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UL Solutions Inc. (ULS)

NYSE / Industrials / Specialty Business Services

Share price

74.39 USD Market dataClose of Oct 15, 2026

Market capitalisation

15.02B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 19, 2026
Ratios computed
Oct 15, 2026
Filed years
4, FY2022 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

23.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

45.92x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2019 Revenue: 2.31B USDFY2019 Net income: 246.0M USDFY2020 Revenue: 2.30B USDFY2020 Net income: 231.0M USDFY2021 Revenue: 2.52B USDFY2021 Net income: 224.0M USDFY2022 Revenue: 2.52B USDFY2022 Net income: 293.0M USDFY2023 Revenue: 2.68B USDFY2023 Net income: 260.0M USDFY2024 Revenue: 2.87B USDFY2024 Net income: 326.0M USDFY2025 Revenue: 3.05B USDFY2025 Net income: 325.0M USD
Revenue Net income7 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 45.92x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Industrials sector (412 companies), 45.92x sits at the 81st percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 23.2% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Industrials sector (316 companies), 23.2% sits at the 89th percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 12.73x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether UL Solutions Inc.'s return on invested capital stayed above the median of the Industrials sector, year by year. (FY2023 to FY2025, 3 fiscal years of UL Solutions Inc. with a comparable figure)
The direction
Which way UL Solutions Inc.'s gross margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of UL Solutions Inc.)
What could explain it
What in UL Solutions Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines UL Solutions Inc. filed)
What to check next
What to check next on UL Solutions Inc., and where in its filings. (3 questions for UL Solutions Inc.)
In one paragraph
One paragraph on UL Solutions Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for UL Solutions Inc.)

These are ULS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research ULSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 19, 2026, accession 0001901440-26-000005.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

UL Solutions Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax23.2% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Return on equity25.8% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Return on capital employed, pre-tax24.2% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Return on assets11.1% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Gross margin49.5% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Operating margin17.1% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Net margin10.7% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
ULS 10.7%
RBA 9.3%ARMK 1.8%GPN 18.2%CTAS 17.8%CPRT 31.8%
1.8%31.8%
Net margin: ULS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

UL Solutions Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.54 ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Current ratio1.32 ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Quick ratio1.32 ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Interest coverage12.73x ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Altman Z-score7.53 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Net debt388.0M ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Total assets 2.92BTotal liabilities 1.63BShareholders' equity 1.26BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What UL Solutions Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 19, 2026, 0001901440-26-000005).

UL Solutions Inc: balance sheet position
Total assets2.92B FiledFY2025 10-K, filed Feb 19, 2026
Total liabilities1.63B FiledFY2025 10-K, filed Feb 19, 2026
Shareholders' equity1.26B FiledFY2025 10-K, filed Feb 19, 2026
Cash295.0M FiledFY2025 10-K, filed Feb 19, 2026
Total debt683.0M FiledFY2025 10-K, filed Feb 19, 2026
Net debt388.0M
Current ratio1.32
Debt to equity0.54

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

UL Solutions Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings45.92x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
P/E on trailing twelve months28.70x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book11.97x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Price to sales4.95x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Enterprise value to EBIT29.67x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Enterprise value to EBITDA21.82x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Price to earnings over growth6.65 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Diluted earnings per share1.60 USD FiledFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Graham number15.05 USD ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005

We publish no fair value or price target of our own. Value ULS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for UL Solutions Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

UL Solutions Inc: valuation
Share price74.39 USD
Market capitalisation15.02B USD
Enterprise value to EBITDA21.82x
Graham number15.05 USD
Diluted earnings per share, FY20251.60 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 31, 2024: low 25.82x, median 44.86x, high 60.98x, latest 28.70x. 552 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like UL Solutions Inc

  1. RB Global, Inc. (RBA)Market cap 16.14B USD
  2. Aramark (ARMK)Market cap 14.51B USD
  3. Global Payments Inc. (GPN)Market cap 22.27B USD
  4. Cintas Corporation (CTAS)Market cap 84.60B USD
  5. Copart, Inc. (CPRT)Market cap 25.71B USD

Same industry (Specialty Business Services) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

UL Solutions Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Free cash flow403.0M USD ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Free cash flow margin13.2% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Dividend yield0.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Payout ratio32.0% ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
FY2019 Free cash flow: 237.0M USDFY2019 Net income: 246.0M USDFY2020 Free cash flow: 368.0M USDFY2020 Net income: 231.0M USDFY2021 Free cash flow: 314.0M USDFY2021 Net income: 224.0M USDFY2022 Free cash flow: 208.0M USDFY2022 Net income: 293.0M USDFY2023 Free cash flow: 252.0M USDFY2023 Net income: 260.0M USDFY2024 Free cash flow: 287.0M USDFY2024 Net income: 326.0M USDFY2025 Free cash flow: 403.0M USDFY2025 Net income: 325.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

UL Solutions Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
45.92xFY2025Oct 15, 2026
11.97xFY2025Oct 15, 2026
29.67xFY2025Oct 15, 2026
2.7%FY2025Oct 15, 2026
23.2%FY2025Feb 19, 2026
0.8%FY2025Oct 15, 2026
0.54FY2025Feb 19, 2026
1.32FY2025Feb 19, 2026
4.95xFY2025Oct 15, 2026
6.65FY2025Oct 15, 2026
7.53FY2025Oct 15, 2026
-2.56FY2025Feb 19, 2026
7/9FY2025Feb 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 4 filed fiscal years on record, FY2022 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 fiscal years, FY2019 to FY2025. 4 read from the annual reports UL Solutions Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

UL Solutions Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20253.05B522.0M325.0M1.60403.0M17.1%25.8%10-K, Feb 19, 20260001901440-26-000005
FY20242.87B462.0M326.0M1.62287.0M16.1%36.1%10-K, Feb 20, 20250001901440-25-000012
FY20232.68B368.0M260.0M1.30252.0M13.7%39.8%10-K, Feb 20, 20250001901440-25-000012
FY20222.52B412.0M293.0M1.47208.0M16.4%n/a10-K, Feb 20, 20250001901440-25-000012
FY20212.52B287.0M224.0M1.12314.0M11.4%9.7%Market data, supplied Oct 15, 2026accession n/a
FY20202.30B363.0M231.0M1.16368.0M15.8%10.3%Market data, supplied Oct 15, 2026accession n/a
FY20192.31B312.0M246.0M1.23237.0M13.5%n/aMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2019 to FY2025: 4.7%
  • Earnings, compound annual growth FY2019 to FY2025: 4.8%
  • Earnings per share, compound annual growth FY2019 to FY2025: 4.5%
  • Free cash flow, compound annual growth FY2019 to FY2025: 9.3%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

UL Solutions Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.56 ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Piotroski F-score7/9 ComputedFY2025 10-K, filed Feb 19, 2026, 0001901440-26-000005
Named tests met4 of 30 Computed
Beta0.41 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 25 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; ROIC at or above WACC; Near the 52-week low
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(2)
  • Positive Earnings Streak: We hold 7 profitable filed years in a row; the test needs 10.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Positive Earnings Streak, Dividend Streak. 1 named test comes back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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