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UL Solutions Inc. key statistics and ratios

In fiscal 2025, UL Solutions Inc. had return on equity of 30.0%, an operating margin of 17.1%, debt equal to 39.1% of equity and a current ratio of 1.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin47.9%47.9%48.5%49.5%50.3%
Operating margin16.3%13.7%16.1%17.1%17.9%
Net margin11.6%9.7%11.4%10.6%16.1%
Free-cash-flow margin8.3%9.4%10.0%13.2%13.9%
Return on equity27.2%30.0%41.8%30.0%35.4%
Return on assets—9.5%11.8%11.4%16.7%
Asset turnover—0.981.041.071.04
Current ratio—1.341.241.321.42
Debt to equity0.0%139.1%82.6%39.1%19.0%
Interest cover (operating income ÷ interest)24.2x10.5x8.4x12.7x17.6x
Effective tax rate19.3%20.2%16.9%26.6%26.5%
SG&A as % of revenue31.5%32.7%32.4%31.2%31.4%
Capital spending as % of revenue6.5%8.0%8.3%6.5%7.7%
Free cash flow ÷ net income71.0%96.9%88.0%124.0%86.3%
Dividends ÷ net income546.1%261.5%30.7%32.0%21.8%
Dividends and buybacks ÷ free cash flow769.2%269.8%34.8%25.8%25.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ULS vs VRSKFCN vs ULSCLVT vs ULS

More: Research & Consulting Services stocks compared, Industrials sector, rankings of US companies

Figures from UL Solutions Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to UL Solutions Inc.