Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 7.6x · ROE 14.6%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.8B | $4.1B | $2.9B | $6.0B | $2.7B | $2.9B | $5.0B | $14.8B | $16.0B | $12.4B | $25.0B |
| Enterprise Value | $9.4B | $22.8B | $16.7B | $13.4B | $10.4B | $18.4B | $21.5B | $18.2B | $27.2B | $21.0B | $32.2B |
| P/E Ratio → | 12.87 | 1.72 | 1.25 | 2.45 | 1.48 | 3.38 | 5.52 | 39.13 | 13.82 | 7.90 | 15.95 |
| P/S Ratio | 0.21 | 0.03 | 0.02 | 0.05 | 0.02 | 0.03 | 0.07 | 0.18 | 0.18 | 0.16 | 0.32 |
| P/B Ratio | 1.74 | 0.23 | 0.19 | 0.43 | 0.22 | 0.27 | 0.50 | 6.04 | 1.63 | 1.28 | 2.93 |
| P/FCF | 19.86 | 2.72 | 1.51 | 2.34 | 3.38 | 2.22 | 2.22 | 8.77 | 10.83 | 57.75 | 29.56 |
| P/OCF | 8.65 | 1.19 | 0.79 | 1.56 | 1.33 | 1.12 | 1.58 | 5.05 | 5.52 | 5.44 | 9.96 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.12 | 0.11 | 0.07 | 0.17 | 0.29 | 0.22 | 0.30 | 0.26 | 0.42 |
| EV / EBITDA | 7.58 | 3.54 | 2.65 | 2.34 | 2.39 | 6.81 | 9.02 | 6.46 | 10.04 | 5.88 | 7.65 |
| EV / EBIT | 10.05 | 3.66 | 4.35 | 2.57 | 3.00 | 10.06 | 12.50 | 7.53 | 10.29 | 6.20 | 9.20 |
| EV / FCF | — | 15.01 | 8.55 | 5.21 | 13.25 | 14.13 | 9.63 | 10.81 | 18.48 | 97.74 | 37.99 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.6% | 6.6% | 6.5% | 7.4% | 5.1% | 4.5% | 5.4% | 5.8% | 6.8% | 9.1% | 9.1% |
| Operating Margin | 3.4% | 3.4% | 3.8% | 3.6% | 2.3% | 1.6% | 2.1% | 2.5% | 2.1% | 3.6% | 4.0% |
| Net Profit Margin | 1.7% | 1.7% | 1.8% | 1.9% | 1.3% | 0.8% | 1.2% | 0.4% | 1.3% | 2.0% | 2.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 15.8% | 18.6% | 15.9% | 8.3% | 14.5% | 6.1% | 11.8% | 17.2% | 18.9% |
| ROA | 5.5% | 5.5% | 6.1% | 6.5% | 4.7% | 2.2% | 4.0% | 1.9% | 3.9% | 6.0% | 6.9% |
| ROIC | 11.0% | 11.0% | 14.9% | 16.6% | 10.9% | 5.1% | 7.2% | 11.4% | 7.2% | 12.6% | 15.6% |
| ROCE | 14.4% | 14.4% | 18.1% | 17.8% | 13.2% | 6.6% | 9.0% | 13.3% | 8.4% | 14.3% | 17.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.23 | 1.23 | 1.00 | 0.95 | 1.10 | 1.69 | 1.94 | 1.62 | 1.55 | 1.40 | 1.33 |
| Debt / EBITDA | 3.39 | 3.39 | 2.51 | 2.32 | 3.08 | 6.59 | 8.06 | 1.41 | 5.61 | 3.81 | 2.71 |
| Net Debt / Equity | — | 1.05 | 0.87 | 0.53 | 0.64 | 1.48 | 1.67 | 1.41 | 1.15 | 0.88 | 0.83 |
| Net Debt / EBITDA | 2.90 | 2.90 | 2.18 | 1.29 | 1.78 | 5.74 | 6.94 | 1.22 | 4.15 | 2.41 | 1.70 |
| Debt / FCF | — | 12.29 | 7.04 | 2.88 | 9.87 | 11.92 | 7.41 | 2.05 | 7.65 | 39.99 | 8.43 |
| Interest Coverage | 2.58 | 2.58 | 2.80 | 3.19 | 2.18 | 2.22 | 11.55 | 9.51 | 3.02 | 3.19 | 3.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.53 | 1.66 | 1.48 | 1.97 | 1.89 | 2.93 | 2.56 | 2.17 | 2.37 |
| Quick Ratio | 1.26 | 1.26 | 1.16 | 1.28 | 1.10 | 1.66 | 1.48 | 2.22 | 2.03 | 1.67 | 1.87 |
| Cash Ratio | 0.59 | 0.59 | 0.44 | 0.55 | 0.48 | 0.32 | 0.83 | 1.00 | 1.07 | 0.90 | 1.04 |
| Asset Turnover | — | 2.83 | 3.37 | 3.30 | 3.87 | 2.81 | 2.01 | 10.56 | 2.97 | 2.82 | 3.20 |
| Inventory Turnover | 31.36 | 31.36 | 31.88 | 27.20 | 27.41 | 26.75 | 18.20 | 84.67 | 25.20 | 20.83 | 25.48 |
| Days Sales Outstanding | — | 18.56 | 19.69 | 23.28 | 19.04 | 19.70 | 28.69 | 6.59 | 23.65 | 24.06 | 19.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.9% | 51.6% | 28.4% | 6.7% | 24.0% | 24.4% | 5.7% | 4.0% | 5.1% | 7.6% | 3.5% |
| Payout Ratio | 86.8% | 86.8% | 35.3% | 16.4% | 35.4% | 83.0% | 31.9% | 159.7% | 70.3% | 59.7% | 55.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 58.1% | 80.2% | 40.8% | 67.8% | 29.5% | 18.1% | 2.6% | 7.2% | 12.7% | 6.3% |
| FCF Yield | 5.0% | 36.8% | 66.3% | 42.8% | 29.6% | 45.1% | 45.1% | 11.4% | 9.2% | 1.7% | 3.4% |
| Buyback Yield | 0.9% | 6.3% | 5.1% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.8% | 57.9% | 33.4% | 6.7% | 24.8% | 24.4% | 5.7% | 4.0% | 5.1% | 7.6% | 3.5% |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $2.4B | $2.4B | $1.1B | $2.4B |
Commodity price volatility exposure
According to current market data, UGP trades at a trailing P/E of 11.72 and a forward P/E of 1.76, suggesting that investors are pricing in significant earnings recovery potential despite the inherent volatility of the Brazilian fuel distribution sector.
The wide divergence between trailing and forward multiples indicates that the market anticipates a substantial expansion in profitability, likely driven by the recent divestiture of non-core assets. However, the low P/S ratio of 0.19 highlights the thin-margin reality of the business, suggesting that valuation is highly sensitive to small shifts in operating efficiency rather than top-line growth alone.
As reported in recent financial statements, UGP's ROIC reached 6.3% in 2026Q1, a notable improvement from the 2.4% trough in 2025Q4, yet this remains well below the levels required to consistently compound value across the full commodity cycle.
The significant variance in ROIC, which peaked at 32.1% in 2023Q4 before contracting, suggests that returns are heavily influenced by non-recurring gains and inventory effects rather than sustained operational excellence. Investors should monitor whether the company can maintain these returns as it pivots toward more capital-intensive logistics assets in the Ultracargo segment.
Based on quarterly filings, the cash conversion cycle has fluctuated between 4 and 22 days over the last ten quarters, reflecting the company's ongoing struggle to balance inventory procurement with the high-velocity demands of the Brazilian retail fuel market.
The volatility in DSO and DIO suggests that UGP's working capital efficiency is highly susceptible to external macroeconomic pressures and shifts in consumer payment behavior. While the current CCC of 14 days in 2026Q1 appears manageable, any sustained increase in these metrics could signal a deterioration in the company's bargaining power with suppliers or customers.
According to the latest balance sheet data, UGP maintains a debt-to-equity ratio of 1.14, which appears disciplined for an industrial energy player and provides a necessary buffer against the cyclical nature of fuel distribution margins.
The interest coverage ratio of 2.78 in 2026Q1 suggests that debt service remains comfortable, though the historical volatility in this metric warrants caution. The company's ability to maintain this leverage profile while investing in infrastructure suggests a prudent approach to capital allocation following the recent divestiture of non-core business units.
Investors frequently misapply net income-based valuation multiples to UGP, failing to account for the significant non-cash inventory effects and tax recoveries that distort the company's true operational earning power in any given quarter.
Because UGP acts as a high-volume intermediary, net income is often a poor proxy for cash-generating ability, as evidenced by the wild swings in the OCF/NI ratio. Analysts should instead focus on EBITDA and free cash flow, adjusting for one-off items, to better understand the underlying health of the core distribution and storage segments.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying UGP stock.
Ultrapar Participações S.A.'s current P/E ratio is 12.9x. The historical average is 9.9x. This places it at the 74th percentile of its historical range.
Ultrapar Participações S.A.'s current EV/EBITDA is 7.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.0x.
Ultrapar Participações S.A.'s return on equity (ROE) is 14.6%. The historical average is 14.1%.
Based on historical data, Ultrapar Participações S.A. is trading at a P/E of 12.9x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ultrapar Participações S.A.'s current dividend yield is 6.90% with a payout ratio of 86.8%.
Ultrapar Participações S.A. has 6.6% gross margin and 3.4% operating margin.
Ultrapar Participações S.A.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.