Frontierby eninvs

Language: EN / RU

← Region

Ultrapar (UGP) USD

Ultrapar Participações S.A. distributes liquefied petroleum gas and fuels, operates a network of gas stations and convenience stores, and provides liquid bulk storage and logistics services, including port and waterway operations.

At a glance: strengths & risks
✓Revenue growing (+34% y/y, Q2 2026)✓Profit growing (+60% y/y, Q2 2026)✓Margins improving (5%→7%, Q2 2026)

Sector: Fuel distribution

BR_UGP

Price chart

5.81 USDDay -2.68%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
5.81 USD · -2.68%
Market cap
6.2 bn USD

Growth

Δ revenue y/y
33.9%
Δ EBITDA y/y
103.3%

Multiples

P/E (LTM)
8.9x
3y avg: 8.9x
P/B (FY)
1.9x
P/E (ann.)
4.7x
EV/EBITDA (LTM)
4.7x
3y avg: 5.5x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
3.3%
FCF yield (LTM)
10.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+94.6%
↓ details

Liquidity

Daily turnover (listing)
21.9 mln USD

Shares: yahoo_fundamentals_timeseries/UGP

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)PARTIAL8.2
y/y 33.9%
0.6
y/y 110.8%
0.0
y/y 2.8%
0.6
y/y 103.3%
0.3
y/y 60.1%
0.9-0.110.2
y/y 24.6%
3.9
y/y 19.5%
34.6%2.0Link
2026-03-31Q1 2026 (3M)PARTIAL7.3
y/y 23.5%
0.4
y/y 156.4%
0.1
y/y 59.8%
0.5
y/y 123.5%
0.2
y/y 181.9%
0.2-0.110.0
y/y 49.0%
3.7
y/y 30.5%
21.0%2.8Link
2025-12-31Q4 2025 (3M)PARTIAL6.9
y/y 20.9%
0.2
y/y -32.2%
0.1
y/y 47.1%
0.3
y/y -15.3%
0.0
y/y -67.2%
0.4-0.19.0
y/y 40.7%
3.2
y/y 26.4%
13.8%2.7Link
2025-09-30Q3 2025 (3M)PARTIAL6.9
y/y 12.1%
0.3
y/y 37.7%
0.1
y/y 73.9%
0.3
y/y 43.6%
0.1
y/y 18.4%
0.4-0.18.5
y/y 24.1%
3.5
y/y 30.2%
17.0%2.7Link
2025-06-30Q2 2025 (3M)PARTIAL6.1
y/y 6.0%
0.3
y/y 76.2%
0.0
y/y 183.8%
0.3
y/y 81.0%
0.2
y/y 135.7%
0.2-0.18.2
y/y 19.7%
3.3
y/y 24.6%
26.9%2.7Link
2025-03-31Q1 2025 (3M)PARTIAL5.9
y/y -0.2%
0.1
y/y -24.0%
0.1
y/y -9.6%
0.2
y/y -19.6%
0.1
y/y -27.4%
0.5-0.16.7
y/y -6.1%
2.8
y/y 0.6%
9.6%2.2Link
2024-12-31Q4 2024 (3M)PARTIAL5.7
y/y -17.0%
0.3
y/y -13.7%
0.1
y/y 31.6%
0.4
y/y -6.8%
0.1
y/y -38.1%
0.4-0.16.4
y/y -19.0%
2.6
y/y -11.7%
15.7%1.8Link
2024-09-30Q3 2024 (3M)PARTIAL6.1
y/y -4.7%
0.2
y/y -38.2%
0.0
y/y -55.4%
0.2
y/y -41.9%
0.1
y/y -31.4%
0.1-0.16.8
y/y -5.4%
2.7
y/y 1.5%
18.3%1.9Link
2024-06-30Q2 2024 (3M)PARTIAL5.8
y/y -8.0%
0.2
y/y 45.5%
0.0
y/y —
0.2
y/y 52.6%
0.1
y/y 73.2%
0.2-0.16.8
y/y -5.8%
2.6
y/y -0.8%
12.8%2.0Link
2024-03-31Q1 2024 (3M)PARTIAL5.9
y/y -3.1%
0.2
y/y 36.2%
0.1
y/y -0.4%
0.3
y/y 22.5%
0.1
y/y 62.0%
-0.1-0.17.2
y/y 5.5%
2.8
y/y 13.2%
12.5%2.0Link
2023-12-31Q4 2023 (3M)PARTIAL6.9
y/y —
0.4
y/y —
0.1
y/y —
0.4
y/y —
0.2
y/y —
0.4-0.17.9
y/y —
2.9
y/y —
18.8%1.5Link
2023-09-30Q3 2023 (3M)PARTIAL6.4
y/y —
0.3
y/y —
—
y/y —
0.4
y/y —
0.2
y/y —
0.4-0.17.2
y/y —
2.6
y/y —
26.7%1.5Link
2023-06-30Q2 2023 (3M)PARTIAL6.3
y/y —
0.1
y/y —
—
y/y —
0.1
y/y —
0.1
y/y —
0.20.07.3
y/y —
2.7
y/y —
7.8%1.8Link
2023-03-31Q1 2023 (3M)PARTIAL6.1
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.1
y/y —
-0.10.06.8
y/y —
2.5
y/y —
—1.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow after capex (OCF − capex) ($ mln)

-25002505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.53x of reported net profit; after capex, 0.90x.
year20212022202320242025
cash flow / profit2.93x1.09x1.53x1.48x2.15x
accruals, % of assets-4.4%-0.4%-3.5%-3.1%-5.9%
Last twelve months (to 2026-06-30): 2.84x of profit came back as operating cash flow.
net debt / EBITDA 2.3x · capex 4.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +94.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (610 − 300) × 2.90
898
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (6 227 + 2 031) ÷ 1 768
4.7x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (4.7 + 7) ÷ 2
5.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 651 + 0 + 0 − 0
651
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (898 × 5.8 + 651) ÷ 6 227
+94.6%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +20% vs -17% the year before — a +37.4 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 -6% · 2024 -17% · 2025 +20%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-260.193 USDEx-dividend: 0.193 USD per sharePaidYahoo Finance (ex-div)
2025-03-100.078 USDEx-dividend: 0.078 USD per sharePaidYahoo Finance (ex-div)
2024-08-190.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2024-03-080.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2023-08-180.052 USDEx-dividend: 0.052 USD per sharePaidYahoo Finance (ex-div)
2023-02-240.019 USDEx-dividend: 0.019 USD per sharePaidYahoo Finance (ex-div)
2022-05-240.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2022-03-040.033 USDEx-dividend: 0.033 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ri.ultra.com.br/en/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ultrapar (UGP) — from primary filings.

Frequently asked questions

What is Ultrapar (UGP)'s P/E ratio?
Ultrapar (UGP) trades at a P/E of 8.9x (price to trailing 12-month earnings).
What is Ultrapar (UGP)'s EV/EBITDA?
Ultrapar (UGP) trades at 4.7x EV/EBITDA.
What is Ultrapar (UGP)'s P/B ratio?
Ultrapar (UGP) trades at a P/B of 1.9x.
What is Ultrapar (UGP)'s dividend yield?
Ultrapar (UGP)'s trailing 12-month dividend yield is 3.3%.
What is Ultrapar (UGP)'s return on equity (ROE)?
Ultrapar (UGP)'s ROE is 34.6%.
What is Ultrapar (UGP)'s market capitalization?
Ultrapar (UGP)'s market cap is 6.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map