| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 94 | 12.1x | 17.8x | Top tier | |
Growth | 78 | 11.6% | 7.1% | Top tier | |
Quality | 67 | 15.9% | 4.5% | Top tier | |
Safety | 63 | 1.4x | 2.6x | Around median | |
Capital Return | 19 | — | 2.12% | Bottom tier | |
Momentum | 99 | 86.3% | 2.9% | Top tier | |
Sentiment | 21 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Ultrapar Participações operates through a portfolio focused on fuel and gas distribution and logistics services: Ipiranga sells gasoline and diesel through a network of service stations, Ultragaz distributes packaged and bulk liquefied petroleum gas, while Ultracargo operates liquid storage and handling capacity and Hidrovias conducts waterborne transportation and handling operations. In Q2 FY2026, Ipiranga sold approximately 6.173 million cubic meters and its network reached 5,855 stations, while Ultracargo's installed capacity reached 1.156 million cubic meters.
In Q2 FY2026, Ultrapar recorded recurring adjusted earnings before interest, taxes, depreciation, and amortization of BRL 3.657 billion, and net income rose 46% year over year to a record BRL 1.677 billion. The group generated record operating cash flow of BRL 4.789 billion, or BRL 3.956 billion after excluding BRL 833 million from the discounting of supplier receivables, and leverage declined to 0.9 times with net debt of BRL 8.864 billion.
Ipiranga led the earnings mix in Q2 FY2026 with recurring adjusted earnings before interest, taxes, depreciation, and amortization of BRL 2.782 billion and a margin of BRL 451 per cubic meter. Ultragaz generated BRL 468 million, Ultracargo BRL 159 million with net revenue of BRL 265 million, and Hidrovias BRL 322 million. For FY2024, revenue totaled $133.5 billion, gross profit $9.7 billion, and net income $2.5 billion, compared with revenue of $126.0 billion, gross profit of $9.3 billion, and net income of $2.5 billion in FY2023.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $6.5 and a target range of $5.8 to $7.2. The average target is only about 4% below the upper end of the 52-week range of $6.8, while the highest target exceeds that level; however, the decline in FY2024 earnings per share and nearly flat net income justify considering the conservative end of the target range.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Ipiranga was the largest driver, generating recurring adjusted earnings before interest, taxes, depreciation, and amortization of BRL 2.782 billion and a margin of BRL 451 per cubic meter. Its volumes rose 8% to 6.173 million cubic meters, supported by a 10% increase in diesel and a 6% increase in Otto-cycle fuels. It also gained 0.9 percentage points of market share as the share of irregular distributors declined from 24.4% to 20%.
The August 13, 2026 disclosures do not indicate that the Q2 FY2026 margin of BRL 451 per cubic meter will continue. Management expects the Q3 FY2026 margin to be below the Q2 level and closer to the Q1 FY2026 level. Management views the gains from combating irregular practices as structural, while part of the strong performance was related to short-term factors in petroleum supply markets.
Ultrapar ended Q2 FY2026 with net debt of BRL 8.864 billion and leverage of 0.9 times, the lowest ratio since 2008. Operating cash flow totaled BRL 4.789 billion, compared with BRL 939 million in Q2 FY2025. After excluding BRL 833 million from the discounting of supplier receivables, operating cash flow would have been BRL 3.956 billion.
The company approved distributions of BRL 1.85 billion related to H1 FY2026, equivalent to BRL 1 per share and a stated yield of 3.8%. It also approved a program to repurchase up to 18 million shares. Management linked the pace of future returns to business profitability and the availability of investment opportunities that deliver strong long-term value creation.
Ultragaz generated recurring adjusted earnings of BRL 468 million, up 6%, despite a 3% decline in volumes. Ultracargo recorded net revenue of BRL 265 million and adjusted earnings of BRL 159 million, with volumes sold up 19% and installed capacity up 8%. Hidrovias recorded recurring adjusted earnings of BRL 322 million, down 8%, while consolidated volumes declined 14%, mainly due to the sale of the coastal navigation business in November 2025.
Revenue increased from $126.0 billion in FY2023 to $133.5 billion in FY2024. Gross profit rose from $9.3 billion to $9.7 billion, while net income remained at approximately $2.5 billion in both years. In contrast, earnings per share declined from 2.2081 to 2.1141, so the growth in revenue and gross profit did not translate into earnings-per-share growth.
