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Ultrapar Participações S.A.

Ultrapar Participações S.A.

NYSE•UGP
CEO: Mr. Marcos Marinho Lutz
Sector: Energy
Industry: Oil & Gas Refining & Marketing
Listing Date: 1999-10-07
Ultrapar Participações S.A., through its subsidiaries, operates in the energy and infrastructure business in Brazil. The company distributes liquefied petroleum gas to residential, commercial, and industrial consumers. It also operates Stella, a technology platform that connects renewable electric power generators and customers; and transports compressed natural gas. In addition, the company is involved in the distribution and marketing of gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants; and holds AmPm convenience stores and provides Jet Oil lubricant services. Further, it operates liquid bulk storage terminals. Additionally, the company offers digital payments services, combining the abastece aí app and the loyalty program Km de Vantagens. It also exports its products and services to customers in Europe, the United States, Canada, other Latin American countries, Asia, and internationally. The company was founded in 1937 and is headquartered in São Paulo, Brazil.
Contact Information
Brigadeiro LuAs AntA nio Avenue, 1343, 9th Floor, São Paulo, SP, 01317-910, Brazil
55-11-3177-7014
www.ultra.com.br
Market Cap
$4.09B
P/E (TTM)
7.6
25.8
Dividend Yield
8.4%
52W High
$4.40
52W Low
$2.53
52W Range
65%
Rank53Top 63.7%
3.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$6.80B+4.74%
4-Quarter Trend

EPS

$0.12+12.07%
4-Quarter Trend

FCF

$44.02M-34.22%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue and Profit Growth Net revenue reached R$133.5B in 2024, marking a 6% increase; Gross profit grew 4% to R$9.7B.
Stable Net Income Performance Net income for the year was R$2.5B in 2024, remaining stable compared to R$2.5B reported in 2023.
Strategic Hidrovias Stake Increase Ultrapar increased its stake in Hidrovias to 41.94% in 2024, aligning with logistics infrastructure expansion strategy.
LPG Market Share Maintained Ultragaz maintained 23.0% market share in LPG distribution volume in 2024, competing effectively in a mature market.

Risk Factors

Petrobras Supply Dependency Risk Significant supply delays or interruptions from Petrobras, the main LPG and fuel supplier, could immediately affect operations.
Commodity Price Volatility Exposure Exposure to USD-linked costs for LPG and fuels means price fluctuations adversely affect operating margins and financial condition.
Brazilian Economic Instability Ongoing political instability and sharp Real depreciation (27.9% in 2024) create economic uncertainty impacting results.
Intense Distribution Market Competition Intense competition in LPG and fuel distribution markets may lead to lower sales volumes, reduced selling prices, and higher expenses.

Outlook

Focus on Energy Transition Sectors Strategy centers on core energy, mobility, and logistics infrastructure, leveraging synergistic portfolio advantages for value creation.
Expanding New Energy Solutions Ultragaz acquired stakes in Stella, NEOgás, and Witzler, expanding energy solutions into renewable electricity and CNG segments.
Ultracargo Inland Logistics Expansion Ultracargo is expanding capacity via inland terminals like Palmeirante and Rondonópolis to support agribusiness logistics growth.
Ipiranga Network Optimization Plan Ipiranga plans 2025 investments focusing on technology platform upgrades for ERP and satellite systems to drive efficiency gains.

Peer Comparison

Revenue (TTM)

PBF Energy Inc.PBF
$29.54B
-15.4%
Ultrapar Participações S.A.UGP
$24.52B
+6.3%
NOV Inc.NOV
$8.77B
-1.5%

Gross Margin (Latest Quarter)

Archrock, Inc.AROC
66.1%
+5.1pp
Magnolia Oil & Gas CorporationMGY
46.2%
-5.1pp
Valvoline Inc.VVV
39.1%
+0.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NOV$5.70B15.15.9%20.8%
WFRD$5.57B10.836.1%32.2%
AROC$4.51B16.919.3%58.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
4.0%
Moderate Growth
4Q Net Income CAGR
-3.2%
Stable Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 25, 2026
|
EPS:$0.06
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 23, 2025|
    Revenue: $24.70B+5.9%
    |
    EPS: $0.40-3.2%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 23, 2024|
    Revenue: $25.23B-12.2%
    |
    EPS: $0.44+33.9%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 26, 2023|
    Revenue: $27.65B+30.9%
    |
    EPS: $0.32+111.5%
    Beat

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: May 10, 2022|
    Revenue: $20.27B+48.2%
    |
    EPS: $0.14-4.9%
    Meet

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 29, 2021|
    Revenue: $14.36B-17.1%
    |
    EPS: $0.16+412.5%
    Meet