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May 5, 2026·SEC
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Apr 13, 2026·SEC
Material company update
Feb 19, 2026·SEC
UL Solutions Inc.(ULS)Earnings, Financials & Key Ratios
ULS•NYSE
57.1× P/E·Price updated Jun 19, 2026
AboutUL Solutions Inc. provides safety science services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory. The Industrial segment provides testing, inspection, and certification services across various end markets, including energy, industrial automation, engineered materials, and built environment, as well as stakeholders, such as manufacturers, building owners, end users, and regulators. The Consumer segment offers safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality, and critical systems advisory and training services, as well as product market acceptance and risk mitigation services for customers in the consumer products end markets comprising consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, and retail, as well as consumer applications, such as new mobility, smart products, and 5G. The Software and Advisory segment provide software and technical advisory services that enable customers to manage regulatory requirements, deliver supply chain transparency, and operationalize sustainability for regulated industries, including life sciences, supply chain regulations, transparency needs, and new ESG and sustainability requirements. It offers ULTRUS software brand to help customers improve speed to market, sustainability and safety. UL Solutions Inc. was formerly known as UL Inc. and changed its name to UL Solutions Inc. in June 2022. The company was founded in 1894 and is headquartered in Northbrook, Illinois with additional offices in North America, Asia Pacific, Africa, Europe, Latin America, and Middle East. UL Solutions Inc. operates as a subsidiary of ULSE Inc.Show more
- Revenue$3.05B+6.4%
- EBITDA$758M+19.6%
- Net Income$325M-0.3%
- EPS (Diluted)1.60-1.2%
- Gross Margin49.06%+2.0%
- EBITDA Margin24.83%+12.4%
- Operating Margin17.11%+6.3%
- Net Margin10.65%-6.3%
- ROE29.21%-27.9%
ULS Key Insights
UL Solutions Inc. (ULS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 33.1%
- ✓Strong Piotroski F-Score: 7/9
- ✓High quality earnings: Operating CF exceeds net income
- ✓Healthy 5Y average net margin of 10.4%
- ✓Efficient asset utilization: 1.0x turnover
✗Weaknesses
- ✗Expensive at 14.3x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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ULS Price & Volume
UL Solutions Inc. (ULS) stock price & volume — 10-year historical chart
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ULS Growth Metrics
UL Solutions Inc. (ULS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years5.82%
3 Years6.6%
TTM6.92%
Profit CAGR
10 Years-
5 Years7.07%
3 Years3.52%
TTM3.56%
EPS CAGR
10 Years-
5 Years6.64%
3 Years2.86%
TTM1.79%
Return on Capital
10 Years17.79%
5 Years18.83%
3 Years22.45%
Last Year24.75%
ULS Recent Earnings
UL Solutions Inc. (ULS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (89%)●Beat Revenue 9/12 qtrs (100%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.50+21.1%
$0.41
Rev
$758M+1.3%
$749M
Q1 2026
Feb 19, 2026Metric
Actual
Est
EPS
$0.53+19.0%
$0.45
Rev
$789M+0.8%
$782M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$0.56+18.6%
$0.47
Rev
$783M+1.6%
$771M
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$0.52+10.6%
$0.47
Rev
$776M+0.9%
$769M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.50vs $0.41+21.1% | $758Mvs $749M+1.3% |
| Q1 2026 | Feb 19, 2026 | $0.53vs $0.45+19.0% | $789Mvs $782M+0.8% |
| Q4 2025 | Nov 4, 2025 | $0.56vs $0.47+18.6% | $783Mvs $771M+1.6% |
| Q3 2025 | Aug 5, 2025 | $0.52vs $0.47+10.6% | $776Mvs $769M+0.9% |
Based on last 12 quarters of dataView full earnings history →
ULS Peer Comparison
UL Solutions Inc. (ULS) competitors in Testing, Inspection and Certification — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 BV | 1.22B | 13.05 | 22.89 | -3.41% | 1.38% | 2.13% | 0.51 | |
 NVT | 28.62B | 177.02 | 41.07 | 29.51% | 11.37% | 13.41% | 0.42 | |
 TRU | 12.46B | 64.60 | 27.84 | 9.38% | 14.91% | 15.1% | 1.13 | |
 BURL | 21.21B | 336.95 | 35.43 | 8.76% | 5.24% | 37.72% | 3.32 | |
 ICFI | 1.2B | 66.51 | 13.44 | -7.27% | 4.68% | 8.35% | 0.56 | |
 EXPO | 2.8B | 56.89 | 27.48 | 4.21% | 18.21% | 25.51% | 0.21 | |
 FORR | 128.48M | 6.70 | -1.07 | -8.23% | -13.74% | -39.22% | 0.57 | |
 NSP | 1.38B | 36.22 | -201.22 | 3.51% | -0.1% | -7.69% | 9.46 |
Compare ULS vs Peers
UL Solutions Inc. (ULS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ULS Income Statement
UL Solutions Inc. (ULS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Sales/Revenue | 2.3B | 2.52B | 2.52B | 2.68B | 2.87B | 3.05B | 3.11B |
Revenue Growth % | - | 9.39% | 0.12% | 6.27% | 7.17% | 6.38% | 6.92% |
Cost of Goods Sold | 1.27B | 1.34B | 1.31B | 1.41B | 1.49B | 1.56B | 1.57B |
COGS % of Revenue | 55.19% | 53.16% | 52.1% | 52.76% | 51.92% | 50.94% | - |
Gross Profit | 1.03B▲ 0% | 1.18B▲ 14.4% | 1.21B▲ 2.4% | 1.26B▲ 4.8% | 1.38B▲ 9.1% | 1.5B▲ 8.5% | 1.54B▲ 0% |
Gross Margin % | 44.81% | 46.84% | 47.9% | 47.24% | 48.08% | 49.06% | 49.61% |
Gross Profit Growth % | - | 14.36% | 2.37% | 4.81% | 9.09% | 8.54% | - |
Operating Expenses | 668M | 892M | 795M | 860M | 918M | 975.47M | 989.47M |
OpEx % of Revenue | 29.03% | 35.44% | 31.55% | 32.11% | 31.99% | 31.95% | - |
Selling, General & Admin | 668M | 892M | 795M | 860M | 918M | 975.47M | 989.47M |
SG&A % of Revenue | 29.03% | 35.44% | 31.55% | 32.11% | 31.99% | 31.95% | - |
Research & Development | 0 | 0 | 0 | 0 | 59M | 0 | 0 |
R&D % of Revenue | - | - | - | - | 2.06% | - | - |
Other Operating Expenses | 0 | 0 | 0 | 0 | -59M | 0 | 0 |
Operating Income | 363M▲ 0% | 287M▼ 20.9% | 412M▲ 43.6% | 405M▼ 1.7% | 462M▲ 14.1% | 522.35M▲ 13.1% | 551.35M▲ 0% |
Operating Margin % | 15.78% | 11.4% | 16.35% | 15.12% | 16.1% | 17.11% | 17.75% |
Operating Income Growth % | - | -20.94% | 43.55% | -1.7% | 14.07% | 13.06% | - |
EBITDA | 510M | 429M | 547M | 559M | 634M | 758M | 742M |
EBITDA Margin % | 22.16% | 17.04% | 21.71% | 20.87% | 22.09% | 24.83% | 23.89% |
EBITDA Growth % | - | -15.88% | 27.51% | 2.19% | 13.42% | 19.56% | 13.11% |
D&A (Non-Cash Add-back) | 147M | 142M | 135M | 154M | 172M | 235.65M | 190.65M |
EBIT | 334M | 275M | 400M | 381M | 470M | 502.7M | 534.7M |
Net Interest Income | -1M | -1M | -17M | -23M | -51M | -38M | -27M |
Interest Income | 0 | 0 | 0 | 12M | 4M | 3M | 2M |
Interest Expense | 1M | 1M | 17M | 35M | 55M | 41M | 21M |
Other Income/Expense | -30M | -13M | -29M | -59M | -47M | -60.65M | -54.65M |
Pretax Income | 333M▲ 0% | 274M▼ 17.7% | 383M▲ 39.8% | 346M▼ 9.7% | 415M▲ 19.9% | 461.7M▲ 11.3% | 496.7M▲ 0% |
Pretax Margin % | 14.47% | 10.89% | 15.2% | 12.92% | 14.46% | 15.12% | 15.99% |
Income Tax | 90M | 36M | 74M | 70M | 70M | 116.7M | 125.7M |
Effective Tax Rate % | 27.03% | 13.14% | 19.32% | 20.23% | 16.87% | 25.28% | 25.31% |
Net Income | 231M▲ 0% | 224M▼ 3.0% | 293M▲ 30.8% | 260M▼ 11.3% | 326M▲ 25.4% | 325M▼ 0.3% | 349M▲ 0% |
Net Margin % | 10.04% | 8.9% | 11.63% | 9.71% | 11.36% | 10.65% | 11.24% |
Net Income Growth % | - | -3.03% | 30.8% | -11.26% | 25.38% | -0.31% | 3.56% |
Net Income (Continuing) | 243M | 238M | 309M | 276M | 345M | 345M | 366M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 20M | 21M | 23M | 24M | 27M | 0 | 0 |
EPS (Diluted) | 1.16▲ 0% | 1.12▼ 3.4% | 1.47▲ 31.2% | 1.30▼ 11.6% | 1.62▲ 24.6% | 1.60▼ 1.2% | 1.71▲ 0% |
EPS Growth % | - | -3.45% | 31.25% | -11.56% | 24.62% | -1.23% | 1.79% |
EPS (Basic) | 1.16 | 1.12 | 1.47 | 1.30 | 1.63 | 1.62 | - |
Diluted Shares Outstanding | 200M | 200M | 200M | 200M | 201M | 203M | 204M |
Basic Shares Outstanding | 200M | 200M | 200M | 200M | 200M | 201M | 201M |
Dividend Payout Ratio | 3.9% | 89.29% | 546.08% | 261.54% | 30.67% | 32% | - |
ULS Balance Sheet
UL Solutions Inc. (ULS) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Total Current Assets | 1.59B | 2B | 998M | 953M | 921M | 1B | 1.05B |
Cash & Short-Term Investments | 971M | 1.38B | 373M | 315M | 298M | 295M | 258M |
Cash Only | 971M | 1.33B | 322M | 315M | 298M | 295M | 258M |
Short-Term Investments | 0 | 47M | 51M | 0 | 0 | 0 | 0 |
Accounts Receivable | 566M | 557M | 587M | 590M | 586M | 626M | 497M |
Days Sales Outstanding | 89.78 | 80.77 | 85.02 | 80.41 | 74.53 | 74.84 | 70.33 |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - | - |
Other Current Assets | 57M | 6M | 5M | 13M | 4M | 79M | 292M |
Total Non-Current Assets | 1.96B | 1.66B | 1.72B | 1.78B | 1.88B | 1.92B | 1.91B |
Property, Plant & Equipment | 609M | 602M | 637M | 706M | 817M | 878M | 884M |
Fixed Asset Turnover | 3.78x | 4.18x | 3.96x | 3.79x | 3.51x | 3.48x | 3.61x |
Goodwill | 593M | 621M | 647M | 623M | 633M | 656M | 643M |
Intangible Assets | 209M | 196M | 200M | 211M | 185M | 153M | 44M |
Long-Term Investments | 409M | 44M | 62M | 64M | 58M | 0 | 66M |
Other Non-Current Assets | 137M | 34M | 48M | 69M | 78M | 140M | 245M |
Total Assets | 3.55B▲ 0% | 3.66B▲ 3.1% | 2.72B▼ 25.7% | 2.74B▲ 0.6% | 2.8B▲ 2.3% | 2.92B▲ 4.3% | 2.96B▲ 0% |
Asset Turnover | 0.65x | 0.69x | 0.93x | 0.98x | 1.03x | 1.05x | 1.06x |
Asset Growth % | - | 3.13% | -25.72% | 0.59% | 2.34% | 4.32% | 14.29% |
Total Current Liabilities | 670M | 792M | 694M | 709M | 740M | 760M | 899M |
Accounts Payable | 131M | 179M | 153M | 169M | 182M | 183M | 168M |
Days Payables Outstanding | 37.65 | 48.83 | 42.53 | 43.66 | 44.58 | 42.95 | 37.37 |
Short-Term Debt | 3M | 0 | 0 | 0 | 50M | 43M | 41M |
Deferred Revenue (Current) | 0 | 135M | 142M | 162M | 162M | 173M | 756M |
Other Current Liabilities | 179M | 413M | 357M | 339M | 54M | 79M | 690M |
Current Ratio | 2.38x | 2.52x | 1.44x | 1.34x | 1.24x | 1.32x | 1.16x |
Quick Ratio | 2.38x | 2.52x | 1.44x | 1.34x | 1.24x | 1.32x | 1.16x |
Cash Conversion Cycle | - | - | - | - | - | - | 32.96 |
Total Non-Current Liabilities | 609M | 538M | 949M | 1.35B | 1.13B | 867M | 720M |
Long-Term Debt | 0 | 0 | 499M | 904M | 692M | 640M | 498M |
Capital Lease Obligations | 116M | 118M | 119M | 120M | 155M | 149M | 454M |
Deferred Tax Liabilities | 0 | 15M | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 493M | 405M | 331M | 325M | 282M | 78M | 222M |
Total Liabilities | 1.28B | 1.33B | 1.64B | 2.06B | 1.87B | 1.63B | 1.62B |
Total Debt | 161M | 154M | 660M | 1.06B | 935M | 832M | 539M |
Net Debt | -810M | -1.17B | 338M | 748M | 637M | 537M | 281M |
Debt / Equity | 0.07x | 0.07x | 0.61x | 1.57x | 1.00x | 0.64x | 0.40x |
Debt / EBITDA | 0.32x | 0.36x | 1.21x | 1.90x | 1.47x | 1.10x | 0.73x |
Net Debt / EBITDA | -1.59x | -2.74x | 0.62x | 1.34x | 1.00x | 0.71x | 0.38x |
Interest Coverage | 334.00x | 275.00x | 23.53x | 10.89x | 8.55x | 12.26x | 25.46x |
Total Equity | 2.27B▲ 0% | 2.33B▲ 2.6% | 1.08B▼ 53.8% | 678M▼ 37.0% | 931M▲ 37.3% | 1.29B▲ 39.0% | 1.34B▲ 0% |
Equity Growth % | - | 2.64% | -53.82% | -37.05% | 37.32% | 38.99% | 152.53% |
Book Value per Share | 11.36 | 11.66 | 5.39 | 3.39 | 4.63 | 6.37 | 6.55 |
Total Shareholders' Equity | 2.25B | 2.31B | 1.05B | 654M | 904M | 1.29B | 1.34B |
Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | 1.49B | 1.52B | 211M | 24M | 250M | 0 | 0 |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -251M | -216M | -166M | -146M | -167M | 0 | 0 |
Minority Interest | 20M | 21M | 23M | 24M | 27M | 0 | 0 |
ULS Cash Flow Statement
UL Solutions Inc. (ULS) cash flow — operating, investing & free cash flow history
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Cash from Operations | 487M | 421M | 372M | 467M | 524M | 600M | 446M |
Operating CF Margin % | 21.16% | 16.73% | 14.76% | 17.44% | 18.26% | 19.65% | - |
Operating CF Growth % | - | -13.55% | -11.64% | 25.54% | 12.21% | 14.5% | -43.18% |
Net Income | 231M | 224M | 293M | 260M | 326M | 325M | 349M |
Depreciation & Amortization | 147M | 142M | 135M | 154M | 172M | 188M | 143M |
Stock-Based Compensation | 12M | 135M | -1M | 0 | 54M | 0 | 28M |
Deferred Taxes | 0 | -70M | 10M | 11M | 0 | 2M | 1M |
Other Non-Cash Items | 31M | -111M | 43M | 60M | -11M | 96M | 15M |
Working Capital Changes | 66M | 101M | -108M | -18M | -17M | -11M | -10M |
Change in Receivables | -10M | -1M | -15M | 6M | -28M | -32M | 74M |
Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 8M | 30M | -18M | 1M | 13M | -13M | 10M |
Cash from Investing | -344M | 178M | -238M | -175M | -234M | -204M | -154M |
Capital Expenditures | -119M | -107M | -164M | -215M | -237M | -197M | -146M |
CapEx % of Revenue | 5.17% | 4.25% | 6.51% | 8.03% | 8.26% | 6.45% | 4.7% |
Acquisitions | 0 | -39M | -65M | -18M | -26M | -1M | -1M |
Investments | - | - | - | - | - | - | - |
Other Investing | 0 | 0 | 0 | 9M | 29M | 1M | 0 |
Cash from Financing | -20M | -228M | -1.12B | -294M | -284M | -396M | -261M |
Debt Issued (Net) | 0 | 0 | 500M | 410M | -165M | -253M | -297M |
Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends Paid | -9M | -200M | -1.6B | -680M | -100M | -104M | -107M |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | -11M | -28M | -16M | -24M | -19M | -39M | 143M |
Net Change in Cash | 127M▲ 0% | 357M▲ 181.1% | -1.01B▼ 381.8% | -7M▲ 99.3% | -17M▼ 142.9% | -3M▲ 82.4% | -9M▲ 0% |
Free Cash Flow | 368M▲ 0% | 314M▼ 14.7% | 208M▼ 33.8% | 252M▲ 21.2% | 287M▲ 13.9% | 403M▲ 40.4% | 300M▲ 0% |
FCF Margin % | 15.99% | 12.48% | 8.25% | 9.41% | 10% | 13.2% | 9.66% |
FCF Growth % | - | -14.67% | -33.76% | 21.15% | 13.89% | 40.42% | -1.96% |
FCF per Share | 1.84 | 1.57 | 1.04 | 1.26 | 1.43 | 1.99 | 1.47 |
FCF Conversion (FCF/Net Income) | 2.11x | 1.88x | 1.27x | 1.80x | 1.61x | 1.85x | 0.86x |
Interest Paid | 0 | 1M | 17M | 32M | 57M | 0 | 19M |
Taxes Paid | 0 | 132M | 68M | 57M | 66M | 0 | 53M |
ULS Key Ratios
UL Solutions Inc. (ULS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
Return on Equity (ROE) | 9.73% | 17.19% | 29.63% | 40.52% | 29.21% | 28.13% |
Return on Invested Capital (ROIC) | 16.43% | 24.02% | 21.38% | 23.15% | 23.05% | 24.34% |
Gross Margin | 46.84% | 47.9% | 47.24% | 48.08% | 49.06% | 49.61% |
Net Margin | 8.9% | 11.63% | 9.71% | 11.36% | 10.65% | 11.24% |
Debt / Equity | 0.07x | 0.61x | 1.57x | 1.00x | 0.64x | 0.40x |
Interest Coverage | 275.00x | 23.53x | 10.89x | 8.55x | 12.26x | 25.46x |
FCF Conversion | 1.88x | 1.27x | 1.80x | 1.61x | 1.85x | 0.86x |
Revenue Growth | 9.39% | 0.12% | 6.27% | 7.17% | 6.38% | 6.92% |
Related:ULS Dividend History·ULS Revenue History·ULS Price History·ULS P/E History·ULS Financial Ratios·ULS Institutional Holders
ULS SEC Filings & Documents
UL Solutions Inc. (ULS) SEC filings — annual & quarterly reports (10-K, 10-Q)
ULS Frequently Asked Questions
UL Solutions Inc. (ULS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
UL Solutions Inc. (ULS) reported $3.11B in revenue for fiscal year 2025. This represents a 35% increase from $2.30B in 2020.
UL Solutions Inc. (ULS) grew revenue by 6.4% over the past year. This is steady growth.
Yes, UL Solutions Inc. (ULS) is profitable, generating $349.0M in net income for fiscal year 2025 (10.6% net margin).
Dividend & Returns
Yes, UL Solutions Inc. (ULS) pays a dividend with a yield of 0.56%. This makes it attractive for income-focused investors.
UL Solutions Inc. (ULS) has a return on equity (ROE) of 29.2%. This is excellent, indicating efficient use of shareholder capital.
UL Solutions Inc. (ULS) generated $300.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.