Saturday 17 October 2026
Export UGP’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 36.7%, EPS grew 61.1%, free cash flow grew 873.6% and total debt rose 16.3%, each against the same quarter a year earlier.
7.80
0.16
+2.09%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
25.76 | 25.91 | 24.18 | 62.60 | 28.56 | 20.31 | 7.03 | 12.00 | 6.58 | 9.20 |
Piotroski F-Score |
7 | 4 | 4 | 6 | 6 | 6 | 7 | 6 | 4 | 5 |
P/S ratio |
0.52 | 0.51 | 0.59 | 0.30 | 0.31 | 0.14 | 0.09 | 0.23 | 0.12 | 0.16 |
Altman Z-Score |
5.76 | 4.96 | 5.31 | 4.31 | 3.43 | 3.85 | 5.01 | 4.89 | 4.64 | 4.05 |
Altman Z″-Score (non-manufacturers) |
4.09 | 3.56 | 3.48 | 3.26 | 2.62 | 3.18 | 2.73 | 3.23 | 3.14 | 2.76 |
P/FCF ratio |
45.54 | 155.36 | 35.49 | 14.98 | 11.82 | 10.48 | 3.57 | 11.03 | 5.99 | 8.37 |
Beneish M-Score |
(2.69) | (2.34) | (2.71) | (2.85) | (3.01) | (2.44) | (2.02) | (2.69) | (2.67) | (2.74) |
P/Operating CF |
40.63 | 81.89 | 34.62 | 55.29 | 41.28 | 24.22 | 8.05 | 17.23 | 6.88 | 9.79 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 35 |
P/B ratio |
4.66 | 4.20 | 5.47 | 2.73 | 2.56 | 1.48 | 1.01 | 2.11 | 0.99 | 1.27 |
Price to Tangible BV |
7.69 | 6.81 | 7.22 | 3.32 | 3.12 | 1.73 | 1.20 | 2.57 | 1.12 | 1.57 |
EV/Sales |
0.59 | 0.60 | 0.68 | 0.42 | 0.45 | 0.26 | 0.13 | 0.29 | 0.20 | 0.26 |
EV/EBITDA |
10.80 | 11.86 | 20.02 | 13.29 | 10.83 | 9.69 | 3.94 | 5.74 | 3.87 | 5.20 |
EV/Operating CF |
18.14 | 21.10 | 21.48 | 12.79 | 11.68 | 11.21 | 9.58 | 9.43 | 7.09 | 6.77 |
EV/FCF |
52.08 | 183.17 | 41.06 | 20.87 | 17.06 | 19.55 | 5.58 | 13.55 | 10.15 | 13.68 |
Quick Ratio |
1.84 | 1.65 | 1.86 | 1.99 | 1.35 | 0.70 | 0.97 | 1.15 | 1.02 | 1.11 |
Current Ratio |
2.37 | 2.17 | 2.56 | 2.90 | 1.89 | 1.98 | 1.45 | 1.66 | 1.53 | 1.62 |
Net Debt/EBITDA |
1.36 | 1.80 | 2.71 | 3.75 | 3.33 | 4.50 | 1.42 | 1.07 | 1.59 | 2.02 |
Debt/Assets |
47.25% | 47.95% | 49.85% | 50.57% | 52.27% | 44.96% | 35.81% | 33.93% | 39.11% | 43.55% |
Debt/Equity |
1.33 | 1.40 | 1.55 | 1.60 | 1.91 | 1.68 | 1.07 | 0.93 | 0.98 | 1.21 |
Asset Turnover |
3.33 | 3.17 | 2.88 | 2.79 | 2.11 | 2.85 | 3.89 | 3.43 | 3.30 | 3.15 |
Operating CF/Net income |
1.61 | 1.45 | 2.51 | 7.83 | 3.51 | 3.04 | 1.11 | 1.58 | 1.58 | 2.22 |
Capex/Depreciation |
(1.47) | (1.70) | (1.15) | (0.75) | (0.63) | (0.92) | 1.07 | (0.44) | (0.23) | (0.98) |
Interest Coverage |
2.29 | 2.71 | 2.39 | 1.35 | 2.27 | 1.46 | 1.53 | 2.43 | 2.80 | 1.84 |
| 18.32% | 17.94% | 10.99% | 3.66% | 7.85% | 8.16% | 16.23% | 18.91% | 15.25% | 14.39% | |
| 6.72% | 6.24% | 3.66% | 1.16% | 2.32% | 2.21% | 4.88% | 6.64% | 5.84% | 5.43% | |
ROIC |
13.59% | 10.53% | 6.52% | 3.98% | 5.35% | 4.67% | 10.93% | 13.73% | 11.89% | 9.83% |
Return on Tangible Assets |
11.73% | 10.64% | 6.71% | 2.14% | 5.50% | 4.75% | 15.44% | 17.67% | 18.62% | 12.59% |
Average Days of Receivables |
20.91 | 24.01 | 20.22 | 20.93 | 21.51 | 15.91 | 15.79 | 19.53 | 16.48 | 15.39 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
5.30% | 5.58% | 4.74% | 4.86% | 5.03% | 3.10% | 2.56% | 3.39% | 3.27% | 3.35% |
Intangible Assets out of Total Assets |
0.14 | 0.13 | 0.08 | 0.06 | 0.05 | 0.04 | 0.05 | 0.07 | 0.05 | 0.07 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(0.06) | (0.08) | (0.08) | (0.23) | (0.35) | (0.23) | (0.46) | (0.19) | (0.49) | (0.55) |
Graham Number |
4.57 | 5.36 | 2.79 | 2.27 | 2.51 | 2.28 | 3.88 | 5.10 | 4.89 | 5.23 |
Earnings Yield |
3.88% | 3.86% | 4.14% | 1.60% | 3.50% | 4.92% | 14.22% | 8.33% | 15.21% | 10.88% |
Free Cash Flow Yield |
2.20% | 0.64% | 2.82% | 6.68% | 8.46% | 9.54% | 27.99% | 9.07% | 16.69% | 11.95% |
Revenue per Share |
20.48 | 23.12 | 11.44 | 20.83 | 14.50 | 18.65 | 25.48 | 23.05 | 22.46 | 23.79 |
Operating CF per Share |
0.67 | 0.66 | 0.36 | 0.68 | 0.56 | 0.44 | 0.36 | 0.70 | 0.63 | 0.91 |
Capex per Share |
(0.43) | (0.58) | (0.17) | (0.26) | (0.18) | (0.19) | 0.29 | (0.14) | (0.07) | (0.34) |
Free Cash Flow per Share |
0.23 | 0.08 | 0.19 | 0.42 | 0.38 | 0.25 | 0.65 | 0.56 | 0.56 | 0.58 |
Cash per Share |
1.51 | 1.82 | 0.86 | 1.21 | 1.37 | 0.69 | 1.09 | 1.14 | 0.78 | 1.20 |
Shareholders Equity per Share |
2.27 | 2.81 | 1.24 | 2.29 | 1.77 | 1.78 | 2.16 | 2.57 | 2.66 | 2.96 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
2.27 | 2.81 | 1.24 | 2.29 | 1.77 | 1.78 | 2.16 | 2.57 | 2.66 | 2.96 |
Free Cash Flow |
251.09 | 82.23 | 413.58 | 454.12 | 416.58 | 274.78 | 704.59 | 615.99 | 618.24 | 617.40 |
Working Capital |
2,157.38 | 2,564.26 | 2,701.78 | 2,499.28 | 1,600.16 | 2,294.75 | 1,123.14 | 1,486.07 | 1,029.81 | 1,312.65 |
Capital Expenditures |
(469.58) | (631.68) | (376.84) | (287.04) | (192.21) | (204.40) | 316.28 | (155.13) | (74.33) | (359.14) |
Net Current Asset Value |
(742.36) | (1,070.58) | (1,227.82) | (1,596.99) | (1,717.06) | (651.69) | (1,104.37) | (1,116.32) | (1,425.15) | (2,228.35) |
EV/EBIT |
14.69 | 16.78 | 32.68 | 28.76 | 20.22 | 16.22 | 5.75 | 7.95 | 5.22 | 7.31 |
Capex to Sales |
0.02 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | (0.01) | 0.01 | 0.00 | 0.01 |
Price to Operating Income |
12.84 | 14.23 | 28.25 | 20.64 | 14.01 | 8.69 | 3.68 | 6.47 | 3.08 | 4.47 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.19 | 0.18 | 0.16 | 0.20 | 0.20 | 0.22 | 0.26 | 0.28 | 0.25 | 0.17 |
Cash ROIC |
3.41% | 0.89% | 4.75% | 5.82% | 5.87% | 4.62% | 11.60% | 9.25% | 9.28% | 7.43% |
Accounts Receivable Turnover |
18.19 | 17.17 | 16.42 | 16.94 | 14.16 | 22.40 | 26.62 | 19.77 | 20.06 | 23.26 |
Accounts Payable Turnover |
41.81 | 37.45 | 31.99 | 29.43 | 19.99 | 20.92 | 21.10 | 18.16 | 23.11 | 28.48 |
Inventory Turnover |
25.96 | 24.17 | 23.00 | 22.67 | 17.39 | 26.39 | 31.49 | 25.84 | 28.95 | 32.05 |
Average Days of Payables |
9.39 | 11.18 | 11.81 | 11.85 | 19.50 | 20.16 | 19.76 | 17.89 | 13.36 | 12.75 |
Days of Inventory on Hand |
14.33 | 17.52 | 14.48 | 16.30 | 18.56 | 13.64 | 13.14 | 13.42 | 11.55 | 11.65 |
Average Receivables |
1,219.25 | 1,459.38 | 1,511.53 | 1,336.12 | 1,113.06 | 907.61 | 1,045.16 | 1,277.21 | 1,234.04 | 1,096.13 |
Average Payables |
482.35 | 608.25 | 723.03 | 716.27 | 734.04 | 928.38 | 1,250.98 | 1,287.61 | 993.26 | 836.35 |
Average Inventory |
776.73 | 942.65 | 1,005.73 | 929.66 | 843.84 | 736.16 | 838.23 | 904.94 | 792.90 | 743.18 |
Average Assets |
6,663.88 | 7,901.38 | 8,610.41 | 8,124.78 | 7,468.73 | 7,130.58 | 7,143.62 | 7,360.25 | 7,497.97 | 8,086.24 |
Average Common Equity |
2,444.17 | 2,749.15 | 2,862.93 | 2,586.76 | 2,207.41 | 1,931.27 | 2,149.12 | 2,584.23 | 2,871.92 | 3,054.61 |
Columns are period end dates