FTI Consulting
FCN · Research & Consulting Services
$157.24
0.2%UL Solutions
ULS · Research & Consulting Services
$73.44
0.3%The short version
- FTI Consulting is the larger business, with $3.8B of revenue in fiscal 2025 against $3.1B for UL Solutions.
- UL Solutions grew revenue faster (6.4%, against 2.4%).
- UL Solutions kept more of each dollar of sales as operating profit (17.1% operating margin, against 10.3% operating margin).
- UL Solutions turned more of its sales into free cash flow (13.2% FCF margin, against 2.5% FCF margin).
- UL Solutions earned a higher return on the capital invested in it (26.8%, against 16.6%).
- Investors pay more for each dollar of UL Solutions’s earnings: a P/E of 29.6x against 18.9x for FTI Consulting.
| Latest fiscal year | FCN · FY25 | ULS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.6B | $15.0B |
| Revenue | $3.8B | $3.1B |
| Free cash flow | $93.6M | $403M |
| Net income | $271M | $325M |
| Growth | ||
| Revenue growth | 2.4% | 6.4% |
| 5-year growth | 9.0% | — |
| Share count change | −8.3% | 1.0% |
| Profitability | ||
| Gross margin | 32.1% | 49.5% |
| Operating margin | 10.3% | 17.1% |
| Net margin | 7.2% | 10.7% |
| FCF margin | 2.5% | 13.2% |
| Return on capital | 16.6% | 26.8% |
| Return on equity | 13.6% | 30.0% |
| Balance sheet | ||
| Net debt | $99.9M | $196M |
| Net debt / EBITDA | 0.2x | 0.3x |
| Dividends and buybacks | $859M | $104M |
| Valuation & quality | ||
| P/E | 18.9x | 29.6x |
| Piotroski F-score | 4 | 7 |
FY16
FCN $1.8B
ULS —
FY17
FCN $1.8B
ULS —
FY18
FCN $2.0B
ULS —
FY19
FCN $2.4B
ULS —
FY20
FCN $2.5B
ULS —
FY21
FCN $2.8B
ULS —
FY22
FCN $3.0B
ULS $2.5B
FY23
FCN $3.5B
ULS $2.7B
FY24
FCN $3.7B
ULS $2.9B
FY25
FCN $3.8B
ULS $3.1B
FCN
ULS
FY16
FCN 7.9%
ULS —
FY17
FCN 6.0%
ULS —
FY18
FCN 11.1%
ULS —
FY19
FCN 13.0%
ULS —
FY20
FCN 11.5%
ULS —
FY21
FCN 11.2%
ULS —
FY22
FCN 10.0%
ULS 16.4%
FY23
FCN 10.8%
ULS 13.7%
FY24
FCN 9.4%
ULS 16.1%
FY25
FCN 10.3%
ULS 17.1%
FCN
ULS
FY16
FCN $205M
ULS —
FY17
FCN $116M
ULS —
FY18
FCN $198M
ULS —
FY19
FCN $176M
ULS —
FY20
FCN $292M
ULS —
FY21
FCN $287M
ULS —
FY22
FCN $135M
ULS $208M
FY23
FCN $175M
ULS $252M
FY24
FCN $360M
ULS $287M
FY25
FCN $93.6M
ULS $403M
FCN
ULS
FY16
FCN 6.7%
ULS —
FY17
FCN 7.9%
ULS —
FY18
FCN 12.1%
ULS —
FY19
FCN 17.0%
ULS —
FY20
FCN 16.3%
ULS —
FY21
FCN 17.7%
ULS —
FY22
FCN 16.6%
ULS —
FY23
FCN 18.3%
ULS —
FY24
FCN 17.1%
ULS 29.1%
FY25
FCN 16.6%
ULS 26.8%
FCN
ULS
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.