UL Solutions Inc. ULS

Industrials SIC 8734 - Services-Testing Laboratories NAICS Professional, Scientific, and Technical Services › Architectural, Engineering, and Related Services › Testing Laboratories and Services derived NYSE

UL Solutions Inc. (together with its consolidated subsidiaries, "UL Solutions", the "Company", "we", "our", and "us") is a global safety science leader that provides Testing, Inspection and Certification ("TIC") services and related software and advisory offerings to customers worldwide. We work for a safer world. Our mission drives our actions, inspires our employees and is the key to our success. We strive to be our customers' most trusted science-based safety, security and sustainability partner. Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to Underwriters Laboratories Inc. ("UL Research Institutes"), UL Standards & Engagement and UL Solutions. UL Research Institutes is the sole member of UL Standards & Engagement, which controls the majority of the voting power of our common stock.

Last close 73.44 2026-10-23
Market cap $14.83B estimated share count
52-week range 63.17 - 107.54

Valuation FY2025 figures against the last close

P/S4.9x
P/E45.9x
P/FCF36.8x
EV/EBITDA21.2x
Dividend yield0.7%
Diluted EPS1.60

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Mainland China
  • Europe, Middle East and Africa
  • Asia Pacific
  • Other Americas
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.3B (41.0%) 41% United States Mainland China, FY2025: 761M (24.9%) 25% Mainland China Europe, Middle East and Africa, FY2025: 529M (17.3%) 17% Asia Pacific, FY2025: 398M (13.0%) 13% Asia Pacific Other Americas, FY2025: 112M (3.7%) 4% FY2024 United States, FY2024: 1.2B (41.0%) 41% Mainland China, FY2024: 710M (24.7%) 25% Europe, Middle East and Africa, FY2024: 496M (17.3%) 17% Asia Pacific, FY2024: 375M (13.1%) 13% Other Americas, FY2024: 111M (3.9%) 4% FY2023 United States, FY2023: 1.1B (41.7%) 42% Mainland China, FY2023: 632M (23.6%) 24% Europe, Middle East and Africa, FY2023: 474M (17.7%) 18% Asia Pacific, FY2023: 346M (12.9%) 13% Other Americas, FY2023: 109M (4.1%) 4%
Region FY2025FY2024FY2023
United States $1.25B $1.18B $1.12B
Mainland China $761.0M $710.0M $632.0M
Europe, Middle East and Africa $529.0M $496.0M $474.0M
Asia Pacific $398.0M $375.0M $346.0M
Other Americas $112.0M $111.0M $109.0M

As the company reported it, from the “Segment Information - Schedule of Net Revenue by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Industrial
  • Consumer
  • Software and Advisory
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Industrial, FY2025: 1.3B (43.9%) 44% Industrial Consumer, FY2025: 1.3B (43.2%) 43% Consumer Software and Advisory, FY2025: 393M (12.9%) 13% FY2024 Industrial, FY2024: 1.3B (43.7%) 44% Consumer, FY2024: 1.2B (43.1%) 43% Software and Advisory, FY2024: 378M (13.2%) 13% FY2023 Industrial, FY2023: 1.1B (42.8%) 43% Consumer, FY2023: 1.2B (43.8%) 44% Software and Advisory, FY2023: 360M (13.4%) 13%
Segment FY2025FY2024FY2023
Industrial $1.34B $1.25B $1.15B
Consumer $1.32B $1.24B $1.17B
Software and Advisory $393.0M $378.0M $360.0M

As the company reported it, from the “Segment Information - Schedule of Financial Information By Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021
Revenue $3.05B$2.87B$2.68B$2.52B—
Cost of revenue $1.54B$1.48B$1.39B$1.31B—
Gross profit $1.51B$1.39B$1.28B$1.21B—
SG&A $953.0M$931.0M$875.0M$795.0M—
Operating income $522.0M$462.0M$368.0M$412.0M—
Interest expense $41.0M$55.0M$35.0M$17.0M—
Pre-tax income $470.0M$415.0M$346.0M$383.0M—
Income tax $125.0M$70.0M$70.0M$74.0M—
Net income $325.0M$326.0M$260.0M$293.0M—
EPS, basic 1.621.631.301.47—
EPS, diluted 1.601.621.301.47—
Shares, diluted (wtd. avg.) 203.0M201.0M200.0M200.0M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021
Cash and equivalents $295.0M$298.0M$315.0M$322.0M$1.33B
Receivables $422.0M$380.0M$362.0M——
Total current assets $1.00B$921.0M$953.0M——
Property, plant and equipment $699.0M$631.0M$555.0M——
Goodwill $656.0M$633.0M$623.0M$647.0M—
Other intangibles $48.0M$58.0M$72.0M——
Total assets $2.92B$2.80B$2.74B——
Accounts payable $183.0M$182.0M$169.0M——
Short-term debt $0$50.0M$0——
Total current liabilities $760.0M$740.0M$709.0M——
Long-term debt $491.0M$692.0M$904.0M——
Total liabilities $1.63B$1.87B$2.06B——
Retained earnings $470.0M$250.0M$24.0M——
Total equity $1.26B$904.0M$678.0M$1.08B$2.33B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021
Operating cash flow $600.0M$524.0M$467.0M$372.0M—
Depreciation and amortisation $188.0M$172.0M$154.0M$135.0M—
Stock-based compensation $47.0M$23.0M$0$0—
Capital expenditure $197.0M$237.0M$215.0M$164.0M—
Investing cash flow -$204.0M-$234.0M-$175.0M-$238.0M—
Financing cash flow -$396.0M-$284.0M-$294.0M-$1.12B—
Dividends paid $104.0M$100.0M$680.0M$1.60B—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001901440-26-000005.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B 4B Revenue, FY2022: 2.5B Gross profit, FY2022: 1.2B Net income, FY2022: 293M Revenue, FY2023: 2.7B Gross profit, FY2023: 1.3B Net income, FY2023: 260M Revenue, FY2024: 2.9B Gross profit, FY2024: 1.4B Net income, FY2024: 326M Revenue, FY2025: 3.1B Gross profit, FY2025: 1.5B Net income, FY2025: 325M FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2021FY2022FY2023FY2024FY2025
Revenue — $2.52B $2.68B $2.87B $3.05B
Gross profit — $1.21B $1.28B $1.39B $1.51B
Net income — $293.0M $260.0M $326.0M $325.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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