SUN vs UGP: Sunoco LP 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.
- Sunoco LP is the larger company, worth $14.7B, about 1.8 times Ultrapar Participacoes SA ADR.
- Sunoco LP grew revenue faster over the last year (+164.6% vs +5.9%).
- On earnings, Ultrapar Participacoes SA ADR is the cheaper stock (13.6x vs 19.9x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | SUN | UGP |
|---|---|---|
| Market cap | $14.7B | $8.3B |
| Share price | $75.60 | $7.90 |
| Revenue (last fiscal year) | $25.2B | $133.5B |
| Free cash flow (last fiscal year) | $615M | — |
| Revenue growth, last year | +164.6% | +5.9% |
| Revenue growth per year, last 5 fiscal years | +9.4% | +15.9% |
| Operating margin | 4.8% | — |
| Net margin | 2.9% | 1.8% |
| Return on equity | — | 15.6% |
| P/E (trailing) | 19.9x | 13.6x |
| Price / free cash flow | 23.9x | 5.44x |
| EV / EBITDA | 11.3x | 4.83x |
| FCF growth the price implies | 7.3% | — |
| Dividend yield | 4.9% | 4.1% |
| Debt / equity | — | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 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.
Sunoco LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.6B | $369M | 4.3% |
| 2022 | $25.7B | $375M | 2.6% |
| 2023 | $23.1B | $385M | 2.8% |
| 2024 | $22.7B | $205M | 3.5% |
| 2025 | $25.2B | $615M | 3.7% |
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
Sunoco LP · by segments, 2025
Fuel Distribution$23.9B90%
Terminals$1.4B5%
Pipeline Systems$751M3%
Refinery$474M2%
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 SUN in InvestinglyQuestions
Which is bigger, Sunoco LP or Ultrapar Participacoes SA ADR?
Sunoco LP (SUN), at $14.7B against $8.3B.
Is SUN or UGP cheaper?
By trailing P/E, Ultrapar Participacoes SA ADR (13.6x) is cheaper than Sunoco LP (19.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, SUN or UGP?
Sunoco LP: revenue grew +164.6% 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.