Ultrapar Participações S.A. (UGP) Financial Ratios
27 years of historical data (1999–2025) · Energy · Oil & Gas Refining & Marketing
EV/EBITDA
↓
8.33
↑+132% vs avg
5yr avg: 3.59
30Y Low0.0·High12.7
P/FCF
↑
20.95
↑+761% vs avg
5yr avg: 2.43
30Y Low1.4·High57.8
P/B Ratio
↓
1.81
↑+575% vs avg
5yr avg: 0.27
30Y Low0.2·High6.0
ROE
↑
14.3%
-2% vs avg
5yr avg: 14.6%
30Y Low3%·High28%
Debt/EBITDA
↓
3.60
↓-1% vs avg
5yr avg: 3.62
30Y Low0.0·High8.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
UGP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ultrapar Participações S.A. trades at 13.4x earnings, 549% above its 5-year average of 2.1x, sitting at the 74th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a discount of 20%. On a free-cash-flow basis, the stock trades at 20.9x P/FCF, 761% above the 5-year average of 2.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.4B | $4.1B | $2.9B | $6.0B | $2.7B | $2.9B | $5.0B | $14.8B | $16.0B | $12.4B | $25.0B |
| Enterprise Value | $10.2B | $22.8B | $16.7B | $13.4B | $10.4B | $18.4B | $21.5B | $18.2B | $27.2B | $21.0B | $32.2B |
| P/E Ratio → | 13.35 | 1.72 | 1.25 | 2.45 | 1.48 | 3.38 | 5.52 | 39.13 | 13.82 | 7.90 | 15.95 |
| P/S Ratio | 0.23 | 0.03 | 0.02 | 0.05 | 0.02 | 0.03 | 0.07 | 0.18 | 0.18 | 0.16 | 0.32 |
| P/B Ratio | 1.81 | 0.23 | 0.19 | 0.43 | 0.22 | 0.27 | 0.50 | 6.04 | 1.63 | 1.28 | 2.93 |
| P/FCF | 20.95 | 2.72 | 1.51 | 2.34 | 3.38 | 2.22 | 2.22 | 8.77 | 10.83 | 57.75 | 29.56 |
| P/OCF | 9.13 | 1.19 | 0.79 | 1.56 | 1.33 | 1.12 | 1.58 | 5.05 | 5.52 | 5.44 | 9.96 |
P/E links to full P/E history page with 30-year chart
UGP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ultrapar Participações S.A.'s enterprise value stands at 8.3x EBITDA, 132% above its 5-year average of 3.6x. This is roughly in line with the Energy sector median of 8.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.12 | 0.11 | 0.07 | 0.17 | 0.29 | 0.22 | 0.30 | 0.26 | 0.42 |
| EV / EBITDA | 8.33 | 3.76 | 2.65 | 2.34 | 2.39 | 6.81 | 9.02 | 6.46 | 10.04 | 5.88 | 7.65 |
| EV / EBIT | 11.21 | 5.06 | 4.35 | 2.57 | 3.00 | 10.06 | 12.50 | 7.53 | 10.29 | 6.20 | 9.20 |
| EV / FCF | — | 15.01 | 8.55 | 5.21 | 13.25 | 14.13 | 9.63 | 10.81 | 18.48 | 97.74 | 37.99 |
UGP Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ultrapar Participações S.A. earns an operating margin of 3.2%, below the Energy sector average of 14.3%. ROE of 14.3% is modest. ROIC of 10.2% represents solid returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.6% | 6.6% | 6.5% | 7.4% | 5.1% | 4.5% | 5.4% | 5.8% | 6.8% | 9.1% | 9.1% |
| Operating Margin | 3.2% | 3.2% | 3.8% | 3.6% | 2.3% | 1.6% | 2.1% | 2.5% | 2.1% | 3.6% | 4.0% |
| Net Profit Margin | 1.7% | 1.7% | 1.8% | 1.9% | 1.3% | 0.8% | 1.2% | 0.4% | 1.3% | 2.0% | 2.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 15.8% | 18.6% | 15.9% | 8.3% | 14.5% | 6.1% | 11.8% | 17.2% | 18.9% |
| ROA | 5.4% | 5.4% | 6.1% | 6.5% | 4.7% | 2.2% | 4.0% | 1.9% | 3.9% | 6.0% | 6.9% |
| ROIC | 10.2% | 10.2% | 14.9% | 16.6% | 10.9% | 5.1% | 7.2% | 11.4% | 7.2% | 12.6% | 15.6% |
| ROCE | 13.3% | 13.3% | 18.1% | 17.8% | 13.2% | 6.6% | 9.0% | 13.3% | 8.4% | 14.3% | 17.3% |
UGP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ultrapar Participações S.A. carries a Debt/EBITDA ratio of 3.6x, which is moderately leveraged (48% above the sector average of 2.4x). Net debt stands at $18.6B ($21.8B total debt minus $3.2B cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.23 | 1.23 | 1.00 | 0.95 | 1.10 | 1.69 | 1.94 | 1.62 | 1.55 | 1.40 | 1.33 |
| Debt / EBITDA | 3.60 | 3.60 | 2.51 | 2.32 | 3.08 | 6.59 | 8.06 | 1.41 | 5.61 | 3.81 | 2.71 |
| Net Debt / Equity | — | 1.05 | 0.87 | 0.53 | 0.64 | 1.48 | 1.67 | 1.41 | 1.15 | 0.88 | 0.83 |
| Net Debt / EBITDA | 3.08 | 3.08 | 2.18 | 1.29 | 1.78 | 5.74 | 6.94 | 1.22 | 4.15 | 2.41 | 1.70 |
| Debt / FCF | — | 12.29 | 7.04 | 2.88 | 9.87 | 11.92 | 7.41 | 2.05 | 7.65 | 39.99 | 8.43 |
| Interest Coverage | 1.79 | 1.79 | 2.80 | 3.19 | 2.18 | 2.22 | 11.55 | 9.51 | 3.02 | 3.19 | 3.02 |
UGP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.62x means Ultrapar Participações S.A. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.26x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.53 | 1.66 | 1.48 | 1.97 | 1.89 | 2.93 | 2.56 | 2.17 | 2.37 |
| Quick Ratio | 1.26 | 1.26 | 1.16 | 1.28 | 1.10 | 1.66 | 1.48 | 2.22 | 2.03 | 1.67 | 1.87 |
| Cash Ratio | 0.59 | 0.59 | 0.44 | 0.55 | 0.48 | 0.32 | 0.83 | 1.00 | 1.07 | 0.90 | 1.04 |
| Asset Turnover | — | 2.78 | 3.37 | 3.30 | 3.87 | 2.81 | 2.01 | 10.56 | 2.97 | 2.82 | 3.20 |
| Inventory Turnover | 30.74 | 30.74 | 31.88 | 27.20 | 27.41 | 26.75 | 18.20 | 84.67 | 25.20 | 20.83 | 25.48 |
| Days Sales Outstanding | — | 18.93 | 19.69 | 23.28 | 19.04 | 19.70 | 28.69 | 6.59 | 23.65 | 24.06 | 19.08 |
UGP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ultrapar Participações S.A. returns 7.5% to shareholders annually — split between a 6.7% dividend yield and 0.8% buyback yield. The payout ratio of 88.5% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 7.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.7% | 51.6% | 28.4% | 6.7% | 24.0% | 24.4% | 5.7% | 4.0% | 5.1% | 7.6% | 3.5% |
| Payout Ratio | 88.5% | 88.5% | 35.3% | 16.4% | 35.4% | 83.0% | 31.9% | 159.7% | 70.3% | 59.7% | 55.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 58.1% | 80.2% | 40.8% | 67.8% | 29.5% | 18.1% | 2.6% | 7.2% | 12.7% | 6.3% |
| FCF Yield | 4.8% | 36.8% | 66.3% | 42.8% | 29.6% | 45.1% | 45.1% | 11.4% | 9.2% | 1.7% | 3.4% |
| Buyback Yield | 0.8% | 6.3% | 5.1% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.5% | 57.9% | 33.4% | 6.7% | 24.8% | 24.4% | 5.7% | 4.0% | 5.1% | 7.6% | 3.5% |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $2.4B | $2.4B | $1.1B | $2.4B |
Peer Comparison
Compare UGP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 UGPYou | $6B | 13.4 | 8.3 | 20.9 | 6.6% | 3.2% | 14.3% | 10.2% | 3.6 |
 SBS | $22B | 13.0 | 10.1 | — | 36.6% | 32.2% | 20.9% | 13.1% | 2.8 |
 CIG | $7B | 7.0 | 7.0 | — | 16.9% | 14.1% | 17.2% | 10.5% | 2.7 |
 VALE | $71B | 27.9 | 5.9 | 23.1 | 34.4% | 29.0% | 7.2% | 17.7% | 1.4 |
 PBR | $76B | 8.7 | 3.5 | 3.3 | 50.3% | 28.1% | 10.9% | 15.7% | 1.6 |
 MPC | $71B | 18.3 | 11.2 | 14.8 | 7.5% | 4.3% | 16.7% | 8.3% | 3.8 |
 VLO | $71B | 31.2 | 10.4 | 14.0 | 4.4% | 3.5% | 8.7% | 9.5% | 1.6 |
 PSX | $67B | 15.6 | 13.1 | 24.7 | 4.9% | 2.7% | 15.0% | 5.3% | 3.4 |
 DINO | $13B | 22.7 | 8.1 | 14.7 | 5.2% | 3.5% | 6.2% | 6.1% | 1.8 |
 CAPL | $812M | 19.5 | 5.8 | 14.6 | 9.2% | 5.6% | — | 18.1% | 3.1 |
 SUN | $9B | 18.5 | 15.1 | 15.1 | 8.3% | 3.7% | 8.7% | 4.0% | 10.0 |
| Energy Median | — | 16.8 | 8.1 | 14.3 | 31.9% | 14.3% | 7.8% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
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Start ComparisonUGP — Frequently Asked Questions
Quick answers to the most common questions about buying UGP stock.
What is Ultrapar Participações S.A.'s P/E ratio?
Ultrapar Participações S.A.'s current P/E ratio is 13.4x. The historical average is 9.9x. This places it at the 74th percentile of its historical range.
What is Ultrapar Participações S.A.'s EV/EBITDA?
Ultrapar Participações S.A.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.0x.
What is Ultrapar Participações S.A.'s ROE?
Ultrapar Participações S.A.'s return on equity (ROE) is 14.3%. The historical average is 14.1%.
Is UGP stock overvalued?
Based on historical data, Ultrapar Participações S.A. is trading at a P/E of 13.4x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Ultrapar Participações S.A.'s dividend yield?
Ultrapar Participações S.A.'s current dividend yield is 6.65% with a payout ratio of 88.5%.
What are Ultrapar Participações S.A.'s profit margins?
Ultrapar Participações S.A. has 6.6% gross margin and 3.2% operating margin.
How much debt does Ultrapar Participações S.A. have?
Ultrapar Participações S.A.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.