Industrials · Specialty Business Services
Price
$97.78
Market Cap
$19.7B
Employees
14,813
Beta
0.62
Avg Volume
853,669
CEO
Jennifer F. Scanlon
Business Description
UL Solutions Inc. is a global leader in safety science services. The company's operations are organized into three primary business units: Industrial, Consumer, and Software and Advisory. The Industrial division provides comprehensive testing, inspection, and certification services. These offerings serve a wide range of markets, including energy, industrial automation, engineered materials, and the built environment, supporting various parties such as manufacturers, building owners, end-users, and regulatory authorities. Within the Consumer segment, UL Solutions delivers diverse services, including safety certification testing, ongoing compliance monitoring, and assistance with global market access. It also conducts evaluations for connectivity, performance, and quality, alongside offering critical systems advisory and training. Furthermore, this segment aids clients with product market acceptance and risk mitigation. Its customer base includes industries producing consumer electronics, medical devices, information technologies, appliances, HVAC systems, lighting, and retail goods, as well as those involved in emerging consumer applications like new mobility, smart products, and 5G technology. The Software and Advisory segment offers specialized software solutions and technical consulting. These services enable clients in heavily regulated industries, such as life sciences, to manage intricate regulatory obligations, improve transparency within their supply chains, and embed sustainability into their operations, particularly concerning new ESG (Environmental, Social, and Governance) and sustainability directives. A key offering is the ULTRUS software brand, designed to help customers achieve faster time-to-market, enhance sustainability, and strengthen safety protocols. Founded in 1894, the company was formerly known as UL Inc. before rebranding to UL Solutions Inc. in June 2022. Headquartered in Northbrook, Illinois, UL Solutions Inc. boasts a significant international presence with offices spanning North America, Asia Pacific, Africa, Europe, Latin America, and the Middle East. It operates as a subsidiary of ULSE Inc.
Business History
Price Overview
Price at report time · Jul 2, 3:35pm (0m ago)
$97.62
Change · Jul 2
-0.05 (-0.05%)
Day Range
$97.30 – $101.46
52-Week Range
$61.64 – $107.54
50-Day MA
$96.65
200-Day MA
$83.65
Volume
416,026.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Analyst Price Targets
Low
$87.00
Consensus
$100.50
High
$115.00
(23 analysts)
Share Structure
Outstanding
201,243,998.00
Float
198,436,040.00
Free Float
98.6%
High free float
— 98.6% of shares trade freely, ~1.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
56.22
Stock Price: $97.78
EPS (Diluted): 1.62
EPS (Diluted): 1.62
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
12.56
Stock Price: $97.78
Total Equity: $1.26B
Shares: 203,000,000
Total Equity: $1.26B
Shares: 203,000,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
25.87
Market Cap: $19.68B
Total Debt: $683.00M
Cash: $295.00M
EBITDA: $738.35M
Total Debt: $683.00M
Cash: $295.00M
EBITDA: $738.35M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$16.4B
Market Cap: $19.68B
Total Debt: $683.00M
Cash: $295.00M
Total Debt: $683.00M
Cash: $295.00M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
49.1%
Gross Profit: $1.50B
Revenue: $3.05B
Revenue: $3.05B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
17.1%
Operating Income: $522.35M
Revenue: $3.05B
Revenue: $3.05B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
10.6%
Net Income: $325.00M
Revenue: $3.05B
Revenue: $3.05B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
28.7%
Net Income: $325.00M
Total Equity: $1.26B
Total Equity: $1.26B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
19.6%
Operating Income: $522.35M
Tax Rate: 25.3%
Equity: $1.26B
Total Debt: $683.00M
Cash: $295.00M
Tax Rate: 25.3%
Equity: $1.26B
Total Debt: $683.00M
Cash: $295.00M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.32
Current Assets: $1.00B
Current Liabilities: $760.00M
Current Liabilities: $760.00M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.54
Short-Term Debt: $43.00M
Long-Term Debt: $640.00M
Total Debt: $683.00M
Total Equity: $1.26B
Long-Term Debt: $640.00M
Total Debt: $683.00M
Total Equity: $1.26B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$15.04
Revenue: $3.05B
Shares: 203,000,000
Shares: 203,000,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$6.22
Total Equity: $1.26B
Shares: 203,000,000
Shares: 203,000,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.99
Operating CF: $600.00M
CapEx: -$197.00M
Shares: 203,000,000
CapEx: -$197.00M
Shares: 203,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.7%
Last Dividend: N/A
Stock Price: $97.78
Stock Price: $97.78
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $325.00M
Net Income: $325.00M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ULS against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 2, 2026 3:35pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.5B | $2.7B | $2.9B | $3.1B |
| Cost of Revenue | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B |
| Gross Profit | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B |
| Operating Expenses | $892.0M | $795.0M | $860.0M | $918.0M | $975.5M |
| Operating Income | $287.0M | $412.0M | $405.0M | $462.0M | $522.4M |
| Net Income | $224.0M | $293.0M | $260.0M | $326.0M | $325.0M |
| EBITDA | $417.0M | $535.0M | $535.0M | $642.0M | $738.4M |
| EPS | $1.12 | $1.47 | $1.30 | $1.63 | $1.62 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 2, 2026 3:35pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.3B | $322.0M | $315.0M | $298.0M | $295.0M |
| Total Current Assets | $2.0B | $998.0M | $953.0M | $921.0M | $1.0B |
| Total Assets | $3.7B | $2.7B | $2.7B | $2.8B | $2.9B |
| Current Liabilities | $792.0M | $694.0M | $709.0M | $740.0M | $760.0M |
| Long-Term Debt | $0 | $499.0M | $904.0M | $692.0M | $640.0M |
| Total Liabilities | $1.3B | $1.6B | $2.1B | $1.9B | $1.6B |
| Total Equity | $2.3B | $1.1B | $654.0M | $904.0M | $1.3B |
| Retained Earnings | $1.5B | $211.0M | $24.0M | $250.0M | $470.0M |
Cash Flow (Annual)
Last updated: Jul 2, 2026 3:35pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $421.0M | $372.0M | $467.0M | $524.0M | $600.0M |
| Capital Expenditure | -$107.0M | -$164.0M | -$215.0M | -$237.0M | -$197.0M |
| Free Cash Flow | $314.0M | $208.0M | $252.0M | $287.0M | $403.0M |
| Acquisitions (net) | -$39.0M | -$65.0M | -$18.0M | -$26.0M | -$1.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $357.0M | -$1.0B | -$7.0M | -$17.0M | -$3.0M |
Analyst Estimates (Annual)
Last updated: Jul 2, 2026 3:35pm (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$3.0B $3.0B – $3.1B
|
$3.2B $3.2B – $3.2B
|
$3.4B $3.4B – $3.7B
|
$3.6B $3.6B – $3.6B
|
| EBITDA |
$635.7M $633.6M – $637.8M
|
$671.2M $667.0M – $677.5M
|
$719.0M $700.2M – $767.0M
|
$761.1M $761.0M – $761.2M
|
| Net Income |
$388.4M $381.3M – $395.4M
|
$459.9M $438.8M – $481.1M
|
$525.2M $510.0M – $540.3M
|
$569.7M $566.9M – $572.4M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 2, 2026 3:35pm (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +0.1% | +6.3% | +7.2% | +6.4% |
| Gross Profit Growth | +2.4% | +4.8% | +9.1% | +8.5% |
| Operating Income Growth | +43.6% | -1.7% | +14.1% | +13.1% |
| Net Income Growth | +30.8% | -11.3% | +25.4% | -0.3% |
| EBITDA Growth | +28.3% | +0.0% | +20.0% | +15.0% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-08 | WILLIAMS GEORGE A | A-Award | 7.00 | $0.00 | $0 |
| 2026-06-08 | WILLIAMS GEORGE A | A-Award | 4.00 | $0.00 | $0 |
| 2026-06-08 | WILLIAMS GEORGE A | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | Uggetti Alberto | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | Uggetti Alberto | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | Uggetti Alberto | A-Award | 2.00 | $0.00 | $0 |
| 2026-06-08 | Uggetti Alberto | A-Award | 1.00 | $0.00 | $0 |
| 2026-06-08 | Torstad Elisabeth | A-Award | 7.00 | $0.00 | $0 |
| 2026-06-08 | Torstad Elisabeth | A-Award | 4.00 | $0.00 | $0 |
| 2026-06-08 | Torstad Elisabeth | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | THAMAN MICHAEL H | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | SUSMAN SALLY | A-Award | 7.00 | $0.00 | $0 |
| 2026-06-08 | SUSMAN SALLY | A-Award | 4.00 | $0.00 | $0 |
| 2026-06-08 | SUSMAN SALLY | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | Shannon James M | A-Award | 7.00 | $0.00 | $0 |
| 2026-06-08 | Shannon James M | A-Award | 4.00 | $0.00 | $0 |
| 2026-06-08 | Shannon James M | A-Award | 3.00 | $0.00 | $0 |
| 2026-06-08 | Schjotz Gitte | A-Award | 5.00 | $0.00 | $0 |
| 2026-06-08 | Schjotz Gitte | A-Award | 5.00 | $0.00 | $0 |
| 2026-06-08 | Schjotz Gitte | A-Award | 4.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jul 2, 2026 3:35pm (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-29 | $0.15 | 2026-05-19 | 2026-05-29 | 2026-06-08 |
| 2026-03-02 | $0.15 | 2026-02-19 | 2026-03-02 | 2026-03-12 |
| 2025-11-28 | $0.13 | 2025-11-11 | 2025-11-28 | 2025-12-08 |
| 2025-08-29 | $0.13 | 2025-08-19 | 2025-08-29 | 2025-09-08 |
| 2025-05-30 | $0.13 | 2025-05-20 | 2025-05-30 | 2025-06-09 |
| 2025-02-28 | $0.13 | 2025-02-12 | 2025-02-28 | 2025-03-10 |
| 2024-11-29 | $0.13 | 2024-11-13 | 2024-11-29 | 2024-12-09 |
| 2024-08-30 | $0.13 | 2024-08-13 | 2024-08-30 | 2024-09-09 |
| 2024-06-03 | $0.13 | 2024-05-22 | 2024-06-03 | 2024-06-18 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ULS — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.369 · ed375950 · 2026-07-02 14:37:41