# Ultrapar Participações (UGPA3.SA)

Canonical: https://gigainvestors.com/s/UGPA3.SA

Analysis as of: 2026-10-16T07:36:19.418Z. Financial observations: FY1999–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 38.64 per share; close as of 2026-10-15.

Estimated value: low BRL 19.81 per share, central BRL 23.19 per share, high BRL 24.64 per share. Buy at or below the central value BRL 23.19 per share. Valuation as of 2026-10-16T07:36:19.418Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.02×

- FY2019: 0.03×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 6.3%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 6.9%

- Recent gross margin (lower of latest and 3-year median): 6.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.8%

- FY2017: 12.4%

- FY2018: 7.6%

- FY2019: 8.0%

- FY2020: 5.9%

- FY2021: 6.3%

- FY2022: 17.1%

- FY2023: 16.4%

- FY2024: 13.6%

- FY2025: 11.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 8.2B

- Net income, five-year total: BRL 9.9B

- Return on incremental invested capital: 20.8%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.3 pp

- Working capital / revenue, final three-year average: 5.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.68×

- FY2022: 0.83×

- FY2023: 0.81×

- FY2024: 0.87×

- FY2025: 0.86×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.4% vs 13.6%

- Per-share earnings: 0.72 to 2.21 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -6.7%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: BRL -52B

- Cumulative retained earnings: BRL 7.1B

- Diluted shares, 10-year annual growth: -6.7%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.1%

- Per-share value change: BRL 1.49

- Per-share value, starting three-year median: BRL 0.72

- Per-share value, ending three-year median: BRL 2.21

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 2.9B

- Cumulative net income, 10 years: BRL 15B

- ROIC, first three-year median: 12.4%

- ROIC, last three-year median: 13.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.72

- FY2017: BRL 0.72

- FY2018: BRL 0.54

- FY2019: BRL 0.16

- FY2020: BRL 0.82

- FY2021: BRL 0.78

- FY2022: BRL 1.64

- FY2023: BRL 2.21

- FY2024: BRL 2.11

- FY2025: BRL 2.24

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -2.5%

- FY2018: -5.7%

- FY2019: -8.2%

- FY2020: -6.2%

- FY2021: -4.4%

- FY2022: -0.6%

- FY2023: -3.7%

- FY2024: -3.4%

- FY2025: -2.2%

## Holders

## Price story

Price needs cash profits to grow 14% a year for ten years · sales +6.6%

Story as of 2026-10-16T10:00:07.214Z; price observation 2026-10-15.

Price needs cash profits to grow 14% a year for ten years

### Sales · FY2024–2025

sales +6.6%; source https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm; observed 2026-04-29.

- FY2016: BRL 77B 

- FY2017: BRL 80B 

- FY2018: BRL 91B 

- FY2019: BRL 89B 

- FY2020: BRL 81B 

- FY2021: BRL 110B 

- FY2022: BRL 144B 

- FY2023: BRL 126B 

- FY2024: BRL 133B 

- FY2025: BRL 142B 

### Gross margin · FY2025

gross margin 6.6%; source https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm; observed 2026-04-29.

- FY2016: 9.1% 

- FY2017: 9.1% 

- FY2018: 6.8% 

- FY2019: 6.8% 

- FY2020: 6.9% 

- FY2021: 4.5% 

- FY2022: 5.1% 

- FY2023: 7.4% 

- FY2024: 7.3% 

- FY2025: 6.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas refining & marketing; annual sales are BRL 142.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm (filed 2026-04-29); FY2025: revenue 142369540000; grossProfit 9358841000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UGPA3.SA: Ultrapar Participações S.A., through its subsidiaries, operates in the energy, mobility, and logistics infrastructure sectors in Brazil, the rest of Europe, the United States, Canada, other Latin American countries, Oceania, and internationally. It operates through Ultragaz, Ipiranga, Ultracargo, and Hidrovias segments. The company distributes and sells oil-related products, biofuels, gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and additive fuels under the Ipimax brand to carriers, resellers, and retailers; operates service stations under the Ipiranga brand and convenience stores under the AmPm brand; and produces and sells lubricants under the ICONIC brand. It also engages in the distribution of bulk and bottled liquefied petroleum gas for the residential, condominium, trade, services, industrial, and agribusiness sectors; operation of a natural gas pipeline network; and provision of renewable electricity for businesses and households, as well as compressed natural gas and biomethane for corporate clients. In addition, the company operates liquid bulk storage terminals in logistics centers; waterway and multimodal infrastructure; and port operations. Further, the company offers logistics solutions for handling grains, ores, and fertilizers; automotive services through Jet Oil units; and loyalty programs under the Km de Vantagens (KMV) brand. It also exports its products and services. Ultrapar Participações S.A. was founded in 1937 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 6.6% to 7.4% during 2023–25; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 7.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.16778546320531693],[2017,0.12372008581870073],[2018,0.07556905406536969],[2019,0.07998098639523435],[2020,0.058539377520358565],[2021,0.06347542094881761],[2022,0.1714877322556626],[2023,0.1635607191251621],[2024,0.1363319779439569],[2025,0.11426341968016365]]; median 0.11899175274943219. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 19.9% of cash earnings on expansion; earns 20.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 158911462.89058423; upkeep 1507458537.1094158; owner earnings 1157679462.8905842. Growth capex / owner earnings = 0.1372672384580458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 246016715.03669238; upkeep 1818512284.9633076; owner earnings 460337715.0366924. Growth capex / owner earnings = 0.5344265894378935.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 603416000; upkeep 812489000; owner earnings 1150421000. Growth capex / owner earnings = 0.5245175461852661.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 1150814000; owner earnings 664317400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 366978000; upkeep 913834000; owner earnings 580800800. Growth capex / owner earnings = 0.6318483032392518.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 198296000; upkeep 1020660000; owner earnings 1496085200. Growth capex / owner earnings = 0.132543253552672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 1307833000; owner earnings 1981969200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 557291837.3985145; upkeep 1229883162.6014855; owner earnings 2048559437.3985145. Growth capex / owner earnings = 0.27204084354331687.

- Source: https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm (filed 2026-04-29); FY2025: growth capex 419080000; upkeep 1586163000; owner earnings 2105926400. Growth capex / owner earnings = 0.1990003069433006.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Incremental return on capital 0.20754986497777472, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,873270000],[2017,940250000],[2018,808603000],[2019,596436000],[2020,284767000],[2021,705753000],[2022,638280000],[2023,400025000],[2024,833658000],[2025,2172132000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm (filed 2026-04-29); FY2025: cash repurchases 266954000 BRL.

### Are managers owners

Insiders own 32.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UGPA3.SA SharesStats.PercentInsiders = 32.797 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14% yearly over ten years; actual growth was 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate 0.18931373411268548. Price 38.64; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6893926054723466 → FY2025 1.9229991800030317. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2016-10: BRL 36.17 per share

- 2016-11: BRL 34.55 per share

- 2016-12: BRL 34.23 per share

- 2017-01: BRL 33.08 per share

- 2017-02: BRL 32.70 per share

- 2017-03: BRL 35.81 per share

- 2017-04: BRL 35.21 per share

- 2017-05: BRL 37.43 per share

- 2017-06: BRL 38.76 per share

- 2017-07: BRL 37.00 per share

- 2017-08: BRL 36.73 per share

- 2017-09: BRL 37.66 per share

- 2017-10: BRL 39.05 per share

- 2017-11: BRL 35.10 per share

- 2017-12: BRL 37.50 per share

- 2018-01: BRL 40.77 per share

- 2018-02: BRL 37.67 per share

- 2018-03: BRL 35.46 per share

- 2018-04: BRL 30.23 per share

- 2018-05: BRL 25.00 per share

- 2018-06: BRL 22.98 per share

- 2018-07: BRL 20.33 per share

- 2018-08: BRL 20.59 per share

- 2018-09: BRL 18.67 per share

- 2018-10: BRL 22.13 per share

- 2018-11: BRL 23.63 per share

- 2018-12: BRL 26.60 per share

- 2019-01: BRL 28.60 per share

- 2019-02: BRL 26.71 per share

- 2019-03: BRL 23.50 per share

- 2019-04: BRL 21.00 per share

- 2019-05: BRL 20.68 per share

- 2019-06: BRL 20.10 per share

- 2019-07: BRL 19.89 per share

- 2019-08: BRL 16.42 per share

- 2019-09: BRL 18.49 per share

- 2019-10: BRL 18.87 per share

- 2019-11: BRL 21.81 per share

- 2019-12: BRL 25.48 per share

- 2020-01: BRL 25.26 per share

- 2020-02: BRL 19.08 per share

- 2020-03: BRL 12.53 per share

- 2020-04: BRL 14.50 per share

- 2020-05: BRL 17.12 per share

- 2020-06: BRL 18.38 per share

- 2020-07: BRL 18.94 per share

- 2020-08: BRL 19.44 per share

- 2020-09: BRL 19.27 per share

- 2020-10: BRL 16.38 per share

- 2020-11: BRL 20.33 per share

- 2020-12: BRL 23.74 per share

- 2021-01: BRL 21.78 per share

- 2021-02: BRL 19.32 per share

- 2021-03: BRL 21.21 per share

- 2021-04: BRL 21.11 per share

- 2021-05: BRL 19.30 per share

- 2021-06: BRL 18.39 per share

- 2021-07: BRL 17.68 per share

- 2021-08: BRL 14.44 per share

- 2021-09: BRL 14.74 per share

- 2021-10: BRL 13.05 per share

- 2021-11: BRL 14.43 per share

- 2021-12: BRL 14.54 per share

- 2022-01: BRL 15.11 per share

- 2022-02: BRL 14.81 per share

- 2022-03: BRL 14.15 per share

- 2022-04: BRL 13.07 per share

- 2022-05: BRL 14.37 per share

- 2022-06: BRL 12.31 per share

- 2022-07: BRL 12.69 per share

- 2022-08: BRL 13.53 per share

- 2022-09: BRL 11.73 per share

- 2022-10: BRL 13.41 per share

- 2022-11: BRL 14.20 per share

- 2022-12: BRL 12.61 per share

- 2023-01: BRL 13.19 per share

- 2023-02: BRL 13.18 per share

- 2023-03: BRL 13.96 per share

- 2023-04: BRL 14.44 per share

- 2023-05: BRL 16.93 per share

- 2023-06: BRL 18.89 per share

- 2023-07: BRL 18.89 per share

- 2023-08: BRL 18.16 per share

- 2023-09: BRL 18.75 per share

- 2023-10: BRL 20.45 per share

- 2023-11: BRL 25.25 per share

- 2023-12: BRL 26.51 per share

- 2024-01: BRL 28.17 per share

- 2024-02: BRL 29.36 per share

- 2024-03: BRL 28.47 per share

- 2024-04: BRL 25.85 per share

- 2024-05: BRL 23.17 per share

- 2024-06: BRL 21.60 per share

- 2024-07: BRL 22.21 per share

- 2024-08: BRL 23.36 per share

- 2024-09: BRL 21.21 per share

- 2024-10: BRL 20.89 per share

- 2024-11: BRL 17.94 per share

- 2024-12: BRL 15.88 per share

- 2025-01: BRL 16.54 per share

- 2025-02: BRL 16.63 per share

- 2025-03: BRL 17.11 per share

- 2025-04: BRL 17.83 per share

- 2025-05: BRL 16.29 per share

- 2025-06: BRL 17.54 per share

- 2025-07: BRL 17.17 per share

- 2025-08: BRL 19.66 per share

- 2025-09: BRL 21.97 per share

- 2025-10: BRL 21.41 per share

- 2025-11: BRL 21.99 per share

- 2025-12: BRL 20.90 per share

- 2026-01: BRL 25.38 per share

- 2026-02: BRL 25.80 per share

- 2026-03: BRL 28.72 per share

- 2026-04: BRL 29.94 per share

- 2026-05: BRL 25.87 per share

- 2026-06: BRL 26.06 per share

- 2026-07: BRL 33.05 per share

- 2026-08: BRL 34.82 per share

- 2026-09: BRL 37.65 per share

- 2026-10: BRL 38.80 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 6.20 per share, central BRL 7.00 per share, high BRL 7.40 per share

- FY2017: low BRL 6.39 per share, central BRL 6.94 per share, high BRL 7.30 per share

- FY2018: low BRL 6.55 per share, central BRL 7.31 per share, high BRL 7.70 per share

- FY2019: low BRL 4.33 per share, central BRL 4.52 per share, high BRL 4.75 per share

- FY2020: low BRL 9.31 per share, central BRL 9.70 per share, high BRL 10.02 per share

- FY2021: low BRL 5.39 per share, central BRL 5.87 per share, high BRL 6.19 per share

- FY2022: low BRL 10.68 per share, central BRL 12.96 per share, high BRL 13.79 per share

- FY2023: low BRL 9.71 per share, central BRL 11.13 per share, high BRL 11.76 per share

- FY2024: low BRL 10.73 per share, central BRL 13.40 per share, high BRL 14.36 per share

- FY2025: low BRL 14.90 per share, central BRL 15.69 per share, high BRL 16.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:03.876Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1094972/000155485526000796/ugp-20251231.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.