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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ultrapar Participacoes's Beneish M-Score or its related term are showing as below:
BSP:UGPA3'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.59 Max: -1.89
Current: -2.78
During the past 13 years, the highest Beneish M-Score of Ultrapar Participacoes was -1.89. The lowest was -2.92. And the median was -2.59.
Ultrapar Participacoes Beneish M-Score Related Terms
Ultrapar Participacoes Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Ultrapar Participacoes's Beneish M-Score 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.
BSP:UGPA3 vs VLO, MPC, PSX: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, Ultrapar Participacoes's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ultrapar Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultrapar Participacoes's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Ultrapar Participacoes for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0537
+
0.528 * 1.0045
+
0.404 * 0.8123
+
0.892 * 1.0686
+
0.115 * 1.1149
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0371
+
4.679 * -0.069062
-
0.327 * 1.0643
=
-2.78
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(1237.029 / (1237.029 + 8894.776))
/
(1719.972 / (1719.972 + 13986.38))
=
0.122094
/
0.109508
=
1.1149
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(2996.581 - -87.412
-
6552.075)
/
50217.114
=
-0.069062
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Ultrapar Participacoes has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Ultrapar Participacoes (BSP:UGPA3) has a Beneish M-Score of -2.78 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ultrapar Participacoes and its competitors. According to the industry distribution chart, Ultrapar Participacoes ranks #346 out of 824 companies in the Oil & Gas industry, placing it in the top 42%.
Is Ultrapar Participacoes' Beneish M-Score too high?
Ultrapar Participacoes' current Beneish M-Score is -2.78. Based on the distribution chart, Ultrapar Participacoes ranks #346 out of 824 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Ultrapar Participacoes has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ultrapar Participacoes' Beneish M-Score compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Ultrapar Participacoes ranks #346 out of 824 companies for Beneish M-Score. This puts Ultrapar Participacoes in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ultrapar Participacoes and its competitors. Ultrapar Participacoes's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ultrapar Participacoes stock overvalued right now?
Based on GuruFocus' analysis, Ultrapar Participacoes (BSP:UGPA3) is currently considered Significantly Overvalued. The stock's GF Value™ is R$23.39, compared to a current price of R$32.07 — trading 37.1% above its estimated fair value. The current Beneish M-Score is -2.78. Ultrapar Participacoes' overall GF Score™ is 73/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Ultrapar Participacoes (BSP:UGPA3), the current Beneish M-Score is -2.78 as of Jul. 20, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ultrapar Participacoes (BSP:UGPA3) Overvalued in 2026?
Based on GuruFocus' analysis, Ultrapar Participacoes stock appears to be overvalued.
The current stock price of R$32.07 is trading 37.1% above its estimated GF Value™ of R$23.39.
GuruFocus considers Ultrapar Participacoes to be Significantly Overvalued.
Key valuation signals for BSP:UGPA3:
Beneish M-Score: -2.78
GF Value™: R$23.39 vs. price of R$32.07 (37.1% above fair value)
No single metric tells the full story. See the BSP:UGPA3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
73GF Score
Get the complete analysis for BSP:UGPA3
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