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 $6.0B against $4.0B — 1.5× the size. Ultrapar Participacoes S.A. trades at the lower P/E: 8.6× against 14.8×. CVR Energy Inc. grew revenue faster over the last twelve months: 34.4% against 20.2%. CVR Energy Inc. has the higher net margin (2.70% vs 2.29%) and the higher return on invested capital (20.1% vs 15.3%). Both pay a dividend; Ultrapar Participacoes S.A. yields more (6.96% vs 1.51%). Across the 23 metrics below, Ultrapar Participacoes S.A. leads on 14 and CVR Energy Inc. on 9.

Valuation

Metric CVI UGP Oil & Gas Refining & Marketing median
P/E 14.77 8.57 7.77
P/S 0.39 0.20 0.31
P/B 3.03 1.46 1.82
Price to free cash flow 4.59 3.94 5.68
EV/EBITDA 4.57 4.11 4.82
EV/Sales 0.44 0.27 0.44
Earnings yield 6.77% 11.67% 11.67%
Free cash flow yield 21.80% 25.39% 15.57%

Profitability

Metric CVI UGP Oil & Gas Refining & Marketing median
Gross margin 7.54% 8.44% 15.04%
Operating margin 5.72% 4.95% 9.16%
Net margin 2.70% 2.29% 3.96%
Free cash flow margin 8.45% 5.52% 7.06%
Return on equity 23.06% 18.40% 24.84%
Return on assets 6.04% 7.25% 6.65%
Return on invested capital 20.06% 15.25% 20.02%

Growth

Metric CVI UGP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 34.42% 20.23% 27.30%
EPS growth (last fiscal year) 350.00% 2.90% 37.92%
Revenue growth, 5-year CAGR 12.75% 10.10% 13.17%
Net income growth, 5-year CAGR 0.00% 20.45% 0.00%

Health

Metric CVI UGP Oil & Gas Refining & Marketing median
Debt to equity 1.41 0.96 0.48
Current ratio 1.73 1.64 1.33
Net debt to EBITDA 2.08 2.02 2.07

Dividend

Metric CVI UGP Oil & Gas Refining & Marketing median
Dividend yield 1.51% 6.96% 2.25%
Payout ratio 0.22 0.62 0.19

Size

Metric CVI UGP Oil & Gas Refining & Marketing median
Market cap 4.01b 5.95b 3.74b

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