23.0% | 1.4% | −22.7% |
| 2022 | 3.8% | 29.0% | −3.9% |
| 2023 | 11.2% | 35.4% | −11.6% |
| 2024 | 30.1% | 59.9% | −34.8% |
| 2025 | −0.4% | 74.3% | 0.5% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = R$5.6169)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral since 10 Nov 2026, previously Weak
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.