All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
1 warning event since 2017; the latest 2024-05-01.
From the record
Azul S.A.'s filings since 2017 show 1 warning event: a late-report notice (Form NT 10-K or NT 10-Q, the latest 2024-05-01) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+14% a year over 10 filed years; profitable in 2 of 10.
From the record
Azul S.A.'s 10 filed years say what it did: revenue went from BRL 6.7 billion in fiscal 2016 to BRL 22 billion in fiscal 2025, up 14% a year; it rose in 8 of 9 years; the deepest fall was 50% from fiscal 2019 to fiscal 2020; net income was positive in 2 of 10 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 3.2/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Azul S.A.'s shareholder treatment is put at 3.2 of 10 with a confidence of 35 of 100, because read from one part only, the cash returned against operating cash flow, which ranks in the bottom 32% of 16 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
SI estimate 5.4/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Azul S.A.'s financial health is put at 5.4 of 10 with a confidence of 20 of 100, because fewer than two of the four checks can be read, so the desk assumes the typical reading of its industry family, the median of 15 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
How strong is its position in its industry?
top 46% of 14 in its family; net margin 0.6%.
From the record
Azul S.A.'s standing among 14 graded names in its industry family: revenue of BRL 22 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 0.6% ranks in the bottom 32%; revenue growth of 10.7% a year over the last 3 filed years ranks in the top 25% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
SI estimate 5.7/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Azul S.A.'s leadership is put at 5.7 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 12 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
What are they set up to do next?
How much room does it have to grow?
bottom 10% of 14 in its family for room to expand.
From the record
Azul S.A.'s room to grow, from the newest filed statements (fiscal 2025): cash of BRL 992 million against debt of BRL 23 billion leaves -93.4% of its assets as net cash, bottom 3% of its family; cash from operations less capital spending is -6.6% of revenue (bottom 18%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 27% of 14 in its family for growth drivers.
From the record
Azul S.A.'s growth drivers, from the filed years to fiscal 2025: revenue grew 10.7% a year over the last three filed years against 14% over all 10, slowing (bottom 11% of its family); the newest year grew 10.8% (top 32%); capital spending grew -31.7% a year (bottom 4%) (its annual reports). Azul S.A. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 15% of 14 in its family for expectations against reality.
From the record
Azul S.A.'s newest year against its own record: revenue of BRL 22 billion in fiscal 2025 came in 0.2% above the BRL 22 billion its prior three years' pace pointed to (top 25% of its family); net income of BRL 125 million against a prior three-year average of BRL 4.1 billion (top 18%); a net margin of 0.6% against -21.4% before (top 4%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made