TransUnion vs UL Solutions
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The short version
- TransUnion is the larger business, with $4.6B of revenue in fiscal 2025 against $3.1B for UL Solutions.
- TransUnion grew revenue faster (9.4%, against 6.4%).
- TransUnion kept more of each dollar of sales as operating profit (18.7% operating margin, against 17.1%).
- TransUnion turned more of its sales into free cash flow (14.5% FCF margin, against 13.2%).
- UL Solutions earned a higher return on the capital invested in it (26.8%, against 7.1%).
- Investors pay more for each dollar of UL Solutions’s earnings: a P/E of 29.6x against 22.6x for TransUnion.
| Latest fiscal year | TRU · FY25 | ULS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.8B | $15.0B |
| Revenue | $4.6B | $3.1B |
| Free cash flow | $662M | $403M |
| Net income | $455M | $325M |
| Growth | ||
| Revenue growth | 9.4% | 6.4% |
| 5-year growth | 12.6% | — |
| Share count change | −0.1% | 1.0% |
| Profitability | ||
| Gross margin | — | 49.5% |
| Operating margin | 18.7% | 17.1% |
| Net margin | 10.0% | 10.7% |
| FCF margin | 14.5% | 13.2% |
| Return on capital | 7.1% | 26.8% |
| Return on equity | 10.5% | 30.0% |
| Balance sheet | ||
| Net debt | $4.2B | $196M |
| Net debt / EBITDA | 3.0x | 0.3x |
| Dividends and buybacks | $393M | $104M |
| Valuation & quality | ||
| P/E | 22.6x | 29.6x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
TRU $1.7B
ULS —
FY17
TRU $1.9B
ULS —
FY18
TRU $2.3B
ULS —
FY19
TRU $2.5B
ULS —
FY20
TRU $2.5B
ULS —
FY21
TRU $3.0B
ULS —
FY22
TRU $3.7B
ULS $2.5B
FY23
TRU $3.8B
ULS $2.7B
FY24
TRU $4.2B
ULS $2.9B
FY25
TRU $4.6B
ULS $3.1B
TRU
ULS
Operating margin
FY16
TRU 17.6%
ULS —
FY17
TRU 24.0%
ULS —
FY18
TRU 22.1%
ULS —
FY19
TRU 22.0%
ULS —
FY20
TRU 19.8%
ULS —
FY21
TRU 22.0%
ULS —
FY22
TRU 16.9%
ULS 16.4%
FY23
TRU 3.4%
ULS 13.7%
FY24
TRU 15.9%
ULS 16.1%
FY25
TRU 18.7%
ULS 17.1%
TRU
ULS
Free cash flow
FY16
TRU $266M
ULS —
FY17
TRU $331M
ULS —
FY18
TRU $376M
ULS —
FY19
TRU $589M
ULS —
FY20
TRU $582M
ULS —
FY21
TRU $584M
ULS —
FY22
TRU −$1.0M
ULS $208M
FY23
TRU $335M
ULS $252M
FY24
TRU $517M
ULS $287M
FY25
TRU $662M
ULS $403M
TRU
ULS
Return on capital
FY16
TRU 5.4%
ULS —
FY17
TRU 11.9%
ULS —
FY18
TRU 8.6%
ULS —
FY19
TRU 7.6%
ULS —
FY20
TRU 6.9%
ULS —
FY21
TRU 6.8%
ULS —
FY22
TRU 4.8%
ULS —
FY23
TRU 1.1%
ULS —
FY24
TRU 5.7%
ULS 29.1%
FY25
TRU 7.1%
ULS 26.8%
TRU
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.