ULTRAPAR PARTICPAC-SPON ADR (UGP) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:UGP • US90400P1012

4.92 USD
-0.04 (-0.81%)
At close: Feb 4, 2026
4.8697 USD
-0.05 (-1.02%)
After Hours: 2/4/2026, 7:00:00 PM
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to UGP. UGP was compared to 121 industry peers in the Specialty Retail industry. UGP has only an average score on both its financial health and profitability. A decent growth rate in combination with a cheap valuation! Better keep an eye on UGP. Finally UGP also has an excellent dividend rating. This makes UGP very considerable for value and dividend investing!


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • UGP had positive earnings in the past year.
  • UGP had a positive operating cash flow in the past year.
  • Each year in the past 5 years UGP has been profitable.
  • UGP had a positive operating cash flow in each of the past 5 years.
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 76.86% of its industry peers.
  • With a decent Return On Equity value of 18.26%, UGP is doing good in the industry, outperforming 77.69% of the companies in the same industry.
  • With a decent Return On Invested Capital value of 10.04%, UGP is doing good in the industry, outperforming 73.55% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for UGP is in line with the industry average of 12.09%.
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's Profit Margin of 2.12% is fine compared to the rest of the industry. UGP outperforms 60.33% of its industry peers.
  • In the last couple of years the Profit Margin of UGP has grown nicely.
  • UGP has a Operating Margin of 3.96%. This is in the better half of the industry: UGP outperforms 61.16% of its industry peers.
  • In the last couple of years the Operating Margin of UGP has grown nicely.
  • UGP has a worse Gross Margin (7.10%) than 92.56% of its industry peers.
  • In the last couple of years the Gross Margin of UGP has remained more or less at the same level.
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. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), UGP is destroying value.
  • UGP has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, UGP has less shares outstanding
  • 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

  • UGP has an Altman-Z score of 4.50. This indicates that UGP is financially healthy and has little risk of bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 4.50, UGP belongs to the top of the industry, outperforming 85.12% of the companies in the same industry.
  • The Debt to FCF ratio of UGP is 9.53, which is on the high side as it means it would take UGP, 9.53 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of UGP (9.53) is comparable to the rest of the industry.
  • A Debt/Equity ratio of 0.97 indicates that UGP is somewhat dependend on debt financing.
  • UGP has a Debt to Equity ratio of 0.97. This is comparable to the rest of the industry: UGP outperforms 42.98% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.97
Debt/FCF 9.53
Altman-Z 4.5
ROIC/WACC0.92
WACC10.91%
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

  • A Current Ratio of 1.82 indicates that UGP should not have too much problems paying its short term obligations.
  • UGP has a Current ratio of 1.82. This is in the better half of the industry: UGP outperforms 76.86% of its industry peers.
  • A Quick Ratio of 1.38 indicates that UGP should not have too much problems paying its short term obligations.
  • UGP has a Quick ratio of 1.38. This is amongst the best in the industry. UGP outperforms 83.47% 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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5

3. Growth

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.
  • Measured over the past years, UGP shows a very strong growth in Earnings Per Share. The EPS has been growing by 43.25% on average per year.
  • Looking at the last year, UGP shows a small growth in Revenue. The Revenue has grown by 5.91% in the last year.
  • Measured over the past years, UGP shows a quite strong growth in Revenue. The Revenue has been growing by 8.37% on average per year.
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

  • Based on estimates for the next years, UGP will show a small growth in Earnings Per Share. The EPS will grow by 7.52% on average per year.
  • The Revenue is expected to grow by 5.98% on average over the next years.
EPS Next Y0.07%
EPS Next 2Y0.02%
EPS Next 3Y7.52%
EPS Next 5YN/A
Revenue Next Year3.95%
Revenue Next 2Y1.95%
Revenue Next 3Y3.63%
Revenue Next 5Y5.98%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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 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. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 9.28, the valuation of UGP can be described as very reasonable.
  • Compared to the rest of the industry, the Price/Earnings ratio of UGP indicates a rather cheap valuation: UGP is cheaper than 89.26% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 28.25. UGP is valued rather cheaply when compared to this.
  • With a Price/Forward Earnings ratio of 11.88, the valuation of UGP can be described as very reasonable.
  • 82.64% of the companies in the same industry are more expensive than UGP, based on the Price/Forward Earnings ratio.
  • UGP is valuated cheaply when we compare the Price/Forward Earnings ratio to 27.50, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 9.28
Fwd PE 11.88
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

  • Based on the Enterprise Value to EBITDA ratio, UGP is valued cheaply inside the industry as 83.47% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, UGP is valued a bit cheaper than 76.03% of the companies in the same industry.
Industry RankSector Rank
P/FCF 13.82
EV/EBITDA 6.15
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 UGP does not grow enough to justify the current Price/Earnings ratio.
  • UGP has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)136.06
PEG (5Y)0.21
EPS Next 2Y0.02%
EPS Next 3Y7.52%

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8

5. Dividend

5.1 Amount

  • UGP has a Yearly Dividend Yield of 6.30%, which is a nice return.
  • UGP's Dividend Yield is rather good when compared to the industry average which is at 2.20. UGP pays more dividend than 95.04% of the companies in the same industry.
  • UGP's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 6.3%

5.2 History

  • On average, the dividend of UGP grows each year by 6.93%, which is quite nice.
  • UGP has been paying a dividend for at least 10 years, so it has a reliable track record.
  • The dividend of UGP decreased 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.
  • UGP's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept 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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ULTRAPAR PARTICPAC-SPON ADR

NYSE:UGP (2/4/2026, 7:00:00 PM)

After market: 4.8697 -0.05 (-1.02%)

4.92

-0.04 (-0.81%)

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-14.6%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap5.26B
Revenue(TTM)133.50B
Net Income(TTM)2.94B
Analysts77.14
Price Target4.73 (-3.86%)
Short Float %0.73%
Short Ratio3
Dividend
Industry RankSector Rank
Dividend Yield 6.3%
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)0%
PT rev (3m)4.8%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.09%
EPS NY rev (1m)0.14%
EPS NY rev (3m)6.32%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.25%
Valuation
Industry RankSector Rank
PE 9.28
Fwd PE 11.88
P/S 0.2
P/FCF 13.82
P/OCF 6.95
P/B 1.71
P/tB 2.21
EV/EBITDA 6.15
EPS(TTM)0.53
EY10.77%
EPS(NY)0.41
Fwd EY8.42%
FCF(TTM)0.36
FCFY7.23%
OCF(TTM)0.71
OCFY14.38%
SpS24.73
BVpS2.88
TBVpS2.22
PEG (NY)136.06
PEG (5Y)0.21
Graham Number5.86
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 4.5
F-Score5
WACC10.91%
ROIC/WACC0.92
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 Year3.95%
Revenue Next 2Y1.95%
Revenue Next 3Y3.63%
Revenue Next 5Y5.98%
EBIT growth 1Y6.6%
EBIT growth 3Y52.22%
EBIT growth 5Y20.57%
EBIT Next Year67.77%
EBIT Next 3Y25.56%
EBIT Next 5Y15.95%
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%.