Ultrapar Participacoes S.A. Sponsored ADR (UGP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.24	$0.3	+25.0%	—	$41.5B	—
Q1 26	$0.13	$0.17	+30.8%	—	$36.8B	—
Q4 25	$0.07	$0.07	0.0%	—	$38B	—
Q3 25	$0.11	$0.12	+9.1%	—	$37B	—
Q2 25	$0.05	$0.06	+20.0%	—	$34.1B	—
Q4 24	$0.05	$0.04	-20.0%	—	$35.4B	—
Q3 24	$0.09	$0.1	+11.1%	—	$6.7B	—
Q2 24	$0.08	$0.06	-25.0%	—	$32.3B	—
Q1 24	$0.1	$0.07	-30.0%	—	$30.4B	—
Q4 23	$0.12	$0.12	0.0%	—	$33.4B	—
Q3 23	$0.06	$0.16	+166.7%	—	$32.5B	—
Q2 23	$0.05	$0.05	0.0%	—	$29.6B	—
Q1 23	$0.04	$0.05	+25.0%	—	$30.6B	—
Q4 22	$0.02	$0.14	+600.0%	—	$36B	—
Q3 22	$0.01	$0.01	0.0%	—	$39.3B	—
Q2 22	$0.03	$0.08	+166.7%	—	$36.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.29	—	—	$142.4B	—
FY24	—	$2.14	—	—	$133.5B	—
FY23	—	$2.23	—	—	$126B	—
FY22	—	$1.65	—	—	$143.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$76.7B	$79.2B	$90.7B	$83B	$74.1B	$109.7B	$143.6B	$126B	$133.5B	$142.4B
YoY change	+1.43%	+3.24%	+14.5%	-8.48%	-10.8%	+48.2%	+30.9%	-12.2%	+5.91%	+6.64%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	76.7B	79.2B	90.7B	83B	74.1B	109.7B	143.6B	126B	133.5B	142.4B
Cost of revenue	70.2B	72.4B	84.5B	78.2B	70.1B	104.8B	136.3B	116.7B	123.8B	133B
Gross profit	6.5B	6.8B	6.2B	4.8B	4B	4.9B	7.4B	9.3B	9.7B	9.4B
Gross margin	8.53%	8.58%	6.79%	5.78%	5.4%	4.47%	5.12%	7.39%	7.26%	6.57%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.7B	4.1B	4.2B	2.9B	2.6B	3.4B	3.7B	4.3B	4.4B	4.8B
Operating expenses	3.5B	3.9B	4.1B	2.8B	2.6B	3.3B	4.2B	4.9B	4.7B	4.5B
Operating income	3B	3B	2.2B	2B	1.4B	1.6B	3.2B	4.4B	5B	4.9B
Operating margin	3.91%	3.74%	2.44%	2.42%	1.95%	1.46%	2.21%	3.53%	3.74%	3.41%
Non-operating income, net	-34.7M	-67.5M	-110.8M	109.4M	-34.9M	-39.4M	-271.5M	126.9M	-207M	-62.4M
Pretax income	2.2B	2.3B	1.8B	1.4B	951.6M	1B	1.9B	3.6B	4B	3.8B
Income tax	688M	813.3M	638.7M	470M	304.5M	188M	341.5M	1.1B	1.5B	1.1B
Net income	1.5B	1.5B	1.1B	402.9M	927.7M	883.9M	1.8B	2.5B	2.5B	2.5B
Net margin	2.02%	1.93%	1.25%	0.49%	1.25%	0.81%	1.28%	2%	1.89%	1.79%
EBITDA	4.1B	4.2B	3.6B	3.1B	2.5B	2.8B	4.8B	6.2B	6.7B	7.7B
EPS	0.65	1.45	1.06	0.34	0.82	0.78	1.65	2.23	2.14	2.29
Diluted EPS	0.65	1.44	1.05	0.34	0.82	0.78	1.64	2.21	2.11	2.24

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	32.5B	33.4B	30.4B	32.3B	6.7B	35.4B	33.3B	34.1B	37B	38B	36.8B	41.5B
Cost of revenue	29.6B	30.4B	28.3B	30.2B	6.2B	32.2B	31.2B	31.9B	34.6B	35.4B	33.6B	36.9B
Gross profit	2.9B	3.1B	2.1B	2.1B	430.7M	3.2B	2.1B	2.1B	2.5B	2.6B	3.2B	4.6B
Gross margin	8.82%	9.18%	6.78%	6.52%	6.45%	9.14%	6.43%	6.31%	6.69%	6.83%	8.64%	11.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.2B	1B	1.2B	206M	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B	1.4B
Operating expenses	1.3B	1.2B	1.2B	1.2B	227M	1.2B	1.2B	737.9M	1B	1.5B	1.4B	1.5B
Operating income	1.6B	1.8B	820.5M	862.2M	203.7M	2.1B	917.4M	1.4B	1.4B	1.1B	1.8B	3.1B
Operating margin	4.82%	5.53%	2.7%	2.67%	3.05%	5.83%	2.75%	4.14%	3.86%	2.98%	4.96%	7.57%
Non-operating income, net	11.5M	136.8M	-2.7M	27.4M	6.6M	-201.5M	-82.5M	147.5M	4.8M	-203.5M	-36.3M	-153.8M
Pretax income	1.3B	1.6B	664.6M	683.8M	189.9M	1.7B	611.1M	1.5B	1B	643M	1.4B	2.5B
Income tax	386.3M	523.1M	209.1M	192.6M	58.1M	776.1M	247.9M	354M	257.4M	204.4M	498.3M	793.2M
Net income	891.2M	1.1B	455.4M	491.2M	131.8M	880.8M	363.2M	1.2B	772.4M	255.8M	914.2M	1.7B
Net margin	2.74%	3.33%	1.5%	1.52%	1.98%	2.49%	1.09%	3.38%	2.09%	0.67%	2.49%	4.04%
EBITDA	2.1B	2.3B	1.2B	1.5B	302.8M	2.4B	1.2B	2.5B	2.2B	1.9B	2.7B	3.8B
EPS	0.79	—	0.39	0.4	0.59	—	0.3	1	0.65	0.3	0.82	1.45
Diluted EPS	0.78	—	0.39	0.39	0.58	—	0.3	0.98	0.64	0.3	0.8	1.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	28.8B	16.8B	15.4B	33.8B	—	4B	7.6B
Enterprise value	—	—	—	—	40.3B	30.5B	22.6B	40.8B	—	18.8B	3.9B
Shares outstanding	14.1B	6.3B	13.8B	6.3B	6.4B	6.4B	6.4B	6.2B	1.1B	1.1B	1.1B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	31	19	8.39	13.4	—	1.59	11.3
P/S	—	—	—	—	0.39	0.15	0.11	0.27	—	0.03	0.05
P/B	—	—	—	—	2.9	1.61	1.27	2.41	—	0.23	2.35
EV/EBITDA	—	—	—	—	15.8	11	4.72	6.54	—	2.44	2.19
EV/Sales	—	—	—	—	0.54	0.28	0.16	0.32	—	0.13	0.13
Earnings yield	—	—	—	—	3.22%	5.25%	11.9%	7.46%	—	62.9%	8.84%
FCF yield	—	—	—	—	7.76%	7.76%	5.09%	7.53%	—	85.3%	14.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	8.53%	8.58%	6.79%	5.78%	5.4%	4.47%	5.12%	7.39%	7.26%	6.57%	11.1%
Operating margin	3.91%	3.74%	2.44%	2.42%	1.95%	1.46%	2.21%	3.53%	3.74%	3.41%	7.57%
Net margin	2.02%	1.93%	1.25%	0.49%	1.25%	0.81%	1.28%	2%	1.89%	1.79%	2.26%
ROE	18.2%	15.9%	11.6%	4.1%	9.36%	8.44%	15.1%	17.9%	16%	14.3%	19.8%
ROA	6.43%	5.39%	3.71%	1.29%	2.56%	2.27%	5.05%	6.58%	6.39%	5.15%	9.73%
ROIC	14.6%	11.4%	7.76%	6.4%	4.58%	5.41%	13.4%	14.8%	11.7%	10.8%	17%
Return on tangible assets	7.62%	6.41%	4.4%	1.46%	2.84%	2.45%	5.64%	7.6%	7.07%	5.95%	8.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.44	2.21	2.56	2.9	1.89	1.98	1.45	1.66	1.53	1.62	1.64
Quick ratio	1.93	1.71	2.03	2.18	1.48	1.67	1.07	1.28	1.16	1.26	1.26
Debt / equity	1.35	1.41	1.55	1.63	1.94	1.69	1.09	0.95	1	1.23	0.98
Debt / assets	0.47	0.48	0.5	0.51	0.53	0.45	0.36	0.35	0.4	0.44	0.38
Net debt / EBITDA	1.41	1.75	2.37	3.49	4.52	4.91	1.49	1.13	1.67	1.92	0.98
Interest coverage	2.91	3.23	3.02	2.29	2.24	2.22	2.18	3.2	3.93	2.58	2.89
Effective tax rate	30.8%	34.8%	36.1%	34.4%	32%	18.7%	18.2%	29.6%	37%	27.9%	31.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.44	12.5	6.58	13.1	11.7	17.2	22.5	20.2	121.1	132.8	144.5
EPS (basic)	0.65	1.45	1.06	0.34	0.82	0.78	1.65	2.23	2.14	2.29	2.29
EPS (diluted)	0.65	1.44	1.05	0.34	0.82	0.78	1.64	2.21	2.11	2.24	0.63
Book value per share	0.6	1.52	0.71	1.55	1.56	1.64	1.91	2.25	14.4	16.5	3.03
FCF per share	0.06	0.03	0.11	0.32	0.35	0.2	0.12	0.41	1.77	3.22	7.75
Cash per share	0.4	0.99	0.49	0.82	1.21	0.64	0.96	1	4.2	6.56	8.64
Capex per share	0.07	0.2	0.08	0.12	0.12	0.16	0.15	0.17	1.62	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.31%	1.58%	1.26%	0.91%	1.01%	0.95%	0.66%	0.82%	1.34%	—	—
Capex / operating cash flow	48.3%	74%	40.1%	32%	30.7%	60.9%	51.2%	28.9%	50.6%	—	—
Payout ratio	56.5%	61.6%	71.4%	148%	30.7%	79.8%	34.7%	15.9%	33%	85.5%	39.7%
Dividend yield	—	—	—	—	0.99%	4.19%	4.13%	1.18%	—	53.8%	5.4%

Yield

5.4%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.193

ex-dividend Aug 26, 2026

Payout ratio

40%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 26, 2026	$0.193
Mar 10, 2025	$0.0774
Aug 19, 2024	$0.0446
Mar 8, 2024	$0.0805
Aug 18, 2023	$0.052

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$32.5B	$33.4B	$30.4B	$32.3B	$6.7B	$35.4B	$33.3B	$34.1B	$37B	$38B	$36.8B	$41.5B
YoY change	-17.3%	-7.05%	-0.51%	+9.3%	-79.5%	+5.93%	+9.65%	+5.29%	+455%	+7.2%	+10.3%	+21.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5.7B	6.3B	6.8B	5.2B	7.7B	4.1B	6.1B	6.2B	4.6B	7B
Receivables	3.2B	3.9B	4.1B	3.6B	3.3B	3.4B	4.3B	4.8B	3.5B	3.7B
Inventory	2.8B	3.5B	3.4B	3.7B	3.8B	3.9B	4.9B	4.3B	3.9B	4.2B
Total current assets	13.4B	15.5B	16.2B	15.1B	17.5B	25B	18.6B	18.6B	16B	19.2B
Property, plant & equipment	4.4B	5B	5.5B	7.6B	8B	5.7B	6.1B	6.5B	7.1B	11.5B
Goodwill & intangibles	3.8B	4.5B	4.7B	3.5B	3.6B	2.9B	3.8B	5.1B	3.8B	6.6B
Total assets	24.1B	28.3B	30.5B	31.2B	36.3B	39B	36.4B	38.3B	39.6B	49.3B
Accounts payable	1.8B	2.2B	2.7B	2.7B	4B	5.7B	7.4B	5.7B	4.5B	4.6B
Short-term debt	2.5B	3.5B	2.3B	1.3B	3.5B	3.1B	3.6B	2.3B	3.9B	4.6B
Total current liabilities	5.5B	7B	6.3B	5.2B	9.2B	12.6B	12.8B	11.2B	10.5B	11.8B
Long-term debt	8.9B	10.1B	12.9B	14.7B	15.7B	14.7B	9.7B	11B	11.9B	17.2B
Total liabilities	15.6B	18.7B	20.7B	21.4B	26.3B	28.5B	24.3B	24.2B	23.7B	31.6B
Shareholders' equity	8.5B	9.6B	9.8B	9.8B	9.9B	10.5B	12.2B	14B	15.8B	17.7B
Total debt	11.4B	13.6B	15.2B	16B	19.2B	17.7B	13.3B	13.3B	15.8B	21.8B
Net debt	7.1B	8.6B	11.3B	13.9B	16.6B	15.4B	7.7B	7.4B	13.7B	18.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.2B	6.2B	4.1B	4.1B	798.8M	4.6B	2.7B	4B	4B	7B	7.2B	9.3B
Receivables	4.9B	4.8B	4.7B	4.3B	685M	3.5B	3.5B	3.7B	3.7B	3.7B	4.2B	4.2B
Inventory	3.9B	4.3B	4.4B	4B	895M	3.9B	4.1B	4B	3.8B	4.2B	4.5B	5.5B
Total current assets	18B	18.6B	16.6B	15.7B	3.1B	16B	14.6B	16.9B	16.3B	19.2B	20.8B	23.5B
Property, plant & equipment	6.2B	6.5B	6.5B	6.5B	1.3B	7.1B	7.1B	10.9B	11.1B	11.5B	11.3B	11.3B
Goodwill & intangibles	4.5B	5.1B	3.7B	3.9B	816M	3.8B	4.1B	7.3B	6.5B	6.6B	6.8B	6.7B
Total assets	36.4B	38.3B	36.6B	38.3B	7.4B	39.6B	37.8B	45.6B	45.6B	49.3B	50.2B	51.8B
Accounts payable	5B	5.7B	4.4B	4.7B	819.5M	4.5B	3.5B	3.1B	3.4B	4.6B	4.5B	7B
Short-term debt	2.6B	2.3B	4.1B	3.7B	699.7M	3.9B	2.9B	3.4B	3B	4.6B	4.7B	4.8B
Total current liabilities	9.9B	11.2B	9.9B	10.2B	1.9B	10.5B	8.3B	9.3B	8.9B	11.8B	12.5B	14.3B
Long-term debt	11.3B	11B	10.3B	11.4B	2.2B	11.9B	12.1B	15.5B	15.5B	17.2B	16.5B	14.8B
Total liabilities	23.2B	24.2B	22.2B	23.5B	4.5B	23.7B	21.9B	27.2B	26.9B	31.6B	31.7B	31.7B
Shareholders' equity	13.2B	14B	14.4B	14.9B	2.9B	15.8B	15.9B	18.4B	18.7B	17.7B	18.5B	20B
Total debt	13.9B	13.3B	14.4B	15.1B	2.9B	15.8B	15B	18.9B	18.5B	21.8B	21.1B	19.6B
Net debt	7.9B	7.4B	10.7B	11.3B	2.2B	13.7B	13.6B	16B	16B	18.7B	17.3B	14.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.5B	1.5B	1.1B	895.2M	647.1M	818.6M	1.5B	2.5B	2.5B	2.7B
Depreciation & amortization	628.2M	704.5M	812.5M	768.4M	838.2M	920.9M	1B	1.2B	1.2B	1.6B
Stock-based compensation	—	0	3.8M	7.7M	10.4M	—	—	—	—	—
Change in working capital	-707.4M	-1.2B	-314.3M	-875.4M	316.3M	-1.1B	-1.8B	-1.9B	-2.6B	-182M
Operating cash flow	2.1B	1.7B	2.8B	2.3B	2.4B	1.7B	1.8B	3.6B	3.5B	5.5B
Capital expenditure	-1B	-1.3B	-1.1B	-751.9M	-750.6M	-1B	-941.4M	-1B	-1.8B	—
Investing cash flow	-1.1B	-1.2B	-1.3B	-728.1M	-1.5B	1.1B	7.4B	-746.9M	-6.4B	-805.5M
Dividends paid	-873.3M	-940.3M	-808.6M	-596.4M	-284.8M	-705.8M	-638.3M	-400M	-833.7M	-2.2B
Share repurchases	0	0	—	—	—	—	—	—	-148.9M	-267M
Financing cash flow	2B	1.1B	-63.4M	-1.3B	1B	-2.1B	-5.3B	-1.1B	31.5M	436.3M
Net change in cash	3B	1.6B	1.5B	368.8M	2B	779.6M	3.9B	1.7B	-2.8B	5.1B
Free cash flow	847.3M	214.9M	1.5B	2B	2.2B	1.3B	785.7M	2.5B	1.9B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	891.2M	1.1B	455.4M	491.2M	131.8M	880.8M	363.2M	1.2B	774.5M	438.6M	914.2M	1.7B
Depreciation & amortization	281.4M	320.6M	279.8M	323.9M	56.7M	308.8M	304.1M	393.9M	452.5M	435.7M	437.9M	431.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-39.9M	-150.7M	-1.5B	-496.1M	-245M	-238.3M	-866M	-730.8M	461.2M	953.6M	-954.3M	1.9B
Operating cash flow	1.7B	1.9B	-496.3M	723M	40.3M	2.1B	157M	917.9M	2.1B	2.4B	1.1B	4.8B
Capital expenditure	-306.8M	-269.9M	-326.2M	-446.5M	-78.5M	-687.9M	-367.4M	—	—	—	—	—
Investing cash flow	-451.9M	-291.5M	-1.8B	-1.2B	-45.6M	-3.3B	-417.2M	1.2B	-764.7M	-2.1B	-270.6M	110.7M
Dividends paid	-291.2M	-73K	-437.5M	-23.7M	-60.4M	-52.5M	-487.5M	-10.2M	-400.8M	-1.3B	-1.6M	-8.4M
Share repurchases	—	—	—	—	—	—	-96.8M	-147.6M	-22.6M	-12K	0	-14.6M
Financing cash flow	-644M	-783.1M	653.9M	133.1M	-69.5M	-238.3M	-1.1B	876.7M	-941.9M	1.7B	-241M	-1.4B
Net change in cash	637.5M	813.9M	-1.6B	-345.1M	-74.8M	-1.4B	-1.3B	3B	422.7M	1.9B	591M	3.5B
Free cash flow	1.6B	1.2B	-899.4M	947.3M	68.8M	1.5B	-378.9M	439.2M	1.7B	1.7B	734.3M	4.4B

Date	Ratio
Apr 25, 2019	2:1
Feb 25, 2011	4:1

Ultrapar Participacoes S.A. Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history