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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. 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%
Market cap
$8.2B
P/E
12.4×
Fwd P/E
—
Dividend yield
4.82%
F-score
5/9
Altman Z
4.05
Beneish M
−2.74
Dividend safety
35/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.04
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 4 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 8,180.00
Revenue 28,994.54
Net Income 734.10
Free Cash Flow 1,601.58
Net Debt 1,918.40
Current Ratio 1.64 (at or above 1.5: strong)
Debt/Equity 0.96
P/E ratio 12.38
Fwd P/E —
P/S ratio 0.29
P/B ratio 2.11
Past 5Y EPS Growth 12.63%
This Y EPS Growth 98.93% (at or above 15%: strong)
Next Y EPS Growth (28.31%) (below 0%: weak)
Next Y revenue growth —
Next 5Y EPS Growth 16.24% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, 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 32.69%
10-year low 10-year high
P/S against its own 10 years 72.83%
10-year low 10-year high
P/B against its own 10 years 55.40%
10-year low 10-year high
EV/Sales against its own 10 years 63.47%
10-year low 10-year high
EV/FCF against its own 10 years 9.00%
10-year low 10-year high

Dividends

Payout Ratio 0.62
Annual Dividend Rate 0.38
Annual Dividend Yield 4.82%
total individual payouts
2026 0.19
0.19
2025 0.32
0.08
0.06
0.18
2024 0.13
0.08
0.05
2023 0.07
0.02
0.05
2022 0.11
0.03
0.08
2021 0.12
0.08
0.04
2020 0.05
0.05
2019 0.14
0.09
0.05
2018 0.21
0.14
0.07
2017 0.27
0.14
0.13
2016 0.23
0.11
0.12
special payouts not included in total or ratios

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%

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.

EPS $

Mar Jun Sep Dec Year
’26 0.15 0.28 — — —
’25 0.05 0.17 0.12 0.06 0.29
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 6.47 10.05 4.43 3.61 1.97 2.18 2.13 2.18 2.53 2.55

Analyst estimates 2026–2028

Powerpack
High 12.25 12.70 13.24 7.90 6.68 4.70 3.21 5.51 6.35 4.40
People
People Employees 15,173 16,448 17,034 16,024 15,946 16,442 9,778 9,729 9,558 11,302
Revenue/emp, $m 1.46 1.52 1.46 1.41 0.99 1.24 2.85 2.60 2.59 2.26
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
Gross margin, % 9.06 9.09 6.79 6.84 6.91 4.47 5.12 7.39 7.26 6.57
EBT 651 756 485 198 291 187 364 717 744 683
EBT margin, % 2.94 3.02 1.95 0.88 1.85 0.92 1.31 2.84 3.00 2.68
Net income 450 493 310 102 180 152 298 504 468 492
Depreciation 320 372 328 384 305 223 297 353 328 368
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
Earnings 0.42 0.46 0.14 0.09 0.16 0.14 0.32 0.45 0.40 0.29
Cash flow 0.67 0.66 0.36 0.68 0.56 0.44 0.36 0.70 0.63 0.91
Capex (0.43) (0.58) (0.17) (0.26) (0.18) (0.19) 0.29 (0.14) (0.07) (0.34)
Free cash flow 0.23 0.08 0.19 0.42 0.38 0.25 0.65 0.56 0.56 0.58
Book value 2.27 2.81 1.24 2.29 1.77 1.78 2.16 2.57 2.66 2.96
Shares, m 1,083 1,084 2,168 1,086 1,087 1,091 1,092 1,095 1,102 1,072
Valuation, ×
Valuation, × P/E 25.76 25.91 24.18 62.60 28.56 20.31 7.03 12.00 6.58 9.20
P/S 0.52 0.51 0.59 0.30 0.31 0.14 0.09 0.23 0.12 0.16
P/B 4.66 4.20 5.47 2.73 2.56 1.48 1.01 2.11 0.99 1.27
EV/Sales 0.59 0.60 0.68 0.42 0.45 0.26 0.13 0.29 0.20 0.26
EV/FCF 52.08 183.17 41.06 20.87 17.06 19.55 5.58 13.55 10.15 13.68
Cash, $m
Cash, $m Operating cash flow 721 714 790 741 609 479 388 771 693 977
Capex (470) (632) (377) (287) (192) (204) 316 (155) (74) (359)
Free cash flow 251 82 414 454 417 275 705 616 618 617
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
Total debt 3,273 4,256 4,160 3,997 3,676 3,250 2,528 2,600 2,868 3,849
Net debt 1,642 2,287 2,301 2,678 2,183 2,493 1,338 1,354 2,011 2,567
Shareholders’ equity 2,454 3,045 2,681 2,492 1,923 1,940 2,358 2,810 2,934 3,176
Returns, %
Returns, % ROA 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
ROE 18.32 17.94 10.99 3.66 7.85 8.16 16.23 18.91 15.25 14.39
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PBF PBF Energy Inc. $10.3B 7.4× 4.0× +56.23% (above 0%: growing) n/m +4,076.29% (above 0%: growing) 15.56% 10.89% Compare
SUN Sunoco LP $9.9B 16.3× 7.2× +164.55% (above 0%: growing) +184.85% (above 0%: growing) +955.68% (above 0%: growing) 10.27% 4.09% Compare
UGP Ultrapar Participacoes S.A. $8.2B 12.4× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25%
CVI CVR Energy Inc. $6.2B 90.3× 90.4× +55.48% (above 0%: growing) n/m +104.65% (above 0%: growing) 4.27% 2.85% Compare
IEP Icahn Enterprises L.P. $4.7B — (loss-making) 18.5× +25.58% (above 0%: growing) n/m +12.90% (above 0%: growing) 3.09% (8.67%) Compare
DK Delek US Holdings, Inc. $4.7B 20.8× 12.2× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
PARR Par Pacific Holdings, Inc. $4.2B 4.8× 4.1× +56.80% (above 0%: growing) +707.63% (above 0%: growing) +176.88% (above 0%: growing) 28.72% 21.37% Compare
SHI SINOPEC Shangai Petrochemical Company, Ltd. $3.8B 117× 18.4× +2.18% (above 0%: growing) n/m +88.32% (above 0%: growing) 15.31% (0.73%) Compare
DKL Delek Logistics Partners, L.P. $3.2B 20.0× 15.8× +56.18% (above 0%: growing) −34.94% (below 0%: shrinking) +193.34% (above 0%: growing) 17.18% 16.09% Compare
Median of peers $4.7B 20.0× 14.0× +55.83% +184.85% +175.37% 12.79% 5.75%

All 19 Oil & Gas Refining & Marketing stocks →

Ultrapar Participacoes S.A. (UGP) key facts

  • Strength: Ultrapar Participacoes S.A.’s revenue for fiscal 2025 (year ended December 2025) was $25.5 billion, up 3.02% from fiscal 2024.
  • Ultrapar Participacoes S.A. (UGP) is an Oil & Gas Refining & Marketing company in the Energy sector, traded in the US as an ADR.
  • As of October 16, 2026, UGP traded at $7.80, a market capitalization of $8.2 billion.
  • Ultrapar Participacoes S.A. pays an annual dividend of $0.38 per share, a yield of 4.82%, with a payout ratio of 61.6%.
  • Return on equity was 14.4% and debt-to-equity 0.96.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 4.05 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ultrapar Participacoes S.A. (UGP) Latest News

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stockrow.com/UGP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com