MPC vs UGP: Marathon Petroleum and Ultrapar Participacoes SA ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Marathon Petroleum is the larger company, worth $140.3B, about 17.0 times Ultrapar Participacoes SA ADR.
- Marathon Petroleum grew revenue faster over the last year (+53.8% vs +5.9%).
- On earnings, Ultrapar Participacoes SA ADR is the cheaper stock (13.6x vs 31.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MPC | UGP |
|---|---|---|
| Market cap | $140.3B | $8.3B |
| Share price | $455.03 | $7.90 |
| Revenue (last fiscal year) | $132.7B | $133.5B |
| Free cash flow (last fiscal year) | $4.8B | — |
| Revenue growth, last year | +53.8% | +5.9% |
| Revenue growth per year, last 5 fiscal years | +2.6% | +15.9% |
| Operating margin | 9.2% | — |
| Net margin | 5.6% | 1.8% |
| Return on equity | 44.8% | 15.6% |
| P/E (trailing) | 31.7x | 13.6x |
| Price / free cash flow | 29.4x | 5.44x |
| EV / EBITDA | 9.75x | 4.83x |
| FCF growth the price implies | 10.0% | — |
| Dividend yield | 0.83% | 4.1% |
| Debt / equity | 3.60x | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Marathon Petroleum
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $120.0B | $2.9B | 3.6% |
| 2022 | $177.5B | $13.9B | 12.1% |
| 2023 | $148.4B | $12.2B | 9.8% |
| 2024 | $138.9B | $6.1B | 4.9% |
| 2025 | $132.7B | $4.8B | 6.2% |
Ultrapar Participacoes SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $74.1B | $2.2B | — |
| 2021 | $109.7B | $1.3B | — |
| 2022 | $143.6B | $798M | — |
| 2023 | $126.0B | $2.6B | — |
| 2024 | $133.5B | — | — |
Where the revenue comes from
Marathon Petroleum · by segments, 2025
Refining & Marketing$124.3B94%
Midstream$5.6B4%
Renewable Diesel$2.8B2%
Ultrapar Participacoes SA ADR · by segments, 2025
Ipiranga$127.6B90%
Ultragaz$12.3B9%
Hidrovias do Brasil$1.6B1%
Ultracargo Soluções Logística$1.0B1%
All other segments$9M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MPC in InvestinglyQuestions
Which is bigger, Marathon Petroleum or Ultrapar Participacoes SA ADR?
Marathon Petroleum (MPC), at $140.3B against $8.3B.
Is MPC or UGP cheaper?
By trailing P/E, Ultrapar Participacoes SA ADR (13.6x) is cheaper than Marathon Petroleum (31.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, MPC or UGP?
Marathon Petroleum: revenue grew +53.8% over the last year, against +5.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.