Ultrapar ParticipacoesUGP -1.21%77 ROE % is 22.25% as of Mar. 2026, which is 37% above its 10-year median of 16.21. GuruFocus rates UGP with a GF Score™ of 77/100 and a GF Value™ of $4.56 (Fairly Valued). The stock has 1 warning sign investors should review. Among 957 Oil & Gas companies, Ultrapar Participacoes ranks better than 82.45% on this metric.
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % 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 ROE %s can be extremely high.
* 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.
For the Oil & Gas Refining & Marketing subindustry, Ultrapar Participacoes's ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ultrapar Participacoes's ROE % distribution charts can be found below:
* The bar in red indicates where Ultrapar Participacoes's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder 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.
ROE % is displayed in the 30-year financial page.
Ultrapar Participacoes (UGP) has a ROE % of 22.25% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Ultrapar Participacoes and its competitors. This is 37% above median its historical median of 16.21. Over the past decade, Ultrapar Participacoes' ROE % has ranged from 3.95 to 19.35. According to the industry distribution chart, Ultrapar Participacoes ranks #168 out of 957 companies in the Oil & Gas industry, placing it in the top 17.6%.
Is Ultrapar Participacoes' ROE % too high?
Ultrapar Participacoes' current ROE % of 22.25% is 37% above median its 10-year median of 16.21. Over the past 10 years, this metric has ranged from a low of 3.95 to a high of 19.35. The Oil & Gas industry median ROE % is 5.74. Ultrapar Participacoes' value of 22.25% is 287.6% above this industry median. Based on the distribution chart, Ultrapar Participacoes ranks #168 out of 957 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 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ultrapar Participacoes' ROE % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Ultrapar Participacoes ranks #168 out of 957 companies for ROE %. This places Ultrapar Participacoes in the top 18% of its industry — outperforming the majority of peers. The industry median ROE % is 5.74. Ultrapar Participacoes' value of 22.25% is 287.6% above this benchmark. Historically, Ultrapar Participacoes' own ROE % has ranged from 3.95 to 19.35 over the past decade. While the company's 10-year median is 16.21 vs. the industry median of 5.74, 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 ROE % for an Oil & Gas company?
The median ROE % among Oil & Gas companies is 5.74, based on 957 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ultrapar Participacoes's current ROE % of 22.25% is 287.6% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Ultrapar Participacoes and its competitors. For the Oil & Gas industry, the median ROE % is 5.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ultrapar Participacoes's current ROE % is 22.25%, which is 37% above median its own 10-year median of 16.21. 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 Fairly Valued. The stock's GF Value™ is $4.56, compared to a current price of $4.88 — trading 7% above its estimated fair value. The current ROE % is 22.25%, which is 37% above median its 10-year median of 16.21 and 287.6% above the Oil & Gas industry median of 5.74. Ultrapar Participacoes' overall GF Score™ is 77/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For Ultrapar Participacoes (UGP), the current ROE % is 22.25% 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 $4.88 is trading 7% above its estimated GF Value™ of $4.56.
GuruFocus considers Ultrapar Participacoes to be Fairly Valued.
Key valuation signals for UGP:
ROE %: 22.25% (37% above median its 10-year median of 16.21)
GF Value™: $4.56 vs. price of $4.88 (7% above fair value)
Industry Position: 287.6% above the Oil & Gas median (#168 of 957)
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.
77GF Score
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