Ultrapar Participações S.A. (UGP) 10-Year Financial Performance & Capital Metrics

UGP • • Industrial / General

EnergyOil Refining & MarketingFuel Distribution & RetailIntegrated Retail Operators

AboutUltrapar Participações S.A. engages in the gas distribution, fuel distribution, and storage businesses primarily in Brazil, Mexico, Uruguay, Venezuela, other Latin American countries, the United States, Canada, the Far East, Europe, and internationally. Its Gas Distribution segment distributes liquefied petroleum gas to residential, commercial, and industrial consumers primarily in the South, Southeast, and Northeast regions of Brazil. The company's Fuel Distribution segment distributes and markets gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants; operates convenience stores; and offers lubricant-changing and automotive specialized services. The company's Storage segment operates liquid bulk terminals primarily in the Southeast and Northeast regions of Brazil. As of December 31, 2021, the company operated through 7,104 Ipiranga service stations and 1,841 AmPm convenience stores; 1,149 Jet Oil franchises; 4 distribution centers; and 7 Ultracargo terminals with storage capacity of 983 thousand cubic meters. It also operates Abastece Aí, a digital payments app; and offers Km de Vantagens, a loyalty program. The company was founded in 1937 and is headquartered in São Paulo, Brazil.Show more

Revenue $133.5B +5.9%
EBITDA $6.29B +9.9%
Net Income $2.36B -3.2%
EPS (Diluted) 2.11 -4.5%
Gross Margin 6.45% -12.7%
EBITDA Margin 4.71% +3.7%
Operating Margin 3.8% +4.9%
Net Margin 1.77% -8.6%
ROE 15.83% -15.0%
ROIC 14.94% -10.1%
Debt/Equity 1.00 +5.3%
Interest Coverage 3.70 +31.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 44.6%
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 16.8%
✓Trading at only 0.3x book value
✓Efficient asset utilization: 3.4x turnover

✗Weaknesses

✗Thin 5Y average net margin of 1.4%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.02%

5Y9.97%

3Y6.75%

TTM6.31%

Profit (Net Income) CAGR

10Y6.65%

5Y44.62%

3Y40.58%

TTM13.44%

EPS CAGR

10Y6.44%

5Y67.51%

3Y39.34%

TTM14.04%

ROCE

10Y Avg13.79%

5Y Avg13.07%

3Y Avg16.48%

Latest18.09%

Peer Comparison

Integrated Retail Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SGUStar Group, L.P.	407.59M	12.36	5.78	1.04%	2.96%	16.87%	13.75%	0.91
UGPUltrapar Participações S.A.	4.4B	4.12	1.95	5.91%	2.13%	15.92%	44.25%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	75.66B	77.35B	80.01B	90.7B	83B	74.06B	109.73B	143.63B	126.05B	133.5B
Revenue Growth %	0.12%	0.02%	0.03%	0.13%	-0.08%	-0.11%	0.48%	0.31%	-0.12%	0.06%
Cost of Goods Sold+	68.93B	70.34B	72.74B	84.54B	78.21B	70.06B	104.83B	136.28B	116.73B	124.88B
COGS % of Revenue	0.91%	0.91%	0.91%	0.93%	0.94%	0.95%	0.96%	0.95%	0.93%	0.94%
Gross Profit+	6.72B	7.01B	7.27B	6.16B	4.8B	4B	4.9B	7.36B	9.32B	8.62B
Gross Margin %	0.09%	0.09%	0.09%	0.07%	0.06%	0.05%	0.04%	0.05%	0.07%	0.06%
Gross Profit Growth %	0.24%	0.04%	0.04%	-0.15%	-0.22%	-0.17%	0.23%	0.5%	0.27%	-0.08%
Operating Expenses+	3.74B	3.9B	4.22B	3.95B	2.74B	2.46B	3.12B	4.02B	4.75B	3.54B
OpEx % of Revenue	0.05%	0.05%	0.05%	0.04%	0.03%	0.03%	0.03%	0.03%	0.04%	0.03%
Selling, General & Admin	3.84B	4.1B	4.46B	4.3B	2.94B	2.61B	3.4B	3.68B	4.27B	4.37B
SG&A % of Revenue	0.05%	0.05%	0.06%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%
Research & Development	41.37M	50.13M	55.84M	63.09M	0	0	0	0	0	0
R&D % of Revenue	0%	0%	0%	0%	-	-	-	-	-	-
Other Operating Expenses	-101.83M	-113.33M	-239.58M	9.79M	-198.7M	-149.49M	-280.36M	345.23M	480.93M	-829.01M
Operating Income+	2.96B	3.11B	2.87B	1.9B	2.05B	1.55B	1.79B	3.34B	4.57B	5.07B
Operating Margin %	0.04%	0.04%	0.04%	0.02%	0.02%	0.02%	0.02%	0.02%	0.04%	0.04%
Operating Income Growth %	0.3%	0.05%	-0.08%	-0.34%	0.08%	-0.25%	0.16%	0.87%	0.37%	0.11%
EBITDA+	3.96B	4.21B	3.57B	2.71B	2.82B	2.38B	2.71B	4.36B	5.72B	6.29B
EBITDA Margin %	0.05%	0.05%	0.04%	0.03%	0.03%	0.03%	0.02%	0.03%	0.05%	0.05%
EBITDA Growth %	0.25%	0.06%	-0.15%	-0.24%	0.04%	-0.15%	0.14%	0.61%	0.31%	0.1%
D&A (Non-Cash Add-back)	1B	1.1B	704.54M	812.49M	768.38M	838.2M	920.91M	1.03B	1.15B	1.21B
EBIT	3.23B	3.5B	3.39B	2.65B	2.42B	1.72B	1.83B	3.47B	5.19B	3.83B
Net Interest Income+	-599.64M	-730.11M	-556.71M	-330.72M	-755.96M	-105.17M	-414.73M	-1.04B	-992.21M	-624.03M
Interest Income	423.11M	508.06M	581.23M	632.7M	111.86M	43.78M	413.12M	552M	632.98M	745.48M
Interest Expense	979.1M	1.16B	1.06B	874.91M	254.58M	148.95M	827.85M	1.59B	1.63B	1.37B
Other Income/Expense	-714.22M	-835.1M	-453.62M	-128.31M	-686.06M	-594.38M	-780.37M	-1.46B	-987.22M	-1.06B
Pretax Income+	2.25B	2.27B	2.41B	1.77B	1.37B	951.58M	1.01B	1.88B	3.58B	4.01B
Pretax Margin %	0.03%	0.03%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.03%	0.03%
Income Tax+	734.34M	700M	839.43M	638.72M	469.98M	304.52M	188.03M	341.51M	1.06B	1.49B
Effective Tax Rate %	0.67%	0.69%	0.65%	0.65%	0.27%	0.94%	0.84%	0.96%	0.68%	0.59%
Net Income+	1.5B	1.56B	1.57B	1.15B	373.53M	893.38M	850.46M	1.8B	2.44B	2.36B
Net Margin %	0.02%	0.02%	0.02%	0.01%	0%	0.01%	0.01%	0.01%	0.02%	0.02%
Net Income Growth %	0.21%	0.04%	0.01%	-0.27%	-0.68%	1.39%	-0.05%	1.12%	0.35%	-0.03%
Net Income (Continuing)	1.52B	1.55B	1.53B	1.15B	895.2M	647.06M	818.61M	1.54B	2.52B	2.53B
Discontinued Operations	0	0	0	0	-492.26M	280.63M	65.26M	301.86M	0	0
Minority Interest	29.09M	30.9M	339.57M	351.9M	93.7M	376.52M	402.32M	466.23M	523.33M	664.73M
EPS (Diluted)+	1.37	0.65	1.44	0.49	0.16	0.82	0.78	1.64	2.21	2.11
EPS Growth %	0.21%	-0.53%	1.22%	-0.66%	-0.67%	4.13%	-0.05%	1.1%	0.35%	-0.05%
EPS (Basic)	1.38	0.65	1.45	0.49	0.16	0.82	0.78	1.65	2.21	2.14
Diluted Shares Outstanding	1.1B	2.42B	1.09B	2.36B	2.36B	1.09B	1.1B	1.1B	1.1B	1.12B
Basic Shares Outstanding	1.09B	2.42B	1.08B	2.36B	2.36B	1.09B	1.09B	1.09B	1.1B	1.12B
Dividend Payout Ratio	0.55%	0.56%	0.6%	0.7%	1.6%	0.32%	0.83%	0.35%	0.16%	0.35%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.91B	13.01B	15.2B	16.21B	3.79B	17.49B	25.02B	18.56B	18.65B	16.05B
Cash & Short-Term Investments	3.51B	5.69B	6.29B	6.79B	1.29B	7.69B	4.08B	6.14B	6.22B	4.62B
Cash Only	2.7B	4.27B	5B	3.94B	525.86M	2.66B	2.28B	5.62B	5.93B	2.07B
Short-Term Investments	803.3M	1.41B	1.28B	2.85B	768.19M	5.03B	1.8B	520.35M	292.93M	2.55B
Accounts Receivable	3.83B	4.04B	5.27B	5.88B	1.5B	5.82B	5.92B	7.39B	8.04B	7.2B
Days Sales Outstanding	18.47	19.08	24.06	23.65	6.59	28.66	19.7	18.79	23.28	19.69
Inventory	2.32B	2.76B	3.49B	3.35B	923.65M	3.85B	3.92B	4.91B	4.29B	3.92B
Days Inventory Outstanding	12.3	14.33	17.52	14.48	4.31	20.04	13.64	13.14	13.42	11.45
Other Current Assets	171.73M	730.02M	1.39B	1.44B	44.28M	0	11B	0	2.69B	141.26M
Total Non-Current Assets+	11.05B	11.15B	13.14B	14.29B	4.07B	18.76B	13.99B	17.88B	19.6B	23.51B
Property, Plant & Equipment	5.44B	9.16B	6.61B	9.65B	2.37B	10.16B	7.17B	7.65B	8.1B	8.76B
Fixed Asset Turnover	13.91x	8.45x	12.11x	9.40x	34.95x	7.29x	15.30x	18.77x	15.56x	15.24x
Goodwill	1.46B	1.45B	1.58B	1.53B	231.64M	931.81M	818.1M	917.77M	943.13M	982.36M
Intangible Assets	1.84B	1.92B	2.15B	844.27M	206.52M	850.85M	653.16M	1B	3.09B	925.97M
Long-Term Investments	570.69M	156.8M	234.62M	1.78B	505.11M	1.14B	457.87M	554.23M	1.27B	4.03B
Other Non-Current Assets	1.19B	-1.96B	2.02B	-23.95M	530.88M	4.7B	4.3B	6.85B	6.42B	7.87B
Total Assets+	20.97B	24.16B	28.34B	30.5B	7.86B	36.25B	39.01B	36.44B	38.25B	39.56B
Asset Turnover	3.61x	3.20x	2.82x	2.97x	10.56x	2.04x	2.81x	3.94x	3.30x	3.37x
Asset Growth %	0.08%	0.15%	0.17%	0.08%	-0.74%	3.61%	0.08%	-0.07%	0.05%	0.03%
Total Current Liabilities+	3.83B	5.49B	7.01B	6.34B	1.29B	9.24B	12.64B	12.77B	11.23B	10.49B
Accounts Payable	1.46B	1.81B	2.23B	2.74B	671.21M	4.04B	5.7B	7.38B	5.72B	4.53B
Days Payables Outstanding	7.73	9.39	11.18	11.81	3.13	21.05	19.85	19.76	17.89	13.25
Short-Term Debt	1.1B	2.47B	3.5B	2.27B	329.09M	3.26B	2.87B	3.36B	1.99B	3.55B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	0
Other Current Liabilities	446.84M	82.29M	605.56M	507.22M	68.18M	788M	3.22B	472.02M	1.58B	1.44B
Current Ratio	2.59x	2.37x	2.17x	2.56x	2.93x	1.89x	1.98x	1.45x	1.66x	1.53x
Quick Ratio	1.98x	1.87x	1.67x	2.03x	2.22x	1.48x	1.67x	1.07x	1.28x	1.16x
Cash Conversion Cycle	23.04	24.02	30.4	26.33	7.76	27.65	13.49	12.17	18.8	17.89
Total Non-Current Liabilities+	9.16B	10.11B	11.61B	14.36B	4.12B	17.1B	15.9B	11.5B	12.99B	13.24B
Long-Term Debt	7.76B	8.9B	10.04B	12.89B	3.3B	14.12B	13.52B	8.39B	9.78B	10.75B
Capital Lease Obligations	43.51M	46.1M	45.8M	43.22M	343.62M	1.57B	1.16B	1.3B	1.21B	1.17B
Deferred Tax Liabilities	950.66M	727.1M	899.77M	865.2M	106.91M	867.12M	812.52M	1.02B	682.82M	743.4M
Other Non-Current Liabilities	1.08B	1.15B	1.47B	1.41B	372.92M	1.4B	1.23B	790.24M	1.32B	576.47M
Total Liabilities	12.99B	15.6B	18.62B	20.7B	5.41B	26.34B	28.54B	24.27B	24.22B	23.73B
Total Debt+	8.91B	11.42B	13.59B	15.21B	3.97B	19.21B	17.73B	13.28B	13.3B	15.79B
Net Debt	6.2B	7.14B	8.59B	11.27B	3.45B	16.55B	15.45B	7.66B	7.37B	13.72B
Debt / Equity	1.12x	1.33x	1.40x	1.55x	1.62x	1.94x	1.69x	1.09x	0.95x	1.00x
Debt / EBITDA	2.25x	2.71x	3.81x	5.61x	1.41x	8.06x	6.55x	3.04x	2.32x	2.51x
Net Debt / EBITDA	1.56x	1.70x	2.41x	4.15x	1.22x	6.94x	5.71x	1.75x	1.29x	2.18x
Interest Coverage	3.02x	2.68x	2.70x	2.17x	8.06x	10.38x	2.16x	2.09x	2.81x	3.70x
Total Equity+	7.97B	8.56B	9.72B	9.8B	2.44B	9.91B	10.47B	12.17B	14.03B	15.82B
Equity Growth %	0.03%	0.07%	0.14%	0.01%	-0.75%	3.05%	0.06%	0.16%	0.15%	0.13%
Book Value per Share	7.27	3.54	8.91	4.16	1.04	9.06	9.54	11.08	12.70	14.16
Total Shareholders' Equity	7.95B	8.53B	9.38B	9.45B	2.35B	9.53B	10.07B	11.71B	13.51B	15.16B
Common Stock	3.84B	3.84B	5.17B	5.17B	1.29B	5.17B	5.17B	5.17B	6.62B	6.62B
Retained Earnings	1.33B	1.33B	3.79B	4.21B	0	55.39M	4.87B	0	6.52B	8.2B
Treasury Stock	-490.88M	-483.88M	-482.26M	-485.38M	-120.66M	-489.07M	-488.43M	-479.67M	-470.51M	-596.4M
Accumulated OCI	4.44B	5.02B	4.53B	4.65B	1.19B	4.77B	-79.3M	6.89B	7.15B	326.1M
Minority Interest	29.09M	30.9M	339.57M	351.9M	93.7M	376.52M	402.32M	466.23M	523.33M	664.73M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.2B	2.51B	2.28B	2.89B	2.92B	3.14B	2.59B	2B	3.85B	3.74B
Operating CF Margin %	0.04%	0.03%	0.03%	0.03%	0.04%	0.04%	0.02%	0.01%	0.03%	0.03%
Operating CF Growth %	0.21%	-0.21%	-0.09%	0.27%	0.01%	0.07%	-0.18%	-0.22%	0.92%	-0.03%
Net Income	1.51B	1.57B	1.57B	1.13B	402.94M	647.06M	818.61M	1.54B	2.52B	2.36B
Depreciation & Amortization	1B	1.1B	1.18B	812.49M	1.14B	838.2M	920.91M	1.02B	1.15B	1.21B
Stock-Based Compensation	16.93M	18.37M	12.54M	9.92M	7.66M	10.43M	0	37M	0	112.28M
Deferred Taxes	14.81M	-100.5M	-83.03M	162.42M	-97.47M	326.1M	281.36M	402.55M	1.06B	0
Other Non-Cash Items	1.6B	767.07M	852.37M	1.02B	1.83B	934M	1.55B	712.41M	976.43M	2.66B
Working Capital Changes	-497.86M	-189.45M	-413.05M	-196.04M	-362.41M	382.32M	-983.45M	-1.71B	-1.86B	-2.62B
Change in Receivables	-615.38M	-326.69M	-665.14M	-455.48M	372.99M	-374.26M	-1.78B	-779.24M	-941.56M	-1.46B
Change in Inventory	-615.39M	-262.99M	-605.76M	168.7M	-357.55M	108.14M	-1.63B	-1B	645.3M	371.24M
Change in Payables	181.03M	249.12M	412.39M	576.16M	-31.61M	798.18M	2.43B	1.56B	-1.7B	-1.21B
Cash from Investing+	-801.8M	-1.85B	-1.91B	-3.18B	-1.84B	-2.14B	724.14M	7.9B	-1.02B	-6.39B
Capital Expenditures	-1.41B	-1.67B	-2.06B	-1.42B	-1.24B	-750.62M	-1.04B	-1.22B	-1.29B	-1.79B
CapEx % of Revenue	0.02%	0.02%	0.03%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	652.39M	-135.13M	108.53M	-1.63B	-516.09M	-641.92M	-393.89M	3.79B	0	0
Cash from Financing+	-2.52B	928.39M	340.35M	-801.01M	-2.92B	-592.33M	-3.36B	-6.91B	-2.49B	-1.23B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-831.65M	-873.27M	-940.25M	-808.6M	-596.44M	-284.77M	-705.75M	-638.28M	-400.02M	-833.66M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-855.2M	-1.06B	-762.7M	-737.68M	-1.47B	-1.63B	-1.3B	-1.59B	-1.63B	-1.43B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.79B	847.3M	214.89M	1.47B	1.68B	2.23B	1.31B	785.74M	2.56B	1.95B
FCF Margin %	0.02%	0.01%	0%	0.02%	0.02%	0.03%	0.01%	0.01%	0.02%	0.01%
FCF Growth %	0.34%	-0.53%	-0.75%	5.85%	0.14%	0.33%	-0.42%	-0.4%	2.26%	-0.24%
FCF per Share	1.63	0.35	0.20	0.62	0.71	2.04	1.19	0.72	2.32	1.74
FCF Conversion (FCF/Net Income)	2.13x	1.61x	1.45x	2.51x	7.83x	3.51x	3.04x	1.11x	1.58x	1.58x
Interest Paid	0	0	0	0	0	0	0	0	0	148.08M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.15%	18.89%	17.22%	11.79%	6.1%	14.46%	8.35%	15.91%	18.62%	15.83%
Return on Invested Capital (ROIC)	16.18%	15.59%	12.64%	7.23%	11.41%	7.17%	5.12%	10.94%	16.61%	14.94%
Gross Margin	8.88%	9.06%	9.09%	6.79%	5.78%	5.4%	4.47%	5.12%	7.39%	6.45%
Net Margin	1.99%	2.02%	1.97%	1.27%	0.45%	1.21%	0.78%	1.25%	1.94%	1.77%
Debt / Equity	1.12x	1.33x	1.40x	1.55x	1.62x	1.94x	1.69x	1.09x	0.95x	1.00x
Interest Coverage	3.02x	2.68x	2.70x	2.17x	8.06x	10.38x	2.16x	2.09x	2.81x	3.70x
FCF Conversion	2.13x	1.61x	1.45x	2.51x	7.83x	3.51x	3.04x	1.11x	1.58x	1.58x
Revenue Growth	11.69%	2.24%	3.43%	13.36%	-8.48%	-10.78%	48.17%	30.89%	-12.24%	5.91%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
BRAZIL	89.18B	87.93B	79.36B	109.6B	140.8B	124.4B	132.31B
BRAZIL Growth	-	-1.41%	-9.74%	38.09%	28.47%	-11.65%	6.36%
SINGAPORE	-	-	-	-	359.25M	-	166.67M
SINGAPORE Growth	-	-	-	-	-	-	-
Europe	-	-	-	18.88M	607.42M	202.66M	50.72M
Europe Growth	-	-	-	-	3117.93%	-66.63%	-74.97%
UNITED STATES	465.84M	437.67M	590.93M	-	-	-	-
UNITED STATES Growth	-	-6.05%	35.02%	-	-	-	-
MEXICO	207.62M	220.02M	239.97M	-	-	-	-
MEXICO Growth	-	5.98%	9.07%	-	-	-	-
URUGUAY	48.1M	41.65M	59.61M	-	-	-	-
URUGUAY Growth	-	-13.41%	43.12%	-	-	-	-
VENEZUELA	68.88M	2.29M	-	-	-	-	-
VENEZUELA Growth	-	-96.67%	-	-	-	-	-
Other Latin American Countries	425.97M	-	-	-	-	-	-
Other Latin American Countries Growth	-	-	-	-	-	-	-
Europe continent	138.35M	-	-	-	-	-	-
Europe continent Growth	-	-	-	-	-	-	-
Far east	96.39M	-	-	-	-	-	-
Far east Growth	-	-	-	-	-	-	-
Other Regions	63.5M	-	-	-	-	-	-
Other Regions Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ultrapar Participações S.A. (UGP) has a price-to-earnings (P/E) ratio of 2.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ultrapar Participações S.A. (UGP) reported $139.82B in revenue for fiscal year 2024. This represents a 187% increase from $48.66B in 2011.

Ultrapar Participações S.A. (UGP) grew revenue by 5.9% over the past year. This is steady growth.

Yes, Ultrapar Participações S.A. (UGP) is profitable, generating $2.97B in net income for fiscal year 2024 (1.8% net margin).

Dividend & Returns

Yes, Ultrapar Participações S.A. (UGP) pays a dividend with a yield of 18.11%. This makes it attractive for income-focused investors.

Ultrapar Participações S.A. (UGP) has a return on equity (ROE) of 15.8%. This is reasonable for most industries.

Ultrapar Participações S.A. (UGP) generated $1.84B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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