NYSE : UGP
Ultrapar Participações S.A. — Financial statements
Energy · Oil & Gas Refining & Marketing · Brazil
Last price 5.97 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.33B
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Financial statements
Ultrapar Participações S.A. (UGP) reported revenue of 153.26B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 153.26B | 142.37B | 133.50B | 126.05B | 143.63B | 109.73B |
| Cost of Revenue | 140.40B | 133.01B | 123.81B | 117.29B | 137.25B | 104.83B |
| Gross Profit | 12.86B | 9.36B | 9.69B | 8.76B | 6.39B | 4.90B |
| Selling, General & Admin | 5.22B | 4.77B | 4.37B | 4.27B | 3.68B | 3.40B |
| Other Operating Expenses | 67.18M | -354.66M | 414.09M | 622.39M | 548.77M | 117.02M |
| Operating Expenses | 5.29B | 4.41B | 4.79B | 4.89B | 4.23B | 3.52B |
| Operating Income | 7.58B | 4.95B | 4.90B | 3.86B | 2.16B | 1.39B |
| Interest Expense | -2.81B | -2.41B | -1.37B | -1.63B | -1.59B | -827.85M |
| Interest & Investment Income | 1.27B | 1.54B | 745.48M | 778.43M | 552.00M | 413.12M |
| Earnings From Equity Investments | -87.78M | -156.00M | -127.18M | 11.91M | 12.18M | -17.63M |
| Currency Exchange Gain (Loss) | -81.13M | -81.13M | -280.86M | 38.16M | -458.03M | -239.11M |
| Other Non Operating Income (Expenses) | -244.06M | -215.72M | -27.04M | -190.53M | 30.16M | -108.90M |
| EBT Excluding Unusual Items | 5.61B | 3.62B | 3.84B | 2.87B | 705.19M | 609.28M |
| Gain (Loss) on Sale of Investments | 89.49M | 89.49M | -2.49M | |||
| Gain (Loss) on Sale of Assets | -145.95M | 99.57M | 171.84M | 121.94M | 169.29M | 184.19M |
| Legal Settlements | 19.53M | 34.25M | 213.18M | |||
| Other Unusual Items | 563.00M | 971.00M | ||||
| Pretax Income | 5.56B | 3.81B | 4.01B | 3.58B | 1.88B | 1.01B |
| Income Tax Expense | 1.75B | 1.06B | 1.49B | 1.06B | 341.51M | 188.03M |
| Earnings From Continuing Operations | 3.80B | 2.75B | 2.53B | 2.52B | 1.54B | 818.61M |
| Earnings From Discontinued Operations | -184.92M | -206.31M | 301.86M | 65.26M | ||
| Net Income to Company | 3.62B | 2.54B | 2.53B | 2.52B | 1.84B | 883.88M |
| Minority Interest in Earnings | -162.52M | -88.06M | -163.16M | -77.96M | -39.23M | -33.41M |
| Net Income | 3.46B | 2.45B | 2.36B | 2.44B | 1.80B | 850.46M |
| Net Income to Common | 3.46B | 2.45B | 2.36B | 2.44B | 1.80B | 850.46M |
| Shares Outstanding (Basic) | 1.06B | 1.07B | 1.10B | 1.10B | 1.09B | 1.09B |
| Shares Outstanding (Diluted) | 1.09B | 1.10B | 1.12B | 1.10B | 1.10B | 1.10B |
| EPS (Basic) | 3.26 | 2.29 | 2.14 | 2.23 | 1.65 | 0.78 |
| EPS (Diluted) | 3.18 | 2.24 | 2.11 | 2.21 | 1.64 | 0.78 |
| Free Cash Flow | 8.48B | 3.45B | 1.95B | 2.56B | 1.08B | 1.56B |
| Free Cash Flow Per Share | 7.80 | 3.15 | 1.74 | 2.32 | 0.98 | 1.42 |
| Dividend Per Share | 2.00 | 1.30 | 0.70 | 0.65 | 0.51 | 0.37 |
| Gross Margin | 8.39% | 6.57% | 7.26% | 6.95% | 4.45% | 4.47% |
| Operating Margin | 4.94% | 3.47% | 3.67% | 3.06% | 1.50% | 1.27% |
| Profit Margin | 2.26% | 1.72% | 1.77% | 1.94% | 1.25% | 0.78% |
| Free Cash Flow Margin | 5.53% | 2.42% | 1.46% | 2.03% | 0.75% | 1.42% |
| EBITDA | 9.13B | 6.38B | 6.13B | 5.12B | 3.25B | 2.12B |
| EBITDA Margin | 5.96% | 4.48% | 4.59% | 4.07% | 2.26% | 1.93% |
| D&A For EBITDA | 1.56B | 1.43B | 1.23B | 1.26B | 1.09B | 729.61M |
| EBIT | 7.58B | 4.95B | 4.90B | 3.86B | 2.16B | 1.39B |
| EBIT Margin | 4.94% | 3.47% | 3.67% | 3.06% | 1.50% | 1.27% |
| Effective Tax Rate | 31.55% | 27.90% | 37.03% | 29.65% | 18.17% | 18.68% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.64B | 3.18B | 2.07B | 5.93B | 5.62B | 2.28B |
| Short-Term Investments | 4.61B | 3.85B | 2.31B | 292.93M | 520.35M | 1.80B |
| Cash & Short-Term Investments | 9.25B | 7.03B | 4.38B | 6.22B | 6.14B | 4.08B |
| Accounts Receivable | 4.75B | 4.28B | 4.05B | 5.35B | 4.89B | 3.96B |
| Other Receivables | 2.56B | 2.30B | 2.49B | 1.90B | 1.88B | 1.41B |
| Receivables | 7.30B | 6.58B | 6.54B | 7.25B | 6.78B | 5.37B |
| Inventory | 5.46B | 4.24B | 3.92B | 4.29B | 4.91B | 3.92B |
| Prepaid Expenses | 172.66M | 165.39M | 163.85M | 99.92M | 123.70M | 98.02M |
| Other Current Assets | 1.28B | 1.16B | 1.05B | 787.21M | 614.11M | 11.56B |
| Total Current Assets | 23.47B | 19.18B | 16.05B | 18.65B | 18.56B | 25.02B |
| Property, Plant & Equipment | 13.91B | 14.07B | 8.76B | 8.07B | 7.64B | 7.17B |
| Long-Term Investments | 1.81B | 2.65B | 3.45B | 1.11B | 554.23M | 457.87M |
| Goodwill | 1.49B | 1.48B | 1.87B | 1.10B | 917.77M | 818.10M |
| Other Intangible Assets | 3.48B | 3.47B | 2.40B | 3.09B | 2.59B | 2.18B |
| Long-Term Accounts Receivable | 736.23M | 834.21M | 793.05M | 563.86M | 1.47B | 479.22M |
| Long-Term Deferred Tax Assets | 781.77M | 1.01B | 936.94M | 1.26B | 898.24M | 571.75M |
| Other Long-Term Assets | 6.04B | 6.55B | 5.25B | 4.39B | 3.80B | 2.31B |
| Total Assets | 51.77B | 49.35B | 39.56B | 38.25B | 36.44B | 39.01B |
| Accounts Payable | 6.97B | 4.65B | 4.53B | 5.72B | 7.38B | 5.79B |
| Accrued Expenses | 739.99M | 832.67M | 655.61M | 1.43B | 948.11M | 580.36M |
| Short-Term Debt | 55.74M | |||||
| Current Portion of Long-Term Debt | 4.45B | 4.25B | 3.48B | 1.99B | 3.36B | 2.81B |
| Current Portion of Leases | 317.64M | 343.73M | 316.46M | 311.43M | 225.03M | 188.83M |
| Current Income Taxes Payable | 438.32M | 358.69M | 322.07M | 551.79M | 315.05M | 196.35M |
| Other Current Liabilities | 1.37B | 1.41B | 1.19B | 1.22B | 539.53M | 3.02B |
| Total Current Liabilities | 14.28B | 11.85B | 10.49B | 11.23B | 12.77B | 12.64B |
| Long-Term Debt | 13.41B | 15.84B | 10.38B | 9.78B | 8.39B | 13.52B |
| Long-Term Leases | 1.38B | 1.40B | 1.17B | 1.21B | 1.30B | 1.16B |
| Pension & Post-Retirement Benefits | 196.65M | 196.55M | 198.78M | 241.21M | 193.75M | 194.64M |
| Long-Term Deferred Tax Liabilities | 688.41M | 637.90M | 132.82M | 206.00K | 299.00K | 282.00K |
| Other Long-Term Liabilities | 1.78B | 1.70B | 1.36B | 1.76B | 1.61B | 1.03B |
| Total Liabilities | 31.75B | 31.62B | 23.73B | 24.22B | 24.27B | 28.54B |
| Common Stock | 7.99B | 7.99B | 6.62B | 6.62B | 5.17B | 5.17B |
| Additional Paid-In Capital | 622.59M | 617.01M | 612.05M | 597.83M | 599.46M | 596.48M |
| Retained Earnings | 10.09B | 7.66B | 8.20B | 6.52B | 6.19B | 4.87B |
| Treasury Stock | -798.41M | -822.53M | -596.40M | -470.51M | -479.67M | -488.43M |
| Comprehensive Income & Other | 56.34M | 222.29M | 326.10M | 233.84M | 227.94M | -79.30M |
| Total Common Equity | 17.96B | 15.67B | 15.16B | 13.51B | 11.71B | 10.07B |
| Minority Interest | 2.07B | 2.06B | 664.73M | 523.33M | 466.23M | 402.32M |
| Shareholders' Equity | 20.03B | 17.73B | 15.82B | 14.03B | 12.17B | 10.47B |
| Total Liabilities & Equity | 51.77B | 49.35B | 39.56B | 38.25B | 36.44B | 39.01B |
| Total Debt | 19.56B | 21.83B | 15.35B | 13.30B | 13.28B | 17.73B |
| Net Cash (Debt) | -10.31B | -14.81B | -10.97B | -7.08B | -7.14B | -13.65B |
| Net Cash Per Share | -9.49 | -13.52 | -9.81 | -6.40 | -6.49 | -12.44 |
| Filing Date Shares Outstanding | 1.07B | 1.07B | 1.08B | 1.09B | 1.09B | 1.09B |
| Total Common Shares Outstanding | 1.07B | 1.07B | 1.08B | 1.09B | 1.09B | 1.09B |
| Working Capital | 9.19B | 7.33B | 5.55B | 7.42B | 5.80B | 12.38B |
| Book Value Per Share | 16.78 | 14.66 | 14.01 | 12.40 | 10.75 | 9.22 |
| Tangible Book Value | 12.99B | 10.71B | 10.88B | 9.32B | 8.20B | 7.07B |
| Tangible Book Value Per Share | 12.14 | 10.02 | 10.06 | 8.55 | 7.53 | 6.48 |
| Land | 802.38M | 801.43M | 609.62M | 607.15M | 618.97M | 610.15M |
| Buildings | 2.67B | 2.60B | 1.75B | 1.65B | 1.53B | 1.49B |
| Machinery | 9.61B | 9.35B | 7.90B | 7.79B | 7.23B | 7.06B |
| Construction In Progress | 1.48B | 1.50B | 1.35B | 783.50M | 694.73M | 452.25M |
| Leasehold Improvements | 1.77B | 1.72B | 1.42B | 1.29B | 1.17B | 1.06B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.46B | 2.45B | 2.36B | 2.44B | 1.80B | 850.46M |
| Depreciation & Amortization | 1.93B | 1.80B | 1.55B | 1.57B | 1.38B | 990.33M |
| Other Amortization | 374.76M | 253.81M | 222.49M | 192.98M | 154.12M | 206.03M |
| Loss (Gain) From Sale of Assets | 54.85M | -110.26M | -207.08M | -192.74M | -322.19M | -184.19M |
| Loss (Gain) From Sale of Investments | 1.61M | -89.49M | 2.49M | |||
| Loss (Gain) on Equity Investments | 87.78M | 156.00M | 127.18M | -11.91M | -12.18M | 17.63M |
| Stock-Based Compensation | 77.32M | 40.56M | 57.46M | 38.91M | 9.94M | 9.36M |
| Provision & Write-off of Bad Debts | -49.99M | -3.12M | ||||
| Other Operating Activities | 3.16B | 1.98B | 2.24B | 1.66B | 723.89M | 699.38M |
| Change in Accounts Receivable | -571.03M | -185.61M | 180.34M | 259.88M | -779.24M | -956.78M |
| Change in Inventory | -1.42B | -151.28M | 371.24M | 645.30M | -1.00B | -1.63B |
| Change in Accounts Payable | 3.80B | -31.82M | -1.21B | -1.70B | 1.56B | 2.43B |
| Change in Income Taxes | -819.80M | -1.11B | -1.67B | -1.23B | -2.07B | -814.40M |
| Change in Other Net Operating Assets | 251.63M | 416.62M | -289.85M | 173.73M | 583.37M | -10.42M |
| Operating Cash Flow | 10.40B | 5.45B | 3.74B | 3.85B | 2.00B | 2.59B |
| Capital Expenditures | -1.92B | -2.01B | -1.79B | -1.29B | -929.24M | -1.03B |
| Cash Acquisitions | 58.00M | 1.21B | 522.00K | -5.99M | ||
| Sale (Purchase) of Intangibles | -277.60M | -237.49M | ||||
| Investment in Securities | -3.24B | -2.02B | -4.60B | 265.77M | 4.38B | 2.16B |
| Other Investing Activities | 3.62M | -34.95M | 4.74B | -171.30M | ||
| Investing Cash Flow | -5.14B | -2.85B | -6.39B | -1.02B | 7.90B | 724.14M |
| Long-Term Debt Issued | 8.67B | 4.18B | 2.90B | 1.52B | 1.38B | |
| Long-Term Debt Repaid | -5.61B | -3.15B | -3.36B | -6.20B | -2.73B | |
| Lease Payments | -543.72M | -480.72M | -433.49M | -213.53M | -351.01M | -304.98M |
| Net Debt Issued (Repaid) | 955.90M | 3.05B | 1.03B | -460.02M | -4.68B | -1.35B |
| Repurchase of Common Stock | -37.24M | -266.95M | -148.94M | |||
| Common Dividends Paid | -1.68B | -2.17B | -833.66M | -400.02M | -638.28M | -705.75M |
| Other Financing Activities | -2.69B | -2.08B | -1.28B | -1.63B | -1.59B | -1.30B |
| Financing Cash Flow | -3.46B | -1.47B | -1.23B | -2.49B | -6.91B | -3.36B |
| Foreign Exchange Rate Adjustments | -74.40M | -44.98M | 32.38M | -29.95M | -43.34M | 52.01M |
| Miscellaneous Cash Flow Adjustments | 387.98M | |||||
| Net Cash Flow | 1.74B | 1.09B | -3.85B | 303.92M | 3.34B | 6.56M |
| Free Cash Flow | 8.48B | 3.45B | 1.95B | 2.56B | 1.08B | 1.56B |
| Free Cash Flow Margin | 5.53% | 2.42% | 1.46% | 2.03% | 0.75% | 1.42% |
| Free Cash Flow Per Share | 7.80 | 3.15 | 1.74 | 2.32 | 0.98 | 1.42 |
| Levered Free Cash Flow | 5.83B | 1.85B | 834.44M | 1.68B | 8.83B | -6.98B |
| Unlevered Free Cash Flow | 7.59B | 3.36B | 1.69B | 2.70B | 9.83B | -6.46B |
| Free Cash Flow After Leases | 7.93B | 2.97B | 1.51B | 2.35B | 724.45M | 1.25B |
| Cash Interest Paid | 645.98M | 145.59M | 1.41B | 749.06M | ||
| Cash Income Tax Paid | 307.86M | 124.08M | 308.92M | 268.56M | 283.33M | 230.04M |
| Change in Working Capital | 1.25B | -1.06B | -2.61B | -1.85B | -1.71B | -982.45M |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.26B | 4.05B | 2.80B | 5.95B | 2.60B | 2.85B |
| Enterprise Value | 8.54B | 7.10B | 4.70B | 7.64B | 4.17B | 5.16B |
| Last Close Price | 5.81 | 3.68 | 2.37 | 4.78 | 2.10 | 2.21 |
| PE Ratio | 9.93 | 9.10 | 7.33 | 11.84 | 7.63 | 18.64 |
| PS Ratio | 0.21 | 0.16 | 0.13 | 0.23 | 0.10 | 0.14 |
| PB Ratio | 1.62 | 1.26 | 1.09 | 2.06 | 1.13 | 1.51 |
| P/TBV Ratio | 2.50 | 2.08 | 1.59 | 3.10 | 1.68 | 2.24 |
| P/FCF Ratio | 4.01 | 6.48 | 8.89 | 11.27 | 12.77 | 10.18 |
| P/OCF Ratio | 3.27 | 4.09 | 4.63 | 7.50 | 6.85 | 6.13 |
| EV/Sales Ratio | 0.29 | 0.28 | 0.22 | 0.29 | 0.15 | 0.26 |
| EV/EBITDA Ratio | 4.84 | 6.12 | 4.74 | 7.24 | 6.79 | 13.56 |
| EV/EBIT Ratio | 5.84 | 7.90 | 5.93 | 9.61 | 10.21 | 20.68 |
| EV/FCF Ratio | 5.48 | 11.34 | 14.92 | 14.47 | 20.52 | 18.45 |
| Debt / Equity Ratio | 0.98 | 1.23 | 0.97 | 0.95 | 1.09 | 1.69 |
| Debt / EBITDA Ratio | 2.06 | 3.24 | 2.38 | 2.45 | 3.75 | 7.45 |
| Debt / FCF Ratio | 2.31 | 6.33 | 7.88 | 5.19 | 12.35 | 11.38 |
| Net Debt / Equity Ratio | 0.52 | 0.83 | 0.69 | 0.50 | 0.59 | 1.30 |
| Net Debt / EBITDA Ratio | 1.13 | 2.32 | 1.79 | 1.38 | 2.19 | 6.44 |
| Net Debt / FCF Ratio | 1.22 | 4.29 | 5.63 | 2.76 | 6.63 | 8.76 |
| Asset Turnover | 3.15 | 3.20 | 3.43 | 3.38 | 3.81 | 2.92 |
| Inventory Turnover | 29.55 | 32.60 | 30.17 | 25.50 | 31.11 | 27.00 |
| Quick Ratio | 1.16 | 1.15 | 1.04 | 1.20 | 1.01 | 0.75 |
| Current Ratio | 1.64 | 1.62 | 1.53 | 1.66 | 1.45 | 1.98 |
| Return on Equity (ROE) | 19.80% | 16.38% | 16.92% | 19.22% | 13.59% | 8.03% |
| Return on Assets (ROA) | 9.73% | 6.95% | 7.87% | 6.46% | 3.58% | 2.31% |
| Return on Invested Capital (ROIC) | 16.52% | 12.02% | 12.89% | 13.44% | 8.15% | 4.96% |
| Return on Capital Employed (ROCE) | 20.20% | 13.20% | 16.90% | 14.30% | 9.10% | 5.30% |
| Earnings Yield | 10.07% | 10.99% | 13.65% | 8.45% | 13.11% | 5.36% |
| FCF Yield | 24.91% | 15.44% | 11.25% | 8.87% | 7.83% | 9.82% |
| Dividend Yield | 5.46% | 6.22% | 4.38% | 2.45% | 4.04% | 2.55% |
| Payout Ratio | 53.70% | 88.52% | 35.28% | 16.40% | 35.44% | 82.98% |
| Buyback Yield / Dilution | 2.52% | 2.01% | -1.15% | -0.57% | -0.16% | -0.10% |
| Total Shareholder Return | 7.98% | 8.23% | 3.23% | 1.88% | 3.89% | 2.44% |