UL Solutions Inc. (ULS) Financial Ratios
6 years of historical data (2020–2025) · Industrials · Specialty Business Services
EV/EBITDA
↑
28.52
↑+48% vs avg
5yr avg: 19.32
30Y Low16.8·High21.8
P/FCF
↑
52.32
↑+40% vs avg
5yr avg: 37.33
30Y Low34.9·High39.7
P/B Ratio
↑
16.45
↑+42% vs avg
5yr avg: 11.57
30Y Low10.8·High12.4
ROE
↑
29.2%
↓+16% vs avg
5yr avg: 25.3%
30Y Low10%·High41%
Debt/EBITDA
↑
1.10
↓-9% vs avg
5yr avg: 1.21
30Y Low0.3·High1.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ULS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
UL Solutions Inc. trades at 65.6x earnings, 64% above its 5-year average of 40.0x, sitting at the 100th percentile of its historical range. Compared to the Industrials sector median P/E of 25.9x, the stock trades at a premium of 153%. On a free-cash-flow basis, the stock trades at 52.3x P/FCF, 40% above the 5-year average of 37.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $21.1B | $16.0B | $10.0B | — | — | — | — |
| Enterprise Value | $21.6B | $16.5B | $10.7B | — | — | — | — |
| P/E Ratio → | 65.56 | 49.29 | 30.79 | — | — | — | — |
| P/S Ratio | 6.91 | 5.24 | 3.49 | — | — | — | — |
| P/B Ratio | 16.45 | 12.37 | 10.77 | — | — | — | — |
| P/FCF | 52.32 | 39.72 | 34.93 | — | — | — | — |
| P/OCF | 35.14 | 26.68 | 19.13 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
ULS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
UL Solutions Inc.'s enterprise value stands at 28.5x EBITDA, 48% above its 5-year average of 19.3x. The Industrials sector median is 13.7x, placing the stock at a 108% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.42 | 3.72 | — | — | — | — |
| EV / EBITDA | 28.52 | 21.83 | 16.82 | — | — | — | — |
| EV / EBIT | 41.39 | 32.91 | 22.69 | — | — | — | — |
| EV / FCF | — | 41.06 | 37.15 | — | — | — | — |
ULS Profitability
Margins and return-on-capital ratios measuring operating efficiency
UL Solutions Inc. earns an operating margin of 17.1%, above the Industrials sector average of 4.7%. Operating margins have expanded from 15.1% to 17.1% over the past 3 years, signaling improving operational efficiency. ROE of 29.2% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 23.1% represents excellent returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 49.1% | 49.1% | 48.1% | 47.2% | 47.9% | 46.8% | 44.8% |
| Operating Margin | 17.1% | 17.1% | 16.1% | 15.1% | 16.3% | 11.4% | 15.8% |
| Net Profit Margin | 10.6% | 10.6% | 11.4% | 9.7% | 11.6% | 8.9% | 10.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 29.2% | 29.2% | 40.5% | 29.6% | 17.2% | 9.7% | 10.2% |
| ROA | 11.4% | 11.4% | 11.8% | 9.5% | 9.2% | 6.2% | 6.5% |
| ROIC | 23.1% | 23.1% | 23.1% | 21.4% | 24.0% | 16.4% | 18.6% |
| ROCE | 24.8% | 24.8% | 22.6% | 20.0% | 16.8% | 10.0% | 12.6% |
ULS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
UL Solutions Inc. carries a Debt/EBITDA ratio of 1.1x, which is manageable (65% below the sector average of 3.1x). Net debt stands at $537M ($832M total debt minus $295M cash). Interest coverage of 12.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 1.00 | 1.57 | 0.61 | 0.07 | 0.07 |
| Debt / EBITDA | 1.10 | 1.10 | 1.47 | 1.90 | 1.21 | 0.36 | 0.32 |
| Net Debt / Equity | — | 0.41 | 0.68 | 1.10 | 0.31 | -0.50 | -0.36 |
| Net Debt / EBITDA | 0.71 | 0.71 | 1.00 | 1.34 | 0.62 | -2.74 | -1.59 |
| Debt / FCF | — | 1.33 | 2.22 | 2.97 | 1.63 | -3.74 | -2.20 |
| Interest Coverage | 12.26 | 12.26 | 8.55 | 10.89 | 23.53 | 275.00 | 334.00 |
ULS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.32x means UL Solutions Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.24 | 1.34 | 1.44 | 2.52 | 2.38 |
| Quick Ratio | 1.32 | 1.32 | 1.24 | 1.34 | 1.44 | 2.52 | 2.38 |
| Cash Ratio | 0.39 | 0.39 | 0.40 | 0.44 | 0.54 | 1.74 | 1.45 |
| Asset Turnover | — | 1.05 | 1.02 | 0.98 | 0.93 | 0.69 | 0.65 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 74.84 | 74.53 | 80.41 | 85.02 | 80.77 | 89.78 |
ULS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
UL Solutions Inc. returns 0.5% to shareholders annually primarily through dividends. The payout ratio of 32.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 1.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.6% | 1.0% | — | — | — | — |
| Payout Ratio | 32.0% | 32.0% | 30.7% | 261.5% | 546.1% | 89.3% | 3.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 2.0% | 3.2% | — | — | — | — |
| FCF Yield | 1.9% | 2.5% | 2.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.5% | 0.6% | 1.0% | — | — | — | — |
| Shares Outstanding | — | $203M | $201M | $200M | $200M | $200M | $200M |
Peer Comparison
Compare ULS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ULSYou | $21B | 65.6 | 28.5 | 52.3 | 49.1% | 17.1% | 29.2% | 23.1% | 1.1 |
 BV | $1B | 23.2 | 6.8 | 33.1 | 23.3% | 5.0% | 3.1% | 3.9% | 3.0 |
 NVT | $28B | 40.0 | 35.4 | 75.0 | 37.7% | 15.8% | 20.4% | 8.9% | 1.9 |
 TRU | $14B | 30.5 | 12.5 | 20.6 | 59.1% | 18.7% | 10.3% | 7.3% | 3.6 |
 BURL | $20B | 33.3 | 18.0 | 116.8 | 40.3% | 7.3% | 23.2% | 10.3% | 3.2 |
 ICFI | $1B | 14.9 | 9.0 | 11.1 | 34.1% | 8.1% | 9.1% | 7.2% | 2.7 |
 EXPO | $3B | 31.0 | 23.3 | 25.9 | 25.0% | 20.6% | 26.1% | 36.3% | 0.6 |
 FORR | $116M | -20.3 | 4.3 | — | 97.8% | 0.2% | -2.4% | 0.2% | 2.3 |
 NSP | $1B | -159.7 | 25.4 | — | 13.2% | -0.1% | -9.8% | — | 12.4 |
 CSGP | $14B | 2052.4 | 81.5 | 352.2 | 75.2% | -2.2% | 0.1% | -0.9% | 6.7 |
 MORN | $6B | 18.9 | 10.2 | 14.4 | 61.0% | 21.5% | 26.3% | 15.3% | 2.0 |
| Industrials Median | — | 25.9 | 13.7 | 21.0 | 33.0% | 4.7% | 8.2% | 6.4% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full ULS Stock Analysis
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Start ComparisonULS — Frequently Asked Questions
Quick answers to the most common questions about buying ULS stock.
What is UL Solutions Inc.'s P/E ratio?
UL Solutions Inc.'s current P/E ratio is 65.6x. The historical average is 40.0x. This places it at the 100th percentile of its historical range.
What is UL Solutions Inc.'s EV/EBITDA?
UL Solutions Inc.'s current EV/EBITDA is 28.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
What is UL Solutions Inc.'s ROE?
UL Solutions Inc.'s return on equity (ROE) is 29.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.7%.
Is ULS stock overvalued?
Based on historical data, UL Solutions Inc. is trading at a P/E of 65.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is UL Solutions Inc.'s dividend yield?
UL Solutions Inc.'s current dividend yield is 0.49% with a payout ratio of 32.0%.
What are UL Solutions Inc.'s profit margins?
UL Solutions Inc. has 49.1% gross margin and 17.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does UL Solutions Inc. have?
UL Solutions Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.