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UL Solutions Inc. (ULS) stock

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NYSE: ULS NYSE Research & Consulting Services Next results ~November 3, 2026

B Fundamentals grade

UL Solutions Inc. is a US-listed company in the research & consulting services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$41

Cash-flow model

Base case. Range ~$31–$54 across our lower- and higher-growth cases (1.6%–11.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 46% below it.

Price used: $75.14, November 2, 2026

UL Solutions Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 6 selling2 purchases and 26 sales by directors and officers, last 12 monthsInsider trades
  • Funds227 adding, 153 cuttingOf 58 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter UL Solutions files

Where UL Solutions stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.15bn, up 6.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 13.9% from 12.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 6 of our 6 financial-health checks. Our cash-flow model value is $36.81 a share, against a share price of $72.97.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

UL Solutions Inc.'s trailing-twelve-month revenue grew 6.6% year on year, with a free-cash-flow margin of 13.9%. Where it stands out: net margin of 16.1% ranks 5 of 33 research & consulting services companies we cover.

Our discounted-cash-flow model values the business at ~$41 per share in the base case (~$31–$54 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 19.8% while net income grew 54.4%: a 35pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $75.14 is 46% above our value per share of $41.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.59 against an average estimate of $0.56: beat by 5.4%
Revenue
$816m, up 5.2% on a year earlier
Share reaction
-13.2% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue reduction from Restructuring Plan 1% (2026); adjusted EBITDA margin 27% (2026)
Next report
November 3, 2026; average EPS estimate $0.62

UL Solutions' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+3.0%
  • 1 month+13.9%
  • This year-4.2%
  • 1 year-2.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.1B
Operating margin
17.9%
Net margin
16.1%
EPS (TTM, diluted)
$2.48

Growth

Revenue growth
+6.6%
Change in growth rate
−0.3 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$436M
FCF margin
13.9%
Stock pay % of revenue
2.0%

Earnings

Last results
November 3, 2026
Next results (est.)
February 18, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Product
  4. Announcement
  5. Announcement
  6. Product
  7. Deal
  8. Leadership
  9. Announcement
  10. Product
  11. Product
  12. Announcement
  13. Results
  14. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

UL Solutions Inc. valuation models and calculator

What the price is pricing in

The share price implies about 18.2% a year of cash-flow growth for five years.

  • Priced in18.2%
  • Last 12 months6.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($77.48, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$41
Price used
$77.48close November 3, 2026
Implied change
▼ 47%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of UL Solutions Inc.'s free cash flow after stock-based pay with after-tax interest added back ($377M, FY2026 Q2 TTM), growing 6.4% and 6.9% in the next two years (forecasts, guidance and its record), then back to 6.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$31–~$54 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of UL Solutions Inc.'s free cash flow after stock-based pay ( $377M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value UL Solutions Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$41 ~$31–$54 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$30 ~$34–$51 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$27 ~$22–$34 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$43 ~$36–$52 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$36 ~$27–$43 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare UL Solutions Inc. with Research & Consulting Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +12%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $27$37$50$67$89$117
8.5% $21$28$37$49$65$85
10% $17$22$30$39$51$66

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025Now
Share price$49.24$78.46$75.14
Market value$9.9bn$15.9bn$15.3bn
+ Net debt (− = net cash)$449m$199m−$131m
Enterprise value$10.3bn$16.1bn$15.2bn
Multiples
Price / sales 3.4x5.2x4.9x
Price / earnings 30.4x49.0x30.3x
Price / free cash flow 34.5x39.5x35.1x
EV / EBITDA 16.3x22.7x20.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $816m and EPS of $0.62 (range $0.58 to $0.65) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.32 +17% $3.2bn +6%
Next $2.60 +12% $3.5bn +8%

Next year's EPS estimate has moved +1.1% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 1 analyst raised UL Solutions Inc.'s forecast and 0 cut it.

Consensus EPS forecast UL Solutions Inc., last 90 days
$2.30 $2.40 $2.50 $2.60 $2.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.30 Current fiscal year, 60 days ago: $2.32 Current fiscal year, 30 days ago: $2.32 Current fiscal year, 7 days ago: $2.32 Current fiscal year, Now: $2.32 $2.32 Next fiscal year, 90 days ago: $2.58 Next fiscal year, 60 days ago: $2.60 Next fiscal year, 30 days ago: $2.60 Next fiscal year, 7 days ago: $2.60 Next fiscal year, Now: $2.60 $2.60

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.30$2.58
60 days ago $2.32$2.60
30 days ago $2.32$2.60
7 days ago $2.32$2.60
Now $2.32$2.60

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.56 $0.59 +5.4%
Mar 2026 $0.41 $0.50 +21.4%
Dec 2025 $0.45 $0.53 +18.0%
Sept 2025 $0.47 $0.56 +18.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, May 5, 2026
  • Revenue reduction from Restructuring Plan 2026 about 1%
    “Inclusive of approximately 1% revenue reduction from the previously announced expense reduction initiative (the "Restructuring Plan")” source
  • Adjusted EBITDA margin 2026 about 27% Non-GAAP Raised
    “Adjusted EBITDA margin improvement to approximately 27.0%” source
  • Effective tax rate 2026 about 26%
    “Effective tax rate of approximately 26%” source
  • Capital expenditures as % of revenue 2026 7% to 8%
    “Capital expenditures between 7% and 8% of revenue” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows UL Solutions Inc.'s revenue by +6.4% next year and +6.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.3%, weight 68%) and the company's own record (+6.6%, weight 32%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy862%
Hold538%
Sell00%

Monthly trend

  1. Oct 202617513
  2. Sep 202617513
  3. Aug 202617513
  4. Jul 2026174113

Counts of recommendations published by analysts covering UL Solutions Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.0%
of tradable shares
Days to cover
4.44
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
14,587
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −2.9%

$77.36 on October 31, 2025 to $75.14

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.1bn +6.6%
Net margin 11.1% 16.1% +44.9%
P/E multiple 47.8x 30.3x −36.7%
Share count 202m 204m −0.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20252026 to date
Return
ULS+59%−4%
Industry peers (median)−15%−0%
S&P 500+18%+11%
Months that ended higher
ULS75%64%
S&P 50075%46%
Largest fall from a high during the year
ULS−16%−39%
S&P 500−19%−9%

Worst fall since April 12, 2024: 39% from May 6, 2026 to September 18, 2026. Getting back needed a 63% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$64.03 – $104.53
From 52-week high
−28.1%
vs 50-day average
+6.3%
vs 200-day average
−8.8%
Volatility (1 year)
43%
Beta vs S&P 500
0.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 4 down
typical move ±10.6%
After a week
6 up, 4 down
typical move ±10.3%
After a month
6 up, 4 down
typical move ±11.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −13.2% +1.6% −15.4% −18.4%
May 5, 2026 +16.4% +2.2% +7.9% +10.3%
February 19, 2026 +12.5% +0.5% +18.0% +16.3%
November 4, 2025 +9.1% −0.8% +11.6% −2.2%
August 5, 2025 −10.4% +0.3% −7.9% −13.0%
May 6, 2025 +16.7% −0.4% +18.6% +18.8%
February 20, 2025 −4.6% −2.1% −4.6% −3.5%
November 5, 2024 −3.0% +3.7% −3.1% +3.5%
July 31, 2024 +12.1% +0.2% +8.8% +20.2%
May 20, 2024 +7.7% +0.4% +7.3% +11.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How UL Solutions Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

UL Solutions Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) UL Solutions Inc.
$2.6B $2.8B $3B $3.2B FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.7B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $3B Revenue (TTM), FY25 Q3: $3B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.1B Revenue (TTM), FY26 Q2: $3.1B $3.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.7B
FY24 Q1 $2.7B
FY24 Q2 $2.8B
FY24 Q3 $2.8B
FY24 Q4 $2.9B
FY25 Q1 $2.9B
FY25 Q2 $3B
FY25 Q3 $3B
FY25 Q4 $3.1B
FY26 Q1 $3.1B
FY26 Q2 $3.1B
Revenue growth, TTM YoY UL Solutions Inc.
6.2% 6.4% 6.6% 6.8% 7% 7.2% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY24 Q4: 7.2% Revenue growth, TTM YoY, FY25 Q1: 6.8% Revenue growth, TTM YoY, FY25 Q2: 6.9% Revenue growth, TTM YoY, FY25 Q3: 6.7% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 6.9% Revenue growth, TTM YoY, FY26 Q2: 6.6% 6.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 7.2%
FY25 Q1 6.8%
FY25 Q2 6.9%
FY25 Q3 6.7%
FY25 Q4 6.4%
FY26 Q1 6.9%
FY26 Q2 6.6%
Operating margin (TTM) UL Solutions Inc.
12% 14% 16% 18% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Operating margin (TTM), FY23 Q4: 13.7% Operating margin (TTM), FY24 Q1: 14.1% Operating margin (TTM), FY24 Q2: 14.2% Operating margin (TTM), FY24 Q3: 15.4% Operating margin (TTM), FY24 Q4: 16.1% Operating margin (TTM), FY25 Q1: 16.5% Operating margin (TTM), FY25 Q2: 16.7% Operating margin (TTM), FY25 Q3: 17.3% Operating margin (TTM), FY25 Q4: 17.1% Operating margin (TTM), FY26 Q1: 17.7% Operating margin (TTM), FY26 Q2: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.7%
FY24 Q1 14.1%
FY24 Q2 14.2%
FY24 Q3 15.4%
FY24 Q4 16.1%
FY25 Q1 16.5%
FY25 Q2 16.7%
FY25 Q3 17.3%
FY25 Q4 17.1%
FY26 Q1 17.7%
FY26 Q2 17.9%
FCF margin (TTM) UL Solutions Inc.
8% 10% 12% 14% 16% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 FCF margin (TTM), FY23 Q4: 9.4% FCF margin (TTM), FY24 Q1: 8.8% FCF margin (TTM), FY24 Q2: 10.0% FCF margin (TTM), FY24 Q3: 10.0% FCF margin (TTM), FY24 Q4: 10.0% FCF margin (TTM), FY25 Q1: 10.5% FCF margin (TTM), FY25 Q2: 12.3% FCF margin (TTM), FY25 Q3: 13.0% FCF margin (TTM), FY25 Q4: 13.2% FCF margin (TTM), FY26 Q1: 14.5% FCF margin (TTM), FY26 Q2: 13.9% 13.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.4%
FY24 Q1 8.8%
FY24 Q2 10.0%
FY24 Q3 10.0%
FY24 Q4 10.0%
FY25 Q1 10.5%
FY25 Q2 12.3%
FY25 Q3 13.0%
FY25 Q4 13.2%
FY26 Q1 14.5%
FY26 Q2 13.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar UL Solutions took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.1B
  2. Cost of revenue $1.5B · 50.5%
  3. Gross profit $1.5B · 49.5%
  4. Selling, general and admin $953M · 31.2%
  5. Other operating costs $35M · 1.1%
  6. Operating income $522M · 17.1%
  7. Income tax $125M · 4.1%
  8. Interest and other $72M · 2.4%
  9. Net income $325M · 10.6%

Shares of revenue. Source: UL Solutions's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2,520 2,678 2,870 3,053 3,146
Gross profit 1,207 1,284 1,392 1,510 1,584
EBITDA 547 522 634 710 752
Operating income 412 368 462 522 562
Net income 293 260 326 325 505
Diluted EPS $1.47 $1.30 $1.62 $1.60 $2.48
Growth (year on year)
Revenue — +6.3% +7.2% +6.4% +6.6%
EBITDA — −4.6% +21.5% +12.0% +11.6%
Operating income — −10.7% +25.5% +13.0% +14.0%
Net income — −11.3% +25.4% −0.3% +54.4%
Diluted EPS — −11.6% +24.6% −1.2% +53.5%
Margins
Gross margin 47.9% 47.9% 48.5% 49.5% 50.3%
EBITDA margin 21.7% 19.5% 22.1% 23.3% 23.9%
Operating margin 16.3% 13.7% 16.1% 17.1% 17.9%
Net margin 11.6% 9.7% 11.4% 10.6% 16.1%
Free-cash-flow margin 8.3% 9.4% 10.0% 13.2% 13.9%
Cash flow
Cash from operations 372 467 524 600 678
Capital spending 164 215 237 197 242
Free cash flow 208 252 287 403 436
Stock-based pay 0 0 23 47 63
Free cash flow after stock pay 208 252 264 356 373
Balance sheet
Cash 322 315 298 295 434
Total debt 0 910 747 494 303
Net debt (negative = net cash) −322 595 449 199 −131
Diluted shares 200m 200m 201m 203m 204m
Returned to shareholders
Dividends 1,600 680 100 104 110
Total returned 1,600 680 100 104 110

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 6 checks passed · June 30, 2026
What it owns · $3.1bn
Short-term assets $1.2bnLonger-term assets $1.9bn
What it owes, and who funded it · $3.1bn
Short-term liabilities $866mLonger-term liabilities $633mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $866m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $633m of longer-dated liabilities.
  • More cash than debt $434m of cash against $301m of debt.
  • Debt below 40% of shareholders' equity Debt is 19% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $678m of operating cash flow against $301m of debt.
  • Operating profit covers interest at least five times over Operating income of $562m against $32m of interest.

From UL Solutions Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$110M
Returned to shareholders
25%
of free cash flow
Diluted share count
+0.6%
year over year
Total shareholder yield
0.7%
dividends 0.7% + buybacks 0.0% of market value
Dividend payout ratio
22%
of net income paid out
Sales & admin spending
31.4%
of revenue
Days sales outstanding
55 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated ULS VRSK FCN CLVT NIQ TRU Median
Revenue, last 12 months $3.1bn $3.1bn $4.0bn $2.4bn $4.4bn $5.0bn $632m
Revenue growth, last 12 months 6.6% 5.0% 7.8% −3.5% 8.9% 13.4% 4.8%
Revenue growth, 3-year average — 6.9% 6.0% −2.6% — 10.1% 6.8%
Revenue growth, latest quarter 5.2% 4.4% 5.9% −5.5% 8.0% 12.2% 4.4%
Gross margin 50.3% 70.2% 32.2% 66.8% — — 43.9%
Operating margin 17.9% 43.9% 8.8% −3.5% 1.9% 19.3% 6.1%
Operating margin, 3-year average 16.3% 43.2% 9.8% −13.9% — 17.2% 6.0%
Net margin 16.1% 28.2% 5.9% −13.8% −8.0% 15.8% 3.1%
Cash from operations / revenue 21.6% 47.9% 9.9% 23.8% 12.2% 24.0% 9.6%
Free-cash-flow margin 13.9% 39.4% 8.9% 13.6% 11.5% 18.1% 7.4%
Free-cash-flow margin, 3-year average 12.1% 34.9% 7.2% 14.3% — 14.3% 8.6%
Stock pay / revenue 2.0% 1.8% 1.1% 2.6% 1.8% 3.0% 2.5%
Change in share count 0.6% −3.6% −14.5% −6.8% — −2.0% 0.5%

Median of all 33 companies we cover in research & consulting services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

33 research & consulting services companies
Measure Company Peer median Rank
Revenue growth Growth 6.6% 4.8% 14 of 33
Change in growth rate Growth -0.3pp +0.6pp 19 of 33
Gross margin Profitability 50.3% 45.2% 11 of 25
Operating margin Profitability 17.9% 6.1% 5 of 31
Net margin Profitability 16.1% 3.1% 5 of 33
Free-cash-flow margin Cash generation 13.9% 7.4% 7 of 33
Stock pay as % of revenue Cash generation 2.0% 2.6% 13 of 30
Long-term debt as % of assets Balance sheet 9.7% 22.7% 6 of 21
Change in share count Balance sheet 0.6% 0.6% 16 of 30
Days sales outstanding Balance sheet 55 days 63 days 12 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Ongoing Certification Services $1B 33.0% ▲ 5.6%
Non Certification Testing and Other Services $911M 29.8% ▲ 5.9%
Certification Testing $851M 27.9% ▲ 8.5%
Software $285M 9.3% ▲ 4.4%
Geography
Region Revenue Share YoY
United States $1.3B 41.0% ▲ 6.4%
China $761M 24.9% ▲ 7.2%
EMEA $529M 17.3% ▲ 6.7%
Asia Pacific $398M 13.0% ▲ 6.1%
Other Americas $112M 3.7% ▲ 0.9%

From UL Solutions Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.9B
Institutions reporting
389
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
69 / 47

Top buyers and sellers, Q2 2026: 227 institutions bought and 153 sold ; the biggest buyer was Blackrock, Inc (+1.7M shares) and the biggest seller Alyeska Investment Group, L.P (−732K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $726M 7.1M 8.2% ▲ 30.9%
T. Rowe Price Investment Management, Inc. $705M 6.9M 7.9% ▼ 5.0%
Capital International Investors $623M 6.1M 7.0% ▲ 0.7%
Kayne Anderson Rudnick Investment Management LLC $478M 4.7M 5.4% ▼ 13.0%
Vanguard Capital Management LLC $357M 3.5M 4.0% ▲ 1.4%
Capital Research Global Investors $343M 3.4M 3.9% ▼ 7.8%
Vanguard Portfolio Management LLC $330M 3.2M 3.7% ▲ 5.1%
Jupiter Topco LLC $310M 3.0M 3.5% —
Durable Capital Partners LP $299M 2.9M 3.4% ▼ 10.8%
State Street Corp $232M 2.3M 2.6% ▲ 47.6%
Geode Capital Management, LLC $205M 2.0M 2.3% ▲ 36.9%
Bessemer Group Inc $190M 1.9M 2.1% ▼ 17.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not UL Solutions Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2,957 2 trades by 2 insiders, last 12 months Insider sales History → $1.1B 26 trades by 6 insiders · 1% under pre-set plans
Net ▼ $1.1B net selling
Insider Date Trade Shares Price Value
Scanlon Jennifer F. President and CEO October 8, 2026 Sell pre-set plan 12,500 $70.08 $876,035
Scanlon Jennifer F. President and CEO September 1, 2026 Sell pre-set plan 2,005 $74.43 $149,232
Scanlon Jennifer F. President and CEO September 1, 2026 Sell pre-set plan 10,495 $73.52 $771,592
Scanlon Jennifer F. President and CEO August 3, 2026 Sell pre-set plan 3,629 $91.02 $330,312
Scanlon Jennifer F. President and CEO August 3, 2026 Sell pre-set plan 3,281 $91.89 $301,491
Scanlon Jennifer F. President and CEO August 3, 2026 Sell pre-set plan 5,590 $92.89 $519,255
Scanlon Jennifer F. President and CEO July 1, 2026 Sell pre-set plan 1,200 $100.34 $120,408
Scanlon Jennifer F. President and CEO July 1, 2026 Sell pre-set plan 300 $101.74 $30,522
Scanlon Jennifer F. President and CEO July 1, 2026 Sell pre-set plan 4,800 $97.92 $470,016
Scanlon Jennifer F. President and CEO July 1, 2026 Sell pre-set plan 2,600 $101.05 $262,730
Scanlon Jennifer F. President and CEO July 1, 2026 Sell pre-set plan 3,600 $99.05 $356,580
Pepping Karen K Senior VP & CAO June 9, 2026 Sell pre-set plan 725 $97.74 $70,862

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 18, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 19, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on UL Solutions Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

UL Solutions Inc. in brief

What does UL Solutions Inc. do?
UL Solutions Inc. is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is UL Solutions Inc.'s stock ticker?
UL Solutions Inc. trades under the ticker ULS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is UL Solutions Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, UL Solutions Inc. reported revenue of $3.1B, 6.6% higher than a year earlier, according to its SEC filings.
What is UL Solutions Inc.'s free cash flow?
UL Solutions Inc.'s free-cash-flow margin is 13.9% of revenue over the trailing twelve months, ranking 7 of the 33 research & consulting services companies we cover.
What is UL Solutions Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of UL Solutions Inc.'s free cash flow after stock-based pay gives ~$41 per share in the base case, and ~$31–$54 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are UL Solutions Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., T. Rowe Price Investment Management, Inc. and Capital International Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is UL Solutions Inc.'s market cap?
On November 2, 2026, UL Solutions Inc.'s market capitalisation was about $15.3B, with a price-to-earnings ratio of 30.3 and net debt of -$131M. Market figures come from third-party market data and may be delayed.
Does UL Solutions Inc. pay a dividend?
Yes: UL Solutions Inc. paid $110M in dividends over the trailing twelve months, a dividend yield of 0.73% and a payout ratio of 21.8%.
How much debt does UL Solutions Inc. have?
UL Solutions Inc.'s debt-to-equity ratio is 18.9%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are UL Solutions Inc.'s competitors?
In our Research & Consulting Services peer group, the companies closest to UL Solutions Inc. are Verisk Analytics, Inc., FTI Consulting, Inc, Clarivate PLC, NIQ Global Intelligence plc and Transunion. The side-by-side comparison below sets their revenue, margins and growth against UL Solutions Inc.'s.
Are insiders buying or selling UL Solutions Inc. stock?
Over the last 12 months, UL Solutions Inc.'s directors and officers reported 2 open-market purchases and 26 sales on Form 4. The insider trading page charts every trade.
When is UL Solutions Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — UL Solutions Inc. announces its own schedule.