ULS · NYSE · Industrials
UL Solutions Inc. (ULS) — Rank #87 by gross profitability (GP/assets 0.48) · ROE 20.4% · Piotroski F-Score 7 / 9.
As-of 2026-10-30 · 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.
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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
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
14,587
Industry
Specialty Business Services
Exchange
NYSE
11/12
Flags passed
ULS fails 1 critical flag
Passes 11 of 12 quality flags
- FAILValuation convergence
EPS declining, shares diluting, and revenue growth decelerating simultaneously
- PASSGross margin holding
- PASSDilution within 2%
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
Strengths Operating leverage expanding · Deferred revenue growing · Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passFCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Does it make money well?
No warning flags · GP/assets 0.48
Gross profitability (GP / assets)
0.48
Primary signal (Novy-Marx).
3rd of 7 SIC 87 peers
Return on equity
20.4%
Gross margin
49.5%
2nd of 7 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)
—
Cash Flow Health
Is the cash real?
No warning flags · FCF 24% above net income
Free cash flow
$403.00M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
24.0%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.5%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net cash $133.00M, F-Score 7/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.93
3rd of 7 SIC 87 peers (best = lowest)
Current ratio
1.42×
6th of 7 SIC 87 peers
Quick ratio
1.05×
Net cash
$133.00M
Cash & equivalents minus total debt.
Piotroski F-Score
7 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
Warning: Valuation convergence
Dividend safety
Composite score
3.0 / 5
Capital allocation quality
Composite score
2.7 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports