The company has significantly improved its financial health by aggressively reducing total debt from $1.1B in 2023Q4 to $539.0M in 2026Q1.
| Total Current Assets | 1.05B | 1B | 921M | 953M | 998M | 2B | 1.59B |
| Cash & Short-Term Investments | 258M | 295M | 298M | 315M | 373M | 1.38B | 971M |
| Cash Only | 258M | 295M | 298M | 315M | 322M | 1.33B | 971M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 51M | 47M | 0 |
| Accounts Receivable | 497M | 626M | 586M | 590M | 587M | 557M | 566M |
| Days Sales Outstanding | 70.33 | 74.84 | 74.53 | 80.41 | 85.02 | 80.77 | 89.78 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 292M | 79M | 4M | 13M | 5M | 6M | 57M |
| Total Non-Current Assets | 1.91B | 1.92B | 1.88B | 1.78B | 1.72B | 1.66B | 1.96B |
| Property, Plant & Equipment | 884M | 878M | 817M | 706M | 637M | 602M | 609M |
| Fixed Asset Turnover | 3.61x | 3.48x | 3.51x | 3.79x | 3.96x | 4.18x | 3.78x |
| Goodwill | 643M | 656M | 633M | 623M | 647M | 621M | 593M |
| Intangible Assets | 44M | 153M | 185M | 211M | 200M | 196M | 209M |
| Long-Term Investments | 66M | 0 | 58M | 64M | 62M | 44M | 409M |
| Other Non-Current Assets | 245M | 140M | 78M | 69M | 48M | 34M | 137M |
| Total Assets | 2.96B | 2.92B | 2.8B | 2.74B | 2.72B | 3.66B | 3.55B |
| Asset Turnover | 1.06x | 1.05x | 1.03x | 0.98x | 0.93x | 0.69x | 0.65x |
| Asset Growth % | 14.29% | 4.32% | 2.34% | 0.59% | -25.72% | 3.13% | - |
| Total Current Liabilities | 899M | 760M | 740M | 709M | 694M | 792M | 670M |
| Accounts Payable | 168M | 183M | 182M | 169M | 153M | 179M | 131M |
| Days Payables Outstanding | 37.37 | 42.95 | 44.58 | 43.66 | 42.53 | 48.83 | 37.65 |
| Short-Term Debt | 41M | 43M | 50M | 0 | 0 | 0 | 3M |
| Deferred Revenue (Current) | 756M | 173M | 162M | 162M | 142M | 135M | 0 |
| Other Current Liabilities | 690M | 79M | 54M | 339M | 357M | 413M | 179M |
| Current Ratio | 1.16x | 1.32x | 1.24x | 1.34x | 1.44x | 2.52x | 2.38x |
| Quick Ratio | 1.16x | 1.32x | 1.24x | 1.34x | 1.44x | 2.52x | 2.38x |
| Cash Conversion Cycle | 32.96 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 720M | 867M | 1.13B | 1.35B | 949M | 538M | 609M |
| Long-Term Debt | 498M | 640M | 692M | 904M | 499M | 0 | 0 |
| Capital Lease Obligations | 454M | 149M | 155M | 120M | 119M | 118M | 116M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 15M | 0 |
| Other Non-Current Liabilities | 222M | 78M | 282M | 325M | 331M | 405M | 493M |
| Total Liabilities | 1.62B | 1.63B | 1.87B | 2.06B | 1.64B | 1.33B | 1.28B |
| Total Debt | 539M | 832M | 935M | 1.06B | 660M | 154M | 161M |
| Net Debt | 281M | 537M | 637M | 748M | 338M | -1.17B | -810M |
| Debt / Equity | 0.40x | 0.64x | 1.00x | 1.57x | 0.61x | 0.07x | 0.07x |
| Debt / EBITDA | 0.73x | 1.10x | 1.47x | 1.90x | 1.21x | 0.36x | 0.32x |
| Net Debt / EBITDA | 0.38x | 0.71x | 1.00x | 1.34x | 0.62x | -2.74x | -1.59x |
| Interest Coverage | 25.46x | 12.26x | 8.55x | 10.89x | 23.53x | 275.00x | 334.00x |
| Total Equity | 1.34B | 1.29B | 931M | 678M | 1.08B | 2.33B | 2.27B |
| Equity Growth % | 152.53% | 38.99% | 37.32% | -37.05% | -53.82% | 2.64% | - |
| Book Value per Share | 6.55 | 6.37 | 4.63 | 3.39 | 5.39 | 11.66 | 11.36 |
| Total Shareholders' Equity | 1.34B | 1.29B | 904M | 654M | 1.05B | 2.31B | 2.25B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 250M | 24M | 211M | 1.52B | 1.49B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -167M | -146M | -166M | -216M | -251M |
| Minority Interest | 0 | 0 | 27M | 24M | 23M | 21M | 20M |
Capital allocation efficiency
As reported in recent financial statements, ULS has significantly improved its balance sheet trajectory, with the debt-to-equity ratio declining from 1.57 in 2023Q4 to 0.40 by 2026Q1, signaling a transition toward a more conservative and flexible capital structure as the company matures as a public entity.
The consistent reduction in leverage suggests management is prioritizing balance sheet strength to support long-term strategic flexibility. This trend appears to be driven by both debt repayment and the accumulation of retained earnings, which provides a more stable foundation for future operational investments.
Based on the company's quarterly filings, total debt has been aggressively managed downward from $1.1B in 2023Q4 to $539.0M in 2026Q1, reflecting a deliberate effort to minimize interest expense and reduce the company's sensitivity to broader credit market volatility.
The rapid deleveraging indicates that the company is not reliant on external financing to maintain its core testing operations. This shift likely enhances the durability of cash flows by reducing mandatory debt service obligations, thereby increasing the company's capacity to fund internal R&D or potential M&A.
According to the latest balance sheet data, ULS maintains a substantial asset base with net PPE of $884.0M as of 2026Q1, representing a significant commitment to the specialized laboratory infrastructure that underpins its competitive moat in the global testing, inspection, and certification industry.
The concentration of assets in physical infrastructure suggests an asset-heavy business model that creates high barriers to entry for potential competitors. Investors should monitor whether the ongoing investment in these facilities continues to yield commensurate returns on invested capital as the company scales its software-based offerings.
As indicated by the company's reported figures, equity has expanded from $654.0M in 2023Q4 to $1.3B in 2026Q1, a growth trend primarily supported by the accumulation of retained earnings which now serves as a primary driver of the company's improved book value.
The growth in equity suggests that the company is successfully retaining earnings to bolster its financial position rather than relying on external equity issuance. This accumulation of capital appears to provide a meaningful buffer against potential operational shocks and supports the company's long-term financial stability.
Based on the provided quarterly data, ULS maintains a current ratio of 1.16 as of 2026Q1, which, while lower than historical peaks, appears sufficient to cover short-term obligations given the predictable and recurring nature of the company's certification and surveillance revenue streams.
The liquidity position suggests a disciplined approach to managing working capital, though investors should monitor the trend in the current ratio to ensure it remains adequate for supporting ongoing laboratory operations. The current cash balance of $258.0M provides a reasonable cushion for immediate operational requirements.
Quick answers to the most common questions about buying ULS stock.
As of 2025, UL Solutions Inc. (ULS) had total assets of $2.92B including $1.00B in current assets.
UL Solutions Inc. (ULS) carries total debt of $832.0M, offset by $295.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
UL Solutions Inc. (ULS) has total shareholders' equity (book value) of $1.29B ($6.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
UL Solutions Inc. (ULS) reported a current ratio of 1.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.