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Friday 6 November 2026
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UL Solutions Inc.
ULS Industrials Specialty Business Services
UL Solutions Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 6.38% from fiscal 2024.
- Revenue
- +5.11%
- EPS
- +15.8%
- Free cash flow
- +41.3%
- Total debt
- +40.4%
Quarter to September 2026, against a year earlier
76.54
3.19
−4.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 2,517 | 2,520 | 2,678 | 2,870 | 3,053 | 3,186 | +4.9% | 3,220 | 3,464 | 3,737 | +7.0% | |
| Gross margin, % | — | — | — | — | — | 46.84 | 47.90 | 47.95 | 48.50 | 49.46 | 50.69 | +2.6 pt | ||||||
| EBT | — | — | — | — | — | 274 | 383 | 346 | 415 | 470 | 732 | +14.4% | ||||||
| EBT margin, % | — | — | — | — | — | 10.89 | 15.20 | 12.92 | 14.46 | 15.39 | 22.98 | +4.5 pt | ||||||
| Net income | — | — | — | — | — | 238 | 309 | 276 | 345 | 345 | 540 | +9.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 68.37 | 12.60 | 13.39 | 14.35 | 15.19 | 15.77 | (31.3%) | |||||
| Earnings | — | — | — | — | — | 6.47 | 1.55 | 1.30 | 1.63 | 1.62 | 2.59 | (29.2%) | ||||||
| Cash flow | — | — | — | — | — | 11.44 | 1.86 | 2.34 | 2.62 | 2.99 | 3.65 | (28.5%) | ||||||
| Capex | — | — | — | — | — | (2.91) | (0.82) | (1.07) | (1.18) | (0.98) | (1.27) | (23.8%) | ||||||
| Free cash flow | — | — | — | — | — | 8.53 | 1.04 | 1.26 | 1.44 | 2.01 | 2.38 | (30.4%) | ||||||
| Book value | — | — | — | — | — | 0.00 | 5.39 | 3.39 | 4.66 | 6.44 | 8.60 | n/m | ||||||
| Shares, m | — | — | — | — | — | 37 | 200 | 200 | 200 | 201 | 202 | +52.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 25.50 | 25.50 | 25.50 | 30.41 | 48.68 | 29.56 | 31.1 | |||||
| P/S | — | — | — | — | — | 2.57 | 2.57 | 2.57 | 3.48 | 5.19 | 4.85 | 3.3 | ||||||
| P/B | — | — | — | — | — | 10.23 | 10.23 | 10.23 | 10.72 | 12.25 | 8.90 | 10.7 | ||||||
| EV/Sales | — | — | — | — | — | 2.76 | 2.76 | 2.76 | 3.63 | 5.27 | 4.79 | 3.4 | ||||||
| EV/FCF | — | — | — | — | — | 31.56 | 31.56 | 31.56 | 36.31 | 39.94 | 31.72 | 34.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 421 | 372 | 467 | 524 | 600 | 738 | +9.3% | |||||
| Capex | — | — | — | — | — | (107) | (164) | (215) | (237) | (197) | (257) | +16.5% | ||||||
| Free cash flow | — | — | — | — | — | 314 | 208 | 252 | 287 | 403 | 481 | +6.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 304 | 244 | 181 | 240 | 928 | (7.6%) | |||||
| Net debt | — | — | — | — | — | — | 126 | 589 | 444 | 196 | (252) | +15.9% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 1,077 | 678 | 931 | 1,294 | 1,738 | +6.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 21.54 | 9.53 | 11.78 | 11.36 | 15.58 | +11.4 pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 21.40 | 18.15 | 21.00 | 21.90 | 23.89 | +21.9 pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 0.00 | 29.63 | 40.52 | 29.21 | 34.69 | +29.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 15,233 | 15,094 | 14,851 | — | (1.3%) | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.18 | 0.19 | 0.21 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Industrial | 1,341 | 43.92% |
|---|---|---|
| Consumer | 1,319 | 43.20% |
| Software and Advisory | 393 | 12.87% |
| Gross margin | 49.46% | |
| Operating margin | 17.10% | |
| Pre-tax margin | 15.39% |
UL Solutions Inc. vs peers in Specialty Business Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CPRT Copart, Inc. | $30.1B | 20.8× | 18.7× | +2.43% (above 0%: growing) | −14.63% (below 0%: shrinking) | −26.98% (below 0%: shrinking) | 41.78% | 32.01% | Compare |
| ULS UL Solutions Inc. | $15.4B | 29.6× | 26.9× | +5.11% (above 0%: growing) | +15.84% (above 0%: growing) | +41.28% (above 0%: growing) | 51.40% | 19.68% | |
| ARMK Aramark | $13.3B | 34.5× | 29.8× | +9.33% (above 0%: growing) | +37.04% (above 0%: growing) | +125.89% (above 0%: growing) | 8.51% | 4.26% | Compare |
| RTO Rentokil Initial PLC | $12.1B | 70.5× | 27.4× | +66.96% (above 0%: growing) | +6.36% (above 0%: growing) | +7.92% (above 0%: growing) | 13.59% | 0.00% | Compare |
| DLB Dolby Laboratories | $6.1B | 27.2× | 20.0× | −3.34% (below 0%: shrinking) | −37.50% (below 0%: shrinking) | +157.37% (above 0%: growing) | 86.78% | 11.25% | Compare |
| AMTM Amentum Holdings, Inc. | $5.2B | 25.6× | 21.0× | −1.99% (below 0%: shrinking) | +575.00% (above 0%: growing) | +35.00% (above 0%: growing) | 10.32% | 4.93% | Compare |
| UNF Unifirst Corporation | $4.2B | 38.5× | 40.0× | +4.97% (above 0%: growing) | −13.79% (below 0%: shrinking) | −31.08% (below 0%: shrinking) | 37.38% | 6.46% | Compare |
| FA First Advantage Corporation | $4.0B | 92.5× | 74.9× | +13.84% (above 0%: growing) | +705.37% (above 0%: growing) | −30.88% (below 0%: shrinking) | 0.00% | 12.90% | Compare |
| AZZ AZZ Inc. | $3.7B | 21.9× | 19.8× | +16.68% (above 0%: growing) | −34.34% (below 0%: shrinking) | +115.52% (above 0%: growing) | 25.08% | 17.21% | Compare |
| Median of peers | $5.7B | 30.9× | 24.2× | +7.15% | −3.71% | +21.46% | 19.34% | 8.86% |
From the latest earnings call
- Jenny Scanlon said certification testing demand reflects customers’ data-center innovation, and UL Solutions has added programs for power distribution, power conversion and liquid cooling.
- Ryan Robinson said UL Solutions raised its full-year organic revenue growth outlook to approximately 6.5%, while the E&E acquisition is expected to contribute fourth-quarter revenue.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
43.25%
Held by the ten largest
24.71%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Capital Group | 10.29m | 5.09% | −227.76k |
| T. Rowe Price | 8.26m | 4.09% | −673.73k |
| Vanguard | 7.37m | 3.65% | +229.37k |
| BlackRock | 7.13m | 3.53% | +1.68m |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | 4.69m | 2.33% | −704.15k |
| Jupiter Topco | 3.04m | 1.51% | +3.04m |
| Durable Capital Partners LP | 2.94m | 1.45% | −354.03k |
| State Street | 2.28m | 1.13% | +734.58k |
| Geode Capital Management | 2.01m | 1.00% | +542.20k |
| BESSEMER GROUP INC | 1.87m | 0.93% | −395.66k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 15.31m | 56.50m | 229.25 |
| 2024 | 18.12m | 43.14m | 143.88 |
Ownership
Directors and executive officers, together
less than 1% of the votes
ULSE Inc.
94.10% of the votes
BlackRock, Inc.
less than 1% of the votes
Capital International Investors
less than 1% of the votes
Capital Research Global Investors
less than 1% of the votes
Kayne Anderson Rudnick Investment Management, LLC
less than 1% of the votes
T. Rowe Price Investment Management, Inc.
less than 1% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
UL Solutions Inc. (ULS) Latest News
4 Nov
3 Nov
21 Oct
20 Oct
2 Oct
1 Oct
29 Sep
25 Sep
ULS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Beneish M-score
UL Solutions helps companies assess whether products meet safety, performance and other requirements. It tests and inspects products, certifies those that meet applicable requirements, and provides software and advice for managing compliance and supply-chain information.
A manufacturer developing a product may use UL Solutions to test it against a standard or a regulatory requirement. If the product qualifies, the company may authorize use of a certification mark, including the UL Mark, on the product, its packaging or marketing materials. To retain that right, the customer must meet ongoing program requirements, which can include inspections, audits and sample testing.