A Business at a Glance
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Our Company UL Solutions Inc. (together with its consolidated subsidiaries, “UL Solutions”, the “Company”, “we”, “our”, and “us”) is a global safety science leader that provides Testing, Inspection and Certification (“TIC”) services and related software and advisory offerings to customers worldwide. We work for a safer world. Our mission drives our actions, inspires our employees and is the key to our success. We strive to be our customers’ most trusted science-based safety, security and sustainability partner. Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to Underwriters Laboratories Inc. (“UL Research Institutes”), UL Standards & Engagement and UL Solutions. UL Research Institutes is the sole member of UL Standards & Engagement, which controls the majority of the voting power of our common stock.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 3.1B | 3.1B | 2.9B | 2.7B | 2.5B |
| Net Income | 325M | 325M | 326M | 260M | 293M |
| EPS | $1.60 | $1.60 | $1.62 | $1.30 | $1.47 |
| Free Cash Flow | 403M | 403M | 287M | 252M | 208M |
| ROIC | 22.8% | 25.6% | 27.6% | 20.5% | - |
| Gross Margin | 49.5% | 49.5% | 48.5% | 47.9% | 47.9% |
| Debt/Equity | 0.54 | 0.54 | 1.03 | 1.63 | - |
| Dividends/Share | $0.51 | $0.52 | $0.50 | $3.40 | $8.00 |
| Operating Income | 522M | 522M | 462M | 368M | 412M |
| Operating Margin | 17.1% | 17.1% | 16.1% | 13.7% | 16.3% |
| ROE | 25.8% | 30.0% | 41.8% | 30.0% | - |
| Shares Outstanding | 203M | 203M | 201M | 200M | 199M |
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 2.5B | 2.7B | 2.9B | 3.1B | 3.1B |
| Gross Margin | 47.9% | 47.9% | 48.5% | 49.5% | 49.5% |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 795M | 875M | 931M | 953M | 953M |
| EBIT | 412M | 368M | 462M | 522M | 522M |
| Op. Margin | 16.3% | 13.7% | 16.1% | 17.1% | 17.1% |
| Net Income | 293M | 260M | 326M | 325M | 325M |
| Net Margin | 11.6% | 9.7% | 11.4% | 10.6% | 10.6% |
| Non-Recurring | 0 | 41M | 1.0M | 35M | 35M |
| Returns on Capital | |||||
| ROIC | N/A | 20.5% | 27.6% | 25.6% | 22.8% |
| ROE | N/A | 30.0% | 41.8% | 30.0% | 25.8% |
| ROA | N/A | 18.9% | 11.8% | 11.4% | 11.1% |
| Cash Flow | |||||
| Op. Cash Flow | 372M | 467M | 524M | 600M | 600M |
| Free Cash Flow | 208M | 252M | 287M | 403M | 403M |
| Owner Earnings | 237M | 313M | 329M | 365M | 365M |
| CapEx | 164M | 215M | 237M | 197M | 197M |
| Maint. CapEx | 135M | 154M | 172M | 188M | 188M |
| Growth CapEx | 29M | 61M | 65M | 9.0M | 9.0M |
| D&A | 135M | 154M | 172M | 188M | 188M |
| CapEx/OCF | N/A | N/A | 45.2% | 32.8% | 32.8% |
| Capital Allocation | |||||
| Dividends Paid | 1.6B | 680M | 100M | 104M | 104M |
| Dividend Yield | N/A | N/A | 1.1% | 0.8% | 0.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 0 | 23M | 47M | 47M |
| Debt Repayment | 200M | 30M | 346M | 1.0B | 1.0B |
| Balance Sheet | |||||
| Net Debt | 378M | 748M | 637M | 388M | 388M |
| Cash & Equiv. | 322M | 315M | 298M | 295M | 295M |
| Long-Term Debt | 700M | 904M | 692M | 491M | 491M |
| Debt/Equity | N/A | 1.63 | 1.03 | 0.54 | 0.54 |
| Interest Coverage | 24.2 | 10.5 | 8.4 | 12.7 | 12.7 |
| Equity | N/A | 654M | 904M | 1.3B | 1.3B |
| Total Assets | N/A | 2.7B | 2.8B | 2.9B | 2.9B |
| Total Liabilities | N/A | 2.1B | 1.9B | 1.6B | 1.6B |
| Intangibles | N/A | 72M | 58M | 48M | 48M |
| Retained Earnings | N/A | 24M | 250M | 470M | 470M |
| Working Capital | N/A | 244M | 181M | 240M | 240M |
| Current Assets | 637M | 953M | 921M | 1.0B | 1.0B |
| Current Liabilities | N/A | 709M | 740M | 760M | 760M |
| Per Share Data | |||||
| EPS | 1.47 | 1.30 | 1.62 | 1.60 | 1.60 |
| Owner EPS | 1.19 | 1.57 | 1.63 | 1.80 | 1.80 |
| Book Value | N/A | 3.27 | 4.49 | 6.21 | 6.21 |
| Cash Flow/Share | 1.87 | 2.34 | 2.60 | 2.95 | 2.53 |
| Dividends/Share | 8.00 | 3.40 | 0.50 | 0.52 | 0.51 |
| Shares Out. | 199.3M | 200.0M | 201.2M | 203.1M | 203.1M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | 30.8 | 49.9 | 55.9 |
| P/FCF | N/A | N/A | 35.0 | 40.2 | 45.1 |
| EV/EBIT | N/A | N/A | 22.2 | 30.9 | 35.6 |
| Price/Book | N/A | N/A | 11.1 | 12.8 | 14.4 |
| Price/Sales | N/A | N/A | 3.2 | 4.4 | 6.0 |
| FCF Yield | N/A | N/A | 2.9% | 2.5% | 2.2% |
| Market Cap | 0 | N/A | 10.0B | 16.2B | 18.2B |
| Avg. Price | 0.00 | N/A | 45.94 | 66.33 | 89.52 |
| Year-End Price | 0.00 | N/A | 49.93 | 79.82 | 89.52 |
UL Solutions Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
UL Solutions Inc. trades at 55.9x trailing earnings, compared to its 15-year median P/E of 40.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.2x vs a median of 37.6x. The company's 5-year average ROIC is 24.6% with a gross margin of 48.5%. Total shareholder yield (dividends) is 0.6%. At current prices, the estimated annualized return to fair value is +28.8%.
UL Solutions Inc. (ULS) has a current P/E ratio of 55.9, compared to its historical median P/E of 40.4. The stock is currently considered Expensive based on its historical valuation range.
UL Solutions Inc. (ULS) has a 5-year average return on invested capital (ROIC) of 24.6%. This indicates strong capital allocation and a potential competitive advantage.
UL Solutions Inc. (ULS) has a market capitalization of $18.2B. It is classified as a large-cap stock.
Yes, UL Solutions Inc. (ULS) pays a dividend with a trailing twelve-month yield of 0.57%.
Based on historical P/E analysis, UL Solutions Inc. (ULS) appears expensive. The current P/E of 55.9 is 39% above its historical median of 40.4. The estimated fair value CAGR (P/E method) is 4.7%.
UL Solutions Inc. (ULS) operates in the Services-Testing Laboratories industry, within the Industrials sector.
UL Solutions Inc. (ULS) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
UL Solutions Inc. (ULS) has a net profit margin of 10.6%. This is a healthy margin.
UL Solutions Inc. (ULS) generated $403 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UL Solutions Inc. (ULS) has a debt-to-equity ratio of 0.54. This indicates moderate leverage.
UL Solutions Inc. (ULS) reported earnings per share (EPS) of $1.60 in its most recent fiscal year.
UL Solutions Inc. (ULS) has a return on equity (ROE) of 30.0%. This indicates the company generates strong returns for shareholders.
UL Solutions Inc. (ULS) has a 5-year average gross margin of 48.5%. This indicates decent pricing power.
The Ledger Terminal provides 4 years of financial data for UL Solutions Inc. (ULS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UL Solutions Inc. (ULS) has a book value per share of $6.21, based on its most recent annual SEC filing.