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ULS

UL Solutions Inc.

ULS

UL Solutions Inc. • NYSE
$91.21 ▲ 1.31% (+1.18)
Market Cap $18.33 B
52w High $91.95
52w Low $48.54
Dividend Yield 0.52%
P/E 54.62
Volume 306.05K
Outstanding Shares 200.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $783M ▲ $238M ▼ $100M ▲ 12.771% ▲ $0.5 ▲ $202M ▲
Q2-2025 $776M ▲ $241M ▲ $91M ▲ 11.727% ▲ $0.45 ▲ $181M ▲
Q1-2025 $705M ▼ $229M ▼ $67M ▼ 9.504% ▼ $0.34 ▼ $151M ▼
Q4-2024 $739M ▲ $235M ▲ $81M ▼ 10.961% ▼ $0.4 ▼ $152M ▼
Q3-2024 $731M $228M $88M 12.038% $0.44 $173M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $255M ▼ $2.898B ▼ $1.678B ▼ $1.193B ▲
Q2-2025 $272M ▲ $2.922B ▲ $1.809B ▼ $1.093B ▲
Q1-2025 $267M ▼ $2.878B ▲ $1.894B ▲ $970M ▲
Q4-2024 $298M ▼ $2.8B ▼ $1.869B ▼ $904M ▲
Q3-2024 $327M $2.877B $1.981B $872M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $106M ▲ $155M ▲ $-76M ▼ $-93M ▼ $-17M ▼ $109M ▲
Q2-2025 $97M ▲ $147M ▼ $-57M ▼ $-86M ▲ $5M ▲ $105M ▲
Q1-2025 $71M ▼ $154M ▲ $-50M ▲ $-135M ▼ $-31M ▼ $103M ▲
Q4-2024 $85M ▼ $130M ▼ $-59M ▲ $-82M ▼ $-29M ▼ $72M ▼
Q3-2024 $103M $150M $-82M $-43M $32M $84M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Software
Software
 $70.00M ▲$70.00M ▲$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement UL Solutions shows a steady, consistent growth story. Revenue has been rising gradually year after year, not exploding but clearly moving in the right direction. Profitability has also improved, with operating profit and net income trending upward and becoming more efficient over time. Margins look solid for a services business, suggesting decent pricing power and cost control. The earnings path isn’t perfectly smooth, but overall it reflects a mature, steadily improving business rather than a volatile one. Key risk: growth is incremental, not hyper‑fast, so the story is more about durability than rapid expansion.

Balance Sheet

Balance Sheet The balance sheet looks stable but more leveraged than a few years ago. Total assets are fairly steady, but debt has climbed meaningfully from earlier levels while equity has come down from its peak, then started to rebuild. Cash on hand is much lower than it was a few years back, when the company held a sizable cushion. This suggests a shift toward using more borrowing and less excess cash, likely to fund growth and possibly shareholder-related actions. Strength: the asset base is solid and long established. Watchpoint: higher leverage reduces flexibility if conditions weaken or if growth investments take longer to pay off.

Cash Flow

Cash Flow UL Solutions generates reliable, positive cash flow from its operations, which is a major strength. Free cash flow has been consistently positive, even as the company increases its investment in facilities and technology. Capital spending has risen, indicating a willingness to reinvest in the business rather than simply harvesting cash. While free cash flow has some year‑to‑year variation, the overall pattern is of a cash-generative, self-funding company. This supports ongoing investments, debt service, and potential returns to shareholders without relying heavily on new external capital.

Competitive Edge

Competitive Edge The company operates from a very strong position in the safety, testing, and certification space. The UL mark is widely recognized and trusted, particularly in North America, and that trust acts as a powerful barrier to entry. Customers tend to stick around because UL’s services are embedded in product design, regulatory approvals, and compliance workflows; switching providers can be costly and risky. Its global reach and deep relationships with regulators and standards bodies further reinforce its position. Competition from other large testing firms is real, but UL’s brand, regulatory involvement, and integrated service plus software offering give it a meaningful edge. The main risk is that rivals or new digital-first platforms gradually chip away at this advantage if UL fails to keep up the pace of innovation.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic focus. UL Solutions is pushing hard into software and data platforms through its ULTRUS suite, covering compliance, materials discovery, training, and ESG reporting. It is embedding artificial intelligence into planning tools and learning systems, which could deepen customer integration and open new, higher-margin service lines. The company is also investing heavily in high-growth areas such as electric vehicle and battery testing, robotics safety, and AI safety certification—areas where regulations are still evolving and trusted third parties can play a defining role. The overall innovation strategy is to move from a purely testing label to a digital, analytics, and advisory partner. The opportunity is large, but success depends on execution: scaling these newer offerings, integrating acquisitions well, and maintaining technical leadership as regulations and technologies rapidly change.

Summary

Overall, UL Solutions looks like a mature, resilient business gradually upgrading itself for the digital and energy‑transition era. Financially, it combines steady revenue growth, solid profitability, and dependable cash generation, though with a bit more leverage and less cash cushion than a few years ago. Strategically, its long-standing reputation, global footprint, and deep regulatory ties underpin a notable competitive moat, especially in safety and compliance-heavy sectors. The real swing factor for the next chapter is its ability to turn software, AI-enabled services, and high-growth end markets—like EVs, automation, and AI safety—into a larger share of its business. If it executes well, its profile could shift from a traditional testing provider to a more scalable, digitally driven solutions company; if not, its moat could narrow as the industry modernizes around it.

NEWS

November 19, 2025 · 5:32 PM UTC

UL Solutions to Expand Electromagnetic and Wireless Testing Capabilities in Europe with the Development of a New Laboratory

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November 18, 2025 · 8:45 PM UTC

UL Solutions Issues Schneider Electric First ECOLOGO® Certification for an Industrial Product

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November 12, 2025 · 6:00 PM UTC

UL Solutions Opens Electric Motor Energy Efficiency Laboratory in Japan to Meet Growing Demand

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November 11, 2025 · 4:45 PM UTC

UL Solutions Announces Quarterly Dividend

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November 10, 2025 · 9:00 AM UTC

UL Solutions to Attend Upcoming Investor Conferences

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