UL Solutions Inc. (ULS)

UL Solutions Inc., together with its subsidiaries, provides testing, inspection and certification services and related software and advisory services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory. The Industrial segment provides testing, inspection, and certification services across various end markets, including energy, industrial automation, engineered materials, and built environment, as well as stakeholders, such as manufacturers, building and asset owners, end users, and regulators. The Consumer segment offers safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality, and critical systems advisory and training services, as well as product market acceptance and risk mitigation services for customers in the consumer products end markets comprising consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, and retail, as well as consumer applications, such as new mobility, smart products, and 5G. The Software and Advisory segment provide software and technical advisory services that enable customers to manage regulatory requirements, deliver supply chain transparency, and operationalize sustainability. It offers ULTRUS, a software that helps customers meet regulatory, supply chain, and sustainability challenges. UL Solutions Inc. was formerly known as UL Inc. and changed its name to UL Solutions Inc. in December 2021. The company was founded in 1894 and is headquartered in Northbrook, Illinois. UL Solutions Inc. operates as a subsidiary of ULSE Inc.

Ticker
ULS
Exchange
NYSE
Sector
Industrials
Industry
Specialty Business Services
Market cap
$15.88B
52-week range
$63.17 - $107.54

Valuation

Share price
$78.65 (close of Nov 6, 2026)
P/E (TTM)
30.96x
Price to book
9.14x
Price to free cash flow
33.01x
Enterprise value
$15.80B
Book value per share
$8.61

Price performance

PeriodChange
1 day+3.28%
5 days+5.20%
1 month+15.04%
3 months+2.33%
6 months-25.02%
Year to date-0.27%
1 year-8.20%
All time+125.10%

Short interest

As of
Oct 15, 2026
Short % of float
7.95%
Shares short
5.47M
Days to cover
4.28
Change since prior report
-1.48%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
25.12%
Return on invested capital
20.08%
Return on assets
11.13%
Return on capital employed
24.16%
Gross margin
49.46%
Net margin
10.65%
EBITDA margin
23.26%
Revenue growth
6.38%
Net income growth
-0.31%
Free cash flow growth
40.42%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.03%
Current ratio
2.09x
Net debt to EBITDA
-0.09x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$3.05B
Cost of revenue
$1.54B
Gross profit
$1.51B
EBITDA
$710.00M
Net income
$325.00M
Earnings per share
$1.62
Interest expense
$41.00M
Shares outstanding
201.00M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$3.05B$1.51B$325.00M$1.62
2024-12-31$2.87B$1.39B$326.00M$1.63
2023-12-31$2.68B$1.28B$260.00M$1.30
2022-12-31$2.52B$1.21B$293.00M$1.47

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3149.46%10.65%25.12%20.08%
2024-12-3148.50%11.36%35.02%21.01%
2023-12-3147.95%9.71%38.35%17.12%
2022-12-3147.90%11.63%27.21%19.46%

Cash and debt by year

Period endCashDebt
2025-12-31$295.00M$491.00M
2024-12-31$298.00M$692.00M
2023-12-31$315.00M$904.00M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$403.00M$47.00M
2024-12-31$287.00M$23.00M
2023-12-31$252.00M-
2022-12-31$208.00M-

Dividend history

Most recent payment
Aug 31, 2026
Paid in the last twelve months
$0.56
Payment dateDividend per share
2026-08-31$0.14
2026-05-29$0.14
2026-03-02$0.14
2025-11-28$0.13
2025-08-29$0.13
2025-05-30$0.13
2025-02-28$0.13
2024-11-29$0.13

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-03Sep 2026$0.56
2026-08-04Jun 2026$0.52
2026-05-05Mar 2026$0.38
2026-02-19Dec 2025$0.42
2025-11-04Sep 2025$0.43
2025-08-05Jun 2025$0.44
2025-05-06Mar 2025$0.29
2025-02-20Dec 2024$0.38

Filings and sources

Company website
ul.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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