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Ultrapar Participações S.A.

Ultrapar Participações S.A.

UGPA3.SA
Ultrapar Participações S.A.BR flagB3 S.A.
27.94
BRL
+0.41
- -
29.86BMarket Cap
Ultrapar Participações S.A.
UGPA3.SA
(B3 S.A.)

Recent

price

27.94

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
39.64
45.53
50.44
25.79
62.07
69.56
31.77
73.12
38.48
76.4
68.13
100.63
131.53
115.06
121.13
132.84
134.98
Revenue per Share
0.71
0.8
0.95
0.52
1.14
1.38
0.64
1.41
0.49
0.34
0.82
0.78
1.65
2.23
2.14
2.29
2.77
Basic EPS, GAAP
0.56
0.57
1.03
0.39
1.22
1.64
0.35
0.2
0.62
1.86
2.05
1.2
0.48
2.09
1.77
3.22
4.22
Free Cash Flow per Basic Share
0.32
0.47
0.51
0.3
0.72
0.76
0.36
0.87
0.34
0.55
0.26
0.65
0.58
0.37
0.76
2.03
1.56
Dividend per Share
- -
3.46
3.46
1.56
3.52
3.53
1.59
4.77
2.19
4.76
4.76
4.74
4.74
6.04
6.01
7.45
8.21
Book Value per Share
3.57
3.77
3.78
1.85
4.19
4.3
2.73
6.82
3.15
7.43
7.48
8.25
9.39
10.48
12.63
13.45
13.97
Tangible Book Value per Share
1,072
1,068
1,068
2,363
1,091
1,088
2,415
1,084
2,357
1,086
1,087
1,090
1,092
1,095
1,102
1,072
1,080
Basic Weighted Avg Shares
42,482
48,629
53,869
60,940
67,736
75,655
76,740
79,230
90,698
83,005
74,058
109,733
143,635
126,049
133,499
142,370
145,792
Sales/Revenue/Turnover
2.84
2.92
3.14
3.44
3.32
3.95
3.91
3.74
2.44
2.44
1.95
1.38
2.2
3.45
3.66
3.41
3.97
Operating Margin (%)
531
578
693
779
888
1,003
628
705
812
768
838
921
1,027
1,155
1,213
1,586
1,720
Depreciation Expense
765
854
1,020
1,225
1,242
1,503
1,538
1,527
1,150
374
893
850
1,801
2,440
2,363
2,454
2,997
Net Income, GAAP
27.84
25.96
29.09
31.79
31.43
32.68
30.78
34.77
36.06
34.43
32
18.68
18.17
29.65
37.03
27.9
28.48
Effective Tax Rate (%)
1.8
1.76
1.89
2.01
1.83
1.99
2
1.93
1.27
0.45
1.21
0.78
1.25
1.94
1.77
1.72
2.06
Profit Margin (%)
3,940
2,355
3,412
4,139
3,810
6,078
7,882
8,480
9,875
9,863
8,248
12,384
5,798
7,419
5,555
7,329
8,316
Working Capital
4,638
3,241
4,592
5,144
4,937
7,808
8,946
10,091
12,936
14,661
15,697
14,675
9,692
10,990
11,551
17,238
16,454
LT Debt
5,176
5,567
6,006
6,547
7,727
7,974
8,476
9,624
9,800
9,835
9,910
10,469
12,175
14,030
15,823
17,731
18,510
Total Equity
8.56
9.5
10.11
10.87
10.19
11.91
11.05
8.82
5.77
5.13
3.51
4.23
9.46
11.33
10.3
9.73
11.55
Return on Invested Capital (%)
21.95
17
13.74
15.04
15.45
17.21
16.66
12.85
8.67
4.9
5.97
6.2
14.52
17.81
14.22
15.05
18.26
Return on Capital (%)
- -
46.22
27.59
33.14
32.95
39.17
40.06
33.88
22.24
7.22
17.27
16.44
34.82
41.38
35.68
33.59
38.69
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
2,978
4,595
4,668
LT Borrowings
14,143
15,842
15,068
LT Finance Leases
1,371
1,396
1,386
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,068
1,069
1,069
Market Capitalization
23,938
22,705
31,019

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
16,297
19,176
20,796
Cash, Cash Equivalents & STI
4,024
7,027
7,159
Accounts Receivable, Net
3,697
3,704
4,171
Inventories
3,824
4,244
4,546
Total Current Liabilities
8,910
11,847
12,479
Payables & Accruals
4,942
6,571
6,559
ST Debt
2,978
4,595
4,668
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.48%
12.4%
12.05%
Free Cash Flow
80.61%
60.03%
76.93%
Net Income, GAAP
19.17%
28.63%
3.86%
Sales/Revenue/Turnover
7.92%
15.87%
6.64%
Total Cash Common Dividend
29.01%
73.98%
160.55%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
30,396
32,344
35,358
35,401
133,499
2025
33,329
34,055
37,034
37,951
142,370
2026
36,752
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.39
0.4
0.59
- -
2.14
2025
0.3
1
0.65
0.3
2.29
2026
0.82
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.4
0.02
0.29
- -
0.76
2025
0.45
0.01
0.37
1.18
2.03
2026
- -
- -
- -
- -
- -
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Ultrapar Participações S.A. (UGP)
Business
Ultrapar Participações S.A. operates as a holding company principally engaged in energy, mobility, and infrastructure sectors through its subsidiaries in Brazil. The company conducts operations via Ultragaz, which distributes liquefied petroleum gas to residential, commercial, industrial, and agribusiness customers, while expanding into renewable electricity via the Stella platform, compressed natural gas transportation, biomethane for corporate clients, and a new LPG terminal in Pecém in partnership with Supergasbrás; Ipiranga, which markets gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants, operates AmPm convenience stores, provides Jet Oil automotive services, digital payments through the abastece aí app and Km de Vantagens loyalty program, and invests in service station expansions, franchise networks, and ERP system upgrades; Ultracargo, which manages liquid bulk storage terminals with recent expansion in Santos adding 34 thousand cubic meters of capacity and nationwide multipurpose facilities; and Hidrovias do Brasil, in which Ultrapar holds a significant stake following a R$1.8 billion investment for 42% ownership and R$500 million advance for future capital increase, focusing on waterway transportation and port operations for grains, minerals, fertilizers, and low-carbon agribusiness logistics after selling its cabotage operation for R$715 million in November 2025 to strengthen financial position and synergies. Ultrapar recently announced a R$2.5 billion investment plan for 2025 with R$1.5 billion allocated to expansions at Ipiranga, Ultragaz, and Ultracargo, signed an agreement to acquire a 37.5% stake in Virtu for R$102 million to enter LNG logistics, reported robust Q3 2025 results with net income of R$772 million up 11% year-over-year driven by operating gains and tax credits, and continues advancing railway developments and logistics capabilities amid solid cash generation. Founded in 1937 and headquartered in São Paulo, Brazil, Ultrapar serves domestic markets with exports to Europe, the United States, Canada, Latin America, and Asia, listing shares on B3 under UGPA3.SA and NYSE as UGP.