UL Solutions Inc.
Rank #83Capital ReturnULS · NYSE · Industrials
UL Solutions Inc. (ULS) — Rank #83 by gross profitability (GP/assets 0.48) · ROE 20.4% · Piotroski F-Score 7 / 9.
As-of 2026-09-15 · CIK 0001901440 · all metrics point-in-time as of the filing date.
About
UL Solutions Inc., together with its subsidiaries, provides testing, inspection and certification services and related software and advisory services worldwide.
Show moreShow less
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.
- Industry
- Specialty Business Services
- Sector
- Industrials
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- ul.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$13.46B
P/E (annual)
41.7
P/S (annual)
4.4
P/B
8.4
P/OCF (annual)
22.4
Shareholder Yield
-0.2%
Employees
14,587
Industry
Specialty Business Services
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
14.8%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1.0% — per-share value needs a total required return of 15.8% once share-count change is priced in.
vs. own 6-year median revenue growth: 7.2%
priced above its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
10.1%
r = 10% (base)
14.8%
r = 12%
18.9%
Net debt / market cap: -1.0%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.48
Primary signal (Novy-Marx).
2nd of 5 SIC 87 peers
Return on equity
20.4%
Gross margin
49.5%
1st of 5 SIC 87 peers
Revenue growth (YoY)
6.4%
RPO growth (YoY)
-2.8%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
6.6%
Revenue CAGR (5Y)
—
Earnings CAGR (3Y)
3.5%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.93
2nd of 5 SIC 87 peers (best = lowest)
Current ratio
1.42×
4th of 5 SIC 87 peers
Quick ratio
1.05×
Net cash
$133.00M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$403.00M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.24
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.5%
Stock-based comp intensity.
Dividend safety
Composite score
3.0 / 5
Piotroski F-Score
F-Score
7 / 9
Fundamental-strength score (0-9).