UGPNYSENatural Gas DistributionFiscal year ends December 31
ULTRAPAR HOLDINGS INC
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on Apr 29, 2026
$7.77−0.03 (-0.38%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2024
Gross margin
7.3%+1.5 pts over 5 years
Operating margin
–
Net margin
1.8%+1.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.9% | +6.8% | +10.0% | – | |
| Gross profit | +4.0% | +25.5% | +15.1% | – | |
| Net income | -3.2% | +40.6% | +44.6% | – | |
| EPS, diluted | -4.3% | +39.7% | +44.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | 4.0% | 16.5% | |
| Return on assets | – | 1.2% | 6.1% | |
| Current ratio | – | 2.90 | 1.53 | |
| Debt to equity | – | – | 0.94 | |
| Interest coverage | 0.0× | – | – | |
| Inventory turnover | – | 22.1× | 30.2× | |
| Capex to revenue | 1.1% | 0.9% | – | |
| Diluted shares | – | 1.09B | 1.12B |
Cash use needs five years of cash flow figures
Ultrapar does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.8%
×Asset turnover3.43×
×Equity multiplier2.71×
=Return on equity, FY202416.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 1.8% | 3.43× | 2.71× | 16.5% |
| FY2023 | 1.9% | 3.38× | 2.96× | 19.4% |
| FY2022 | 1.3% | 3.81× | 3.46× | 16.5% |
| FY2021 | 0.8% | 2.92× | 3.84× | 8.7% |
| FY2020 | 1.2% | 2.20× | 3.55× | 9.4% |
| FY2019 | 0.5% | 2.69× | 3.26× | 4.0% |
| FY2018 | 1.3% | 3.09× | 3.14× | 12.3% |
| FY2017 | 1.9% | 3.03× | 2.96× | 17.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
4of 9 tests passed in fiscal 2024. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero2.36B BRL
- Cash generatingOperating cash flow above zero3.74B BRL
- Return on assets improvedROA up on the prior year6.7% → 6.2%
- Earnings backed by cashOperating cash flow above net income3.74B BRL vs 2.36B BRL
- Less leverageLong-term debt to assets fell25.6% → 27.2%
- Better liquidityCurrent ratio rose1.66 → 1.53
- No dilutionShare count did not rise1.10B → 1.12B
- Gross margin improvedGross margin up on the prior year7.39% → 7.26%
- More efficientAsset turnover rose3.46 → 3.49