UL Solutions Inc. ULS
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| 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 | 1.62 | 1.63 | 1.30 | 1.47 | — |
| EPS, diluted | 1.60 | 1.62 | 1.30 | 1.47 | — |
| Shares, diluted (wtd. avg.) | $203.0M | $201.0M | $200.0M | $200.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| 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.
Others in SIC 8734
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NEO | NEOGENOMICS INC | $2.23B | — | 10.1% |
| AIDX | 20/20 Biolabs, Inc. | $7.6M | — | 16.7% |