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UGP

Ultrapar Participações S.A.

UGP

Ultrapar Participações S.A. • NYSE
$4.09 ▼ -0.61% (-0.03)
Market Cap $4.47 B
52w High $4.39
52w Low $2.53
Dividend Yield 0.13%
P/E 8.19
Volume 686.85K
Outstanding Shares 1.09B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.034B ▲ $1.049B ▲ $709.188M ▼ 1.915% ▼ $0.65 ▼ $2.259B ▼
Q2-2025 $34.055B ▲ $737.851M ▼ $1.088B ▲ 3.196% ▲ $1 ▲ $2.596B ▲
Q1-2025 $33.329B ▼ $1.159B ▲ $332.846M ▼ 0.999% ▼ $0.3 ▼ $1.287B ▼
Q4-2024 $35.401B ▲ $51.616M ▼ $841.769M ▲ 2.378% ▲ $0.76 ▲ $1.292B ▼
Q3-2024 $35.358B $1.203B $651.582M 1.843% $0.58 $1.636B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.024B ▲ $45.565B ▼ $26.898B ▼ $16.388B ▲
Q2-2025 $3.986B ▲ $45.608B ▲ $27.212B ▲ $16.074B ▲
Q1-2025 $2.737B ▼ $37.755B ▼ $21.864B ▼ $15.196B ▲
Q4-2024 $4.625B ▲ $39.558B ▲ $23.735B ▼ $15.159B ▲
Q3-2024 $4.233B $39.322B $23.973B $14.704B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $130.544M ▼ $327.996M ▼ $-217.603M ▼ $-166.728M ▼ $-55.043M ▼ $239.794M ▼
Q2-2025 $1.172B ▲ $917.903M ▲ $391.008M ▼ $170.411M ▲ $1.461B ▲ $439.213M ▲
Q1-2025 $363.184M ▼ $3.019M ▼ $827.272M ▲ $-1.442B ▼ $-635.505M ▲ $-378.872M ▼
Q4-2024 $880.819M ▲ $2.231B ▲ $-3.251B ▼ $-795.944M ▼ $-1.784B ▼ $1.543B ▲
Q3-2024 $698.422M $780.473M $-241.526M $-514.312M $24.635M $364.558M

Five-Year Company Overview

Income Statement

Income Statement Ultrapar’s earnings profile has improved meaningfully over the last few years. Revenue has grown strongly from pandemic levels, with only a brief soft patch and then a return to growth more recently. Profitability has moved from fairly thin results to much healthier operating and net income, showing better efficiency and cost control. The latest year shows higher sales but slightly softer bottom-line profit than the prior year, which hints at some margin pressure in a still-competitive, price-sensitive fuel market. Overall, the trend is one of recovery and stabilization at a stronger profit level than in the past, but with sensitivity to fuel spreads and macro conditions in Brazil.

Balance Sheet

Balance Sheet The balance sheet looks noticeably stronger than a few years ago. Shareholder equity has been building steadily, which signals that profits are largely being retained and that the capital base is thicker and more resilient. Debt, while still meaningful, has been reduced from its earlier peak and appears more manageable relative to the company’s size. One watchpoint is the drop in cash in the most recent year after a period of higher liquidity, suggesting cash was deployed for debt reduction, investment, or distributions. In simple terms, Ultrapar now stands on a firmer financial footing, but it remains a leveraged, capital-intensive energy player that must keep managing debt carefully.

Cash Flow

Cash Flow Cash generation from day-to-day operations has been consistently solid, and importantly, free cash flow has stayed positive across all the years shown. That means the company is generally able to fund its investment needs and still have cash left over, which adds flexibility. Capital spending has been steady and recently ticked up, which aligns with ongoing investments in infrastructure, logistics, and technology. The overall cash flow profile looks healthy and supportive of both debt service and strategic projects, though the reduced cash balance underscores the need to keep execution disciplined.

Competitive Edge

Competitive Edge Ultrapar holds strong positions across several key energy niches in Brazil. Ipiranga is one of the country’s largest fuel distributors, Ultragaz is a leading LPG distributor, and Ultracargo is a top player in bulk liquid storage at major ports. This broad physical network, brand recognition, and long-standing relationships with customers create high barriers to entry for new competitors. The integration of fuel stations, convenience services, loyalty programs, and logistics infrastructure gives the group a scale and service depth that many rivals cannot easily replicate. That said, the company still operates in highly competitive and regulated markets, exposed to Brazilian economic cycles, fuel price volatility, and policy changes, so its advantages need to be actively defended.

Innovation and R&D

Innovation and R&D Ultrapar is not a traditional high-R&D company, but it is clearly leaning on innovation to sharpen its edge. On the retail side, the Ipiranga app and loyalty ecosystem deepen customer engagement and create data-driven opportunities for cross-selling and personalized offers. Ultragaz is using digital channels and expanding into new energy solutions such as cleaner fuels and renewable electricity for business clients. Ultracargo is adopting tools like drones, sensors, and artificial intelligence to inspect infrastructure, reduce downtime, and improve safety. The group is also positioning itself for the energy transition, with pilot moves into renewables and a structured ESG agenda through 2030. The key question is how quickly and effectively these digital and energy-transition initiatives can scale relative to the legacy fossil-fuel base.

Summary

Ultrapar today looks like a more focused, financially stronger energy and logistics group than it was a few years ago. Profitability and cash generation have improved, equity has grown, and leverage has come down from earlier highs, all while the company has exited non-core businesses and doubled down on fuel distribution, LPG, and bulk storage. Its competitive edge rests on scale, brands, and infrastructure, reinforced by digital platforms and operational technology. The main risks revolve around its exposure to Brazilian macro conditions, fuel price cycles, competition, regulation, and the long-term shift toward cleaner energy. The company’s challenge and opportunity is to use its cash flow, network, and digital capabilities to navigate the energy transition while preserving margins in its traditional businesses.