PSX vs UGP: Phillips 66 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.
- Phillips 66 is the larger company, worth $118.4B, about 14.3 times Ultrapar Participacoes SA ADR.
- Phillips 66 grew revenue faster over the last year (+53.1% vs +5.9%).
- On earnings, Ultrapar Participacoes SA ADR is the cheaper stock (13.6x vs 29.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PSX | UGP |
|---|---|---|
| Market cap | $118.4B | $8.3B |
| Share price | $278.18 | $7.90 |
| Revenue (last fiscal year) | $132.4B | $133.5B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +53.1% | +5.9% |
| Revenue growth per year, last 5 fiscal years | +4.4% | +15.9% |
| Operating margin | — | — |
| Net margin | 4.7% | 1.8% |
| Return on equity | 22.5% | 15.6% |
| P/E (trailing) | 29.2x | 13.6x |
| Price / free cash flow | 43.4x | 5.44x |
| EV / EBITDA | 9.86x | 4.83x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.7% | 4.1% |
| Debt / equity | 1.56x | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Phillips 66
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $111.5B | — | — |
| 2022 | $170.0B | — | — |
| 2023 | $147.4B | — | — |
| 2024 | $143.2B | — | — |
| 2025 | $132.4B | — | — |
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
Phillips 66 · by segments, 2025
M&S$85.9B46%
Refining$74.9B40%
Midstream$21.2B11%
Renewable Fuels$6.2B3%
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 PSX in InvestinglyQuestions
Which is bigger, Phillips 66 or Ultrapar Participacoes SA ADR?
Phillips 66 (PSX), at $118.4B against $8.3B.
Is PSX or UGP cheaper?
By trailing P/E, Ultrapar Participacoes SA ADR (13.6x) is cheaper than Phillips 66 (29.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, PSX or UGP?
Phillips 66: revenue grew +53.1% 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.