Exponent vs UL Solutions
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The short version
- UL Solutions is the larger business, with $3.1B of revenue in fiscal 2025 against $582M for Exponent, about 5.2 times as much.
- UL Solutions grew revenue faster (6.4%, against 4.2%).
- Exponent kept more of each dollar of sales as operating profit (20.6% operating margin, against 17.1%).
- Exponent turned more of its sales into free cash flow (21.0% FCF margin, against 13.2%).
- Exponent earned a higher return on the capital invested in it (52.2%, against 26.8%).
- Investors pay more for each dollar of Exponent’s earnings: a P/E of 34.7x against 29.6x for UL Solutions.
| Latest fiscal year | EXPO · FY25 | ULS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $15.0B |
| Revenue | $582M | $3.1B |
| Free cash flow | $122M | $403M |
| Net income | $106M | $325M |
| Growth | ||
| Revenue growth | 4.2% | 6.4% |
| 5-year growth | 7.8% | — |
| Share count change | −0.6% | 1.0% |
| Profitability | ||
| Gross margin | — | 49.5% |
| Operating margin | 20.6% | 17.1% |
| Net margin | 18.2% | 10.7% |
| FCF margin | 21.0% | 13.2% |
| Return on capital | 52.2% | 26.8% |
| Return on equity | 26.1% | 30.0% |
| Balance sheet | ||
| Net debt | −$222M | $196M |
| Net debt / EBITDA | −1.7x | 0.3x |
| Dividends and buybacks | $158M | $104M |
| Valuation & quality | ||
| P/E | 34.7x | 29.6x |
| Piotroski F-score | 4 | 7 |
FY16
EXPO $315M
ULS —
FY17
EXPO $348M
ULS —
FY18
EXPO $380M
ULS —
FY19
EXPO $417M
ULS —
FY20
EXPO $400M
ULS —
FY21
EXPO $466M
ULS —
FY22
EXPO $513M
ULS $2.5B
FY23
EXPO $537M
ULS $2.7B
FY24
EXPO $559M
ULS $2.9B
FY25
EXPO $582M
ULS $3.1B
EXPO
ULS
FY16
EXPO 19.7%
ULS —
FY17
EXPO 20.7%
ULS —
FY18
EXPO 24.1%
ULS —
FY19
EXPO 20.4%
ULS —
FY20
EXPO 20.8%
ULS —
FY21
EXPO 23.4%
ULS —
FY22
EXPO 27.4%
ULS 16.4%
FY23
EXPO 20.7%
ULS 13.7%
FY24
EXPO 21.4%
ULS 16.1%
FY25
EXPO 20.6%
ULS 17.1%
EXPO
ULS
FY16
EXPO $52.6M
ULS —
FY17
EXPO $63.1M
ULS —
FY18
EXPO $74.9M
ULS —
FY19
EXPO $85.0M
ULS —
FY20
EXPO $98.3M
ULS —
FY21
EXPO $118M
ULS —
FY22
EXPO $81.8M
ULS $208M
FY23
EXPO $111M
ULS $252M
FY24
EXPO $138M
ULS $287M
FY25
EXPO $122M
ULS $403M
EXPO
ULS
FY16
EXPO 44.6%
ULS —
FY17
EXPO 37.5%
ULS —
FY18
EXPO 71.5%
ULS —
FY19
EXPO 60.1%
ULS —
FY20
EXPO 59.7%
ULS —
FY21
EXPO 73.5%
ULS —
FY22
EXPO 78.2%
ULS —
FY23
EXPO 50.1%
ULS —
FY24
EXPO 53.4%
ULS 29.1%
FY25
EXPO 52.2%
ULS 26.8%
EXPO
ULS
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.