CVR Energy Inc. (CVI) vs Ultrapar Participacoes S.A. (UGP)

CVR Energy Inc. and Ultrapar Participacoes S.A. are both Oil & Gas Refining & Marketing companies. Ultrapar Participacoes S.A. is the larger, with a market value of $8.0B against $5.2B — 1.5× the size. Ultrapar Participacoes S.A. trades at the lower P/E: 11.3× against 75.6×. Ultrapar Participacoes S.A. grew revenue faster over the last twelve months: 20.2% against 17.9%. Ultrapar Participacoes S.A. has the higher net margin (2.29% vs 0.81%) and the higher return on invested capital (15.3% vs 12.3%). Both pay a dividend; CVR Energy Inc. yields more (10.5% vs 2.28%). Across the 23 metrics below, Ultrapar Participacoes S.A. leads on 20 and CVR Energy Inc. on 3.

Valuation

Metric CVI UGP Oil & Gas Refining & Marketing median
P/E 75.65 11.25 15.04
P/S 0.61 0.26 0.41
P/B 6.95 1.91 1.87
Price to free cash flow 14.32 5.17 8.78
EV/EBITDA 8.00 5.08 7.94
EV/Sales 0.73 0.33 0.59
Earnings yield 1.32% 8.89% 6.15%
Free cash flow yield 6.98% 19.34% 10.47%

Profitability

Metric CVI UGP Oil & Gas Refining & Marketing median
Gross margin 6.10% 8.44% 12.22%
Operating margin 4.12% 4.95% 5.35%
Net margin 0.81% 2.29% 2.08%
Free cash flow margin 4.26% 5.52% 4.25%
Return on equity 9.79% 18.40% 11.39%
Return on assets 1.71% 7.25% 5.22%
Return on invested capital 12.27% 15.25% 11.54%

Growth

Metric CVI UGP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 17.89% 20.23% 13.37%
EPS growth (last fiscal year) 350.00% (25.64%) —
Revenue growth, 5-year CAGR 12.75% 10.10% 12.77%
Net income growth, 5-year CAGR 0.00% 20.45% 0.00%

Health

Metric CVI UGP Oil & Gas Refining & Marketing median
Debt to equity 2.38 0.96 0.44
Current ratio 1.42 1.64 1.32
Net debt to EBITDA 2.08 2.02 2.07

Dividend

Metric CVI UGP Oil & Gas Refining & Marketing median
Dividend yield 10.47% 2.28% 3.64%
Payout ratio 0.34 0.07 0.14

Size

Metric CVI UGP Oil & Gas Refining & Marketing median
Market cap 5.16b 7.99b 4.12b

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