stockrowAzul S.A. - Sponsored ADR
AZULAzul S.A. - Sponsored ADR’s revenue for fiscal 2024 (year ended December 2024) was $3.6 billion, down 2.59% from fiscal 2023.
- Revenue
- +23.2%
- EPS
- +148.2%
- Free cash flow
- −179.0%
Quarter to June 2026, against a year earlier
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Azul S.A. - Sponsored ADR (AZUL) Piotroski F-score
Azul S.A. - Sponsored ADR's Piotroski F-score for fiscal 2024 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2023.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 3 | (3.00) |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | 1.00 |
| FY2021 | 4 | 2.00 |
| FY2020 | 2 | (2.00) |
| FY2019 | 4 | 0.00 |
| FY2018 | 4 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (37.77%) | (12.32%) | Fail | 0 |
| Positive operating cash flow | 516.71m | 688.97m | Pass | 1 |
| Rising return on assets | (37.77%) | (12.32%) | Fail | 0 |
| Cash flow above net income | 2.21b | 1.17b | Pass | 1 |
| Falling long-term leverage | 1.19 | 0.51 | Fail | 0 |
| Rising current ratio | 0.27 | 0.34 | Fail | 0 |
| No new shares issued | 335,276,000 | 111,715,000 | Fail | 0 |
| Rising gross margin | 53.42% | 50.43% | Pass | 1 |
| Rising asset turnover | 0.81 | 0.96 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SKYW SkyWest, Inc. compare | 6 |
| ALK Alaska Air Group, Inc. compare | 6 |
| ALGT Allegiant Travel Company compare | 5 |
| AERO Grupo Aeromexico SAB DE CV - Sponsored ADR compare | 5 |
| JBLU JetBlue Airways Corporation compare | 4 |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. compare | 4 |
| AZUL Azul S.A. - Sponsored ADR | 3 |
| ULCC Frontier Group Holdings, Inc. compare | 0 |
| RJET Republic Airways Holdings Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover