Share count
1.1Bpeak FY2024
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UGP, Ultrapar Participacoes S.A. (New)
Revenue is Ipiranga (91%) and Ultragaz (8%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
R$133.5B
+5.9% YoY · 10% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue R$133.5B 5-yr avg R$117.4B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A regulated utility, earning a set return on the capital it sinks into its network.
- Situation
- Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates.
- What moves the needle
- Gross margin has run about 6.8% and operating margin about 2.2% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from 0.1% to 4.3% over the years, so the cost line is where the needle moves. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run in the teens (median 15%, above 15% in 2 of 5 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Owner earnings, the cash-based check, have been thin too. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Ipiranga is 91% of revenue, with Ultragaz the other meaningful segment at 8%.
Revenue by reportable segment, FY2024
- Ipiranga91%R$121.3B
- Ultragaz8%R$11.3B
- Ultracargo1%R$1.1B
- Others0%R$9M
By geographyBrazil99%United States Of America And Canada1%Others0%Other Latin American Countries0%Europe0%Oceania0%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2015–2024
realized figures from each filing · older years to the left| 2015’15 | 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| R$75.7B | R$76.7B | R$79.2B | R$90.7B | R$83.0B | R$74.1B | R$109.7B | R$143.6B | R$126.0B | R$133.5B | R$133.5B | RevenueRevenue |
| 9% | 9% | 9% | 7% | 6% | 5% | 4% | 5% | 7% | 7% | 7% | Gross marginGross mgn |
| R$51M | R$199M | R$59M | — | R$1.9B | R$2.1B | R$2.3B | R$4.3B | R$5.4B | R$5.7B | R$59M | Operating incomeOp. inc. |
| 0.1% | 0.3% | 0.1% | — | 2.2% | 2.8% | 2.1% | 3.0% | 4.3% | 4.2% | 0.0% | Operating marginOp. mgn |
| R$1.5B | R$1.5B | R$1.5B | R$1.2B | R$374M | R$893M | R$850M | R$1.8B | R$2.4B | R$2.4B | R$2.4B | Net incomeNet inc. |
| — | — | — | — | 56% | 25% | 18% | 16% | 30% | 39% | 39% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| R$3.2B | R$2.0B | R$1.7B | R$2.9B | R$2.9B | R$3.1B | R$2.6B | R$2.0B | R$3.8B | R$3.7B | R$3.7B | Operating cash flowOp. cash |
| R$1.0B | R$628M | R$705M | R$812M | R$552M | R$596M | R$653M | R$732M | R$840M | R$861M | R$861M | DepreciationDeprec. |
| R$696M | (R$177M) | (R$492M) | R$926M | R$2.0B | R$1.6B | R$1.1B | (R$528M) | R$570M | R$512M | R$512M | Working capital & otherWC & other |
| R$804M | R$1.0B | R$1.3B | R$1.2B | R$721M | R$751M | R$1.0B | R$929M | R$1.0B | — | R$1.0B | CapexCapex |
| 1.1% | 1.3% | 1.6% | 1.3% | 0.9% | 1.0% | 0.9% | 0.6% | 0.8% | — | 0.8% | Capex / revenueCapex/rev |
| R$2.4B | R$1.4B | R$1.0B | R$2.1B | R$2.4B | R$2.5B | R$1.9B | R$1.3B | R$2.8B | — | R$2.7B | Owner earningsOwner earn. |
| 3.2% | 1.8% | 1.3% | 2.3% | 2.9% | 3.4% | 1.8% | 0.9% | 2.3% | — | 2.0% | Owner earnings marginOE mgn |
| R$2.4B | R$955M | R$437M | R$1.7B | R$2.2B | R$2.4B | R$1.6B | R$1.1B | R$2.8B | — | R$2.7B | Free cash flowFCF |
| 3.2% | 1.2% | 0.6% | 1.9% | 2.7% | 3.2% | 1.4% | 0.7% | 2.3% | — | 2.0% | Free cash flow marginFCF mgn |
| R$832M | R$873M | R$940M | R$809M | R$596M | R$285M | R$706M | R$638M | R$400M | R$834M | R$834M | Dividends paidDiv. paid |
| — | — | — | — | — | 7% | 9% | 25% | 22% | 15% | 0% | ROICROIC |
| 19% | 18% | 18% | 12% | 4% | 9% | 8% | 15% | 18% | 16% | 16% | Return on equityROE |
| 8% | 8% | 7% | 4% | −2% | 6% | 1% | 10% | 15% | 10% | 10% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| R$2.7B | R$5.7B | R$6.4B | R$6.8B | R$5.2B | R$7.7B | R$4.1B | R$6.1B | R$6.2B | R$4.6B | R$4.6B | Cash & investmentsCash+inv |
| — | R$21M | R$21M | R$59M | R$37M | R$57M | R$56M | R$174M | R$264M | R$295M | R$295M | ReceivablesReceiv. |
| — | R$2.8B | R$2.8B | R$3.4B | R$3.7B | R$3.8B | R$3.9B | R$4.9B | R$4.3B | R$3.9B | R$3.9B | InventoryInvent. |
| — | R$1.7B | R$1.7B | R$2.6B | R$2.2B | R$2.7B | — | — | R$4.7B | R$3.5B | R$3.5B | Accounts payablePayables |
| — | R$1.1B | R$1.1B | R$861M | R$1.6B | R$1.2B | R$4.0B | R$5.1B | (R$127M) | R$693M | R$693M | Operating working capitalOper. WC |
| — | R$13.0B | R$13.4B | R$16.2B | R$15.1B | R$17.5B | R$25.0B | R$18.6B | R$18.6B | R$16.0B | R$16.0B | Current assetsCur. assets |
| — | R$5.5B | R$5.5B | R$6.3B | R$5.2B | R$9.2B | R$12.6B | R$12.8B | R$11.2B | R$10.5B | R$10.5B | Current liabilitiesCur. liab. |
| — | 2.4× | 2.4× | 2.6× | 2.9× | 1.9× | 2.0× | 1.5× | 1.7× | 1.5× | 1.5× | Current ratioCurr. ratio |
| — | R$24.2B | R$28.3B | R$30.5B | R$31.2B | R$36.3B | R$39.0B | R$36.4B | R$38.3B | R$39.6B | R$39.6B | Total assetsAssets |
| — | — | — | — | — | R$14.1B | R$13.5B | R$8.4B | R$9.8B | R$10.7B | R$10.7B | Total debtDebt |
| — | — | — | — | — | R$6.4B | R$9.4B | R$2.2B | R$3.6B | R$6.1B | R$6.1B | Net debt / (cash)Net debt |
| 0.0× | 0.1× | 0.1× | — | 1.8× | 2.3× | 1.8× | 2.0× | 2.9× | 3.1× | 0.0× | Interest coverageInt. cov. |
| R$8.0B | R$8.5B | R$8.4B | R$9.4B | R$9.5B | R$9.5B | R$10.1B | R$11.7B | R$13.5B | R$15.2B | R$15.2B | Shareholders’ equityEquity |
| Per share | |||||||||||
| — | 43.6M | 43.7M | 43.7M | 43.5M | 43.6M | 43.6M | 43.7M | 43.8M | 44.1M | 47.4M | Shares out (diluted)Shares |
| — | R$1758.45 | R$1814.53 | R$2075.34 | R$1909.94 | R$1699.49 | R$2515.65 | R$3288.37 | R$2876.59 | R$3028.20 | R$2815.65 | Revenue / shareRev/sh |
| — | R$35.24 | R$34.96 | R$26.32 | R$8.59 | R$20.50 | R$19.50 | R$41.23 | R$55.68 | R$53.59 | R$49.83 | EPS (diluted)EPS |
| — | R$31.18 | R$23.69 | R$47.51 | R$54.60 | R$58.35 | R$44.31 | R$29.13 | R$64.75 | — | R$57.43 | Owner earnings / shareOE/sh |
| — | R$21.88 | R$10.00 | R$39.14 | R$50.72 | R$54.79 | R$35.71 | R$24.62 | R$64.75 | — | R$57.43 | Free cash flow / shareFCF/sh |
| — | R$20.01 | R$21.53 | R$18.50 | R$13.72 | R$6.53 | R$16.18 | R$14.61 | R$9.13 | R$18.91 | R$17.58 | Dividends / shareDiv/sh |
| — | R$23.69 | R$29.82 | R$26.96 | R$16.59 | R$17.23 | R$23.58 | R$21.27 | R$23.11 | — | R$21.36 | Cap. spending / shareCapex/sh |
| — | R$195.41 | R$193.41 | R$216.19 | R$217.63 | R$218.78 | R$230.79 | R$268.06 | R$308.24 | R$343.85 | R$319.72 | Book value / shareBVPS |
Share counts before TTM are restated ×1/25 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +7.0%/yr (8-yr) | +9.7%/yr |
| Owner earnings / share | +11.0%/yr (7-yr) | +6.4%/yr |
| EPS | +5.4%/yr (8-yr) | +44.2%/yr |
| Dividends / share | −0.7%/yr (8-yr) | +6.6%/yr |
| Capital spending / share | −0.4%/yr (7-yr) | −3.0%/yr |
| Book value / share | +7.3%/yr (8-yr) | +9.6%/yr |
The record, charted
FY2015–2024Each measure over its full record; the current point and the worst year marked.
ROIC
15%low FY2020
Gross margin
7%low FY2021
Net debt ÷ owner earnings
1.3×peak FY2021
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
R$2.8Bowner earningsvs.R$2.4Bnet incomelow FY2017
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2015FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2023 the business turned R$2.4B of profit into R$2.8B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|
| Reported net income | R$2.4B | R$1.8B | R$850M | R$893M | R$374M |
| Depreciation & amortizationnon-cash charge added back | +R$840M | +R$732M | +R$653M | +R$596M | +R$552M |
| Working capital & othertiming of cash in and out, other non-cash items | +R$570M | −R$528M | +R$1.1B | +R$1.6B | +R$2.0B |
| Cash from operations | R$3.8B | R$2.0B | R$2.6B | R$3.1B | R$2.9B |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −R$1.0B | −R$732M | −R$653M | −R$596M | −R$552M |
| Owner earnings | R$2.8B | R$1.3B | R$1.9B | R$2.5B | R$2.4B |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | −R$197M | −R$375M | −R$155M | −R$169M |
| Free cash flow | R$2.8B | R$1.1B | R$1.6B | R$2.4B | R$2.2B |
| Owner-earnings marginowner earnings ÷ revenue | 2% | 1% | 2% | 3% | 3% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Will it survive?
- Does not cover its interestOperating income R$59M ÷ interest expense R$1.8B
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- How heavy is the debt, net of cash? R$6.1B · 103.2× operating profitHeavy net debtCash R$2.1B + ST investments R$2.6B − debt R$10.7B
What this means
Netting R$4.6B of cash and short-term investments against R$10.7B of debt leaves R$6.1B owed, about 103.2× a year's operating profit (181.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 1 + DIO 12 − DPO 10 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Solid through the cycle5-yr median, range 7%–25%; 0% latest = NOPAT R$36M ÷ invested capital R$23.8BIndustry peers: median 8%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 0% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Thin through the cycle9-yr median margin, range 1%–3%; latest R$2.7B = operating cash R$3.7B − maintenance capex R$1.0BIndustry peers: median 12%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 2% of revenue this year, a 2% median across 9 years.
- Cash-backedCash from ops R$3.7B ÷ net income R$2.4B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks R$834M ÷ Owner Earnings R$2.7B
What this means
Of R$2.7B Owner Earnings, R$834M (31%) went back to shareholders, R$834M dividends, R$0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 1.18×MaintainingCapex R$1.0B ÷ depreciation R$861M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 3 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · R$133.5B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.53×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · R$10.7B vs R$5.6B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability PassA profit every year (10-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every year (10)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth PassEarnings +33% over the record · +45%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are R$2.06/share (latest year R$2.21), the averaged base the calculator's gate runs on, and book value is R$14.18/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2015–2024
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 10 of 10
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Return on capital ≥ 15% 2 of 5 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 0% → 4% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about 0% early to 4% lately, median 2% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +1%/yr
What this means
Owner earnings grew about 1% a year over the record.
- Worst year 2015 · 0.1% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +0.1%/yr
What this means
Roughly flat share count, little dilution, little buyback.
- Dividend record paid
What this means
Paid a dividend in 10 of the years on record.
- How management talks about it Promotional
What this means
Results have held roughly flat while the filing leans on a promoter’s vocabulary — watch whether the words are doing work the numbers are not.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2024Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsR$16.0B
- Cash & short-term investmentsR$4.6B
- ReceivablesR$295M
- InventoryR$3.9B
- Other current assetsR$7.2B
Current liabilitiesR$10.5B
- Accounts payableR$3.5B
- Other current liabilitiesR$7.0B
Current ratio1.53×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.16×stricter: inventory excluded
Cash ratio0.44×strictest: cash alone against what's due
Working capitalR$5.6Bthe cushion left after near-term bills
Deeper floors
Tangible book valueR$13.4Bequity stripped of goodwill & intangibles
Debt incl. operating leasesR$12.2BR$1.5B of it operating leases
From the company's latest filing.
How the cash was used, 2015–2023
Over the record, the business generated R$24.3B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- ReinvestedR$8.8B · 36%
- DividendsR$6.1B · 25%
- Retained (debt / cash)R$9.5B · 39%
- Returned to ownersR$6.1B
34% of the owner earnings the business produced over the span, R$6.1B as dividends and R$0 as buybacks.
- Net change in share count8.6%
The diluted count rose from 44M to 47M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend recordR$9.13/sh
Paid in 9 of the years on record, the per-share dividend shrinking about 11% a year. It was cut at least once along the way.
- Return on what it retained7%
Of the earnings it kept rather than paid out (R$6.0B over the span), annual owner earnings (first three years vs last three) grew R$416M, so each retained R$1 added about 0.07 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why Ultrapar Participacoes S.A. (New) is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2015–2024.
1 of the 3 tests turned up something to look into; the other 2 came back clean.
- Look hereDid the share count rise anyway?8.6%
Diluted shares grew 8.6% over 2015–2023. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
And these came back clean
- Is it less profitable than it was?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
Peers, Gas Utilities
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| UGPUltrapar Participacoes S.A. (New) | R$133.5B | 7% | 2.2% | 15% | 2% |
| ETEnergy Transfer LP Common | $85.5B | 25% | 10.3% | 8% | 8% |
| EPDEnterprise Products Partners L.P. | $52.6B | 27% | 14.4% | — | 12% |
| OKEONEOK Inc. | $33.6B | 29% | 15.8% | 8% | 13% |
| NRGNRG Energy | $30.3B | 24% | 7.6% | 13% | 9% |
| LNGCheniere Energy Inc. | $19.5B | 45% | 25.7% | 19% | 18% |
| TRGPTarga Resources Inc. | $17.0B | 19% | 4.0% | 5% | 8% |
| CQPCheniere Energy Partners LP Common | $10.8B | 47% | 30.3% | — | 20% |
| Group median | — | 26% | 12.3% | 11% | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, evidenced by American Depositary Receipts, with each American Depositary Share representing one common”; Ultrapar Participacoes S.A. (New) reports in BRL, so every figure in this tool is stated per ADS and translated at BRL 1 = $0.197 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in BRL.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ultrapar Participacoes S.A. (New) has delivered.
$
Through the cycle, Ultrapar Participacoes S.A. (New) earns about $563M on its 2.1% median owner-earnings margin. This year’s 2.0% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
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The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’19→’23−4%/yr
Owner-earnings growth · ’15→’23+2%/yr
Owner-earnings growth · ’15→’23+1%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’22–’24)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $536M on 1069M shares outstanding, per the 20-F/A cover, as of 2025-12-31; net debt $1.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Ultrapar Participacoes S.A. (New) (UGP), the owner's record," https://ownerscorecard.com/c/UGP, data as of 2026-07-09.
Manual order: ← UFG its page in the Manual UL →
Industry order: ← UGI the Gas Utilities chapter VG →