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UL Solutions Inc.

ULS· NYSE· Services-Testing Laboratories

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
13.2%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
–
We record prices for the companies we cover; ULS is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
203.0M
Revenue
$3.1B
Free cash flow
$403.0M
Owner earnings
$356.0M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
17.1%
Net
10.6%
Free cash flow
13.2%
Owner earnings
11.7%
Stock pay
1.5%

Returns

ROIC, FY2025
26.3%
ROIC, 5 yr avg
–
ROE, FY2025
25.8%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
6.6%
Revenue, 5 yr
–
Diluted EPS, 3 yr
2.9%
Diluted EPS, 5 yr
–
Free cash flow, 3 yr
24.7%
Free cash flow, 5 yr
–

Financial health · FY2025

Cash and investments
$295.0M
Total debt
$491.0M
Net debt
$196.0M
Debt/Equity
0.4x
Debt/FCF
1.2x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
32.0%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
–

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$3.1B

+6.6% a year over 3 years

FY2022: Revenue $2.5BFY2023: Revenue $2.7BFY2024: Revenue $2.9BFY2025: Revenue $3.1B
FY2022FY2025

Margins

Operating17.1%Net10.6%

FY2025

FY2022: Operating 16.3%, Net 11.6%FY2023: Operating 13.7%, Net 9.7%FY2024: Operating 16.1%, Net 11.4%FY2025: Operating 17.1%, Net 10.6%
FY2022FY2025

Free cash flow and owner earnings

Free cash flow$403.0MOwner earnings$356.0M

Free cash flow +24.7% a year

FY2022: Free cash flow $208.0M, Owner earnings $208.0MFY2023: Free cash flow $252.0M, Owner earnings $252.0MFY2024: Free cash flow $287.0M, Owner earnings $264.0MFY2025: Free cash flow $403.0M, Owner earnings $356.0M
FY2022FY2025

Diluted shares

203.0M

+1.5% over 3 years, net dilution

FY2022: Diluted shares 200.0MFY2023: Diluted shares 200.0MFY2024: Diluted shares 201.0MFY2025: Diluted shares 203.0M
FY2022FY2025

Return on invested capital

26.3%

FY2025

FY2022: ROIC –FY2023: ROIC 23.6%FY2024: ROIC 28.5%FY2025: ROIC 26.3%
FY2022FY2025

Net debt (below zero)

-$196.0M

$196.0M more debt than cash

FY2022: Net cash –FY2023: Net cash -$589.0MFY2024: Net cash -$444.0MFY2025: Net cash -$196.0M
FY2022FY2025

Every figure, year by year

Fiscal yearFY2022FY2023FY2024FY2025
The business
Revenue$2.5B$2.7B$2.9B$3.1B
Revenue growth–6.3%7.2%6.4%
Gross margin––––
Operating margin16.3%13.7%16.1%17.1%
Net income$293.0M$260.0M$326.0M$325.0M
Net margin11.6%9.7%11.4%10.6%
Diluted EPS$1.47$1.30$1.62$1.60
Return on invested capital?–23.6%28.5%26.3%
Cash
Operating cash flow$372.0M$467.0M$524.0M$600.0M
Capital expenditure$164.0M$215.0M$237.0M$197.0M
Free cash flow$208.0M$252.0M$287.0M$403.0M
Stock-based compensation$0$0$23.0M$47.0M
Owner earnings?$208.0M$252.0M$264.0M$356.0M
Free cash flow per share$1.04$1.26$1.43$1.99
Capital allocation
Dividends paid$1.6B$680.0M$100.0M$104.0M
Share repurchases––––
Diluted shares200.0M200.0M201.0M203.0M
Share count change?–0.0%0.5%1.0%
Balance sheet
Cash and equivalents$322.0M$315.0M$298.0M$295.0M
Short-term investments––––
Total debt–$904.0M$742.0M$491.0M
Net debt–$589.0M$444.0M$196.0M
Shareholders' equity$1.1B$654.0M$904.0M$1.3B

Latest filings

All on EDGAR
2026-08-0410-QQuarterly report
2026-08-048-KEarnings release
2026-05-0510-QQuarterly report
2026-05-058-KEarnings release
2026-04-02DEF 14AProxy statement
2026-02-1910-KAnnual report
2026-02-198-KEarnings release
2025-11-0410-QQuarterly report
2025-11-048-KEarnings release
2025-08-0510-QQuarterly report

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