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Ultrapar Participacoes S.A.

UGP Energy Oil & Gas Refining & Marketing

Ultrapar Participacoes S.A.’s revenue for fiscal 2025 (year ended December 2025) was $25.5 billion, up 3.02% from fiscal 2024.

Revenue
+36.7%
EPS
+61.1%
Free cash flow
+873.6%
Total debt
+16.3%

Quarter to June 2026, against a year earlier

5.57 0.03 −0.54%
Market cap
$6.0B
P/E
8.8×
Fwd P/E
—
Dividend yield
6.75%
F-score
5/9
Altman Z
4.05
Beneish M
−2.74
Dividend safety
39/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 1 4 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 5,950.00
Revenue ttm 28,994.54
Net income ttm 734.10
Free cash flow ttm 1,601.58
Net debt Q 1,918.40
Valuation
P/E 8.84
Forward P/E —
Price / sales 0.21
Forward P/S Powerpack
Price / FCF 4.06
Price / book 1.50
Financial health
Current ratio Q 1.64 (at or above 1.5: strong)
Debt / equity Q 0.96
Interest coverage Q 4.14
Growth
Revenue growth Q +36.71% (above 0%: growing)
Operating income growth Q +136.82% (above 0%: growing)
EPS, this year +94.31% (at or above 15%: strong)
EPS, next year A −27.33% (below 0%: weak)
Revenue, next year A —
EPS, past 5 yrs +20.19% (at or above 15%: strong)
EPS, next 5 yrs A +15.81% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.3×; over the ten years it ranged from 0.1× in 2021 to 0.8× in 2019.
P/E against its own 10 years 17.64%
10-year low 10-year high
P/S against its own 10 years 44.44%
10-year low 10-year high
P/B against its own 10 years 29.48%
10-year low 10-year high
EV/Sales against its own 10 years 35.13%
10-year low 10-year high
EV/FCF against its own 10 years 0.99%
10-year low 10-year high

Dividends

Yield
6.75%
Annual rate
0.38
Payout ratio
61.6%
Growth, 2018–26
−0.94%/yr
  1. 0.21 ’18
  2. 0.14 ’19 −33
  3. 0.05 ’20 −63
  4. 0.12 ’21 +126
  5. 0.11 ’22 −2
  6. 0.07 ’23 −39
  7. 0.13 ’24 +78
  8. 0.32 ’25 +152
  9. 0.19 ’26 −39
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,246 857 1,281 1,890
Receivables 1,351 1,117 1,075 1,330
Inventory 860 726 760 1,081
Other 260 244 289 309
3,735 2,975 3,435 4,645
2023 2024 2025 Q'26
Payables 1,146 840 832 1,379
ST’ Debt 399 659 761 881
Other 194 47 122 124
2,249 1,945 2,122 2,826

Compound Annual Growth %

10y 5y 3y
Sales 0.99% 10.10% (2.87%)
Cash Flow (0.01%) 9.91% 35.99%
Earnings (0.43%) 20.45% 8.01%
Book Value 2.69% 10.56% 10.43%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.27 Actual 0.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.09 0.12 Beat by 0.03
Dec 2025 0.07 0.06 Miss by 0.01
Mar 2026 0.14 0.15 Beat by 0.01
Jun 2026 0.27 0.28 Beat by 0.01
Sep 2026 0.28 — Reports 11 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.15 0.28 — — —
’25 0.05 0.17 0.12 0.06 0.40
’24 0.08 0.08 0.10 0.13 0.39
’23 0.05 0.04 0.16 0.20 0.45
’22 0.08 0.08 0.01 0.14 0.32
’21 0.02 (0.01) 0.06 0.06 0.14
’20 0.03 0.01 0.05 0.07 0.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,979 8,217 — — —
’25 5,689 6,011 6,799 6,999 25,498
’24 6,137 6,197 6,375 6,042 24,751
’23 5,881 5,978 6,653 6,736 25,248
’22 6,030 7,494 7,497 6,801 27,822
’21 4,383 5,386 6,108 4,457 20,334
’20 4,831 2,961 3,864 4,105 15,761
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 209 957 — — —
’25 1 166 398 413 977
’24 (116) 255 133 421 693
’23 (137) 175 390 343 771
’22 (226) 63 257 296 388
’21 24 218 119 119 479
’20 211 126 153 119 609
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 139 872 — — —
’25 (62) 90 291 299 617
’24 (164) 359 (122) 545 618
’23 (179) 165 373 257 616
’22 (267) 475 (278) 774 705
’21 (24) 152 53 94 275
’20 165 100 111 41 417
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 22,177 25,058 24,815 22,628 15,761 20,334 27,822 25,248 24,751 25,498 28,995 +1.6% — — — —
Gross margin, % 9.06 9.09 6.79 6.84 6.91 4.47 5.12 7.39 7.26 6.57 8.44 (2.5) pt
EBT 651 756 485 198 291 187 364 717 744 683 1,066 +0.5%
EBT margin, % 2.94 3.02 1.95 0.88 1.85 0.92 1.31 2.84 3.00 2.68 3.68 (0.3) pt
Net income 450 493 310 102 180 152 298 504 468 492 734 +1.0%
Per share, $
Per share, $ Revenue 20.48 23.12 11.44 20.83 14.50 18.65 25.48 23.05 22.46 23.79 27.10 +1.7%
Earnings 0.42 0.46 0.14 0.09 0.16 0.14 0.32 0.45 0.40 0.41 0.63 (0.1%)
Cash flow 0.67 0.66 0.36 0.68 0.56 0.44 0.36 0.70 0.63 0.91 1.85 +3.6%
Capex (0.43) (0.58) (0.17) (0.26) (0.18) (0.19) 0.29 (0.14) (0.07) (0.34) (0.35) (2.8%)
Free cash flow 0.23 0.08 0.19 0.42 0.38 0.25 0.65 0.56 0.56 0.58 1.50 +10.6%
Book value 2.27 2.81 1.24 2.29 1.77 1.78 2.16 2.57 2.66 2.96 3.70 +3.0%
Shares, m 1,083 1,084 2,168 1,086 1,087 1,091 1,092 1,095 1,102 1,072 1,074 (0.1%)
Valuation, ×
Valuation, × P/E 25.76 25.91 24.18 62.60 28.56 20.31 7.03 12.00 6.58 9.20 8.84 22.2
P/S 0.52 0.51 0.59 0.30 0.31 0.14 0.09 0.23 0.12 0.16 0.21 0.3
P/B 4.66 4.20 5.47 2.73 2.56 1.48 1.01 2.11 0.99 1.27 1.50 2.6
EV/Sales 0.59 0.60 0.68 0.42 0.45 0.26 0.13 0.29 0.20 0.26 0.27 0.4
EV/FCF 52.08 183.17 41.06 20.87 17.06 19.55 5.58 13.55 10.15 13.68 5.37 37.7
Cash, $m
Cash, $m Operating cash flow 721 714 790 741 609 479 388 771 693 977 1,976 +3.4%
Capex (470) (632) (377) (287) (192) (204) 316 (155) (74) (359) (375) (2.9%)
Free cash flow 251 82 414 454 417 275 705 616 618 617 1,602 +10.5%
Balance, $m
Balance, $m Working capital 2,157 2,564 2,702 2,499 1,600 2,295 1,123 1,486 1,030 1,313 1,819 (5.4%)
Net debt 1,642 2,287 2,301 2,678 2,183 2,493 1,338 1,354 2,011 2,567 1,918 +5.1%
Shareholders’ equity 2,454 3,045 2,681 2,492 1,923 1,940 2,358 2,810 2,934 3,176 3,963 +2.9%
Returns, %
Returns, % ROA 6.72 6.24 3.66 1.16 2.32 2.21 4.88 6.64 5.84 5.43 7.25 (1.3) pt
ROIC 13.59 10.53 6.52 3.98 5.35 4.67 10.93 13.73 11.89 9.83 15.25 (3.8) pt
ROE 18.32 17.94 10.99 3.66 7.85 8.16 16.23 18.91 15.25 14.39 18.40 (3.9) pt
People
People Employees 15,173 16,448 17,034 16,024 15,946 16,442 9,778 9,729 9,558 11,302 — (3.2%)
Revenue/emp, $m 1.46 1.52 1.46 1.41 0.99 1.24 2.85 2.60 2.59 2.26 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Ultrapar Participacoes S.A. vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DINO HF Sinclair Corporation $16.8B 5.0× 4.4× +49.73% (above 0%: growing) +429.30% (above 0%: growing) +138.35% (above 0%: growing) 35.41% 24.61% Compare
SUN Sunoco LP $12.6B 10.3× 7.3× +198.89% (above 0%: growing) +225.00% (above 0%: growing) +181.78% (above 0%: growing) 8.65% 4.10% Compare
PBF PBF Energy Inc. $8.3B 3.0× 2.7× +58.58% (above 0%: growing) +765.99% (above 0%: growing) +3,603.79% (above 0%: growing) 23.56% 17.32% Compare
UGP Ultrapar Participacoes S.A. $6.0B 8.8× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25%
CVI CVR Energy Inc. $4.0B 15.6× 20.1× +68.78% (above 0%: growing) +50.59% (above 0%: growing) +374.40% (above 0%: growing) 23.86% 22.07% Compare
DK Delek US Holdings, Inc. $3.8B 17.0× 5.8× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
IEP Icahn Enterprises L.P. $3.7B — (loss-making) 18.5× +16.37% (above 0%: growing) n/m +400.00% (above 0%: growing) 0.00% 0.00% Compare
PARR Par Pacific Holdings, Inc. $3.4B 3.5× 3.4× +51.64% (above 0%: growing) +38.16% (above 0%: growing) +328.39% (above 0%: growing) 23.43% 15.47% Compare
DKL Delek Logistics Partners, L.P. $3.0B 17.7× 16.1× +56.18% (above 0%: growing) −34.94% (below 0%: shrinking) +193.34% (above 0%: growing) 17.18% 16.09% Compare
Median of peers $3.9B 10.3× 6.5× +53.91% +137.80% +260.87% 20.31% 15.78%

All 19 Oil & Gas Refining & Marketing stocks →

Ultrapar Participacoes S.A. (UGP) Latest News

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14 Aug

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8 May

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20 Apr

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17 Mar

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UGP metrics, ten years each

stockrow.com/UGP · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com