Ultrapar Participações S.A. (UGP) Balance Sheet
UGP balance sheet, 2025
December 31, 2025 · Brazilian reaisR$50.27B assets = R$32.54B liabilities + R$17.72B equity
Both columns are drawn to the same scale: what UGP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
UGP financial health
Current ratio1.62
Comfortable · current assets cover current liabilities 1.62×
Debt / equity1.39
Moderate leverage · R$1.39 of debt for each $1 of equity
Equity / assets31.2%
Balanced · of assets funded by shareholders
Cash / debt32.2%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles6.6%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
UGP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R$24.16B2016 | R$50.27B2025 | +8.5%/yr | |
| Total liabilities | R$15.60B2016 | R$32.54B2025 | +8.5%/yr | |
| Shareholders’ equity | R$8.56B2016 | R$15.66B2025 | +6.9%/yr | |
| Cash & short-term investments | R$5.69B2016 | R$7.02B2025 | +2.4%/yr | |
| Total debt | R$11.42B2016 | R$21.82B2025 | +7.5%/yr | |
| Net cash (debt) | −R$5.73B2016 | −R$14.80B2025 | −R$9.1B | |
| Working capital | R$7.52B2016 | R$7.33B2025 | −R$199.5M | |
| Current ratio | 2.372016 | 1.622025 | −0.75 | |
| Debt / equity | 1.332016 | 1.392025 | +0.06 | |
| Shares outstanding | 1.09B2016 | 1.10B2025 | +0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UGP assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
UGP liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
UGP debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
UGP balance sheet in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | R$7.02B | R$4.38B | R$6.22B | R$6.14B | R$4.08B | R$7.70B | R$1.29B | R$6.79B | R$6.29B | R$5.69B |
| Cash & equivalents | R$3.17B | R$2.07B | R$5.93B | R$5.62B | R$2.28B | R$2.66B | R$525.9M | R$3.94B | R$5.00B | R$4.27B |
| Short-term investments | R$3.85B | R$2.31B | R$292.9M | R$520.4M | R$1.80B | R$5.04B | R$768.2M | R$2.85B | R$1.28B | R$1.41B |
| Receivables | R$7.24B | R$7.20B | R$8.04B | R$7.39B | R$5.92B | R$5.82B | R$1.50B | R$5.88B | R$5.27B | R$4.04B |
| Inventory | R$4.24B | R$3.92B | R$4.29B | R$4.91B | R$3.92B | R$3.85B | R$923.6M | R$3.35B | R$3.49B | R$2.76B |
| Other current assets | R$663.6M | R$551.2M | R$99.9M | R$123.7M | R$11.10B | R$132.3M | R$72.0M | R$187.6M | R$150.0M | R$519.8M |
| Total current assets | R$19.17B | R$16.05B | R$18.65B | R$18.56B | R$25.02B | R$17.51B | R$3.79B | R$16.21B | R$15.20B | R$13.01B |
| Property, plant & equipment (net) | R$14.09B | R$8.81B | R$8.10B | R$7.65B | R$7.19B | R$10.17B | R$2.37B | R$9.65B | R$6.61B | R$9.16B |
| Goodwill & intangible assets | R$3.31B | R$1.91B | R$2.55B | R$1.92B | R$1.47B | R$1.78B | R$438.2M | R$2.37B | R$3.73B | R$3.37B |
| Long-term investments | R$2.90B | R$5.56B | R$1.27B | R$554.2M | R$457.9M | R$1.14B | R$688.1M | R$331.4M | R$234.6M | R$156.8M |
| Other non-current assets | R$10.79B | R$7.24B | R$7.68B | R$7.75B | R$4.87B | R$6.30B | R$571.1M | R$1.94B | R$2.57B | R$0 |
| Total assets | R$50.27B | R$39.56B | R$38.25B | R$36.44B | R$39.01B | R$36.90B | R$7.86B | R$30.50B | R$28.34B | R$24.16B |
| Liabilities | ||||||||||
| Accounts payable | R$4.64B | R$4.53B | R$5.72B | R$7.38B | R$5.70B | R$4.04B | R$671.2M | R$2.74B | R$2.23B | R$1.71B |
| Short-term debt | R$4.59B | R$3.80B | R$2.30B | R$3.59B | R$3.05B | R$3.52B | R$329.1M | R$2.27B | R$3.50B | R$2.48B |
| Deferred revenue | — | — | R$190.2M | — | R$5.6M | R$18.3M | R$6.9M | R$26.6M | R$18.4M | R$22.3M |
| Total current liabilities | R$11.84B | R$10.49B | R$11.23B | R$12.77B | R$12.64B | R$9.24B | R$1.29B | R$6.34B | R$7.01B | R$5.49B |
| Long-term debt | R$17.24B | R$11.92B | R$10.99B | R$9.69B | R$14.67B | R$15.69B | R$14.66B | R$12.93B | R$10.09B | R$8.94B |
| Lease obligations | R$1.74B | R$1.49B | R$1.52B | R$1.52B | R$1.35B | R$1.83B | R$1.59B | R$46.1M | R$48.5M | R$48.7M |
| Other long-term liabilities | R$3.47B | R$1.32B | R$2.01B | R$1.81B | R$1.23B | R$2.04B | R$0 | R$1.43B | R$1.52B | R$1.17B |
| Total liabilities | R$32.54B | R$23.73B | R$24.22B | R$24.27B | R$28.54B | R$26.98B | R$5.41B | R$20.70B | R$18.62B | R$15.60B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | R$7.98B | R$6.62B | R$6.62B | R$5.17B | R$5.17B | R$5.18B | R$1.29B | R$5.17B | R$5.17B | R$3.84B |
| Retained earnings (deficit) | R$8.43B | R$8.20B | R$27.6M | R$14.8M | R$4.87B | R$55.4M | R$4.26B | R$4.21B | R$3.79B | R$1.33B |
| Treasury stock | — | — | — | — | −R$488.4M | −R$489.1M | −R$485.4M | −R$485.4M | −R$482.3M | R$0 |
| Accumulated other comprehensive income | R$8.50B | R$9.03B | R$7.15B | R$6.89B | R$5.35B | R$4.80B | R$1.19B | R$4.65B | R$4.53B | R$5.02B |
| Minority interest | R$2.06B | R$664.7M | R$523.3M | R$466.2M | — | — | R$0 | R$0 | R$0 | R$0 |
| Total shareholders' equity | R$15.66B | R$15.16B | R$13.51B | R$11.71B | R$10.07B | R$9.54B | R$2.35B | R$9.45B | R$9.38B | R$8.56B |
| Key figures | ||||||||||
| Total debt | R$21.82B | R$15.35B | R$13.30B | R$13.28B | R$17.73B | R$19.21B | R$3.97B | R$15.21B | R$13.59B | R$11.42B |
| Net cash (debt) | −R$14.80B | −R$10.97B | −R$7.08B | −R$7.14B | −R$13.65B | −R$11.51B | −R$2.68B | −R$8.41B | −R$7.31B | −R$5.73B |
| Working capital | R$7.33B | R$5.55B | R$7.42B | R$5.80B | R$12.38B | R$8.27B | R$2.50B | R$9.87B | R$8.19B | R$7.52B |
| Tangible book value | R$12.34B | R$13.25B | R$10.95B | R$9.79B | R$8.60B | R$7.76B | R$1.91B | R$7.08B | R$5.65B | R$5.19B |
| Shares outstanding | 1.10B | 1.12B | 1.10B | 1.10B | 1.10B | 1.09B | 2.36B | 2.36B | 1.09B | 1.09B |
| Current ratio | 1.62 | 1.53 | 1.66 | 1.45 | 1.98 | 1.89 | 2.93 | 2.56 | 2.17 | 2.37 |
| Quick ratio | 1.20 | 1.10 | 1.27 | 1.06 | 0.79 | 1.46 | 2.16 | 2.00 | 1.65 | 1.77 |
| Debt / equity | 1.39 | 1.01 | 0.98 | 1.13 | 1.76 | 2.01 | 1.69 | 1.61 | 1.45 | 1.33 |
| Equity / assets | 31.2% | 38.3% | 35.3% | 32.1% | 25.8% | 25.9% | 29.9% | 31.0% | 33.1% | 35.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | R$9.24B | R$1.44B | R$7.02B | R$4.02B | R$3.99B | R$2.74B | R$4.62B | R$4.23B | R$4.13B | R$4.06B | R$6.22B | R$1.25B |
| Cash & equivalents | R$4.64B | R$774.8M | R$3.17B | R$2.53B | R$2.90B | R$1.44B | R$2.07B | R$3.86B | R$3.83B | R$3.75B | R$5.93B | R$1.21B |
| Short-term investments | R$4.60B | R$661.9M | R$3.85B | R$1.49B | R$1.09B | R$1.30B | R$2.55B | R$377.4M | R$300.8M | R$309.5M | R$292.9M | R$41.8M |
| Receivables | R$7.95B | R$1.62B | R$7.24B | R$7.16B | R$7.54B | R$7.15B | R$4.05B | R$6.92B | R$7.47B | R$7.96B | R$8.04B | R$1.55B |
| Inventory | R$5.45B | R$912.4M | R$4.24B | R$3.82B | R$4.04B | R$4.13B | R$3.92B | R$4.74B | R$3.99B | R$4.37B | R$4.29B | R$782.0M |
| Other current assets | R$792.7M | R$208.7M | R$663.6M | R$1.29B | R$1.29B | R$551.3M | R$3.45B | R$266.6M | R$151.2M | R$184.7M | R$799.8M | R$25.4M |
| Total current assets | R$23.44B | R$4.17B | R$19.17B | R$16.30B | R$16.86B | R$14.57B | R$16.05B | R$16.17B | R$15.75B | R$16.57B | R$19.35B | R$3.60B |
| Property, plant & equipment (net) | R$13.93B | R$2.81B | R$14.09B | R$13.76B | R$13.52B | R$8.89B | R$8.76B | R$8.45B | R$8.20B | R$8.17B | R$8.10B | R$1.56B |
| Goodwill & intangible assets | R$3.34B | R$686.7M | R$3.31B | R$3.24B | R$3.66B | R$2.07B | R$4.27B | R$2.16B | R$1.97B | R$1.87B | R$1.64B | R$452.7M |
| Long-term investments | R$2.07B | R$2.55B | R$2.90B | R$3.11B | R$2.93B | R$5.28B | R$5.56B | R$4.86B | R$4.90B | R$2.87B | R$1.27B | R$907.1M |
| Other non-current assets | R$9.88B | R$35.6M | R$10.79B | R$9.16B | R$8.64B | R$6.93B | R$4.92B | R$7.69B | R$7.53B | R$7.13B | R$8.58B | R$783.4M |
| Total assets | R$52.66B | R$10.25B | R$50.27B | R$45.56B | R$45.61B | R$37.75B | R$39.56B | R$39.32B | R$38.34B | R$36.61B | R$38.93B | R$7.31B |
| Liabilities | ||||||||||||
| Accounts payable | R$6.96B | R$895.7M | R$4.64B | R$3.41B | R$3.11B | R$3.53B | R$4.53B | R$4.34B | R$4.66B | R$4.38B | R$5.72B | R$1.00B |
| Short-term debt | R$4.76B | R$936.9M | R$4.59B | R$2.98B | R$3.41B | R$2.90B | R$3.87B | R$3.71B | R$3.75B | R$4.09B | R$2.30B | R$519.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | −R$46.2M | R$117.9M | R$1.06B | R$2.33B |
| Total current liabilities | R$14.26B | R$2.50B | R$11.84B | R$8.91B | R$9.28B | R$8.30B | R$10.49B | R$10.29B | R$10.15B | R$9.88B | R$11.23B | R$1.99B |
| Long-term debt | R$13.41B | R$15.07B | R$17.24B | R$15.51B | R$15.53B | R$12.14B | R$11.92B | R$11.63B | R$10.29B | R$9.19B | R$9.78B | R$11.31B |
| Lease obligations | R$1.70B | R$1.69B | R$1.74B | R$1.71B | R$1.75B | R$1.48B | R$1.49B | R$1.49B | R$1.43B | R$1.47B | R$1.52B | R$1.53B |
| Other long-term liabilities | R$4.99B | R$0 | R$3.47B | R$2.47B | R$2.40B | R$1.43B | R$1.32B | R$2.05B | R$3.04B | R$3.17B | R$3.90B | R$0 |
| Total liabilities | R$32.66B | R$6.54B | R$32.54B | R$26.90B | R$27.21B | R$21.86B | R$23.73B | R$23.97B | R$23.49B | R$22.24B | R$24.90B | R$4.67B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | R$7.97B | R$1.60B | R$7.98B | R$7.99B | R$6.62B | R$6.62B | R$6.62B | R$6.62B | R$6.62B | R$6.62B | R$6.62B | R$1.32B |
| Retained earnings (deficit) | R$10.08B | R$1.71B | R$8.43B | R$1.80B | R$1.42B | R$58.1M | R$8.20B | R$1.25B | R$869.5M | R$431.5M | R$134.0M | R$213.4M |
| Accumulated other comprehensive income | R$674.4M | R$152.4M | R$8.49B | R$7.37B | R$8.75B | R$9.16B | R$326.1M | R$7.19B | R$7.16B | R$7.16B | R$7.22B | R$1.09B |
| Minority interest | R$2.07B | R$2.04B | R$2.06B | R$2.28B | R$2.32B | — | — | — | — | — | — | — |
| Total shareholders' equity | R$17.93B | R$3.31B | R$15.66B | R$16.39B | R$16.07B | R$15.20B | R$15.16B | R$14.70B | R$14.28B | R$13.83B | R$13.51B | R$2.54B |
| Key figures | ||||||||||||
| Total debt | R$19.53B | R$4.24B | R$21.82B | R$18.49B | R$18.94B | R$15.04B | R$15.79B | R$15.34B | R$15.13B | R$14.43B | R$13.29B | R$2.78B |
| Net cash (debt) | −R$10.30B | −R$2.80B | −R$14.80B | −R$14.47B | −R$14.95B | −R$12.30B | −R$11.17B | −R$11.11B | −R$11.00B | −R$10.38B | −R$7.07B | −R$1.53B |
| Working capital | R$9.18B | R$1.67B | R$7.33B | R$7.39B | R$7.58B | R$6.27B | R$5.55B | R$5.87B | R$5.60B | R$6.69B | R$8.12B | R$1.62B |
| Tangible book value | R$14.59B | R$2.62B | R$12.34B | R$13.15B | R$12.41B | R$13.12B | R$10.88B | R$12.54B | R$12.31B | R$11.96B | R$11.87B | R$2.08B |
| Shares outstanding | 1.09B | 1.09B | 1.09B | 1.11B | 1.11B | 1.11B | 1.11B | 1.12B | 1.12B | 1.11B | 1.11B | 1.10B |
| Current ratio | 1.64 | 1.67 | 1.62 | 1.83 | 1.82 | 1.76 | 1.53 | 1.57 | 1.55 | 1.68 | 1.72 | 1.81 |
| Quick ratio | 1.21 | 1.22 | 1.20 | 1.25 | 1.24 | 1.19 | 0.83 | 1.08 | 1.14 | 1.22 | 1.27 | 1.41 |
| Debt / equity | 1.09 | 1.28 | 1.39 | 1.13 | 1.18 | 0.99 | 1.04 | 1.04 | 1.06 | 1.04 | 0.98 | 1.10 |
| Equity / assets | 34.1% | 32.2% | 31.2% | 36.0% | 35.2% | 40.2% | 38.3% | 37.4% | 37.3% | 37.8% | 34.7% | 34.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported (latest annual report filed April 29, 2026); data from EODHD.
UGP financial position
At the end of fiscal 2025 (December 31, 2025), Ultrapar Participações had total assets of R$50.3 billion (up 27.1% from a year earlier), total liabilities of R$32.5 billion and shareholders' equity of R$15.7 billion. It held R$7.0 billion in cash and short-term investments against R$21.8 billion of debt, net debt of R$14.8 billion. Its current ratio was 1.62. In the latest quarter (ended June 30, 2026) total assets were R$52.7 billion and equity R$17.9 billion.
Related: UGP income statement, UGP cash flow statement, UGP key metrics. See the UGP stock overview for the latest quote and news.
UGP balance sheet FAQ
What are Ultrapar Participações's total assets?
Ultrapar Participações reported total assets of R$50.3 billion at the end of fiscal 2025 (December 31, 2025), compared with R$39.6 billion a year earlier.
How much debt does Ultrapar Participações have?
Ultrapar Participações had R$21.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.39.
How much cash does Ultrapar Participações have?
Ultrapar Participações held R$7.0 billion in cash and short-term investments at the end of fiscal 2025; with R$21.8 billion of debt that is net debt of R$14.8 billion.
What is Ultrapar Participações's book value?
Ultrapar Participações's shareholders' equity (book value) was R$15.7 billion at the end of fiscal 2025.
What is Ultrapar Participações's current ratio?
Ultrapar Participações had current assets of R$19.2 billion and current liabilities of R$11.8 billion, a current ratio of 1.62 (it can cover its short-term obligations).
How much goodwill does Ultrapar Participações have?
Ultrapar Participações carried R$3.3 billion of goodwill and intangible assets, 6.6% of total assets, at the end of fiscal 2025.