ULS

MKT CAP:$18B

UL Solutions Inc.

Market Cap

$18B

Industrials·Specialty Business Services·🇺🇸 United States·NYSE

Industrials·Specialty·🇺🇸·NYSE

Stock Price

$92.02+$11.11 (+13.73%)

Apr 21, 2026

Company Details

UL Solutions Inc. provides safety science services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory. The Industrial segment provides testing, inspection, and certification services across variou...

CEO

Jennifer F. Scanlon

IPO Date

Jul 15, 2014

Website

www.ul.com

Key Metrics TTM

Revenue

$2.9B

+9.5% YoY

Net Income

$281M

EPS (Diluted)

$1.40

Free Cash Flow

$284M

Revenue / Share

$14.08

Gross Margin

48.3%

Operating Margin

14.7%

Net Margin

9.8%

FCF Margin

9.9%

P/S

6.3x

P/E

64.9x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 19, 2026

$3.1B+6.4%EPS $1.60

Q4 2025

Feb 19, 2026

$789MEPS $0.32

FY 2024

Feb 20, 2025

$2.9B+7.2%EPS $1.62

Q2 2024

Jul 31, 2024

$730M+6.0%EPS $0.51

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$623M	$299M	$103M
Q2 22	$645M	$302M	$102M
Q3 22	$623M	$294M	$115M
Q4 22	$629M	$312M	$92M
Q1 23	$629M	$294M	$75M
Q2 23	$689M	$337M	$117M
Q3 23	$676M	$332M	$127M
Q4 23	$684M	$317M	$87M
Q1 24	$670M	$319M	$91M
Q2 24	$730M	$366M	$126M
Q4 25	$789M	$386M	$118M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	7.2x	62.3x
Q1 23	7.2x	69.4x
Q2 23	7.1x	61.4x
Q3 23	7.0x	65.2x
Q4 23	6.8x	70.2x
Q1 24	6.7x	69.9x
Q2 24	6.6x	68.1x
Q4 25	6.3x	64.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$105M	$62M
Q2 22	$56M	$22M
Q3 22	$131M	$90M
Q4 22	$80M	$34M
Q1 23	$161M	$98M
Q2 23	$59M	$9M
Q3 23	$121M	$78M
Q4 23	$126M	$67M
Q1 24	$141M	$84M
Q2 24	$103M	$47M
Q4 25	$144M	$86M

Capital Expenditures

Quarter	CapEx
Q1 22	$43M
Q2 22	$34M
Q3 22	$41M
Q4 22	$46M
Q1 23	$63M
Q2 23	$50M
Q3 23	$43M
Q4 23	$59M
Q1 24	$57M
Q2 24	$56M
Q4 25	$58M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+1.0%	+6.5%
Q2 23	+6.8%	+5.3%
Q3 23	+8.5%	+8.1%
Q4 23	+8.7%	+11.2%
Q1 24	+6.5%	+4.5%
Q2 24	+6.0%	+5.6%
Q4 25	+16.7%	+22.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	-$5M	-0.8%
Q2 22	$9M	1.4%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$1M	0.1%
Q4 23	$11M	1.6%
Q1 24	-$1M	-0.1%
Q2 24	$6M	0.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$196M
Q2 22	$200M
Q3 22	$179M
Q4 22	$220M
Q1 23	$219M
Q2 23	$220M
Q3 23	$205M
Q4 23	$230M
Q1 24	$228M
Q2 24	$240M
Q4 25	$267M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$393M	$28M	$421M
Q4 22	$322M	$51M	$373M
Q1 23	$418M	$65M	$483M
Q2 23	$413M	$27M	$440M
Q3 23	$457M	$0	$457M
Q4 23	$315M	$0	$315M
Q1 24	$344M	$0	$344M
Q2 24	$295M	$0	$295M
Q3 24	$327M	$0	$327M
Q4 24	$298M	$0	$298M
Q1 25	$267M	$0	$267M
Q2 25	$272M	$0	$272M
Q3 25	$255M	$0	$255M
Q4 25	$295M	$0	$295M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	200M	—	—
Q2 22	200M	0.0%	—
Q3 22	200M	0.0%	—
Q4 22	200M	0.0%	—
Q1 23	200M	0.0%	0.0%
Q2 23	200M	0.0%	0.0%
Q3 23	200M	0.0%	0.0%
Q4 23	200M	0.0%	0.0%
Q1 24	200M	+0.0%	+0.0%
Q2 24	200M	+0.0%	+0.0%
Q4 25	204M	+2.0%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q4 25	$54.1K	15K

Revenue / Employee