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

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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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.

FRA:UGR Ultrapar Participacoes SA FRA:UGR
72 GF Score
Price €4.92
GF Value €3.80
! 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  (FRA:UGR) 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

FRA:UGR 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.


FRA:UGR
72GF Score
Ultrapar Participacoes SA FRA:UGR
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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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)
=6.426/177.5443*177.5443
=6.426

Current CPI (Jun. 2026) = 177.5443.

Ultrapar Participacoes Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 2.205 109.986 3.559
201612 4.784 110.802 7.666
201703 5.080 111.869 8.062
201706 2.124 112.115 3.364
201709 2.256 112.777 3.552
201712 5.014 114.068 7.804
201803 2.351 114.868 3.634
201806 2.129 117.038 3.230
201809 2.109 117.881 3.176
201812 4.845 118.340 7.269
201903 4.482 120.124 6.624
201906 2.112 120.977 3.100
201909 2.170 121.292 3.176
201912 3.463 123.436 4.981
202003 3.624 124.092 5.185
202006 1.150 123.557 1.652
202009 1.382 125.095 1.961
202012 2.337 129.012 3.216
202103 3.002 131.660 4.048
202106 3.975 133.871 5.272
202109 4.324 137.913 5.567
202112 4.550 141.992 5.689
202203 5.240 146.537 6.349
202206 6.301 149.784 7.469
202209 6.897 147.800 8.285
202212 5.868 150.207 6.936
202303 4.960 153.352 5.742
202306 5.097 154.519 5.857
202309 5.581 155.464 6.374
202312 5.651 157.148 6.384
202403 5.052 159.372 5.628
202406 4.984 161.052 5.494
202409 5.137 162.342 5.618
202412 4.951 164.740 5.336
202503 4.819 168.102 5.090
202506 4.799 169.670 5.022
202509 5.312 170.739 5.524
202512 5.644 171.765 5.834
202603 5.562 175.066 5.641
202606 6.426 177.544 6.426

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 (FRA:UGR) Overvalued in 2026?

Based on GuruFocus' analysis, Ultrapar Participacoes stock appears to be overvalued. The current stock price of €4.92 is trading 29.5% above its estimated GF Value™ of €3.80.

Key valuation signals for FRA:UGR:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: €3.80 vs. price of €4.92 (29.5% above fair value)
  • GF Score™: 72/100 with 4 warning signs

No single metric tells the full story. See the FRA:UGR 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.
72GF Score

Get the complete analysis for FRA:UGR

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

€4.92
Price
€3.80
GF Value