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.
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Ultrapar Participacoes S.A. (UGP) Altman Z-score
Ultrapar Participacoes S.A.'s Altman Z-score for fiscal 2025 is 4.05, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.05 | (0.60) |
| FY2024 | 4.64 | (0.25) |
| FY2023 | 4.89 | (0.12) |
| FY2022 | 5.01 | 1.16 |
| FY2021 | 3.85 | 0.42 |
| FY2020 | 3.43 | (0.89) |
| FY2019 | 4.31 | (1.00) |
| FY2018 | 5.31 | 0.35 |
| FY2017 | 4.96 | (0.81) |
| FY2016 | 5.76 | (0.17) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.16 | — | 0.22 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 0.71 | — | 0.43 | |
| Sales / total assets | 2.88 | — | 2.88 | |
| Altman Z-score | Safe zone | 4.05 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UGP Ultrapar Participacoes S.A. | 4.0× |
| PARR Par Pacific Holdings, Inc. compare | 3.3× |
| PBF PBF Energy Inc. compare | 2.9× |
| CVI CVR Energy Inc. compare | 2.5× |
| DK Delek US Holdings, Inc. compare | 1.7× |
| SUN Sunoco LP compare | — |
| IEP Icahn Enterprises L.P. compare | — |
| SHI SINOPEC Shangai Petrochemical Company, Ltd. compare | — |
| DKL Delek Logistics Partners, L.P. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets