Ultrapar Participacoes UGP
BrazilEnergy · Oil & Gas Refining & MarketingUSD
7.67 USD (−1.0%)
7 analysts
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Ultrapar Participacoes is a Brazilian conglomerate with businesses in fuel distribution (Ipiranga), chemicals (Oxiteno) and gas storage (Ultragaz), operating mainly in Brazil.
Key points
from its scores- ✓Good share-price trend9.1
- ✓Attractive dividend8.6
- ✓Strong growth8.1
- !Risks to watch5.5
AI analysis
bottom line, main risk, context and newsHold or buy on dips, given the solid financial profile and reasonable valuation, but with caution due to governance risk in Brazil.
Ultrapar shows solid financial health (ND/EBITDA of 1.13), exceptional return on invested capital (ROIC 32.94%) and an attractive valuation (P/E 12.48, FCF yield 14.07%), although its operating margin is low (7.57%) and the 44.30% earnings growth may not be sustainable in a cyclical business.
The main risk is corporate governance in Brazil, with possible state intervention in fuel pricing and weak minority shareholder protection.
Context and risks
Ultrapar operates in Brazil, where corporate governance and minority shareholder protection are weak. Additionally, its refining and fuel distribution business is exposed to Petrobras pricing policy and local regulation, adding a state intervention risk not reflected in financial metrics.
Is Ultrapar Participacoes stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 25% below the Energy median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 12.5 | 15.7 | −20% |
| EV / EBITDA | 5.7 | 8.0 | −30% |
| Price / book | 2.6 | 2.2 | +18% |
| Price / sales | 0.3 | 1.9 | −86% |
Sector: median of the 102 Energy companies analysed. In bold, the multiples used for the comparison.
Valuation score: 7.8 out of 10 (median for Energy: 5.9).
Average analyst target: 7.67 USD, −1.0% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 6.6 (sector 6.8), Growth 8.1 (sector 7.2).
Classic formulas with standard assumptions (2.5% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Energy medianValuation
- P/E
- 12.5
- Forward P/E
- 12.2
- EV / EBITDA
- 5.7
- Price / book
- 2.6
- Price / sales
- 0.3
- PEG
- 0.78
- Market cap
- 8.2B USD
- Enterprise value
- 51.7B BRL
Profitability
- ROE
- 19.8%
- ROA
- 9.7%
- ROIC (approx.)
- 32.9%
- Gross margin
- 8.4%
- Operating margin
- 7.6%
- Net margin
- 2.3%
- Free cash flow
- 5.8B BRL
- FCF yield
- 14.1%
- Cash conversion
- 64%
Solvency
- Total debt
- 19.6B BRL
- Net debt
- 10.3B BRL
- Cash
- 9.3B BRL
- EBITDA
- 9.1B BRL
- Net debt / EBITDA
- 1.13
- Debt / equity
- 97.69
- Current ratio
- 1.64
- Quick ratio
- 1.16
Growth
- Revenue growth
- +21.9%
- Earnings growth
- +44.3%
- EPS (TTM)
- 0.62 USD
- EPS (forward)
- 0.64 USD
Dividend
- Dividend yield
- 4.9%
- Payout
- 40.8%
Risk and market
- Beta
- 0.26
- Analyst consensus
- Buy (7)
- Target price
- 7.67 USD
- 52-week range
- 3.60 – 8.28
Recent news
All UGP news →Compare it with its sector
All 102 in Energy →Frequently asked questions about Ultrapar Participacoes
Is Ultrapar Participacoes stock cheap or expensive?
On P/E and EV / EBITDA, it trades 25% below the Energy median on average. Valuation score: 7.8 out of 10 (median for Energy: 5.9). Average analyst target: 7.67 USD, −1.0% versus the price. This is not investment advice.
What score does Ultrapar Participacoes get on MeridIAn Screener?
It scores 7.2 out of 10, rank 145 of 2,130 (better than 93% of the companies analysed). Its strongest category is Momentum (9.1) and its weakest, Risk & Context (5.5). Analysis of 08/10/2026.
What is Ultrapar Participacoes's P/E ratio?
Its P/E is 12.5: the share price equals 12.5 times earnings per share over the last 12 months. The Energy median is 15.7. Based on the earnings analysts expect, the forward P/E is 12.2.
How much is Ultrapar Participacoes worth on the stock market?
Its market capitalisation is 8.2B USD and its enterprise value, debt included, is 51.7B USD.
How much debt does Ultrapar Participacoes have?
Its net debt (debt minus cash) is 10.3B BRL. That is 1.13 times its EBITDA; the Energy median is 1.23.
Does Ultrapar Participacoes pay a dividend?
Yes: its dividend yield is 4.91% and it pays out 41% of its earnings.
How has Ultrapar Participacoes stock performed over the last year?
It has risen 104.8% over the last year, excluding dividends. Over the last 52 weeks it has traded between 3.60 and 8.28 USD. Past performance does not guarantee future results.
What do analysts think of Ultrapar Participacoes?
7 analysts cover it; their average recommendation is “Buy” and their average target is 7.67 USD (−1.0% versus the price). It is an estimate, not market data.