UGP (UGP) Stock Analysis

Verdict: HOLD

Expanding FCF to $3.45B and EBITDA to $7.81B drive rally near $7.69 high, but a 42% debt spike to $21.83B caps immediate upside.

Investment score: 53/100

Ultrapar demonstrates improving operational cash flow ($5.45B) and rising EBITDA ($7.81B in 2025), but with the stock up 30.6% over 90 days and trading just 2.1% below its 52-week high of $7.69, further multiple expansion is constrained by a 42.3% surge in total debt to $21.83B.

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