Ultrapar Participacoes (MEX:UGPN) Cyclically Adjusted PS Ratio: (As of Sep. 21, 2026)

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

MEX:UGPN Ultrapar Participacoes SA MEX:UGPN
69 GF Score
Price MXN98.30
GF Value MXN66.11
! 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  (MEX:UGPN) 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 0.21 0.18 0.17 0.17

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 0.17 0.17 0.16 0.18

MEX:UGPN 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.


MEX:UGPN
69GF Score
Ultrapar Participacoes SA MEX:UGPN
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)
=130.596/177.5443*177.5443
=130.596

Current CPI (Jun. 2026) = 177.5443.

Ultrapar Participacoes Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 102.991 109.986 166.253
201612 105.676 110.802 169.331
201703 109.760 111.869 174.197
201706 100.459 112.115 159.087
201709 104.922 112.777 165.178
201712 114.188 114.068 177.731
201803 109.691 114.868 169.542
201806 111.727 117.038 169.488
201809 105.051 117.881 158.220
201812 111.965 118.340 167.980
201903 99.246 120.124 146.687
201906 91.800 120.977 134.724
201909 104.068 121.292 152.332
201912 101.907 123.436 146.578
202003 87.842 124.092 125.680
202006 62.918 123.557 90.409
202009 77.856 125.095 110.499
202012 80.599 129.012 110.919
202103 74.819 131.660 100.894
202106 91.443 133.871 121.275
202109 102.904 137.913 132.475
202112 108.681 141.992 135.892
202203 112.677 146.537 136.519
202206 136.972 149.784 162.358
202209 138.201 147.800 166.014
202212 122.359 150.207 144.628
202303 99.383 153.352 115.061
202306 95.710 154.519 109.972
202309 102.841 155.464 117.448
202312 107.104 157.148 121.005
202403 93.840 159.372 104.540
202406 95.627 161.052 105.420
202409 107.771 162.342 117.863
202412 108.937 164.740 117.404
202503 104.706 168.102 110.588
202506 105.748 169.670 110.656
202509 114.338 170.739 118.895
202512 118.413 171.765 122.397
202603 112.336 175.066 113.927
202606 130.596 177.544 130.596

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 (MEX:UGPN) Overvalued in 2026?

Based on GuruFocus' analysis, Ultrapar Participacoes stock appears to be overvalued. The current stock price of MXN98.30 is trading 48.7% above its estimated GF Value™ of MXN66.11.

Key valuation signals for MEX:UGPN:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: MXN66.11 vs. price of MXN98.30 (48.7% above fair value)
  • GF Score™: 69/100 with 4 warning signs

No single metric tells the full story. See the MEX:UGPN 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.
69GF Score

Get the complete analysis for MEX:UGPN

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

MXN98.30
Price
MXN66.11
GF Value