UL Solutions Inc.ULS
NYSE•Industrials•Specialty Business Services
UL Solutions Inc., together with its subsidiaries, provides testing, inspection and certification services and related software and advisory services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory. The Industrial segment provides testing, inspection, and certification services across various end markets, including energy, industrial automation, engineered materials, and built environment, as well as stakeholders, such as manufacturers, building and asset owners, end users, and regulators. The Consumer segment offers safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality, and critical systems advisory and training services, as well as product market acceptance and risk mitigation services for customers in the consumer products end markets comprising consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, and retail, as well as consumer applications, such as new mobility, smart products, and 5G. The Software and Advisory segment provide software and technical advisory services that enable customers to manage regulatory requirements, deliver supply chain transparency, and operationalize sustainability. It offers ULTRUS, a software that helps customers meet regulatory, supply chain, and sustainability challenges. UL Solutions Inc. was formerly known as UL Inc. and changed its name to UL Solutions Inc. in December 2021. The company was founded in 1894 and is headquartered in Northbrook, Illinois. UL Solutions Inc. operates as a subsidiary of ULSE Inc.
UL Solutions Inc. (ULS) reported trailing twelve months revenue of $3.11B as of March 2026, a 6.9% increase year-over-year. Quarterly revenue reached $758.00M, reflecting continued top-line momentum.
UL Solutions Inc. generated $350.00M in TTM net income, with quarterly EBITDA of $185.00M. The operating margin expanded from 15.5% to 18.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (18.2%) and net margin (12.1%) indicates moderate non-operating costs. Net margin has improved from 9.5% a year ago, signaling stronger bottom-line efficiency.
ULS trades at a P/E of 47.2x (a premium multiple) and a P/S of 5.3x. The price-to-book ratio of 12.5x indicates a significant premium over book value.
The company generated $150.00M in free cash flow over the trailing twelve months, a 45.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.96B in total assets with $357.00M in long-term debt against $1.32B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 9 quarters of fundamental data
Operating margins are expanding at ~17.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 30.2% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 9 quarters
Margins are stable or improving at ~17.7% — no sign of cost or pricing stress.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation