UGP
Ultrapar Participações S.A.
UGP's fundamentals are strong: free cash flow more than doubled and revenue grew 12%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
UGP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
UGP's revenue, profitability, cash flow and balance sheet are all currently healthy.
UGP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $4.63 | -18% |
| Current | 9.9x | $5.63 | — |
| Fair | 12x | $6.91 | +23% |
| Expensive | 18x | $10.54 | +87% |
Historical ranges are pointers, not guarantees.
UGP's PE is 9.9x, but its earnings don't support one, so it isn't a reliable read right now.
UGP Forward outlook
There aren't enough analyst estimates for UGP to show an outlook.
UGP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.57 | +21% |
| Q2 2026 | $0.49 | +36% |
| Q4 2025 | $0.40 | +5.3% |
| Q3 2025 | $0.48 | +14% |
| Q2 2025 | $0.47 | +2.2% |
| Q1 2025 | $0.36 | -14% |
| Q4 2024 | $0.38 | -2.6% |
| Q3 2024 | $0.42 | +20% |
UGP earned $0.57 per share over the past year, up 21% from the year before.
UGP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $7.6B | +25% |
| Q2 2026 | $6.6B | +10% |
| Q4 2025 | $6.8B | +7.2% |
| Q3 2025 | $6.6B | +4.7% |
| Q2 2025 | $6.1B | +5.3% |
| Q1 2025 | $6B | +9.7% |
| Q4 2024 | $6.3B | +5.9% |
| Q3 2024 | $6.3B | +8.8% |
UGP's revenue has grown year over year for nine quarters in a row: $7.6B last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 7.7% | +3.5 points |
| Q2 2026 | 5% | +2 points |
| Q4 2025 | 3% | -3 points |
| Q3 2025 | 3.9% | +0.8 points |
| Q2 2025 | 4.1% | +1.5 points |
| Q1 2025 | 3% | +0.3 points |
| Q4 2024 | 6% | +0.4 points |
| Q3 2024 | 3% | -1.8 points |
UGP's operating margin was 7.7% last quarter, up 3.5 points from the same quarter a year ago, near the top of its range since 2019.
UGP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $599.8M | +663% |
| Q2 2026 | $30.6M | +$98.4M |
| Q4 2025 | $190.5M | -31% |
| Q3 2025 | $42.9M | -34% |
| Q2 2025 | $78.6M | +192% |
| Q1 2025 | -$67.8M | +$94.4M |
| Q4 2024 | $276.2M | +27% |
| Q3 2024 | $65.3M | -77% |
UGP generated $864M in free cash flow over the past year, up 145% from the year before.
UGP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +1.5M shares |
| 1 year | -1.4% | -15M shares |
| 3 years | -0.9% | -9.9M shares |
| 5 years | +0.1% | +554K shares |
| Available history | -54% | -1.3B shares |
UGP has 1.1B diluted shares, down 1.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $2.6M |
| Q2 2026 | — |
| Q4 2025 | $1.6M |
| Q3 2025 | $1.3M |
| Q2 2025 | $26.4M |
| Q1 2025 | $17.3M |
| Q4 2024 | $26.7M |
| Q3 2024 | — |
UGP has spent almost nothing on buybacks in the past year.
UGP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.4x | Healthy |
| Q2 2026 | 0.4x | Very low |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 1.7x | Healthy |
UGP's net debt is about 1.4 years of its operating earnings (EBITDA), down from 2.4 years a year ago.
UGP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 4.3 | Oversold |
UGP's weekly RSI is 43 (neutral) and its Stochastic is 4 (oversold).
UGP PE vs Energy Sector
| Metric | UGP | Sector median | Relative |
|---|---|---|---|
| PE | 9.9x | 13x | 25% below |
| PE % | 28 | 61 | 33 pts below |
UGP is trading at 9.9x earnings, a 25% discount to the Energy sector's median of 13x, though its earnings don't support one.
UGP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.86 | 18% below |
| 20 week MA | $6.64 | 15% below |
| 50 week MA | $5.64 | 0.2% below |
| 100 week MA | $4.44 | 27% above |
| 200 week MA | $4.27 | 32% above |
UGP has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 32% above its 200-week average.
UGP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.31 | $4.53 | -28% |
| 2021 | $4.53 | $2.52 | -44% |
| 2022 | $2.52 | $2.52 | 0% |
| 2023 | $2.52 | $5.42 | +115% |
| 2024 | $5.42 | $2.59 | -52% |
| 2025 | $2.59 | $3.74 | +44% |
| 2026 YTD | $3.74 | $5.63 | +51% |
UGP's yearly returns have swung widely, from +115% in 2023 to −52% in 2024. It's up 51% so far in 2026.