Ultrapar Participações S.A.
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Range $6.5 – $7.2
Price Chart
About the company
Ultrapar Participações S. A. (UGP) is a Brazilian company with widespread operations in gas distribution, fuel supply, and logistics/storage.
- CEO
- Rodrigo de Almeida Pizzinatto
- IPO
- 1999
- Employees
- 11,481
- HQ
- São Paulo, SP, BR
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $7.00B
- P/E
- 10.64
- Fwd P/E
- 1.78
- PEG
- 0.52
- P/S
- 0.24
- P/B
- 2.04
- EV/EBITDA
- 6.29
- Div Yield
- 3.79%
- Gross Margin
- 8.39%
- Op Margin
- 5.07%
- Net Margin
- 2.26%
- ROE
- 20.80%
- ROIC
- 12.30%
Latest fiscal year · YoY change
- Revenue
- $142.37B+6.6%
- Gross Profit
- $9.36B+8.6%
- Op Income
- $4.85B
- Net Income
- $2.45B+3.9%
- EPS
- $2.25+5.1%
- OCF Growth
- -6.7%
- FCF Growth
- -22.1%
- 52W High
- $6.67
- 52W Low
- $3.22
- 50D MA
- $5.74
- 200D MA
- $5.09
- Beta
- 0.26
- RSI (14)
- 62
- Avg Volume
- 3.65M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ultrapar posted record quarterly net income and operating cash flow, with stronger results across all businesses, lower leverage, and a bigger return of capital to shareholders.· August 13, 2026
- Recurring adjusted EBITDA was BRL 3.657 billion and net income reached a record BRL 1.677 billion, up BRL 527 million or 46% year over year.
- Operating cash flow set a record at BRL 4.789 billion, helped by working-capital release at Ipiranga and BRL 833 million in draft discount for suppliers.
- Net debt ended at BRL 8.864 billion and leverage fell to 0.9x, the lowest since 2008.
- Management announced BRL 1.85 billion of first-half dividends, equal to BRL 1 per share, plus a buyback program of up to 18 million shares.
- Ipiranga, Ultragaz and Ultracargo all contributed to improved results, while Hidrovias was also supported by consolidation effects.
Ultrapar reported recurring adjusted EBITDA of BRL 3.657 billion in the quarter. Net income was BRL 1.677 billion, the highest ever reported by the company, up BRL 527 million or 46% versus the second quarter of last year. Operating cash generation was BRL 4.789 billion, compared with BRL 939 million in the second quarter of 2025, and capex totaled BRL 570 million. Net debt was BRL 8.864 billion and leverage was 0.9x. Management said it approved BRL 1.85 billion in dividends for the first half, equal to BRL 1 per share, and a buyback of up to 18 million shares. Looking ahead, Ipiranga expects third-quarter margins to be below the second quarter and closer to first-quarter levels; Ultragaz expects third-quarter EBITDA around the third quarter of 2025; Ultracargo expects third-quarter market dynamics similar to the second quarter; and Hidrovias expects third-quarter performance in line with the third quarter of 2025.
Rodrigo Pizzinatto framed the quarter as another period of strong operational execution, cash generation, and discipline in capital allocation. He emphasized that the company is returning more cash through dividends and buybacks while still looking for attractive investments in existing and new businesses, but only where long-term returns make sense. On Ipiranga, he said the business is benefiting from a fairer competitive environment and that gains in volume and margin from the informal market disruption should carry forward, even if short-term Middle East effects fade.
Alexandre Palhares highlighted consolidated recurring adjusted EBITDA of BRL 3.657 billion and net income of BRL 1.677 billion, with the latter boosted by better operating results partly offset by higher depreciation, amortization and financial expenses, including Hidrovias consolidation. He pointed to record operating cash flow of BRL 4.789 billion, driven by strong operations, working-capital release mainly at Ipiranga, and BRL 833 million in supplier draft discounting to preserve liquidity. He also said capex was BRL 570 million, with lower spending at Ultracargo and Hidrovias and higher spending at Ultragaz and Ipiranga tied mainly to ERP implementation; net debt ended at BRL 8.864 billion and leverage at 0.9x.
Analysts focused on capital allocation, Ipiranga’s margin outlook, working capital, branding opportunities, and Ultragaz market share. Management said leverage comfort is around 1x to 1.5x EBITDA in volatile and high-rate conditions, and that if leverage moves outside that range the company may adjust buybacks or dividends. On Ipiranga, management said margins should normalize below the second-quarter level and closer to the first quarter, while working capital could rise if the import mix falls and because price swings of 10% can move working capital by about BRL 300 million. On branding, management said there are more requests for white-flag conversions and new station branding, but capital discipline remains unchanged; on Ultragaz, management attributed weaker bottled volumes and share loss to competitive dynamics and said it is focusing on reseller quality and recovery.
The call showed strong earnings momentum, with record net income and cash generation plus much lower leverage. Management believes Ipiranga is gaining durable benefits from a cleaner competitive environment, higher diesel imports, and market-share gains from irregular operators. The company is also returning more cash through dividends and buybacks while preserving room for selective investment.
Management itself warned that Ipiranga’s second-quarter margin level likely overstates the next quarter, since third-quarter margins are expected to be lower and closer to the first quarter. Working capital may swing again depending on import mix and price volatility, and the company said every 10% move in prices can affect working capital by about BRL 300 million. Ultragaz still saw lower LPG volume and share pressure, and Ultracargo noted that fuel import storage demand remains affected by the Middle East conflict.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 100.0%
- Shares Outstanding
- 1.07B
- Float Shares
- 1.07B
of shares held by institutions
144 13F filers
Buy/sell ratio 2.20. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Cubist Systematic Strategies, LLC | 470.77K | ▲ 137.46K |
| Two Sigma Advisers, LP | 112.90K | ▼ 50.50K |
| Skopos Labs, Inc. | 41.78K | ▲ 41.78K |
| Wetherby Asset Management Inc | 37.70K | ▼ 10.88K |
| Point72 Asia (Singapore) Pte. Ltd. | 15.62K | ▲ 15.62K |
| Wealthstream Advisors, Inc. | 14.96K | ▲ 914 |
| Axa Investment Managers S.A. | 14.62K | ▲ 14.62K |
| Point72 (Difc) Ltd | 12.22K | ▲ 12.22K |
| Cwm, LLC | 10.24K | ▲ 23 |
| First Horizon Advisors, Inc. | 213 | ▼ 2.91K |
| Financial Gravity Asset Management, Inc. | 41 | ▲ 41 |
| Silicon Valley Capital Partners | 31 | ▲ 31 |
Held by 28 ETFs
Biggest fund positions in UGP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 22, 26 | Linden Leonardo Remiao | other | 43,913 |
| May 28, 26 | Amaral Decio de Sampaio | sell | 47,294 |
| Apr 24, 26 | Costa Tabajara Bertelli | other | 37,908 |
| Apr 24, 26 | Pizzinatto Rodrigo de Almeida | other | 68,445 |
| Apr 24, 26 | Rabelo Pedro Guedes | other | 9,674 |
| Apr 24, 26 | Mascarenhas Marina Guimaraes Moreira | other | 10,069 |
| Apr 24, 26 | de Oliveira Manuella Carvalho Campos | other | 9,082 |
| Apr 24, 26 | Nogueira Julio Cesar | other | 10,267 |
| Apr 24, 26 | Tomelin Fulvius Alexandre Pereira | other | 23,166 |
| Apr 24, 26 | de Souza Fernanda Teves | other | 8,760 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our UGP coverage
Recent articles, reports, and earnings notes.
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Generate UGP report →Ultrapar Participacoes S.A. (NYSE:UGP) Short Interest Update
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