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Brazilian conglomerate distributing fuel (Ipiranga), LPG/propane (Ultragaz) and operating liquid bulk storage terminals.
Brazilian conglomerate distributing fuel (Ipiranga), LPG/propane (Ultragaz) and operating liquid bulk storage terminals.
Earns a small margin per litre on fuel bought from refiners and importers and sold through independently owned stations flying the Ipiranga flag. LPG distribution follows the same wholesale-to-retail pattern, while Ultracargo rents tank space under contract for fixed fees.
In one line: Brazil's version of a diversified fuel-distribution/chemicals holding company..
Moat: narrow (scale, distribution, regulatory licence). Large station/distribution network built over decades in Brazil, though fuel distribution margins are regulated and competitive.
Headquarters: São Paulo, Brazil · Founded: 1937
Size Ultrapar Participacoes S.A. Sponsored ADR (UGP) is a United States Consumer Discretionary company (Specialty Stores) with a market value of $6.12B, the 1048th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.42 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against +7.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +2.6%); the operating margin is 5.0% (peer median 5.0%).
Valuation It trades at 7.0× forward earnings against a peer median of 15.4× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.7 points above its cost of capital (7.7% WACC).
Credit Ultrapar Participacoes S.A. Sponsored ADR has 1 bond outstanding ($318M), rated BBB- by the agencies and trading like BB at a weighted spread of 144 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $29.0B | $25.5B | $24.8B | $25.2B | $27.8B |
| Revenue growth | — | +3% | -2% | -9% | — |
| Gross profit | $2.45B | $1.68B | $1.80B | $1.87B | $1.42B |
| EBITDA | $1.80B | $1.11B | $1.21B | $1.24B | $911M |
| Net income | $663M | $439M | $438M | $488M | $349M |
| Free cash flow | $1.12B | $277M | $154M | $310M | -$64.8M |
| Capital expenditure | $364M | $359M | $332M | $262M | $236M |
| Total debt | $3.78B | $3.98B | $2.56B | $2.74B | $2.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ultrapar Participacoes S.A. Sponsored ADR UGP | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% |
| Royal Vopak VPK.AS | $6.51B | +14% | +1% | 29% | 15.5× | 8.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UGP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.4% | +5.5% | lowest of 21 |
| 6-month return | -11.3% | +7.2% | 5th lowest of 21 |
| Distance from 52-week high | -34.5% | -17.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +20.3% | +2.6% | 4th highest of 21 |
| Operating margin | 5.0% | 5.0% | 11th highest of 21 |
| Forward P/E | 7.0× | 15.4× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -12.6% | 1.9% | least demanding of 16 |
| Growth delivered (Del g) | +12.2% | +6.7% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | -24.7 pp | -2.4 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +10.7 pp | +1.5 pp | 5th highest of 21 |
| EV / EBITDA | 4.7× | 9.5× | cheapest of 19 |
| Net debt / EBITDA | 1.1× | 2.2× | 6th least indebted of 21 |
| Bond spread | 144 bp | 108 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ultrapar Participacoes S.A. Sponsored ADR UGP | United States | $6.12B | -11% | +20% | 5% | 7.0× | -12.6% | +12.2% |
| AutoNation AN | United States | $5.88B | -11% | -2% | 5% | 8.3× | n/a | n/a |
| Kalyan Jewellers India KALYANKJIL.NS | India | $6.47B | +44% | +46% | 6% | 37.6× | n/a | n/a |
| Frasers FRAS.L | United Kingdom | $5.64B | +44% | +8% | 7% | 9.1× | n/a | n/a |
| Lithia Motors LAD | United States | $6.68B | +5% | +1% | 4% | 8.0× | n/a | n/a |
| Rush Enterprises RUSHA | United States | $5.54B | +6% | -3% | 5% | 15.4× | 7.9% | +9.4% |
| Pepco Group BV PCO.WA | Poland | $7.18B | +58% | -42% | 15% | 16.8× | 4.6% | +4.5% |
| CarMax KMX | United States | $7.31B | +28% | +4% | 2% | 15.5× | 17.6% | +6.7% |
| PriceSmart PSMT | United States | $5.02B | +3% | +12% | 5% | 27.2× | 10.5% | +10.2% |
| Endeavour EDV.AX | Australia | $4.48B | +10% | +1% | 4% | 21.4× | 14.9% | +1.0% |
| Signet Jewelers SIG | United States | $4.37B | +34% | +1% | 7% | 9.4× | -1.3% | +5.4% |
| Bath & Body Works BBWI | United States | $4.31B | +8% | -2% | 15% | 8.3× | -8.8% | +2.5% |
| Academy Sports and Outdoors ASO | United States | $4.14B | +24% | +4% | 10% | 9.9× | -1.2% | +1.2% |
| Murphy USA MUSA | United States | $9.45B | -10% | +20% | 4% | 17.5× | -9.4% | +11.5% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| Asbury Automotive ABG | United States | $3.64B | +1% | -1% | 5% | 7.6× | -2.4% | +20.3% |
| Carrefour CA.PA | France | $11.1B | -21% | -8% | 3% | 8.4× | -1.2% | +3.1% |
| MINISO 9896.HK | Hong Kong | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% | +18.5% |
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Eagers Automotive APE.AX | Australia | $3.18B | -31% | +19% | 4% | 16.5× | 5.9% | +8.3% |
| Warby Parker WRBY | United States | $3.15B | -14% | +11% | 0% | 57.8× | n/a | n/a |
Ultrapar Participacoes S.A. Sponsored ADR has 1 bond outstanding with $318M face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 5.99%, a spread of 144 bp over government bonds.