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UL Solutions

ULS NYSE Research & Consulting Services Financials FY2022–FY2025

UL Solutions' revenue rose 6.4% to $3.1 billion in fiscal 2025. Its operating margin was 17.1%, up from 16.1% a year earlier. Free cash flow was $403 million, up 40.4%. It paid out $104 million in dividends and buybacks, 26% of free cash flow. The diluted share count rose 1.0%.

Last close · Oct 23, 2026

$73.44

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
6.4% vs prior year
Operating margin Operating income as a share of revenue.
17.1%
1.0 pts
Net income Profit after all expenses, interest and tax.
$325M
0.3%
Free cash flow Cash from operations minus capital spending.
$403M
40.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
26.8%
2.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$15.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.6x
On $2.48 EPS (TTM)

What UL Solutions does

No business description yet.

Legal name
UL Solutions Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001901440-26-000005
0001901440

Revenue and margins

UL Solutions had $3.1B of revenue in fiscal 2025, up 6.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2022 to 2025, diluted EPS grew 2.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $403M in fiscal 2025, 13.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

UL Solutions returned $104M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count rose 1.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value UL Solutions yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$196M and divides by 203.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.6x · peers 26.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably UL Solutions can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25
Cash and short-term investments $322M$315M$298M$295M
Debt incl. finance leases —$904M$742M$491M
Net debt / EBITDA —1.1x0.7x0.3x
Debt / equity —1.4x0.8x0.4x
Interest coverage 24.2x10.5x8.4x12.7x
Current ratio —1.3x1.2x1.3x
Quick ratio —1.3x1.2x1.3x
Total assets —$2.7B$2.8B$2.9B
Total liabilities —$2.1B$1.9B$1.6B
Shareholders' equity $1.1B$654M$904M$1.3B
Net debt (− = net cash) —$589M$444M$196M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$10.0M

5 insiders

Of sales under plans

82%

$8.2M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Jennifer F. ScanlonPresident and CEO, Director Sold plan 12,500 $73.67 $0.9M Form 4
Aug 3, 2026 Jennifer F. ScanlonPresident and CEO, Director Sold plan 12,500 $92.08 $1.2M Form 4
Jul 1, 2026 Jennifer F. ScanlonPresident and CEO, Director Sold plan 12,500 $99.22 $1.2M Form 4
Jun 9, 2026 Karen K PeppingSenior VP & CAO Sold plan 725 $97.74 $0.1M Form 4
Jun 3, 2026 Gitte SchjotzSee Remarks Sold plan 9,865 $96.98 $1.0M Form 4
Jun 2, 2026 Gitte SchjotzSee Remarks Sold plan 12,015 $99.71 $1.2M Form 4
Jun 1, 2026 Jennifer F. ScanlonPresident and CEO, Director Sold plan 12,500 $100.00 $1.3M Form 4
May 28, 2026 Alberto UggettiEVP & CCO Sold plan 2,345 $99.89 $0.2M Form 4
May 21, 2026 Friedrich HeckerDirector Sold 4,000 $102.04 $0.4M Form 4
May 11, 2026 Alberto UggettiEVP & CCO Sold 6,100 $100.00 $0.6M Form 4
May 7, 2026 Gitte SchjotzSee Remarks Sold 8,000 $103.96 $0.8M Form 4
May 1, 2026 Jennifer F. ScanlonPresident and CEO, Director Sold plan 12,500 $91.57 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive — ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — — ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — ✓
Current ratio rose — ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets — — ✓
F-score — / 9— / 97 / 9
Accruals ratio —−7.2%−9.6%
Altman Z'' 1.862.353.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
UL Solutions ULS $15.0B 6.4% 17.1% 13.2% 26.8% 29.6x 7
Verisk Analytics VRSK $26.5B 6.6% 43.7% 38.8% 35.5% 29.8x 7 Compare →
FTI Consulting FCN $4.6B 2.4% 10.3% 2.5% 16.6% 18.9x 4 Compare →
TransUnion TRU $15.8B 9.4% 18.7% 14.5% 7.1% 22.6x 8 Compare →
Equifax EFX $21.5B 6.9% 18.0% 18.7% 8.5% 29.5x 6 Compare →

4 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY22FY23FY24FY25
Income statement
Revenue $2.5B $2.7B $2.9B $3.1B
Gross profit $1.2B $1.3B $1.4B $1.5B
Operating income $412M $368M $462M $522M
Interest expense $17.0M $35.0M $55.0M $41.0M
Pretax income $383M $346M $415M $470M
Income tax $74.0M $70.0M $70.0M $125M
Net income $293M $260M $326M $325M
Diluted EPS $1.47 $1.30 $1.62 $1.60
Diluted shares 0.20B 0.20B 0.20B 0.20B
Cash flow
Cash from operations $372M $467M $524M $600M
Capital expenditure $164M $215M $237M $197M
Free cash flow $208M $252M $287M $403M
Depreciation and amortization $135M $154M $172M $188M
Stock-based compensation $0.0M $0.0M $23.0M $47.0M
Acquisitions $66.0M $18.0M $26.0M $1.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M
Dividends paid $1.6B $680M $100M $104M
Dividends and buybacks $1.6B $680M $100M $104M
Balance sheet
Cash and short-term investments $322M $315M $298M $295M
Total debt — $904M $742M $491M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M
Current assets — $953M $921M $1.0B
Current liabilities — $709M $740M $760M
Inventory $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $555M $631M $699M
Total assets — $2.7B $2.8B $2.9B
Total liabilities — $2.1B $1.9B $1.6B
Shareholders' equity $1.1B $654M $904M $1.3B
Margins
Gross margin 47.9% 48.0% 48.5% 49.5%
Operating margin 16.4% 13.7% 16.1% 17.1%
EBITDA margin 21.7% 19.5% 22.1% 23.3%
Net margin 11.6% 9.7% 11.4% 10.7%
FCF margin 8.3% 9.4% 10.0% 13.2%
Returns
Return on capital — — 29.1% 26.8%
Return on capital employed — — 22.6% 24.7%
Return on equity — — 41.9% 30.0%
Return on assets — — 11.8% 11.4%
Growth
Revenue growth — 6.3% 7.2% 6.4%
Net income growth — −11.3% 25.4% −0.3%
EPS growth — −11.6% 24.6% −1.2%
FCF growth — 21.2% 13.9% 40.4%
Share count change — 0.0% 0.5% 1.0%
Financial health
Net debt / EBITDA — 1.1x 0.7x 0.3x
Debt / equity — 1.4x 0.8x 0.4x
Interest coverage 24.2x 10.5x 8.4x 12.7x
Current ratio — 1.3x 1.2x 1.3x
Quick ratio — 1.3x 1.2x 1.3x
Capital allocation
Capex / revenue 6.5% 8.0% 8.3% 6.5%
Stock comp / revenue 0.0% 0.0% 0.8% 1.5%
Payouts / FCF 769.2% 269.8% 34.8% 25.8%
Quality scores
Piotroski F-score — — — 7.0
Altman Z'' — 1.9 2.4 3.1
Accruals ratio — — −7.2% −9.6%

Source: SEC EDGAR XBRL filings (CIK 0001901440). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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