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

NYSE:UGP • US90400P1012

5.23 USD
+0.03 (+0.58%)
At close: Mar 11, 2026
5.23 USD
0 (0%)
After Hours: 3/11/2026, 6:40:00 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

We assign a fundamental rating of 6 out of 10 to UGP. UGP was compared to 124 industry peers in the Specialty Retail industry. UGP has only an average score on both its financial health and profitability. UGP is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. UGP Profitability Analysis

1.1 Basic Checks

  • In the past year UGP was profitable.
  • UGP had a positive operating cash flow in the past year.
  • UGP had positive earnings in each of the past 5 years.
  • In the past 5 years UGP always reported a positive cash flow from operatings.
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 2025 1B 2B 3B 4B 5B

1.2 Ratios

  • With a decent Return On Assets value of 5.01%, UGP is doing good in the industry, outperforming 71.77% of the companies in the same industry.
  • UGP's Return On Equity of 15.79% is fine compared to the rest of the industry. UGP outperforms 75.81% of its industry peers.
  • UGP's Return On Invested Capital of 8.91% is fine compared to the rest of the industry. UGP outperforms 75.00% of its industry peers.
  • UGP had an Average Return On Invested Capital over the past 3 years of 10.47%. This is below the industry average of 13.57%.
Industry RankSector Rank
ROA 5.01%
ROE 15.79%
ROIC 8.91%
ROA(3y)5.77%
ROA(5y)4.89%
ROE(3y)16.44%
ROE(5y)14.63%
ROIC(3y)10.47%
ROIC(5y)8.8%
UGP Yearly ROA, ROE, ROICUGP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • UGP has a better Profit Margin (1.74%) than 60.48% of its industry peers.
  • UGP's Profit Margin has improved in the last couple of years.
  • The Operating Margin of UGP (3.47%) is comparable to the rest of the industry.
  • UGP's Operating Margin has improved in the last couple of years.
  • UGP's Gross Margin of 6.57% is on the low side compared to the rest of the industry. UGP is outperformed by 90.32% of its industry peers.
  • In the last couple of years the Gross Margin of UGP has grown nicely.
Industry RankSector Rank
OM 3.47%
PM (TTM) 1.74%
GM 6.57%
OM growth 3Y16.36%
OM growth 5Y14.21%
PM growth 3Y11.19%
PM growth 5Y7.4%
GM growth 3Y8.67%
GM growth 5Y4%
UGP Yearly Profit, Operating, Gross MarginsUGP Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8

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ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. UGP Health Analysis

2.1 Basic Checks

  • UGP has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for UGP has been reduced compared to 1 year ago.
  • The number of shares outstanding for UGP has been reduced compared to 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 2025 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 2025 10B 20B 30B 40B

2.2 Solvency

  • An Altman-Z score of 4.15 indicates that UGP is not in any danger for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 4.15, UGP belongs to the top of the industry, outperforming 82.26% of the companies in the same industry.
  • The Debt to FCF ratio of UGP is 6.33, which is on the high side as it means it would take UGP, 6.33 years of fcf income to pay off all of its debts.
  • UGP has a better Debt to FCF ratio (6.33) than 60.48% of its industry peers.
  • A Debt/Equity ratio of 1.10 is on the high side and indicates that UGP has dependencies on debt financing.
  • UGP has a Debt to Equity ratio of 1.10. This is comparable to the rest of the industry: UGP outperforms 42.74% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.1
Debt/FCF 6.33
Altman-Z 4.15
ROIC/WACC0.81
WACC10.93%
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 2025 5B 10B 15B

2.3 Liquidity

  • A Current Ratio of 1.62 indicates that UGP should not have too much problems paying its short term obligations.
  • The Current ratio of UGP (1.62) is better than 66.13% of its industry peers.
  • UGP has a Quick Ratio of 1.26. This is a normal value and indicates that UGP is financially healthy and should not expect problems in meeting its short term obligations.
  • UGP's Quick ratio of 1.26 is amongst the best of the industry. UGP outperforms 83.06% of its industry peers.
Industry RankSector Rank
Current Ratio 1.62
Quick Ratio 1.26
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 2025 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

  • The Earnings Per Share has been growing slightly by 6.92% over the past year.
  • The Earnings Per Share has been growing by 22.13% on average over the past years. This is a very strong growth
  • UGP shows a small growth in Revenue. In the last year, the Revenue has grown by 6.64%.
  • UGP shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.96% yearly.
EPS 1Y (TTM)6.92%
EPS 3Y10.78%
EPS 5Y22.13%
EPS Q2Q%-57.5%
Revenue 1Y (TTM)6.64%
Revenue growth 3Y-0.29%
Revenue growth 5Y13.96%
Sales Q2Q%7.2%

3.2 Future

  • The Earnings Per Share is expected to grow by 8.49% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 3.02% on average over the next years.
EPS Next Y-6.32%
EPS Next 2Y8.49%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year0.56%
Revenue Next 2Y3.19%
Revenue Next 3Y6.22%
Revenue Next 5Y3.02%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • 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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6

4. UGP Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 12.45, which indicates a correct valuation of UGP.
  • Compared to the rest of the industry, the Price/Earnings ratio of UGP indicates a rather cheap valuation: UGP is cheaper than 81.45% of the companies listed in the same industry.
  • UGP's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.15.
  • The Price/Forward Earnings ratio is 13.17, which indicates a correct valuation of UGP.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of UGP indicates a somewhat cheap valuation: UGP is cheaper than 75.00% of the companies listed in the same industry.
  • UGP is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.27, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 12.45
Fwd PE 13.17
UGP Price Earnings VS Forward Price EarningsUGP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 81.45% of the companies in the same industry are more expensive than UGP, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of UGP indicates a rather cheap valuation: UGP is cheaper than 86.29% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 8.4
EV/EBITDA 6.08
UGP Per share dataUGP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • The decent profitability rating of UGP may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.56
EPS Next 2Y8.49%
EPS Next 3YN/A

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

6

5. UGP Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 5.92%, UGP is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 2.38, UGP pays a better dividend. On top of this UGP pays more dividend than 93.55% 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 5.92%

5.2 History

  • On average, the dividend of UGP grows each year by 50.49%, which is quite nice.
  • 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)50.49%
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 87.78% of its income as dividend. This is not a sustainable payout ratio.
  • The dividend of UGP is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP87.78%
EPS Next 2Y8.49%
EPS Next 3YN/A
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 2025 1B 2B 3B
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 (3/11/2026, 6:40:00 PM)

After market: 5.23 0 (0%)

5.23

+0.03 (+0.58%)

Chartmill FA Rating
GICS IndustryGroupConsumer Discretionary Distribution & Retail
GICS IndustrySpecialty Retail
Earnings (Last)03-04
Earnings (Next)05-06
Inst Owners41.05%
Inst Owner Change-4.88%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap5.59B
Revenue(TTM)142.37B
Net Income(TTM)2.47B
Analysts76.19
Price Target5.04 (-3.63%)
Short Float %0.48%
Short Ratio1.91
Dividend
Industry RankSector Rank
Dividend Yield 5.92%
Yearly Dividend0.38
Dividend Growth(5Y)50.49%
DP87.78%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.29%
Min EPS beat(2)-25.82%
Max EPS beat(2)25.23%
EPS beat(4)2
Avg EPS beat(4)42.14%
Min EPS beat(4)-25.82%
Max EPS beat(4)185.16%
EPS beat(8)4
Avg EPS beat(8)29.43%
EPS beat(12)7
Avg EPS beat(12)34.85%
EPS beat(16)10
Avg EPS beat(16)58.77%
Revenue beat(2)2
Avg Revenue beat(2)3.84%
Min Revenue beat(2)2.76%
Max Revenue beat(2)4.92%
Revenue beat(4)3
Avg Revenue beat(4)0.94%
Min Revenue beat(4)-4.43%
Max Revenue beat(4)4.92%
Revenue beat(8)3
Avg Revenue beat(8)-1.1%
Revenue beat(12)3
Avg Revenue beat(12)-1.65%
Revenue beat(16)4
Avg Revenue beat(16)-2.12%
PT rev (1m)0%
PT rev (3m)6.17%
EPS NQ rev (1m)2.38%
EPS NQ rev (3m)7.36%
EPS NY rev (1m)3.97%
EPS NY rev (3m)9.63%
Revenue NQ rev (1m)2.42%
Revenue NQ rev (3m)3.67%
Revenue NY rev (1m)1.28%
Revenue NY rev (3m)1.86%
Valuation
Industry RankSector Rank
PE 12.45
Fwd PE 13.17
P/S 0.2
P/FCF 8.4
P/OCF 5.31
P/B 1.85
P/tB 2.34
EV/EBITDA 6.08
EPS(TTM)0.42
EY8.03%
EPS(NY)0.4
Fwd EY7.59%
FCF(TTM)0.62
FCFY11.91%
OCF(TTM)0.99
OCFY18.84%
SpS25.73
BVpS2.83
TBVpS2.23
PEG (NY)N/A
PEG (5Y)0.56
Graham Number5.17
Profitability
Industry RankSector Rank
ROA 5.01%
ROE 15.79%
ROCE 13.19%
ROIC 8.91%
ROICexc 10.96%
ROICexgc 12.3%
OM 3.47%
PM (TTM) 1.74%
GM 6.57%
FCFM 2.42%
ROA(3y)5.77%
ROA(5y)4.89%
ROE(3y)16.44%
ROE(5y)14.63%
ROIC(3y)10.47%
ROIC(5y)8.8%
ROICexc(3y)12.98%
ROICexc(5y)11.07%
ROICexgc(3y)14.48%
ROICexgc(5y)12.33%
ROCE(3y)15.5%
ROCE(5y)13.03%
ROICexgc growth 3Y-3.53%
ROICexgc growth 5Y19.25%
ROICexc growth 3Y-3.51%
ROICexc growth 5Y18.81%
OM growth 3Y16.36%
OM growth 5Y14.21%
PM growth 3Y11.19%
PM growth 5Y7.4%
GM growth 3Y8.67%
GM growth 5Y4%
F-Score5
Asset Turnover2.88
Health
Industry RankSector Rank
Debt/Equity 1.1
Debt/FCF 6.33
Debt/EBITDA 2.64
Cap/Depr 126.42%
Cap/Sales 1.41%
Interest Coverage 2.6
Cash Conversion 83.47%
Profit Quality 139.31%
Current Ratio 1.62
Quick Ratio 1.26
Altman-Z 4.15
F-Score5
WACC10.93%
ROIC/WACC0.81
Cap/Depr(3y)128.42%
Cap/Depr(5y)128.41%
Cap/Sales(3y)1.26%
Cap/Sales(5y)1.15%
Profit Quality(3y)109.33%
Profit Quality(5y)105.5%
High Growth Momentum
Growth
EPS 1Y (TTM)6.92%
EPS 3Y10.78%
EPS 5Y22.13%
EPS Q2Q%-57.5%
EPS Next Y-6.32%
EPS Next 2Y8.49%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)6.64%
Revenue growth 3Y-0.29%
Revenue growth 5Y13.96%
Sales Q2Q%7.2%
Revenue Next Year0.56%
Revenue Next 2Y3.19%
Revenue Next 3Y6.22%
Revenue Next 5Y3.02%
EBIT growth 1Y0.92%
EBIT growth 3Y16.02%
EBIT growth 5Y30.16%
EBIT Next Year56.86%
EBIT Next 3Y14.35%
EBIT Next 5Y14.06%
FCF growth 1Y76.93%
FCF growth 3Y62.87%
FCF growth 5Y11.65%
OCF growth 1Y45.96%
OCF growth 3Y39.59%
OCF growth 5Y11.68%

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 6 / 10 to ULTRAPAR PARTICPAC-SPON ADR (UGP). This can be considered as Fairly Valued.


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 decline by -6.32% in the next year.


Is the dividend of ULTRAPAR PARTICPAC-SPON ADR sustainable?

The dividend rating of ULTRAPAR PARTICPAC-SPON ADR (UGP) is 6 / 10 and the dividend payout ratio is 87.78%.