Ultrapar Participações S.A.
UGPUltrapar Participações S.A.'s three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: the price moved +110.3% in a year while annual EPS moved +6.0% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (35 weeks in). Underneath, the last four quarters read improving — profit +291.7% year on year, and 114% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Ultrapar Participações S.A. trades at $6.3, in a confirmed uptrend and 35 weeks into that stage. That is +28.8% against its own 200-day average. It sits at 96% of a 52-week range of $3 to $6. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 3 straight weeks.
Today the stock is in a confirmed uptrend — week 35 of stage 2. At $6.3 it trades +28.8% versus its 200-day average and sits at 96% of its 52-week range ($3–$6).
Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved −41% while the S&P 500 moved +248% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.
Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.
Ultrapar Participações S.A. trades at 11.8× P/E, against too little history to rank. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 11.8× is against too little history to rank. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +6.0% against a +110.3% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +17.1%/yr price move, ~+29.7%/yr came from earnings growth and ~−12.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Ultrapar Participações S.A. reads as consistent on its fundamental arc. Consistent — profit and EPS growth have stayed positive through the window, with ROCE at 17.7% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +6.6% | −0.3% | — | — |
| Profit | −5.0% | +35.2% | — | — |
| EPS | +6.0% | +11.0% | — | — |
| Stock price | +110.3% | +17.1% | +13.0% | −5.7% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
No sector-relative score — Ultrapar Participações S.A. is not among the largest members shown in this industry comparison for Oil & Gas Refining & Marketing.
The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Ultrapar Participações S.A. reported $36.8 B of revenue in the Mar 26 quarter, +10.3% year on year. That is the 8th straight quarter of year-on-year growth. Over 4 years it has compounded at 6.7% a year. The last full year, FY25, came in at $142 B. The last four reported quarters add to $146 B.
Ultrapar Participações S.A. reported $36.8 B of revenue in the Mar 26 quarter, +10.3% year on year. That is the 8th straight quarter of year-on-year growth. Over 4 years it has compounded at 6.7% a year. The last full year, FY25, came in at $142 B. The last four reported quarters add to $146 B.
FY25 revenue came in at $142 B (+6.6% on the year), capping 4 years at 6.7% compound. The latest quarter (Mar 26) printed $36.8 B, +10.3% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +6.9% growth against the decade's 6.7% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +6.9% over the last 4 quarters against +7.6%/yr over the last 8 — stabilising; TTM profit +24.3% vs +19.5%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 5.0% this quarter (+2.2 pp YoY).
Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Ultrapar Participações S.A.'s operating margin is 5.0% in the Mar 26 quarter, +2.2 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 1.6% to 3.8%. The current quarter is running above every full year in that window.
Ultrapar Participações S.A.'s operating margin is 5.0% in the Mar 26 quarter, +2.2 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 1.6% to 3.8%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 5.0%, +2.2 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 1.6%–3.8%.
Why the margin moved: operating margin went +2.2 pp year on year while gross margin went +2.2 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +291.7% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Ultrapar Participações S.A. earned $1.4 B of net profit in the Mar 26 quarter, +291.7% year on year. Full-year FY25 profit was $3.8 B. The 4-year compound rate is 39.4%. That is 3.8% of the quarter's revenue. The same quarter a year earlier earned $0.4 B.
Ultrapar Participações S.A. earned $1.4 B of net profit in the Mar 26 quarter, +291.7% year on year. Full-year FY25 profit was $3.8 B. The 4-year compound rate is 39.4%. That is 3.8% of the quarter's revenue. The same quarter a year earlier earned $0.4 B.
Mar 26 profit was $1.4 B, +291.7% year on year. On the full year, FY25 printed $3.8 B (−5.0%), and the 4-year compound rate is 39.4%.
Why profit moved: revenue contributed +10.3% and the margin +2.2 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +89.3% vs revenue +6.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra dollar of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 114% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 114% of Ultrapar Participações S.A.'s reported profit arrived as operating cash — the cash follows the profit. In FY25 that was $5.4 B of operating cash against $3.8 B of profit. After $2.0 B of capital spending, $3.4 B was left as free cash.
FY25: operating cash of $5.4 B against reported profit of $3.8 B, leaving free cash of $3.4 B after $2.0 B of capital spending. Across the last 3 fiscal years the conversion rate is 114% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.
Router verdict: the visible cash user is investment — the next section checks what the spending is buying.
→ So follow the cash to where it goes. Next: $5.0 B of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Ultrapar Participações S.A. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $5.0 B over the last 3 years. Averaged over those years that is 1.2% of FY25 revenue a year.
Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.
On the investment side: capital spending of $5.0 B over the last 3 fiscal years.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROE is 19% and the ROIC − WACC spread is +5.6 pp.
Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.
Ultrapar Participações S.A. earns a ROE of 22% in FY25. That is up from a trough of 10% in FY21. Return on invested capital clears the cost of that capital by +5.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 2.7% net margin on 2.88× asset turns.
FY25 ROE is 22%, recovered from a FY21 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY25): 2.7% net margin × 2.88× asset turns × 2.78× balance-sheet leverage ≈ 21.6% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 12.9% − 7.3% = a +5.6 pp spread. The 7.3% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. A spread this wide means every dollar reinvested creates more than a dollar of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.14.
Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.
Ultrapar Participações S.A. paid $2.00 per share over the last four reported quarters, up 20.0% on a year ago. The most recent declaration was $1.00 for Sep 25. Against the current price of $6.3 that is a trailing yield of 31.70%, measured on dividends already paid rather than on a forecast.
Ultrapar Participações S.A. paid $2.00 per share over the last four reported quarters, up 20.0% on a year ago. The most recent declaration was $1.00 for Sep 25. Against the current price of $6.3 that is a trailing yield of 31.70%, measured on dividends already paid rather than on a forecast.
Ultrapar Participações S.A. paid $2.00 per share across the last four reported quarters, most recently $1.00 for Sep 25. That is up 20.0% against the same quarter a year earlier. Against the current price of $6.3 the trailing twelve months work out to 31.70% — trailing dividends measured against today's price, not a forward estimate.
→ A payout is cash leaving the business. Next: what the balance sheet looks like behind it.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Ultrapar Participações S.A. carries total debt of $21.7 B against shareholder equity of $18.5 B as of Mar 26, a debt-to-equity of 1.17. On the annual view that ratio went from 1.69 in FY21 to 1.25 in FY25. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of $21.7 B against shareholder equity of $18.5 B — a debt-to-equity of 1.17. On the annual view, debt-to-equity went from 1.69 (FY21) to 1.25 (FY25). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: the register.
Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.
No ownership or positioning reading is held for Ultrapar Participações S.A., so this section names the gap rather than filling it. At typical trading volumes those positions would take about 0.3 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.
We hold no ownership or positioning reading for this stock, so this section says that plainly.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Ultrapar Participações S.A.: the Z-score reads 4.14. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 4.14 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 4.14.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Ultrapar Participações S.A. this page | 11.8× | $7B | Consistent | |||
| Marathon Petroleum Corporation | 19.9× | $89B | Turning around | |||
| Valero Energy Corporation | 21.7× | $89B | Turning around | |||
| Phillips 66 | 20.3× | $83B | Turning around | |||
| HF Sinclair Corporation | 8.6× | $16B | Turning around | |||
| Sunoco LP | 19.5× | $10B | Improving | |||
| PBF Energy Inc. | 16.0× | $7B | Deteriorating | |||
| Icahn Enterprises L.P. | — | $5B | No read | |||
| Par Pacific Holdings, Inc. | 8.8× | $4B | Turning around | |||
| Delek US Holdings, Inc. | — | $4B | No read | |||
| CVR Energy, Inc. | — | $3B | Turning around | |||
| Delek Logistics Partners, LP | 18.2× | $3B | Mixed | |||
| Cosan S.A. | — | $3B | Deteriorating | |||
| World Kinect Corporation | — | $2B | Deteriorating | |||
| ARKO Petroleum Corp. | 20.3× | $1B | — | No read | ||
| CrossAmerica Partners LP | 14.9× | $1B | Mixed | |||
| Clean Energy Fuels Corp. | — | $0B | No read | |||
| Star Group, L.P. | 5.1× | $0B | Mixed |
Frequently asked questions
What is Ultrapar Participações S.A.'s stock price today?
Ultrapar Participações S.A. trades at $6.3, +110.3% over the past year. The company is valued at $7.0 B. The stock sits at 96% of its 52-week range of $3–$6, +28.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 35 weeks in. — as of 29 July 2026.
What were Ultrapar Participações S.A.'s latest quarterly results?
Ultrapar Participações S.A. reported revenue of $36.8 B and net profit of $1.4 B for the Mar 26 quarter. Revenue rose 10.3% and profit rose 291.7% year on year. Earnings per share were $0.80. The operating margin was 5.0%, 2.2 pp higher than a year earlier. — as of 29 July 2026.
What is Ultrapar Participações S.A.'s revenue?
Ultrapar Participações S.A. reported revenue of $36.8 B in the Mar 26 quarter, +10.3% year on year. For the full FY25 fiscal year, revenue was $142 B (+6.6%). Over the last 4 years revenue compounded at 6.7% a year. — as of 29 July 2026.
What is Ultrapar Participações S.A.'s profit?
Ultrapar Participações S.A. earned $1.4 B of net profit in the Mar 26 quarter, +291.7% year on year. Full-year FY25 profit was $3.8 B. The operating margin ran 5.0% in the latest quarter. — as of 29 July 2026.
What is Ultrapar Participações S.A.'s market cap?
Ultrapar Participações S.A.'s market capitalisation is $7.0 B at a stock price of $6.3. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 29 July 2026.
Does Ultrapar Participações S.A. pay a dividend?
Yes — Ultrapar Participações S.A. declared $1.00 per share for Sep 25, and $2.00 per share across the last four reported quarters. The latest quarter is up 20.0% on the same quarter a year earlier. — as of 29 July 2026.
What is Ultrapar Participações S.A.'s dividend per share?
Ultrapar Participações S.A.'s most recently declared dividend is $1.00 per share for Sep 25, giving $2.00 per share over the trailing twelve months. Each figure is the amount declared for that quarter as reported, added across four quarters for the trailing total. — as of 29 July 2026.
What is Ultrapar Participações S.A.'s dividend yield?
Ultrapar Participações S.A.'s trailing dividend yield is 31.70%: $2.00 declared per share across the last four reported quarters, against a share price of $6.3. Each quarter’s figure is the amount declared for that quarter as reported, added across four quarters and divided by the latest close. — as of 29 July 2026.
Is Ultrapar Participações S.A. growing?
Yes — Ultrapar Participações S.A. is growing: latest-quarter revenue +10.3% year on year, profit +291.7%, and the margin +2.2 pp at 5.0%. The 4-year compound rates are 6.7% (revenue) and 39.4% (profit). The earnings engine currently reads: improving — as of 29 July 2026.
How is Ultrapar Participações S.A. performing?
Ultrapar Participações S.A. is in a confirmed uptrend, 35 weeks in. Its latest quarter's revenue rose 10.3% and profit rose 291.7% year on year. Against the S&P 500 it has been ahead on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 29 July 2026.
What stage is Ultrapar Participações S.A. in?
Consistent — profit and EPS growth have stayed positive through the window, with ROCE at 17.7% and holding. The read comes from the last 12 quarters of growth (revenue growth +6.9% latest, profit growth +24.3% latest, eps growth +33.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 29 July 2026.
Is Ultrapar Participações S.A. in an uptrend?
Yes — the price is in a confirmed uptrend (week 35 of stage 2), trading +28.8% versus its 200-day average and at 96% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 29 July 2026.
Is Ultrapar Participações S.A. beating the market?
On recent form, yes — Ultrapar Participações S.A. has been ahead of the S&P 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.1 years the stock moved −41% against the S&P 500's +248% — behind the index over the full window. — as of 29 July 2026.
Will Ultrapar Participações S.A.'s stock price go up?
This page publishes no price forecast for Ultrapar Participações S.A. What it measures instead: the stock price is $6.3, the price is in a confirmed uptrend 35 weeks in. Direction is not something this site claims to know. — as of 29 July 2026.
Does Ultrapar Participações S.A. have too much debt?
It carries real leverage — Ultrapar Participações S.A.'s debt-to-equity is 1.14. A year-by-year borrowings ladder is not in our numbers for this stock, so the latest reading is the cleanest hold. Read the returns on this page with that leverage in mind — as of 29 July 2026.
What is Ultrapar Participações S.A.'s capex?
Ultrapar Participações S.A. spent $5.0 B on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was $2.0 B. — as of 29 July 2026.
What is Ultrapar Participações S.A.'s cash flow?
Ultrapar Participações S.A. generated $5.4 B of operating cash flow in FY25 and $3.4 B of free cash flow after $2.0 B of capital spending. Reported profit that year was $3.8 B, so operating cash ran ahead of profit. — as of 29 July 2026.
Is Ultrapar Participações S.A.'s profit real cash?
Yes — over the last 3 fiscal years, 114% of Ultrapar Participações S.A.'s reported profit arrived as operating cash. In FY25, operating cash was $5.4 B against reported profit of $3.8 B. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 29 July 2026.
How financially safe is Ultrapar Participações S.A.?
On the balance sheet, the Z-score reads 4.14 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 29 July 2026.
Where is Ultrapar Participações S.A. in its business cycle?
Ultrapar Participações S.A.'s FY25 operating margin was 3.5%, against a 5-year band of 1.6%–3.8%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 5.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 29 July 2026.
What could break the Ultrapar Participações S.A. story?
The sharpest disagreement: the price moved +110.3% in a year while annual EPS moved +6.0% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 29 July 2026.
Is Ultrapar Participações S.A. a stock worth studying right now?
This is not investment advice. The machine read: Ultrapar Participações S.A.'s three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 29 July 2026.