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ULTRAPAR PARTICIPAÇÕES SA

UGPA3 — ULTRAPAR PARTICIPAÇÕES SA

CNPJ 33.256.439/0001-39 · listed classes: UGPA3 · CVM code 18465

Atuação em mobilidade, energia e infraestrutura logística por meio da Ipiranga, Ultragaz, Ultracargo e Hidrovias do Brasil.As filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Emp. Adm. Part. - Petróleo e Gás

Novo Mercadolisting segment
1953founded
São Paulo · SPheadquarters
Privadocontrol
Itaú Corretora de Valores S.A.share registrar
Deloitte Touche Tohmatsu Auditores Independentes Ltda.auditor
ultra.com.brinvestor site
R$ 343.2 mavg. daily traded value (63 sessions)

Verdict

Net margin 1.8%; ROIC 12.1%; debt 2.3x EBITDA; P/E 11.5 against 6.4 for the sector; 2025 data, with a relevant recent restatement.

Confidence flag: Incomplete or flagged snapshot

Data for fiscal year 2025, received by the CVM on 2026-03-04; 5 of the 5 core figures published; last restatement recorded in 2024.

Does the company make money?

Is it sound or indebted?

Is the share expensive or cheap relative to the sector and its own history?

Descriptive: number, numeric band and comparison with the sector, the company's own history and the whole universe. Not investment advice. JSON · how the verdict works

Follow UGPA3: get an e-mail when profit turns into loss, debt or margin change band, or the statements are restated. That is all, and you can cancel in one click. See every event already recorded for UGPA3.

Quote

R$ 36.56close of 2026-09-25 · B3 (COTAHIST), updated nightly — the price the API, the MCP and the dump serve

1m +9.3% · 12m +70.8% · YTD +74.9% · 52-week R$ 20.34–39.74

15-minute delayed quote, shown by TradingView — display only: it never enters our API, MCP or dump
Close, weekly, 5 years · return +142.4% (+19.4% a year) · not split-adjustedR$ 36.56 2026-09-25
high 2026-09-18: R$ 39.13low 2022-09-30: R$ 11.732026-09-25: R$ 36.56
2021low R$ 11.73 · high R$ 39.132026

Return by window

1 month3 months1 year2 years5 years10 years
Price+9.3%+44.8%+70.8%+75.0%+131.8%+3.4% 1×
With dividends reinvested+9.3%+49.1%+84.4%+97.5%+185.4%+44.3%
Real, net of inflation (IPCA to 08/2026)+9.3%+49.4%+77.6%+80.9%+121.7%-10.4%
R$ 1,000 would be worthR$ 1,093R$ 1,491R$ 1,844R$ 1,975R$ 2,854R$ 1,443

Closing prices from the base up to 2026-09-25. The starting price is adjusted by the corporate actions checked against the price (the small mark says how many); a jump they do not explain leaves the window blank. Reinvestment buys more shares at the close of the ex-date, with no tax or cost; only the main ticker class. The real line divides the reinvested return by the IPCA accumulated in the window (Banco Central series 433, monthly, edge months pro rata by days); the latest month is only published around the 10th of the following month.

Corporate actions

last day with rightseventmultipliercheck
2019-04-17stock split2.00× shareschecked against the price move
2005-08-22reverse split inferred0.00× sharesnot checked
2005-08-22reverse split inferred0.00× sharesnot checked
2005-02-10bonus issue inferred1.15× sharesnot checked

Why the price chart jumps: prices are not split-adjusted. Inferred means detected from the share count and the price, not announced in the exchange file.

Valuation

Today

R$ 39.9 bnmarket value
close of 2026-09-25 × sharesprice × shares outstanding
R$ 54.7 bnenterprise value
+ net debt 2025market value + net debt
R$ 2.25EPS 2025
profit per sharenet income for the year ÷ shares
R$ 14.36BVPS 2025
book value per shareshareholders' equity ÷ shares
5.5%DY 12m
R$ 2.00/sharedividends of the last 12 months ÷ price
78%payout 2025
dividends ÷ EPSshare of the year's profit paid out
11.5P/E 12m
to 2T26today's market value ÷ net income of the last 12 months (built by identity from the quarterly filings)
2.22P/B 2T26
latest quarterly balancetoday's market value ÷ equity to controlling shareholders at quarter end
20.3%ROE 12m
to 2T26net income of the last 12 months ÷ average equity over the same 12 months
2.3%net margin 12m
to 2T26net income ÷ net revenue, both over the last 12 months
7.3P/FCO 2025
FCO R$ 5.5 bnmarket value ÷ operating cash flow
11.6P/FCF 2025
FCF R$ 3.4 bnmarket value ÷ (operating cash flow + capex)
1.09 bnshares outstandinglatest public count, treasury excluded

Snapshot: today's close over the latest public share count. Cards marked 12m use the last four quarterly filings; the others use the 2025 annual filing. The multiples below are point-in-time: priced on the day the filing became public.

At the filing date (point-in-time)

11.5P/E 2025
price of 2026-03-04 · sector 6.4 · 4 cos. · 4th of 5price ÷ earnings per share for the year
1.8P/B 2025
price of 2026-03-04 · sector 1.1 · 4 cos. · 4th of 5price ÷ book value per share
6.5EV/EBITDA 2025
price of 2026-03-04 · sector 4.1 · 4 cos. · 4th of 5enterprise value on the filing date ÷ EBITDA for the year (other sites use trailing 12 months and today's price)
12.3%FCF yield 2025
price of 2026-03-04 · sector 11.6% · 4 cos. · 3th of 5(operating cash flow + capex) ÷ market value
15.9%ROE 2025
sector 11.6% · 6 cos. · 2th of 7net income to controlling ÷ average equity
12.1%ROIC 2025
sector 10.9% · 4 cos. · 2th of 5EBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included — /metodologia/roic
P/E, P/B and EV/EBITDA use the price of 2026-03-04 (R$ 25.86), the first one after the 2025 filing became public on 2026-03-04 — point-in-time, not the 31 December price.

By theme, fiscal year 2025

Valuation

P/Receita todaymarket value ÷ net revenue for the year0.28×
EV/Receita todayenterprise value ÷ net revenue0.38×
P/EBITDA todaymarket value ÷ EBITDA6.07×
P/EBIT todaymarket value ÷ EBIT8.01×
EV/EBIT todayenterprise value ÷ EBIT10.98×
Earning yield todaynet income ÷ market value (the inverse of P/E)6.2%

Debt and liquidity

Dívida líquida/PLnet debt ÷ shareholders' equity0.84×
Dívida bruta/PLshort- and long-term borrowings ÷ equity1.23×
Dívida líquida/EBITDAnet debt ÷ EBITDA for the year2.26×
PL/Ativosequity ÷ total assets0.36×
Passivos/Ativos(total assets − equity) ÷ total assets0.64×
Liquidez correntecurrent assets ÷ current liabilities1.62×

Efficiency

Margem brutagross profit ÷ net revenue6.6%
Margem EBITDAEBITDA ÷ net revenue4.6%
Margem EBITEBIT ÷ net revenue3.5%
Margem líquidanet income ÷ net revenue1.8%

Profitability

ROEnet income to controlling ÷ average equity15.9%
ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included12.1%
ROAnet income ÷ total assets5.7%
Giro do ativonet revenue ÷ total assets2.88×
Payoutdividends for the year ÷ earnings per share77.8%

Growth

Receita, 1 anorevenue this year ÷ previous year − 16.6%
Receita, CAGR 5 anoscompound annual growth of revenue over 5 years14.0%
Lucro, CAGR 5 anoscompound annual growth of net income over 5 years (positive at both ends only)22.4%
EBITDA, CAGR 5 anoscompound annual growth of EBITDA over 5 years (positive at both ends only)16.6%

Standardized accounts and published indicators of the fiscal year; items marked today divide today's market value or enterprise value by an account of that year.

Indicators, year by year

Four indicators as charts and the full table below. A hollow point carries a caveat; a gap is a year without the figure — we never draw a line across a hole. In the table, the arrow opens the path from the figure down to the line in the regulator's file; a cell with ! carries a caveat; a dashed dash is a suppressed figure — hover to see why. Nothing is hidden.

Fact checklist 7 of 9

Nine objective checks with the threshold written in each line and the figure behind it. Descriptive, not a recommendation; the thresholds are ours and are declared.

ROE15.9% 2025
2010: 14.9% — pl_final_sem_media2011: 15.9%2012: 17.5%2013: 19.6%2014: 17.5%2015: 19.2%2016: 19.0%2017: 17.6%2018: 12.2%2019: 4.0%2020: 9.4%2021: 8.7%2022: 16.5%2023: 19.4%2024: 16.5%2025: 15.9%
20102025
ROIC12.1% 2025
2010: 11.8% — capital_final_sem_media2011: 13.6%2012: 13.6%2013: 15.1%2014: 14.2%2015: 15.8%2016: 15.6%2017: 12.0%2018: 6.8%2019: 3.7% — aliq_travada_452020: 5.2%2021: 6.3%2022: 12.6%2023: 15.9%2024: 12.9%2025: 12.1%
20102025
Net margin1.8% 2025
2010: 1.8%2011: 1.8%2012: 1.9%2013: 2.0%2014: 1.8%2015: 2.0%2016: 2.0%2017: 2.0%2018: 1.2%2019: 0.5%2020: 1.1%2021: 0.8%2022: 1.3%2023: 2.0%2024: 1.9%2025: 1.8%
20102025
Point-in-time P/E11.5x 2025
2011: 23.6x — acoes_do_fre_sem_tesouraria;acoes_defasadas2012: 27.1x — acoes_do_fre_sem_tesouraria;acoes_defasadas2013: 23.5x — acoes_do_fre_sem_tesouraria;acoes_defasadas2014: 26.3x — acoes_do_fre_sem_tesouraria;acoes_defasadas2015: 22.2x — acoes_do_fre_sem_tesouraria;acoes_defasadas2016: 24.3x — acoes_do_fre_sem_tesouraria;acoes_defasadas2017: 27.8x — acoes_do_fre_sem_tesouraria;acoes_defasadas2018: 26.5x — acoes_do_fre_sem_tesouraria;acoes_defasadas2019: 38.0x — acoes_do_fre_sem_tesouraria;acoes_defasadas2020: 24.0x2021: 19.0x2022: 8.0x2023: 13.8x2024: 7.5x2025: 11.5x
20102025

Full table

indicator2010201120122013201420152016201720182019202020212022202320242025sector
ROE ⟶14.9%!15.9%17.5%19.6%17.5%19.2%19.0%17.6%12.2%4.0%9.4%8.7%16.5%19.4%16.5%15.9%11.6%
ROIC ⟶11.8%!13.6%13.6%15.1%14.2%15.8%15.6%12.0%6.8%3.7%!5.2%6.3%12.6%15.9%12.9%12.1%10.9%
ROA ⟶5.9%!6.4%7.0%7.8%7.0%7.5%7.0%6.0%3.8%1.3%2.8%2.3%4.9%6.7%6.5%5.7%3.2%
Gross margin ⟶7.4%7.2%7.6%7.8%8.0%8.9%9.1%9.1%6.8%6.8%6.9%4.5%5.1%7.4%7.3%6.6%26.9%
EBIT margin ⟶2.9%3.0%3.2%3.5%3.4%3.9%4.0%3.6%2.1%1.4%2.2%1.6%2.3%3.6%3.7%3.5%17.2%
Net margin ⟶1.8%1.8%1.9%2.0%1.8%2.0%2.0%2.0%1.2%0.5%1.1%0.8%1.3%2.0%1.9%1.8%12.1%
Revenue growth (1y) ⟶—14.5%10.8%13.1%11.2%11.7%2.2%3.4%14.5%-1.5%-9.0%48.2%30.9%-12.2%5.9%6.6%24.0%
Revenue growth (5y CAGR) ⟶—————12.2%9.7%8.2%8.3%5.7%1.4%7.2%12.6%6.8%8.4%14.0%37.3%
Net debt/EBITDA ⟶1.23x1.40x1.33x1.21x1.30x1.36x1.35x1.79x3.10x4.40x3.77x5.07x1.63x1.23x1.81x2.26x2.02x
Current ratio ⟶2.56x1.60x1.91x2.10x1.67x2.59x2.37x2.17x2.56x2.90x1.89x1.98x1.45x1.66x1.53x1.62x1.42x

In reais, year by year

The three statements behind the ratios — income statement, balance sheet and cash flow — in the standardized lines, consolidated as filed (or parent-only when that is what the company files). EBITDA and net debt follow the published methodology; gross debt, cash and investments and free cash flow are sums the line names spell out.

line20102011201220132014201520162017201820192020202120222023202420252T26TTM
Income statement
Net revenue (R$ bn)42.548.753.960.967.775.777.480.090.789.381.2109.7143.6126.0133.5142.441.5153.3
Cost of goods and services (R$ bn)-39.3-45.1-49.8-56.2-62.3-68.9-70.3-72.7-84.5-83.2-75.6-104.8-136.3-116.7-123.8-133.0-36.9-140.4
Gross profit (R$ bn)3.23.54.14.85.46.77.07.36.26.15.64.97.49.39.79.44.612.9
EBITDA (R$ bn)1.82.02.42.93.24.04.24.12.72.43.12.74.45.76.26.6——
Depreciation and amortization (R$ bn)0.50.60.70.80.91.01.11.20.81.21.30.91.01.21.21.6——
EBIT (operating result) (R$ bn)1.21.51.72.12.33.03.12.91.91.31.81.83.34.64.95.03.07.4
Pre-tax profit (R$ bn)1.01.21.41.81.82.22.32.41.80.81.51.01.93.64.03.82.55.6
Income taxes (R$ bn)-0.3-0.3-0.4-0.6-0.6-0.7-0.7-0.8-0.6-0.4-0.6-0.2-0.3-1.1-1.5-1.1-0.8-1.8
Net income (R$ bn)0.80.91.01.21.31.51.61.61.10.40.90.91.82.52.52.51.73.6
Net income (controlling) (R$ bn)0.80.81.01.21.21.51.61.61.20.40.90.91.82.42.42.51.53.5
Balance sheet
Total assets (R$ bn)13.013.715.316.419.521.024.228.330.531.236.339.036.438.339.649.351.851.8
Current assets (R$ bn)6.56.67.27.99.59.913.015.216.215.117.525.018.618.616.019.223.523.5
Current liabilities (R$ bn)2.54.13.73.85.73.85.57.06.35.29.212.612.811.210.511.814.314.3
Gross debt (short + long term) (R$ bn)5.45.66.27.08.48.911.413.615.216.019.217.713.313.315.821.819.619.6
Cash and investments (R$ bn)3.22.73.03.44.33.55.76.36.85.27.74.16.16.24.67.09.39.3
Net debt (R$ bn)2.22.93.23.54.15.45.77.38.410.811.513.67.17.111.214.8——
Shareholders' equity (R$ bn)5.25.66.06.57.78.08.69.79.89.89.910.512.214.015.817.720.020.0
Cash flow
Operating cash flow (R$ bn)1.51.72.42.12.73.22.52.32.92.93.12.62.03.83.75.5——
Capital expenditures (R$ bn)-0.9-1.1-1.4-1.2-1.3-1.4-1.7-2.1-1.4-1.2-1.2-1.3-1.2-1.3-1.8-2.0——
Free cash flow (FCO + capex) (R$ bn)0.60.61.10.91.31.80.80.21.51.82.01.30.82.61.93.4——

The two right-hand columns come from the quarterly filing (ITR): the latest quarter alone and the last 12 months (TTM) built by the same identity as the TTM P/E. EBITDA and net debt have no quarterly series here.

The current year, quarter by quarter

As the company filed it in its interim report. The fourth quarter does not exist on its own in that filing — the closed year comes in the annual one, and we do not derive a Q4, so that a figure we computed never sits beside the figures the company reported. Filed on is the date the report became public, and the price is taken from it.

quarterrevenue (R$ m)profit (R$ m)net marginP/E TTMP/Bfiled on
2024T130,395.9455.41.5%11.32.132024-05-08
2024T232,343.9491.21.5%9.31.852024-08-07
2024T335,357.7698.42.0%8.71.542024-11-13
2025T133,329.3363.21.1%8.11.212025-05-07
2025T234,055.01,150.53.4%6.31.152025-08-13
2025T337,033.9772.42.1%8.41.512025-11-12
2026T136,751.6914.22.5%10.81.972026-05-06
2026T241,521.21,677.24.0%9.61.852026-08-12

Full series, every quarter: GET /empresas/UGPA3/trimestres

Dividends

No ex-date or payment scheduled in the base (exchange announcements through 2026-09-21 · filings to the regulator through 2026-09-18).

The latest dividend by UGPA3 was a dividend of R$ 1.0000 per share (record date 2026-08-24, payment 2026-09-03). Trailing 12-month yield: 5.5%. In the last 12 months: 2 payments adding up to R$ 2.0000 per share. Average yield of the last 5 full years: 4.6%.

typerecord dateex-datepaymentper share
dividend2002-08-192010-03-03—R$ 0.3671
dividend2002-03-082010-03-03—R$ 0.4037

Ex-date is the first trading session after the record date, from our own price history. Payment date comes from the exchange file; CVM marks a date taken from the filing to the regulator. Only the main ticker class.

Record dates in the last 5 years, by month: JanFeb1Mar3AprMay1JunJulAug4SepOctNovDec1

Per year

yearper sharepaymentsyield
2026R$ 1.000012.7%
2025R$ 1.750238.4%
2024R$ 0.650024.1%
2023R$ 0.350021.3%
2022R$ 0.582924.6%
2021R$ 0.640024.4%
2020R$ 0.240011.0%
2019R$ 0.900023.5%
2018R$ 1.460022.7%
2017R$ 1.720022.3%

Yield per year = the year's dividends over the close of its last session; the current year is partial.

Shareholders and free float

95.71%free float
1,067,930,953 sharesshares outstanding held by the market, as filed in the FRE
30,608shareholders
29,246 individuals · 334 companies · 1,028 institutionalcount at the last shareholders meeting, from the FRE
100% ONtag along (minimum)
Novo Mercadominimum guaranteed by the listing segment or by law; the bylaws may grant more
shareholdertype% ON% PN% total
Ultra S.A. Participações agreementPJ25.06%0.00%25.06%
Parth Do Brasil Participações Ltda agreementPJ7.68%0.00%7.68%
BlackRock Inc.PJ5.00%0.00%5.00%
Others (market)———58.05%
Treasury shares———4.22%

Direct holdings from the reference form (FRE) filed on 2026-06-03, version 2. The chain of control (who owns the holding) is not reproduced here. Names of individuals appear as in the public filing.

Filings and notices

filedcategorysubjectdocument
2026-09-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open
2026-09-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Individual - Cia, Controladas e Coligadas—open
2026-08-13Comunicado ao Mercado · Apresentações a analistas/agentes do mercadoApresentação de resultados do 2T26open
2026-08-12Dados Econômico-Financeiros · Press-releaseRelease de Resultados 2T26open
2026-08-12Dados Econômico-Financeiros · Demonstrações Financeiras AdicionaisDF inglêsopen
2026-08-12Reunião da Administração · Conselho de AdministraçãoAprovação das demonstrações financeiras do 2T26 Aprovação de mudanças nas Políticas Corporativas de Divulgação de Fatos Relevantes e de Valores Mobiliários||Distribuição de Dividenopen
2026-08-12Aviso aos Acionistas · Outros avisosDividendos/Juros sobre Capital Próprioopen
2026-08-12Política de Negociação de Valores Mobiliários—open
2026-08-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Individual - Cia, Controladas e Coligadas—open
2026-08-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open

The last filings this company sent to the CVM outside its financial statements, newest first, from the regulator's own IPE index. The subject line is the company's own free text. We do not summarise or classify these documents — read the original.

Piotroski F-Score 4/9 (2025) — what each criterion means.

Restated filings for this company

The regulator overwrites the old version; we keep both. Figures in R$ millions: first filing on the left, restatement on the right.

fiscal yearaccountfirst filingrestated
2020DRE 3.0181,241.174,058.1
2020DRE 3.02-75,628.2-70,056.4
2020DRE 3.035,612.94,001.6
2017DRE 3.0180,007.479,230.0
2020DRE 3.071,499.1951.6
2017DFC_MI 6.012,279.41,739.0
2017DRE 3.037,271.66,798.5
2024BPP 2.02.0111,918.011,550.5

Every restatement of this company, year by year

This company appears in

Compare

Side by side, with each figure's caveat and how often each company restated its filings.

UGPA3 × PETR4 · UGPA3 × PRIO3 · UGPA3 × BRAV3 · UGPA3 × RECV3 · UGPA3 × OPCT3 · UGPA3 × AZTE3

compare with the sector: PETR4 × PRIO3 × UGPA3

Other companies in Oil & Gas

7 more with a page, same CVM sector — a classification of the regulator's, not ours.

Take this into your code

Everything on this page is also JSON: GET /empresas/UGPA3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).

Price coverage: 3,751 sessions, 2010-03-03 → 2026-09-25 · methodology · how we verify

Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.

Numbers on this page are live. Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 09:29 UTC. If this does not match /saude, you are reading a cached copy.