ULS (UL Solutions Inc.) Stock Financials & Earnings | Market Cap Arena

ULS (UL Solutions Inc.) Stock Financials & Earnings | Market Cap Arena

ULSUL Solutions Inc.

Mkt Cap$16B

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

Revenue (TTM)$3.1B

Net Income (TTM)$324M

EPS (TTM)$1.59

Free Cash Flow (TTM)$403M

Gross Margin49.1%

Op. Margin17.1%

Net Margin10.6%

FCF Margin13.2%

P/S Ratio (TTM)5.3x

P/E Ratio (TTM)50.3x

YoY Rev Growth+6.4%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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
Q3 24	$731M	$358M	$130M
Q4 24	$739M	$350M	$115M
Q1 25	$705M	$338M	$109M
Q2 25	$776M	$380M	$139M
Q3 25	$783M	$394M	$156M
Q4 25	$789M	$386M	$118M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	6.4x	61.9x
Q2 23	6.3x	54.9x
Q3 23	6.2x	58.2x
Q4 23	6.1x	62.7x
Q1 24	6.0x	62.4x
Q2 24	5.9x	60.8x
Q3 24	5.8x	53.8x
Q4 24	5.7x	50.0x
Q1 25	5.6x	48.3x
Q2 25	5.5x	49.8x
Q3 25	5.4x	48.1x
Q4 25	5.3x	50.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$161M	$98M
Q2 23	$59M	$9M
Q3 23	$121M	$78M
Q4 23	$126M	$67M
Q1 24	$141M	$84M
Q2 24	$103M	$47M
Q3 24	$150M	$84M
Q4 24	$130M	$72M
Q1 25	$154M	$103M
Q2 25	$147M	$105M
Q3 25	$155M	$109M
Q4 25	$144M	$86M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$63M
Q2 23	$50M
Q3 23	$43M
Q4 23	$59M
Q1 24	$57M
Q2 24	$56M
Q3 24	$66M
Q4 24	$58M
Q1 25	$51M
Q2 25	$42M
Q3 25	$46M
Q4 25	$58M

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%
Q3 24	+8.1%	+9.5%
Q4 24	+8.0%	+4.5%
Q1 25	+5.2%	+2.9%
Q2 25	+6.3%	+5.5%
Q3 25	+7.1%	+4.3%
Q4 25	+6.8%	+7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%
Q3 24	$10M	1.4%
Q4 24	$7M	0.9%
Q1 25	$8M	1.1%
Q2 25	$13M	1.7%
Q3 25	$15M	1.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 23	$219M
Q2 23	$220M
Q3 23	$205M
Q4 23	$230M
Q1 24	$228M
Q2 24	$240M
Q3 24	$228M
Q4 24	$235M
Q1 25	$229M
Q2 25	$241M
Q3 25	$238M
Q4 25	$267M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	200M	+0.0%
Q2 23	200M	+0.0%
Q3 23	200M	+0.0%
Q4 23	200M	+0.0%
Q1 24	200M	+0.0%
Q2 24	200M	+0.0%
Q3 24	200M	+0.0%
Q4 24	202M	+1.0%
Q1 25	203M	+0.5%
Q2 25	203M	+0.0%
Q3 25	203M	+0.0%
Q4 25	204M	+0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 19	—	—
FY 20	—	—
FY 21	—	—
FY 22	—	—
FY 23	—	—
FY 24	$3K	1.0M
FY 25	$209K	15K