Ultrapar ParticipacoesUGP +2.01%82 Return-on-Tangible-Equity is 28.15% as of Mar. 2026, which is 45% above its 10-year median of 19.35. GuruFocus rates UGP with a GF Score™ of 82/100 and a GF Value™ of $4.48 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 944 Oil & Gas companies, Ultrapar Participacoes ranks better than 82.63% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Ultrapar Participacoes's annualized net income for the quarter that ended in Mar. 2026 was $670 Mil. Ultrapar Participacoes's average shareholder tangible equity for the quarter that ended in Mar. 2026 was $2,379 Mil. Therefore, Ultrapar Participacoes's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 28.15%.
The historical rank and industry rank for Ultrapar Participacoes's Return-on-Tangible-Equity or its related term are showing as below:
UGP'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 5.06 Med: 19.35 Max: 27.45
Current: 23.38
During the past 13 years, Ultrapar Participacoes's highest Return-on-Tangible-Equity was 27.45%. The lowest was 5.06%. And the median was 19.35%.
UGP's Return-on-Tangible-Equity is ranked better than 82.63% of 944
companies
in the Oil & Gas industry
Industry Median: 6.73
vs UGP: 23.38
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Ultrapar Participacoes Return-on-Tangible-Equity Related Terms
Ultrapar Participacoes Return-on-Tangible-Equity Historical Data
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The historical data trend for Ultrapar Participacoes's Return-on-Tangible-Equity 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.
UGP vs VLO, MPC, PSX: Return-on-Tangible-Equity Comparison
For the Oil & Gas Refining & Marketing subindustry, Ultrapar Participacoes's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ultrapar Participacoes's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Ultrapar Participacoes's Return-on-Tangible-Equity falls into.
* 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 28.15% mean?
Ultrapar Participacoes (UGP) has a Return-on-Tangible-Equity of 28.15% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Ultrapar Participacoes and its competitors. This is 45% above median its historical median of 19.35. Over the past decade, Ultrapar Participacoes' Return-on-Tangible-Equity has ranged from 5.06 to 27.45. According to the industry distribution chart, Ultrapar Participacoes ranks #164 out of 944 companies in the Oil & Gas industry, placing it in the top 17.4%.
Is Ultrapar Participacoes' Return-on-Tangible-Equity too high?
Ultrapar Participacoes' current Return-on-Tangible-Equity of 28.15% is 45% above median its 10-year median of 19.35. Over the past 10 years, this metric has ranged from a low of 5.06 to a high of 27.45. The Oil & Gas industry median Return-on-Tangible-Equity is 6.73. Ultrapar Participacoes' value of 28.15% is 318.3% above this industry median. Based on the distribution chart, Ultrapar Participacoes ranks #164 out of 944 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Ultrapar Participacoes has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ultrapar Participacoes' Return-on-Tangible-Equity compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Ultrapar Participacoes ranks #164 out of 944 companies for Return-on-Tangible-Equity. This places Ultrapar Participacoes in the top 17% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.73. Ultrapar Participacoes' value of 28.15% is 318.3% above this benchmark. Historically, Ultrapar Participacoes' own Return-on-Tangible-Equity has ranged from 5.06 to 27.45 over the past decade. While the company's 10-year median is 19.35 vs. the industry median of 6.73, Ultrapar Participacoes has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for an Oil & Gas company?
The median Return-on-Tangible-Equity among Oil & Gas companies is 6.73, based on 944 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ultrapar Participacoes's current Return-on-Tangible-Equity of 28.15% is 318.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Ultrapar Participacoes and its competitors. For the Oil & Gas industry, the median Return-on-Tangible-Equity is 6.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ultrapar Participacoes's current Return-on-Tangible-Equity is 28.15%, which is 45% above median its own 10-year median of 19.35. 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 (UGP) is currently considered Modestly Overvalued. The stock's GF Value™ is $4.48, compared to a current price of $5.07 — trading 13.2% above its estimated fair value. The current Return-on-Tangible-Equity is 28.15%, which is 45% above median its 10-year median of 19.35 and 318.3% above the Oil & Gas industry median of 6.73. Ultrapar Participacoes' overall GF Score™ is 82/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Ultrapar Participacoes (UGP), the current Return-on-Tangible-Equity is 28.15% as of Mar. 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 (UGP) Overvalued in 2026?
Based on GuruFocus' analysis, Ultrapar Participacoes stock appears to be overvalued.
The current stock price of $5.07 is trading 13.2% above its estimated GF Value™ of $4.48.
GuruFocus considers Ultrapar Participacoes to be Modestly Overvalued.
Key valuation signals for UGP:
Return-on-Tangible-Equity: 28.15% (45% above median its 10-year median of 19.35)
GF Value™: $4.48 vs. price of $5.07 (13.2% above fair value)
Industry Position: 318.3% above the Oil & Gas median (#164 of 944)
No single metric tells the full story. See the UGP 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.
82GF Score
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