NYSE : ULS
UL Solutions Inc. — Financial statements
Industrials · Specialty Business Services · United States
Last price 75.46 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 15.24B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
UL Solutions Inc. (ULS) reported revenue of 3.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.15B | 3.05B | 2.87B | 2.68B | 2.52B | 2.52B |
| Cost of Revenue | 1.56B | 1.54B | 1.48B | 1.39B | 1.31B | 1.34B |
| Gross Profit | 1.59B | 1.51B | 1.39B | 1.28B | 1.21B | 1.18B |
| Selling, General & Admin | 990.00M | 957.00M | 938.00M | 883.00M | 826.00M | 922.00M |
| Operating Expenses | 990.00M | 957.00M | 938.00M | 883.00M | 826.00M | 922.00M |
| Operating Income | 596.00M | 553.00M | 454.00M | 401.00M | 381.00M | 257.00M |
| Interest Expense | -32.00M | -41.00M | -55.00M | -35.00M | -17.00M | -1.00M |
| Interest & Investment Income | 5.00M | 4.00M | 4.00M | 12.00M | 1.00M | 7.00M |
| Earnings From Equity Investments | 11.00M | |||||
| Currency Exchange Gain (Loss) | -9.00M | -10.00M | -11.00M | -2.00M | -11.00M | -2.00M |
| Other Non Operating Income (Expenses) | 5.00M | -1.00M | -2.00M | 2.00M | 7.00M | 2.00M |
| EBT Excluding Unusual Items | 565.00M | 505.00M | 390.00M | 378.00M | 361.00M | 274.00M |
| Merger & Restructuring Charges | -37.00M | -35.00M | 1.00M | -4.00M | ||
| Impairment of Goodwill | -37.00M | |||||
| Gain (Loss) on Sale of Investments | 7.00M | 22.00M | ||||
| Gain (Loss) on Sale of Assets | 191.00M | 24.00M | 2.00M | |||
| Pretax Income | 719.00M | 470.00M | 415.00M | 346.00M | 383.00M | 274.00M |
| Income Tax Expense | 190.00M | 125.00M | 70.00M | 70.00M | 74.00M | 36.00M |
| Earnings From Continuing Operations | 529.00M | 345.00M | 345.00M | 276.00M | 309.00M | 238.00M |
| Minority Interest in Earnings | -23.00M | -20.00M | -19.00M | -16.00M | -16.00M | -14.00M |
| Net Income | 506.00M | 325.00M | 326.00M | 260.00M | 293.00M | 224.00M |
| Net Income to Common | 506.00M | 325.00M | 326.00M | 260.00M | 293.00M | 224.00M |
| Shares Outstanding (Basic) | 201.00M | 201.00M | 200.00M | 200.00M | 200.00M | 36.81M |
| Shares Outstanding (Diluted) | 203.50M | 203.00M | 201.00M | 200.00M | 200.00M | 36.81M |
| EPS (Basic) | 2.52 | 1.62 | 1.63 | 1.30 | 1.47 | 6.08 |
| EPS (Diluted) | 2.48 | 1.60 | 1.62 | 1.30 | 1.47 | 6.08 |
| Free Cash Flow | 436.00M | 403.00M | 287.00M | 252.00M | 208.00M | 314.00M |
| Free Cash Flow Per Share | 2.14 | 1.99 | 1.43 | 1.26 | 1.04 | 8.53 |
| Dividend Per Share | 0.55 | 0.52 | 0.50 | 0.40 | ||
| Gross Margin | 50.41% | 49.46% | 48.50% | 47.95% | 47.90% | 46.84% |
| Operating Margin | 18.95% | 18.11% | 15.82% | 14.97% | 15.12% | 10.21% |
| Profit Margin | 16.08% | 10.64% | 11.36% | 9.71% | 11.63% | 8.90% |
| Free Cash Flow Margin | 13.86% | 13.20% | 10.00% | 9.41% | 8.25% | 12.47% |
| EBITDA | 721.00M | 676.00M | 567.00M | 504.00M | 473.00M | 354.00M |
| EBITDA Margin | 22.92% | 22.14% | 19.76% | 18.82% | 18.77% | 14.06% |
| D&A For EBITDA | 125.00M | 123.00M | 113.00M | 103.00M | 92.00M | 97.00M |
| EBIT | 596.00M | 553.00M | 454.00M | 401.00M | 381.00M | 257.00M |
| EBIT Margin | 18.95% | 18.11% | 15.82% | 14.97% | 15.12% | 10.21% |
| Effective Tax Rate | 26.43% | 26.60% | 16.87% | 20.23% | 19.32% | 13.14% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 434.00M | 295.00M | 298.00M | 315.00M | 322.00M | 1.33B |
| Short-Term Investments | 51.00M | 47.00M | ||||
| Cash & Short-Term Investments | 434.00M | 295.00M | 298.00M | 315.00M | 373.00M | 1.38B |
| Accounts Receivable | 710.00M | 626.00M | 562.00M | 541.00M | 547.00M | 557.00M |
| Other Receivables | 49.00M | 40.00M | ||||
| Receivables | 710.00M | 626.00M | 562.00M | 590.00M | 587.00M | 557.00M |
| Prepaid Expenses | 35.00M | 33.00M | 61.00M | |||
| Other Current Assets | 90.00M | 79.00M | 61.00M | 13.00M | 5.00M | 6.00M |
| Total Current Assets | 1.23B | 1.00B | 921.00M | 953.00M | 998.00M | 2.00B |
| Property, Plant & Equipment | 932.00M | 878.00M | 817.00M | 706.00M | 637.00M | 602.00M |
| Long-Term Investments | 55.00M | 33.00M | 36.00M | 42.00M | 62.00M | 44.00M |
| Goodwill | 642.00M | 656.00M | 633.00M | 623.00M | 647.00M | 621.00M |
| Other Intangible Assets | 131.00M | 153.00M | 185.00M | 211.00M | 200.00M | 196.00M |
| Long-Term Deferred Tax Assets | 46.00M | 94.00M | 108.00M | 110.00M | 128.00M | 166.00M |
| Other Long-Term Assets | 79.00M | 107.00M | 100.00M | 91.00M | 48.00M | 34.00M |
| Total Assets | 3.12B | 2.92B | 2.80B | 2.74B | 2.72B | 3.66B |
| Accounts Payable | 179.00M | 183.00M | 182.00M | 169.00M | 153.00M | 179.00M |
| Accrued Expenses | 196.00M | 282.00M | 254.00M | 281.00M | 311.00M | 383.00M |
| Current Portion of Long-Term Debt | 50.00M | |||||
| Current Portion of Leases | 39.00M | 43.00M | 38.00M | 39.00M | 42.00M | 36.00M |
| Current Income Taxes Payable | 75.00M | |||||
| Current Unearned Revenue | 347.00M | 173.00M | 162.00M | 162.00M | 142.00M | 135.00M |
| Other Current Liabilities | 30.00M | 79.00M | 54.00M | 58.00M | 46.00M | 59.00M |
| Total Current Liabilities | 866.00M | 760.00M | 740.00M | 709.00M | 694.00M | 792.00M |
| Long-Term Debt | 301.00M | 491.00M | 692.00M | 904.00M | 499.00M | |
| Long-Term Leases | 136.00M | 149.00M | 155.00M | 120.00M | 119.00M | 118.00M |
| Pension & Post-Retirement Benefits | 103.00M | 134.00M | 196.00M | 232.00M | 246.00M | 336.00M |
| Long-Term Deferred Tax Liabilities | 19.00M | 23.00M | ||||
| Other Long-Term Liabilities | 93.00M | 74.00M | 63.00M | 93.00M | 85.00M | 84.00M |
| Total Liabilities | 1.50B | 1.63B | 1.87B | 2.06B | 1.64B | 1.33B |
| Additional Paid-In Capital | 934.00M | 887.00M | 821.00M | 776.00M | 1.01B | 1.01B |
| Retained Earnings | 750.00M | 470.00M | 250.00M | 24.00M | 211.00M | 1.52B |
| Comprehensive Income & Other | -89.00M | -95.00M | -167.00M | -146.00M | -166.00M | -216.00M |
| Total Common Equity | 1.59B | 1.26B | 904.00M | 654.00M | 1.05B | 2.31B |
| Minority Interest | 25.00M | 32.00M | 27.00M | 24.00M | 23.00M | 21.00M |
| Shareholders' Equity | 1.62B | 1.29B | 931.00M | 678.00M | 1.08B | 2.33B |
| Total Liabilities & Equity | 3.12B | 2.92B | 2.80B | 2.74B | 2.72B | 3.66B |
| Total Debt | 476.00M | 683.00M | 935.00M | 1.06B | 660.00M | 154.00M |
| Net Cash (Debt) | -42.00M | -388.00M | -637.00M | -748.00M | -287.00M | 1.22B |
| Net Cash Per Share | -0.21 | -1.91 | -3.17 | -3.74 | -1.44 | 33.17 |
| Filing Date Shares Outstanding | 201.90M | 201.04M | 200.17M | 200.00M | 200.00M | 200.00M |
| Total Common Shares Outstanding | 201.89M | 201.03M | 200.17M | 200.00M | 200.00M | 200.00M |
| Working Capital | 368.00M | 240.00M | 181.00M | 244.00M | 304.00M | 1.21B |
| Book Value Per Share | 7.90 | 6.28 | 4.52 | 3.27 | 5.27 | 11.55 |
| Tangible Book Value | 822.00M | 453.00M | 86.00M | -180.00M | 207.00M | 1.49B |
| Tangible Book Value Per Share | 4.07 | 2.25 | 0.43 | -0.90 | 1.03 | 7.47 |
| Land | 42.00M | 41.00M | 42.00M | 38.00M | 31.00M | |
| Buildings | 503.00M | 451.00M | 364.00M | 347.00M | 350.00M | |
| Machinery | 821.00M | 729.00M | 714.00M | 687.00M | 663.00M | |
| Leasehold Improvements | 212.00M | 182.00M | 172.00M | 141.00M | 129.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 506.00M | 325.00M | 326.00M | 260.00M | 293.00M | 224.00M |
| Depreciation & Amortization | 125.00M | 123.00M | 113.00M | 103.00M | 92.00M | 97.00M |
| Other Amortization | 65.00M | 65.00M | 59.00M | 51.00M | 43.00M | 45.00M |
| Loss (Gain) From Sale of Assets | -191.00M | -24.00M | -2.00M | |||
| Asset Writedown & Restructuring Costs | 37.00M | |||||
| Loss (Gain) From Sale of Investments | -18.00M | -5.00M | ||||
| Stock-Based Compensation | 61.00M | 47.00M | 23.00M | |||
| Provision & Write-off of Bad Debts | 11.00M | 11.00M | 9.00M | 4.00M | ||
| Other Operating Activities | 76.00M | 40.00M | 35.00M | 32.00M | 70.00M | -41.00M |
| Change in Accounts Receivable | -102.00M | -54.00M | -28.00M | -27.00M | -27.00M | -14.00M |
| Change in Accounts Payable | 15.00M | -13.00M | 13.00M | 1.00M | -18.00M | 30.00M |
| Change in Unearned Revenue | 39.00M | 11.00M | 32.00M | 3.00M | 8.00M | |
| Change in Other Net Operating Assets | 73.00M | 45.00M | -2.00M | -24.00M | -66.00M | 77.00M |
| Operating Cash Flow | 678.00M | 600.00M | 524.00M | 467.00M | 372.00M | 421.00M |
| Capital Expenditures | -242.00M | -197.00M | -237.00M | -215.00M | -164.00M | -107.00M |
| Cash Acquisitions | -1.00M | -1.00M | -26.00M | -18.00M | -66.00M | -47.00M |
| Divestitures | 199.00M | 29.00M | 4.00M | |||
| Investment in Securities | 14.00M | -7.00M | 49.00M | -7.00M | 323.00M | |
| Other Investing Activities | 3.00M | 1.00M | 5.00M | -1.00M | 9.00M | |
| Investing Cash Flow | -27.00M | -204.00M | -234.00M | -175.00M | -238.00M | 178.00M |
| Long-Term Debt Issued | 792.00M | 181.00M | 440.00M | 700.00M | ||
| Long-Term Debt Repaid | -1.04B | -346.00M | -30.00M | -200.00M | ||
| Net Debt Issued (Repaid) | -309.00M | -253.00M | -165.00M | 410.00M | 500.00M | |
| Repurchase of Common Stock | -34.00M | -15.00M | ||||
| Common Dividends Paid | -110.00M | -104.00M | -100.00M | -80.00M | ||
| Other Financing Activities | -30.00M | -24.00M | -19.00M | -24.00M | -16.00M | -28.00M |
| Financing Cash Flow | -483.00M | -396.00M | -284.00M | -294.00M | -1.12B | -228.00M |
| Foreign Exchange Rate Adjustments | -6.00M | -3.00M | -23.00M | -5.00M | -24.00M | -14.00M |
| Net Cash Flow | 162.00M | -3.00M | -17.00M | -7.00M | -1.01B | 357.00M |
| Free Cash Flow | 436.00M | 403.00M | 287.00M | 252.00M | 208.00M | 314.00M |
| Free Cash Flow Margin | 13.86% | 13.20% | 10.00% | 9.41% | 8.25% | 12.47% |
| Free Cash Flow Per Share | 2.14 | 1.99 | 1.43 | 1.26 | 1.04 | 8.53 |
| Levered Free Cash Flow | 420.50M | 359.00M | 235.38M | 203.75M | 92.50M | 460.00M |
| Unlevered Free Cash Flow | 440.50M | 384.62M | 269.75M | 225.62M | 103.12M | 460.62M |
| Cash Interest Paid | 31.00M | 40.00M | 57.00M | 32.00M | 17.00M | 1.00M |
| Cash Income Tax Paid | 97.00M | 92.00M | 66.00M | 57.00M | 68.00M | 132.00M |
| Change in Working Capital | 25.00M | -11.00M | -17.00M | -18.00M | -108.00M | 101.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 15.17B | 16.84B | 9.98B | |||
| Enterprise Value | 15.21B | 17.35B | 10.67B | |||
| Last Close Price | 75.14 | 78.46 | 49.24 | |||
| PE Ratio | 30.27 | 51.81 | 30.62 | |||
| Forward PE | 30.80 | 39.27 | 29.82 | |||
| PS Ratio | 4.82 | 5.51 | 3.48 | |||
| PB Ratio | 9.51 | 13.01 | 10.72 | |||
| P/TBV Ratio | 18.46 | 37.17 | 116.07 | |||
| P/FCF Ratio | 34.80 | 41.78 | 34.78 | |||
| P/OCF Ratio | 22.38 | 28.06 | 19.05 | |||
| PEG Ratio | 2.66 | 3.13 | 2.98 | |||
| EV/Sales Ratio | 4.84 | 5.68 | 3.72 | |||
| EV/EBITDA Ratio | 21.10 | 25.66 | 18.81 | |||
| EV/EBIT Ratio | 25.52 | 31.37 | 23.49 | |||
| EV/FCF Ratio | 34.89 | 43.04 | 37.16 | |||
| Debt / Equity Ratio | 0.29 | 0.53 | 1.00 | 1.57 | 0.61 | 0.07 |
| Debt / EBITDA Ratio | 0.58 | 0.89 | 1.45 | 1.83 | 1.20 | 0.36 |
| Debt / FCF Ratio | 1.09 | 1.70 | 3.26 | 4.22 | 3.17 | 0.49 |
| Net Debt / Equity Ratio | 0.03 | 0.30 | 0.68 | 1.10 | 0.27 | -0.52 |
| Net Debt / EBITDA Ratio | 0.06 | 0.57 | 1.12 | 1.48 | 0.61 | -3.45 |
| Net Debt / FCF Ratio | 0.10 | 0.96 | 2.22 | 2.97 | 1.38 | -3.89 |
| Asset Turnover | 1.04 | 1.07 | 1.04 | 0.98 | 0.79 | 0.70 |
| Quick Ratio | 1.32 | 1.21 | 1.16 | 1.28 | 1.38 | 2.44 |
| Current Ratio | 1.43 | 1.32 | 1.25 | 1.34 | 1.44 | 2.52 |
| Return on Equity (ROE) | 38.71% | 31.01% | 42.88% | 31.45% | 18.13% | 10.34% |
| Return on Assets (ROA) | 12.33% | 12.08% | 10.25% | 9.19% | 7.46% | 4.45% |
| Return on Invested Capital (ROIC) | 26.75% | 24.98% | 25.21% | 22.93% | 24.84% | 17.35% |
| Return on Capital Employed (ROCE) | 26.50% | 25.60% | 22.00% | 19.80% | 18.80% | 9.00% |
| Earnings Yield | 3.30% | 1.93% | 3.27% | |||
| FCF Yield | 2.87% | 2.39% | 2.88% | |||
| Dividend Yield | 0.77% | 0.62% | 1.00% | |||
| Payout Ratio | 23.37% | 32.00% | 30.68% | 30.77% | ||
| Buyback Yield / Dilution | -0.74% | -1.00% | -0.50% | -443.28% | ||
| Total Shareholder Return | 0.03% | -0.37% | 0.50% | -443.28% |