ULTRAPAR PARTICPAC-SPON ADR (UGP) Fundamental Analysis & Valuation

NYSE:UGP • US90400P1012

4.78 USD
-0.19 (-3.82%)
At close: Mar 3, 2026
4.78 USD
0 (0%)
After Hours: 3/3/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This UGP fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

UGP gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 123 industry peers in the Specialty Retail industry. Both the profitability and the financial health of UGP get a neutral evaluation. Nothing too spectacular is happening here. UGP is valued quite cheap, while showing a decent growth score. This is a good combination! UGP also has an excellent dividend rating. These ratings would make UGP suitable for value and dividend investing!


Dividend Valuation Growth Profitability Health

6

1. UGP Profitability Analysis

1.1 Basic Checks

  • In the past year UGP was profitable.
  • In the past year UGP had a positive cash flow from operations.
  • Each year in the past 5 years UGP has been profitable.
  • Each year in the past 5 years UGP had a positive operating cash flow.
UGP Yearly Net Income VS EBIT VS OCF VS FCFUGP Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

1.2 Ratios

  • UGP's Return On Assets of 6.44% is fine compared to the rest of the industry. UGP outperforms 78.86% of its industry peers.
  • UGP has a Return On Equity of 18.26%. This is in the better half of the industry: UGP outperforms 79.67% of its industry peers.
  • The Return On Invested Capital of UGP (10.04%) is better than 76.42% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for UGP is below the industry average of 13.61%.
Industry RankSector Rank
ROA 6.44%
ROE 18.26%
ROIC 10.04%
ROA(3y)5.76%
ROA(5y)4.39%
ROE(3y)16.34%
ROE(5y)13.37%
ROIC(3y)10.37%
ROIC(5y)7.58%
UGP Yearly ROA, ROE, ROICUGP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

  • UGP has a Profit Margin of 2.12%. This is in the better half of the industry: UGP outperforms 61.79% of its industry peers.
  • UGP's Profit Margin has improved in the last couple of years.
  • The Operating Margin of UGP (3.96%) is better than 61.79% of its industry peers.
  • In the last couple of years the Operating Margin of UGP has grown nicely.
  • UGP has a Gross Margin of 7.10%. This is amonst the worse of the industry: UGP underperforms 91.06% of its industry peers.
  • UGP's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 3.96%
PM (TTM) 2.12%
GM 7.1%
OM growth 3Y42.59%
OM growth 5Y11.25%
PM growth 3Y31.69%
PM growth 5Y33.44%
GM growth 3Y17.53%
GM growth 5Y1.18%
UGP Yearly Profit, Operating, Gross MarginsUGP Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8

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5

2. UGP Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so UGP is destroying value.
  • The number of shares outstanding for UGP has been reduced compared to 1 year ago.
  • UGP has less shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, UGP has a worse debt to assets ratio.
UGP Yearly Shares OutstandingUGP Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
UGP Yearly Total Debt VS Total AssetsUGP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • An Altman-Z score of 4.48 indicates that UGP is not in any danger for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 4.48, UGP belongs to the top of the industry, outperforming 84.55% of the companies in the same industry.
  • UGP has a debt to FCF ratio of 9.53. This is a negative value and a sign of low solvency as UGP would need 9.53 years to pay back of all of its debts.
  • UGP has a Debt to FCF ratio (9.53) which is in line with its industry peers.
  • UGP has a Debt/Equity ratio of 0.97. This is a neutral value indicating UGP is somewhat dependend on debt financing.
  • UGP has a Debt to Equity ratio (0.97) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF 9.53
Altman-Z 4.48
ROIC/WACC0.94
WACC10.73%
UGP Yearly LT Debt VS Equity VS FCFUGP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.3 Liquidity

  • UGP has a Current Ratio of 1.82. This is a normal value and indicates that UGP is financially healthy and should not expect problems in meeting its short term obligations.
  • With a decent Current ratio value of 1.82, UGP is doing good in the industry, outperforming 76.42% of the companies in the same industry.
  • UGP has a Quick Ratio of 1.38. This is a normal value and indicates that UGP is financially healthy and should not expect problems in meeting its short term obligations.
  • UGP has a better Quick ratio (1.38) than 83.74% of its industry peers.
Industry RankSector Rank
Current Ratio 1.82
Quick Ratio 1.38
UGP Yearly Current Assets VS Current LiabilitesUGP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. UGP Growth Analysis

3.1 Past

  • UGP shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 12.33%, which is quite good.
  • UGP shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 43.25% yearly.
  • The Revenue has been growing slightly by 5.91% in the past year.
  • The Revenue has been growing by 8.37% on average over the past years. This is quite good.
EPS 1Y (TTM)12.33%
EPS 3Y39.09%
EPS 5Y43.25%
EPS Q2Q%10.06%
Revenue 1Y (TTM)5.91%
Revenue growth 3Y6.75%
Revenue growth 5Y8.37%
Sales Q2Q%4.74%

3.2 Future

  • UGP is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.52% yearly.
  • The Revenue is expected to grow by 3.28% on average over the next years.
EPS Next Y0.07%
EPS Next 2Y0.02%
EPS Next 3Y7.52%
EPS Next 5YN/A
Revenue Next Year5.22%
Revenue Next 2Y2.67%
Revenue Next 3Y3.62%
Revenue Next 5Y3.28%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
UGP Yearly Revenue VS EstimatesUGP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 50B 100B 150B
UGP Yearly EPS VS EstimatesUGP Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

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7

4. UGP Valuation Analysis

4.1 Price/Earnings Ratio

  • UGP is valuated reasonably with a Price/Earnings ratio of 9.19.
  • Based on the Price/Earnings ratio, UGP is valued cheaply inside the industry as 91.87% of the companies are valued more expensively.
  • UGP's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.83.
  • Based on the Price/Forward Earnings ratio of 11.58, the valuation of UGP can be described as reasonable.
  • 81.30% of the companies in the same industry are more expensive than UGP, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of UGP to the average of the S&P500 Index (24.95), we can say UGP is valued rather cheaply.
Industry RankSector Rank
PE 9.19
Fwd PE 11.58
UGP Price Earnings VS Forward Price EarningsUGP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • UGP's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. UGP is cheaper than 82.93% of the companies in the same industry.
  • UGP's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. UGP is cheaper than 75.61% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.47
EV/EBITDA 6.02
UGP Per share dataUGP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The decent profitability rating of UGP may justify a higher PE ratio.
PEG (NY)134.73
PEG (5Y)0.21
EPS Next 2Y0.02%
EPS Next 3Y7.52%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

8

5. UGP Dividend Analysis

5.1 Amount

  • UGP has a Yearly Dividend Yield of 5.79%, which is a nice return.
  • Compared to an average industry Dividend Yield of 2.33, UGP pays a better dividend. On top of this UGP pays more dividend than 91.87% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, UGP pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.79%

5.2 History

  • The dividend of UGP is nicely growing with an annual growth rate of 6.93%!
  • UGP has paid a dividend for at least 10 years, which is a reliable track record.
  • UGP has decreased its dividend recently.
Dividend Growth(5Y)6.93%
Div Incr Years1
Div Non Decr Years1
UGP Yearly Dividends per shareUGP Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.1 0.2 0.3

5.3 Sustainability

  • UGP pays out 29.65% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of UGP is growing around the same rate as the earnings are growing. If this keeps up the dividend growth is sustainable.
DP29.65%
EPS Next 2Y0.02%
EPS Next 3Y7.52%
UGP Yearly Income VS Free CF VS DividendUGP Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B
UGP Dividend Payout.UGP Dividend Payout, showing the Payout Ratio.UGP Dividend Payout.PayoutRetained Earnings

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UGP Fundamentals: All Metrics, Ratios and Statistics

ULTRAPAR PARTICPAC-SPON ADR

NYSE:UGP (3/3/2026, 8:04:00 PM)

After market: 4.78 0 (0%)

4.78

-0.19 (-3.82%)

Chartmill FA Rating
GICS IndustryGroupConsumer Discretionary Distribution & Retail
GICS IndustrySpecialty Retail
Earnings (Last)11-12
Earnings (Next)03-04
Inst Owners35.6%
Inst Owner Change-4.95%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap5.11B
Revenue(TTM)133.50B
Net Income(TTM)2.94B
Analysts77.14
Price Target5.04 (5.44%)
Short Float %0.48%
Short Ratio1.91
Dividend
Industry RankSector Rank
Dividend Yield 5.79%
Yearly Dividend0.15
Dividend Growth(5Y)6.93%
DP29.65%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)84.56%
Min EPS beat(2)-16.03%
Max EPS beat(2)185.16%
EPS beat(4)3
Avg EPS beat(4)66.03%
Min EPS beat(4)-16.03%
Max EPS beat(4)185.16%
EPS beat(8)5
Avg EPS beat(8)49.89%
EPS beat(12)7
Avg EPS beat(12)62.93%
EPS beat(16)11
Avg EPS beat(16)67.29%
Revenue beat(2)1
Avg Revenue beat(2)-1.95%
Min Revenue beat(2)-4.43%
Max Revenue beat(2)0.53%
Revenue beat(4)1
Avg Revenue beat(4)-1.49%
Min Revenue beat(4)-4.43%
Max Revenue beat(4)0.53%
Revenue beat(8)1
Avg Revenue beat(8)-2.61%
Revenue beat(12)2
Avg Revenue beat(12)-2.35%
Revenue beat(16)3
Avg Revenue beat(16)-4.13%
PT rev (1m)6.51%
PT rev (3m)6.05%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)5.9%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)1.22%
Revenue NY rev (3m)1.85%
Valuation
Industry RankSector Rank
PE 9.19
Fwd PE 11.58
P/S 0.19
P/FCF 13.47
P/OCF 6.78
P/B 1.67
P/tB 2.16
EV/EBITDA 6.02
EPS(TTM)0.52
EY10.88%
EPS(NY)0.41
Fwd EY8.64%
FCF(TTM)0.35
FCFY7.42%
OCF(TTM)0.71
OCFY14.76%
SpS24.65
BVpS2.87
TBVpS2.22
PEG (NY)134.73
PEG (5Y)0.21
Graham Number5.79
Profitability
Industry RankSector Rank
ROA 6.44%
ROE 18.26%
ROCE 15.06%
ROIC 10.04%
ROICexc 11.27%
ROICexgc 12.71%
OM 3.96%
PM (TTM) 2.12%
GM 7.1%
FCFM 1.44%
ROA(3y)5.76%
ROA(5y)4.39%
ROE(3y)16.34%
ROE(5y)13.37%
ROIC(3y)10.37%
ROIC(5y)7.58%
ROICexc(3y)13.22%
ROICexc(5y)9.68%
ROICexgc(3y)14.75%
ROICexgc(5y)10.75%
ROCE(3y)15.56%
ROCE(5y)11.37%
ROICexgc growth 3Y48.25%
ROICexgc growth 5Y16.56%
ROICexc growth 3Y47.61%
ROICexc growth 5Y16.73%
OM growth 3Y42.59%
OM growth 5Y11.25%
PM growth 3Y31.69%
PM growth 5Y33.44%
GM growth 3Y17.53%
GM growth 5Y1.18%
F-Score5
Asset Turnover3.03
Health
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF 9.53
Debt/EBITDA 2.3
Cap/Depr 152.85%
Cap/Sales 1.42%
Interest Coverage 3.42
Cash Conversion 58.51%
Profit Quality 67.74%
Current Ratio 1.82
Quick Ratio 1.38
Altman-Z 4.48
F-Score5
WACC10.73%
ROIC/WACC0.94
Cap/Depr(3y)125.7%
Cap/Depr(5y)121.29%
Cap/Sales(3y)1.07%
Cap/Sales(5y)1.18%
Profit Quality(3y)77.27%
Profit Quality(5y)121.89%
High Growth Momentum
Growth
EPS 1Y (TTM)12.33%
EPS 3Y39.09%
EPS 5Y43.25%
EPS Q2Q%10.06%
EPS Next Y0.07%
EPS Next 2Y0.02%
EPS Next 3Y7.52%
EPS Next 5YN/A
Revenue 1Y (TTM)5.91%
Revenue growth 3Y6.75%
Revenue growth 5Y8.37%
Sales Q2Q%4.74%
Revenue Next Year5.22%
Revenue Next 2Y2.67%
Revenue Next 3Y3.62%
Revenue Next 5Y3.28%
EBIT growth 1Y6.6%
EBIT growth 3Y52.22%
EBIT growth 5Y20.57%
EBIT Next Year71.59%
EBIT Next 3Y26.39%
EBIT Next 5Y17.43%
FCF growth 1Y9.58%
FCF growth 3Y13.86%
FCF growth 5Y2.14%
OCF growth 1Y31.83%
OCF growth 3Y13.04%
OCF growth 5Y5.01%

ULTRAPAR PARTICPAC-SPON ADR / UGP FAQ

Can you provide the ChartMill fundamental rating for ULTRAPAR PARTICPAC-SPON ADR?

ChartMill assigns a fundamental rating of 6 / 10 to UGP.


Can you provide the valuation status for ULTRAPAR PARTICPAC-SPON ADR?

ChartMill assigns a valuation rating of 7 / 10 to ULTRAPAR PARTICPAC-SPON ADR (UGP). This can be considered as Undervalued.


What is the profitability of UGP stock?

ULTRAPAR PARTICPAC-SPON ADR (UGP) has a profitability rating of 6 / 10.


Can you provide the expected EPS growth for UGP stock?

The Earnings per Share (EPS) of ULTRAPAR PARTICPAC-SPON ADR (UGP) is expected to grow by 0.07% in the next year.


Is the dividend of ULTRAPAR PARTICPAC-SPON ADR sustainable?

The dividend rating of ULTRAPAR PARTICPAC-SPON ADR (UGP) is 8 / 10 and the dividend payout ratio is 29.65%.