Ultrapar Participacoes (BUE:UGP) Cyclically Adjusted PS Ratio: (As of Aug. 13, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BUE:UGP Ultrapar Participacoes SA BUE:UGP
68 GF Score
Price ARS9,280.00
GF Value ARS7,164.68
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Ultrapar Participacoes Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Ultrapar Participacoes  (BUE:UGP) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Ultrapar Participacoes Cyclically Adjusted PS Ratio Related Terms


Ultrapar Participacoes Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Ultrapar Participacoes's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Ultrapar Participacoes Cyclically Adjusted PS Ratio Chart

Ultrapar Participacoes Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.21 0.16 0.30 0.17 0.20

Ultrapar Participacoes Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.17 0.21 0.20 0.27 0.00

BUE:UGP vs MPC, VLO, PSX: Cyclically Adjusted PS Ratio Comparison

For the Oil & Gas Refining & Marketing subindustry, Ultrapar Participacoes's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Ultrapar Participacoes Cyclically Adjusted PS Ratio vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Ultrapar Participacoes's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Ultrapar Participacoes's Cyclically Adjusted PS Ratio falls into.


BUE:UGP
68GF Score
Ultrapar Participacoes SA BUE:UGP
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ultrapar Participacoes Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Ultrapar Participacoes's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Ultrapar Participacoes's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=10966.496/177.5443*177.5443
=10,966.496

Current CPI (Jun. 2026) = 177.5443.

Ultrapar Participacoes Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 36.914 109.986 59.588
201612 80.004 110.802 128.195
201703 83.764 111.869 132.939
201706 39.350 112.115 62.315
201709 47.113 112.777 74.170
201712 113.294 114.068 176.340
201803 58.412 114.868 90.284
201806 62.038 117.038 94.111
201809 90.546 117.881 136.374
201812 207.842 118.340 311.822
201903 197.946 120.124 292.567
201906 106.638 120.977 156.500
201909 133.635 121.292 195.611
201912 229.976 123.436 330.785
202003 248.524 124.092 355.576
202006 88.697 123.557 127.452
202009 120.848 125.095 171.516
202012 231.354 129.012 318.385
202103 321.927 131.660 434.119
202106 453.721 133.871 601.743
202109 497.384 137.913 640.315
202112 519.183 141.992 649.175
202203 619.651 146.537 750.768
202206 801.532 149.784 950.087
202209 948.911 147.800 1,139.880
202212 1,042.138 150.207 1,231.806
202303 1,048.983 153.352 1,214.464
202306 1,325.282 154.519 1,522.767
202309 2,084.428 155.464 2,380.484
202312 2,224.823 157.148 2,513.582
202403 4,626.093 159.372 5,153.568
202406 4,803.912 161.052 5,295.866
202409 5,418.968 162.342 5,926.405
202412 5,235.714 164.740 5,642.649
202503 5,554.210 168.102 5,866.204
202506 6,571.230 169.670 6,876.206
202509 8,466.756 170.739 8,804.218
202512 9,593.160 171.765 9,915.919
202603 8,990.612 175.066 9,117.913
202606 10,966.496 177.544 10,966.496

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Ultrapar Participacoes (BUE:UGP) Overvalued in 2026?

Based on GuruFocus' analysis, Ultrapar Participacoes stock appears to be overvalued. The current stock price of ARS9,280.00 is trading 29.5% above its estimated GF Value™ of ARS7,164.68. GuruFocus considers Ultrapar Participacoes to be Modestly Overvalued.

Key valuation signals for BUE:UGP:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: ARS7,164.68 vs. price of ARS9,280.00 (29.5% above fair value)
  • GF Score™: 68/100 with 4 warning signs

No single metric tells the full story. See the BUE:UGP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ultrapar Participacoes Business Description

Industry EnergyOil & Gas
Address Brigadeiro Luis Antonio Avenue, 1343, 9th Floor, Sao Paulo, SP, BRA, 01317-910
Ultrapar Participacoes SA engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. The company's business segments include: i) Ultragaz distributes LPG in the segments: bulk, comprising condominiums, trade, services, industries, and agribusiness; and bottled, mainly comprising residential consumers. ii) Ipiranga, the majority revenue generating segment, engages in the distribution and sale of oil-related products to service stations that operate under the Ipiranga brand throughout Brazil. iii) Ultracargo operates in specialized liquid bulk storage solutions in the main logistics centers. iv) Hidrovias: operates in logistics solutions and waterway and multimodal infrastructure.
68GF Score

Get the complete analysis for BUE:UGP

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

ARS9,280.00
Price
ARS7,164.68
GF Value