Unipar Carbocloro SA

Unipar's capital structure shows a debt-to-equity ratio of 0.94, indicating a relatively balanced mix of debt and equity financing. The company holds BRL 1.54 billion in cash and equivalents, but this is offset by BRL 2.51 billion in long-term debt, resulting in a net cash position of negative BRL 971 million. The current ratio of 2.52 suggests strong short-term liquidity, with current assets comfortably covering current liabilities.

Profitability metrics show a return on equity of 3.32% and a return on assets of 1.24%, both below the typical thresholds for high-performing chemical firms. The operating margin of 9.99% (calculated from operating income of BRL 125.6 million on revenue of BRL 1.25 billion) is in line with the industry median of 10.2% for commodity chemicals. However, the net profit margin of 7.08% (BRL 88.8 million net income) is slightly below the median of 7.5% for the sector.

Geographically, Unipar's revenue is concentrated in Brazil, with over 95% of total revenue derived from domestic operations. The company operates in a single business segment focused on commodity chemicals, with no material diversification across product lines. This concentration increases exposure to local economic and regulatory conditions.

Looking ahead, Unipar is projected to see a 4.2% year-over-year revenue increase in the current fiscal year, with a 3.8% growth expected in the following year. This growth is supported by stable demand in the agricultural and industrial sectors, which account for the majority of the company's sales. Capital expenditures of BRL 234.4 million in the latest period reflect ongoing investments in production capacity and efficiency.

The risk assessment highlights medium liquidity risk due to the negative net cash position and a low dilution risk, with no significant dilution expected in the near term. The company has not issued new shares in the past 12 months, and no dilutive events are currently scheduled. The risk of dilution remains low, with no material changes in share structure or capital-raising activities reported.

Recent filings and transcripts show no material changes in the company's strategic direction or operational performance. Analysts maintain a neutral stance, with two "hold" recommendations and no "buy" or "strong buy" ratings. The mean price target of BRL 64.00 represents a 12.3% upside from the current share price of BRL 57.00.

Operating and net margins exceed commodity chemical medians, indicating superior profitability relative to peers.

Analysts project a 4.1% upside to the mean price target of BRL 64.00.

Net income CAGR of 9.1% over four years suggests underlying earnings growth potential.

High credit risk flag signals significant concerns regarding the company's ability to meet debt obligations.

Debt-to-equity ratio of 0.94 is in the bottom quartile, indicating excessive leverage compared to peers.

Free cash flow deteriorated to negative BRL 1.6 billion in FY2026, worsening liquidity position.

Revenue BRL 1.24B, −9,6% YoY; Operating income −52,1% YoY.

• ▍Revenue BRL 1.24B, −9,6% YoY
• ▍Operating income −52,1% YoY
• ▍Net income −75,2% YoY
• ▍Free cash flow +15,9% YoY
• ▍Net margin 3.0%

Revenue BRL 1.24B, −24,2% YoY; Operating income −85,9% YoY.

• ▍Revenue BRL 1.24B, −24,2% YoY
• ▍Operating income −85,9% YoY
• ▍Net income −101,8% YoY
• ▍Free cash flow −422,5% YoY
• ▍Net margin -0.4%

Revenue BRL 1.26B, −8,4% YoY; Operating income −0,7% YoY.

• ▍Revenue BRL 1.26B, −8,4% YoY
• ▍Operating income −0,7% YoY
• ▍Net income −8,0% YoY
• ▍Free cash flow −2 668,1% YoY
• ▍Net margin 8.7%

Revenue BRL 1.27B, +1,6% YoY; Operating income +193,6% YoY.

• ▍Revenue BRL 1.27B, +1,6% YoY
• ▍Operating income +193,6% YoY
• ▍Net income +162,7% YoY
• ▍Free cash flow −6 243,1% YoY
• ▍Net margin 18.3%

Revenue BRL 1.37B; Operating income BRL 267.4M.

• ▍Revenue BRL 1.37B
• ▍Operating income BRL 267.4M
• ▍Net margin 11.1%

Revenue BRL 1.64B; Operating income BRL 410.2M.

• ▍Revenue BRL 1.64B
• ▍Operating income BRL 410.2M
• ▍Net margin 17.9%

Revenue BRL 1.38B; Operating income BRL 187.8M.

• ▍Revenue BRL 1.38B
• ▍Operating income BRL 187.8M
• ▍Net margin 8.6%

Revenue BRL 5.14B, −5,3% YoY; Operating income −1,5% YoY.

• ▍Revenue BRL 5.14B, −5,3% YoY
• ▍Operating income −1,5% YoY
• ▍Net income −12,1% YoY
• ▍Free cash flow −596,3% YoY
• ▍Net margin 9.5%

Revenue BRL 5.43B, +10,9% YoY; Operating income +5,0% YoY.

• ▍Revenue BRL 5.43B, +10,9% YoY
• ▍Operating income +5,0% YoY
• ▍Net income −29,4% YoY
• ▍Free cash flow −181,8% YoY
• ▍Net margin 10.2%