Ultrapar Participações S.A. (UGP) Key Metrics
UGP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Brazilian reaisUGP returns How much profit the business earns on the capital it uses.
UGP financial health Debt, liquidity and how easily interest is covered.
UGP efficiency & capital use Working capital cycle and where the cash goes.
UGP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UGP cash returned to shareholders
UGP key metrics in Brazilian reais
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.9% | 16.5% | 19.4% | 16.5% | 8.7% | 15.0% | 6.3% | 12.2% | 17.6% | 18.9% |
| Return on invested capital (ROIC) | 12.4% | 13.7% | 16.3% | 12.8% | 6.5% | 8.1% | 11.8% | 7.0% | 12.1% | 15.5% |
| Return on assets (ROA) | 5.5% | 6.1% | 6.5% | 4.8% | 2.2% | 4.0% | 1.9% | 3.9% | 6.0% | 6.9% |
| Return on tangible assets | 5.2% | 6.3% | 6.8% | 5.2% | 2.3% | 2.5% | 5.0% | 4.1% | 6.4% | 7.5% |
| Free cash flow margin | 1.1% | 1.5% | 2.0% | 0.5% | 1.2% | 2.7% | 2.0% | 1.6% | 0.3% | 1.1% |
| Income quality (OCF / net income) | 1.42 | 1.58 | 1.58 | 1.11 | 3.04 | 3.51 | 7.83 | 2.51 | 1.45 | 1.61 |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 1.39 | 1.01 | 0.98 | 1.13 | 1.76 | 2.01 | 1.69 | 1.61 | 1.45 | 1.33 |
| Debt / assets | 0.43 | 0.39 | 0.35 | 0.36 | 0.45 | 0.52 | 0.51 | 0.50 | 0.48 | 0.47 |
| Net debt / EBITDA | 1.90 | 2.17 | 1.11 | 1.59 | 4.95 | 4.50 | 0.76 | 2.35 | 1.79 | 1.25 |
| Current ratio | 1.62 | 1.53 | 1.66 | 1.45 | 1.98 | 1.89 | 2.93 | 2.56 | 2.17 | 2.37 |
| Quick ratio | 1.26 | 1.16 | 1.28 | 1.07 | 1.67 | 1.48 | 2.22 | 2.03 | 1.67 | 1.87 |
| Interest coverage | 2.0 | 3.7 | 2.8 | 2.1 | 2.2 | 10.4 | 8.1 | 2.2 | 2.7 | 2.7 |
| 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 |
| Invested capital | R$30.46B | R$26.13B | R$20.58B | R$18.84B | R$23.71B | R$21.05B | R$5.03B | R$17.86B | R$16.69B | R$14.29B |
| Tangible asset value | R$14.41B | R$13.92B | R$11.48B | R$10.26B | R$9.00B | R$8.14B | R$2.01B | R$7.43B | R$5.99B | R$5.19B |
| Net current asset value | −R$13.38B | −R$7.69B | −R$5.57B | −R$5.70B | −R$3.52B | −R$9.47B | −R$1.63B | −R$4.49B | −R$3.42B | −R$2.59B |
| Capital allocation | ||||||||||
| Dividends paid | R$2.13B | R$833.7M | R$400.0M | R$638.3M | R$705.8M | R$284.8M | R$596.4M | R$808.6M | R$940.2M | R$873.3M |
| Share buybacks (net) | R$261.7M | R$148.9M | R$0 | R$0 | — | — | R$0 | R$0 | R$0 | R$0 |
| Dividend payout ratio | 86.8% | 35.3% | 16.4% | 35.4% | 83.0% | 31.9% | 159.7% | 70.3% | 59.7% | 55.9% |
| Dividends + buybacks / free cash flow | 157.6% | 50.4% | 15.6% | 81.2% | 54.1% | 14.3% | 35.4% | 54.9% | 437.5% | 103.1% |
| Capex / revenue | 1.4% | 1.3% | 1.0% | 0.8% | 1.2% | 1.6% | 1.5% | 1.6% | 2.6% | 2.2% |
| Capex / operating cash flow | 56.4% | 47.8% | 33.4% | 60.8% | 49.5% | 36.7% | 42.4% | 49.0% | 90.6% | 66.3% |
| Capex / depreciation | 1.24 | 1.47 | 1.11 | 1.19 | 1.40 | 0.91 | 1.08 | 1.74 | 2.93 | 1.51 |
| Stock-based compensation / revenue | — | 0.1% | 0.1% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| R&D / revenue | — | — | — | — | — | — | 0.1% | 0.1% | 0.1% | 0.1% |
| SG&A / revenue | 1.6% | 1.4% | 3.4% | 2.6% | 1.3% | 1.3% | 1.6% | 1.8% | 2.0% | 1.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 18.5 | 20.8 | 22.3 | 16.9 | 19.5 | 18.0 | 16.2 | 22.4 | 21.3 | 18.6 |
| Days of inventory on hand | 11.2 | 12.0 | 14.4 | 11.8 | 13.5 | 12.4 | 10.0 | 14.8 | 15.7 | 13.2 |
| Days payables outstanding | 12.6 | 15.0 | 20.5 | 17.5 | 17.0 | 12.3 | 7.9 | 10.7 | 9.9 | 8.2 |
| Cash conversion cycle (days) | 17.1 | 17.8 | 16.2 | 11.2 | 16.1 | 18.2 | 18.3 | 26.5 | 27.1 | 23.5 |
| Receivables turnover | 19.72 | 17.52 | 16.34 | 21.57 | 18.69 | 20.24 | 22.51 | 16.27 | 17.17 | 19.65 |
| Payables turnover | 28.99 | 24.36 | 17.82 | 20.84 | 21.52 | 29.74 | 45.92 | 34.07 | 36.95 | 44.38 |
| Inventory turnover | 32.60 | 30.43 | 25.38 | 30.88 | 26.99 | 29.35 | 36.56 | 24.70 | 23.26 | 27.67 |
| Asset turnover | 3.17 | 3.43 | 3.38 | 3.81 | 2.89 | 3.31 | 4.33 | 3.08 | 3.05 | 3.43 |
| Average receivables | R$7.22B | R$7.62B | R$7.72B | R$6.66B | R$5.87B | R$3.66B | R$3.69B | R$5.58B | R$4.66B | R$3.94B |
| Average payables | R$4.59B | R$5.13B | R$6.55B | R$6.54B | R$4.87B | R$2.36B | R$1.70B | R$2.48B | R$1.97B | R$1.59B |
| Average inventory | R$4.08B | R$4.10B | R$4.60B | R$4.41B | R$3.88B | R$2.39B | R$2.14B | R$3.42B | R$3.13B | R$2.54B |
| Intangibles / total assets | 6.6% | 4.8% | 6.7% | 5.3% | 3.8% | 4.8% | 5.6% | 7.8% | 13.2% | 14.0% |
Computed from UGP's annual financial statements (latest annual report filed April 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Brazilian reais; data from EODHD. Averages use the opening and closing balance of each year.
UGP valuation and financial ratios
Ultrapar Participações earned a return on equity of 15.9% and a return on invested capital of 12.4% in fiscal 2025. It ended the year with R$21.8 billion of debt and R$7.0 billion in cash and short-term investments, net debt of R$14.8 billion. It returned R$2.4 billion to shareholders: R$2.1 billion in dividends and R$261.7 million in share buybacks, 158% of free cash flow.
See the UGP income statement, the UGP chart for price history, or the UGP stock overview for the latest quote and news.
UGP key metrics FAQ
What is Ultrapar Participações's return on equity?
Ultrapar Participações's return on equity (ROE) was 15.9% in fiscal 2025: net income of R$2.5 billion on average shareholders' equity of R$15.4 billion.
What is Ultrapar Participações's ROIC?
Ultrapar Participações's return on invested capital was 12.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ultrapar Participações have?
Ultrapar Participações had total debt of R$21.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.39 and R$14.8 billion of net debt (1.90 times EBITDA).
Does Ultrapar Participações buy back its shares?
Yes. Ultrapar Participações spent R$261.7 million on net share repurchases in fiscal 2025.
What is Ultrapar Participações's current ratio?
Ultrapar Participações's current ratio was 1.62 at the end of fiscal 2025: current assets were 1.62 times current liabilities.