What is UL Solutions's earnings per share (EPS)?

UL Solutions (ULS) reported diluted earnings per share of $1.60 for fiscal year 2025. This represents a -1.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

UL Solutions Financials

ULS

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows UL Solutions (ULS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ULS FY2025 2026-05-05

Steadier unit economics, better cash conversion, and rapid deleveraging show a business getting financially lighter as it grows.

Between FY2024 and FY2025, free cash flow rose from $287M to $403M even though net income was essentially unchanged. Because operating cash flow improved while capex fell, the extra cash came from better earnings conversion and lighter reinvestment rather than from stronger reported profit.

Gross margin moved from 48.0% in FY2023 to 49.5% in FY2025, a modest lift, but operating margin recovered much more sharply. That pattern points to cost discipline and overhead absorption doing more of the earnings work than a major change in the core service economics.

Since FY2023, long-term debt has been cut from $904M to $491M while cash stayed roughly flat, so deleveraging is being funded by internally generated cash rather than by simply stockpiling liquidity. That also helps explain why return on equity fell to 25.8% from 36.1%: a larger equity base is diluting the leverage effect, not necessarily signaling weaker operations.

Financial Health Signals

Financial Profile 59/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of UL Solutions's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

UL Solutions has an operating margin of 17.1%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is up from 16.1% the prior year.

Growth

UL Solutions's revenue grew 6.4% year-over-year to $3.1B, a solid pace of expansion. This earns a growth score of 45/100.

Leverage

UL Solutions carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

UL Solutions's current ratio of 1.32 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

UL Solutions has a free cash flow margin of 13.2%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

UL Solutions earns a strong 25.8% return on equity (ROE), meaning it generates $26 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 81/100. This is down from 36.1% the prior year.

Altman Z-Score Safe

9.60

UL Solutions scores 9.60, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($20.7B) relative to total liabilities ($1.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

UL Solutions passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.85x

For every $1 of reported earnings, UL Solutions generates $1.85 in operating cash flow ($600.0M OCF vs $325.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

12.7x

UL Solutions earns $12.7 in operating income for every $1 of interest expense ($522.0M vs $41.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.1B

YoY+6.4%

UL Solutions generated $3.1B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.

EBITDA

$710.0M

YoY+12.0%

UL Solutions's EBITDA was $710.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.0% from the prior year.

Net Income

$325.0M

YoY-0.3%

UL Solutions reported $325.0M in net income in fiscal year 2025. This represents a decrease of 0.3% from the prior year.

EPS (Diluted)

$1.60

YoY-1.2%

UL Solutions earned $1.60 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$403.0M

YoY+40.4%

UL Solutions generated $403.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 40.4% from the prior year.

Cash & Debt

$295.0M

YoY-1.0%

UL Solutions held $295.0M in cash against $491.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.52

YoY+4.0%

UL Solutions paid $0.52 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.

Shares Outstanding

201M

YoY+0.4%

UL Solutions had 201M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Margins & Returns

Gross Margin

49.5%

YoY+1.0pp

UL Solutions's gross margin was 49.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

17.1%

YoY+1.0pp

UL Solutions's operating margin was 17.1% in fiscal year 2025, reflecting core business profitability. This is up 1.0 percentage points from the prior year.

Net Margin

10.7%

YoY-0.7pp

UL Solutions's net profit margin was 10.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.7 percentage points from the prior year.

Return on Equity

25.8%

YoY-10.3pp

UL Solutions's ROE was 25.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$197.0M

YoY-16.9%

UL Solutions invested $197.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.9% from the prior year.

ULS Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$3.1B+6.4%	$2.9B+7.2%	$2.7B+6.3%	$2.5B
Cost of Revenue	$1.5B+4.4%	$1.5B+6.0%	$1.4B+6.2%	$1.3B
Gross Profit	$1.5B+8.5%	$1.4B+8.4%	$1.3B+6.4%	$1.2B
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$953.0M+2.4%	$931.0M+6.4%	$875.0M+10.1%	$795.0M
Operating Income	$522.0M+13.0%	$462.0M+25.5%	$368.0M-10.7%	$412.0M
Interest Expense	$41.0M-25.5%	$55.0M+57.1%	$35.0M+105.9%	$17.0M
Income Tax	$125.0M+78.6%	$70.0M0.0%	$70.0M-5.4%	$74.0M
Net Income	$325.0M-0.3%	$326.0M+25.4%	$260.0M-11.3%	$293.0M
EPS (Diluted)	$1.60-1.2%	$1.62+24.6%	$1.30-11.6%	$1.47

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$758.0M-3.9%	$789.0M+0.8%	$783.0M+0.9%	$776.0M+10.1%	$705.0M-4.6%	$739.0M+1.1%	$731.0M+0.1%	$730.0M
Cost of Revenue	$377.0M-4.8%	$396.0M+1.8%	$389.0M-1.0%	$393.0M+7.7%	$365.0M-6.4%	$390.0M+4.6%	$373.0M+2.5%	$364.0M
Gross Profit	$381.0M-3.1%	$393.0M-0.3%	$394.0M+2.9%	$383.0M+12.6%	$340.0M-2.6%	$349.0M-2.5%	$358.0M-2.2%	$366.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$243.0M+1.7%	$239.0M+0.4%	$238.0M-2.5%	$244.0M+5.2%	$232.0M-1.3%	$235.0M+3.1%	$228.0M-5.0%	$240.0M
Operating Income	$138.0M+16.9%	$118.0M-24.4%	$156.0M+12.2%	$139.0M+27.5%	$109.0M-5.2%	$115.0M-11.5%	$130.0M+3.2%	$126.0M
Interest Expense	$8.0M-11.1%	$9.0M-10.0%	$10.0M0.0%	$10.0M-16.7%	$12.0M-7.7%	$13.0M-7.1%	$14.0M+7.7%	$13.0M
Income Tax	$32.0M-5.9%	$34.0M-15.0%	$40.0M+42.9%	$28.0M+21.7%	$23.0M+228.6%	$7.0M-68.2%	$22.0M-21.4%	$28.0M
Net Income	$92.0M+37.3%	$67.0M-33.0%	$100.0M+9.9%	$91.0M+35.8%	$67.0M-17.3%	$81.0M-8.0%	$88.0M-12.9%	$101.0M
EPS (Diluted)	$0.45	N/A	$0.49+8.9%	$0.45+36.4%	$0.33	N/A	$0.44-12.0%	$0.50

ULS Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$2.9B+4.3%	$2.8B+2.3%	$2.7B	N/A
Current Assets	$1.0B+8.6%	$921.0M-3.4%	$953.0M	N/A
Cash & Equivalents	$295.0M-1.0%	$298.0M-5.4%	$315.0M-2.2%	$322.0M
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$422.0M+11.1%	$380.0M+5.0%	$362.0M	N/A
Goodwill	$656.0M+3.6%	$633.0M+1.6%	$623.0M-3.7%	$647.0M
Total Liabilities	$1.6B-12.9%	$1.9B-9.2%	$2.1B	N/A
Current Liabilities	$760.0M+2.7%	$740.0M+4.4%	$709.0M	N/A
Long-Term Debt	$491.0M-29.0%	$692.0M-23.5%	$904.0M	N/A
Total Equity	$1.3B+39.6%	$904.0M+38.2%	$654.0M-39.3%	$1.1B
Retained Earnings	$470.0M+88.0%	$250.0M+941.7%	$24.0M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$3.0B+1.2%	$2.9B+0.8%	$2.9B-0.8%	$2.9B+1.5%	$2.9B+2.8%	$2.8B-2.7%	$2.9B+4.9%	$2.7B
Current Assets	$1.0B+4.7%	$1.0B+0.5%	$995.0M-1.4%	$1.0B+1.1%	$998.0M+8.4%	$921.0M-5.7%	$977.0M+2.1%	$957.0M
Cash & Equivalents	$258.0M-12.5%	$295.0M+15.7%	$255.0M-6.3%	$272.0M+1.9%	$267.0M-10.4%	$298.0M-8.9%	$327.0M+10.8%	$295.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$497.0M+17.8%	$422.0M+9.3%	$386.0M-9.0%	$424.0M-8.4%	$463.0M+21.8%	$380.0M+7.3%	$354.0M-7.1%	$381.0M
Goodwill	$643.0M-2.0%	$656.0M+0.2%	$655.0M-0.2%	$656.0M+2.3%	$641.0M+1.3%	$633.0M-2.8%	$651.0M+3.7%	$628.0M
Total Liabilities	$1.6B-0.5%	$1.6B-3.0%	$1.7B-7.2%	$1.8B-4.5%	$1.9B+1.3%	$1.9B-5.7%	$2.0B+1.3%	$2.0B
Current Liabilities	$899.0M+18.3%	$760.0M+1.5%	$749.0M-2.1%	$765.0M-4.9%	$804.0M+8.6%	$740.0M-0.7%	$745.0M+0.7%	$740.0M
Long-Term Debt	$357.0M-27.3%	$491.0M-9.7%	$544.0M-10.5%	$608.0M-6.9%	$653.0M-5.6%	$692.0M-8.9%	$760.0M-3.2%	$785.0M
Total Equity	$1.3B+4.5%	$1.3B+5.8%	$1.2B+9.1%	$1.1B+12.7%	$970.0M+7.3%	$904.0M+3.7%	$872.0M+13.4%	$769.0M
Retained Earnings	$533.0M+13.4%	$470.0M+9.6%	$429.0M+20.5%	$356.0M+22.3%	$291.0M+16.4%	$250.0M+28.9%	$194.0M+48.1%	$131.0M

ULS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	$600.0M+14.5%	$524.0M+12.2%	$467.0M+25.5%	$372.0M
Capital Expenditures	$197.0M-16.9%	$237.0M+10.2%	$215.0M+31.1%	$164.0M
Free Cash Flow	$403.0M+40.4%	$287.0M+13.9%	$252.0M+21.2%	$208.0M
Investing Cash Flow	-$204.0M+12.8%	-$234.0M-33.7%	-$175.0M+26.5%	-$238.0M
Financing Cash Flow	-$396.0M-39.4%	-$284.0M+3.4%	-$294.0M+73.7%	-$1.1B
Dividends Paid	$104.0M+4.0%	$100.0M-85.3%	$680.0M-57.5%	$1.6B
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$219.0M+52.1%	$144.0M-7.1%	$155.0M+5.4%	$147.0M-4.5%	$154.0M+18.5%	$130.0M-13.3%	$150.0M+45.6%	$103.0M
Capital Expenditures	$69.0M+19.0%	$58.0M+26.1%	$46.0M+9.5%	$42.0M-17.6%	$51.0M-12.1%	$58.0M-12.1%	$66.0M+17.9%	$56.0M
Free Cash Flow	$150.0M+74.4%	$86.0M-21.1%	$109.0M+3.8%	$105.0M+1.9%	$103.0M+43.1%	$72.0M-14.3%	$84.0M+78.7%	$47.0M
Investing Cash Flow	-$61.0M-190.5%	-$21.0M+72.4%	-$76.0M-33.3%	-$57.0M-14.0%	-$50.0M+15.3%	-$59.0M+28.0%	-$82.0M-127.8%	-$36.0M
Financing Cash Flow	-$194.0M-136.6%	-$82.0M+11.8%	-$93.0M-8.1%	-$86.0M+36.3%	-$135.0M-64.6%	-$82.0M-90.7%	-$43.0M+60.9%	-$110.0M
Dividends Paid	$29.0M+11.5%	$26.0M0.0%	$26.0M0.0%	$26.0M0.0%	$26.0M+4.0%	$25.0M0.0%	$25.0M0.0%	$25.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ULS Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	49.5%+1.0pp	48.5%+0.6pp	47.9%+0.1pp	47.9%
Operating Margin	17.1%+1.0pp	16.1%+2.4pp	13.7%-2.6pp	16.4%
Net Margin	10.7%-0.7pp	11.4%+1.7pp	9.7%-1.9pp	11.6%
Return on Equity	25.8%-10.3pp	36.1%-3.7pp	39.8%+12.6pp	27.2%
Return on Assets	11.1%-0.5pp	11.6%+2.1pp	9.5%	N/A
Current Ratio	1.32+0.1	1.24-0.1	1.34	N/A
Debt-to-Equity	0.39-0.4	0.77-0.6	1.38	N/A
FCF Margin	13.2%+3.2pp	10.0%+0.6pp	9.4%+1.2pp	8.3%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	50.3%+0.5pp	49.8%-0.5pp	50.3%+1.0pp	49.4%+1.1pp	48.2%+1.0pp	47.2%-1.7pp	49.0%-1.2pp	50.1%
Operating Margin	18.2%+3.3pp	15.0%-5.0pp	19.9%+2.0pp	17.9%+2.5pp	15.5%-0.1pp	15.6%-2.2pp	17.8%+0.5pp	17.3%
Net Margin	12.1%+3.6pp	8.5%-4.3pp	12.8%+1.0pp	11.7%+2.2pp	9.5%-1.5pp	11.0%-1.1pp	12.0%-1.8pp	13.8%
Return on Equity	7.0%+1.7pp	5.3%-3.1pp	8.4%+0.1pp	8.3%+1.4pp	6.9%-2.1pp	9.0%-1.1pp	10.1%-3.0pp	13.1%
Return on Assets	3.1%+0.8pp	2.3%-1.2pp	3.5%+0.3pp	3.1%+0.8pp	2.3%-0.6pp	2.9%-0.2pp	3.1%-0.6pp	3.7%
Current Ratio	1.16-0.2	1.32-0.0	1.330.0	1.32+0.1	1.240.0	1.24-0.1	1.31+0.0	1.29
Debt-to-Equity	0.27-0.1	0.39-0.1	0.46-0.1	0.56-0.1	0.67-0.1	0.77-0.1	0.87-0.1	1.02
FCF Margin	19.8%+8.9pp	10.9%-3.0pp	13.9%+0.4pp	13.5%-1.1pp	14.6%+4.9pp	9.7%-1.8pp	11.5%+5.1pp	6.4%

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Frequently Asked Questions

What is UL Solutions's annual revenue?

UL Solutions (ULS) reported $3.1B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is UL Solutions's revenue growing?

UL Solutions (ULS) revenue grew by 6.4% year-over-year, from $2.9B to $3.1B in fiscal year 2025.

Is UL Solutions profitable?

Yes, UL Solutions (ULS) reported a net income of $325.0M in fiscal year 2025, with a net profit margin of 10.7%.

What is UL Solutions's EBITDA?

UL Solutions (ULS) had EBITDA of $710.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does UL Solutions have?

As of fiscal year 2025, UL Solutions (ULS) had $295.0M in cash and equivalents against $491.0M in long-term debt.

What is UL Solutions's gross margin?

UL Solutions (ULS) had a gross margin of 49.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is UL Solutions's operating margin?

UL Solutions (ULS) had an operating margin of 17.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is UL Solutions's net profit margin?

UL Solutions (ULS) had a net profit margin of 10.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does UL Solutions pay dividends?

Yes, UL Solutions (ULS) paid $0.52 per share in dividends during fiscal year 2025.

What is UL Solutions's return on equity (ROE)?

UL Solutions (ULS) has a return on equity of 25.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is UL Solutions's free cash flow?

UL Solutions (ULS) generated $403.0M in free cash flow during fiscal year 2025. This represents a 40.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is UL Solutions's operating cash flow?

UL Solutions (ULS) generated $600.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are UL Solutions's total assets?

UL Solutions (ULS) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are UL Solutions's capital expenditures?

UL Solutions (ULS) invested $197.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does UL Solutions have outstanding?

UL Solutions (ULS) had 201M shares outstanding as of fiscal year 2025.

What is UL Solutions's current ratio?

UL Solutions (ULS) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is UL Solutions's debt-to-equity ratio?

UL Solutions (ULS) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is UL Solutions's return on assets (ROA)?

UL Solutions (ULS) had a return on assets of 11.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is UL Solutions's Altman Z-Score?

UL Solutions (ULS) has an Altman Z-Score of 9.60, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is UL Solutions's Piotroski F-Score?

UL Solutions (ULS) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are UL Solutions's earnings high quality?

UL Solutions (ULS) has an earnings quality ratio of 1.85x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can UL Solutions cover its interest payments?

UL Solutions (ULS) has an interest coverage ratio of 12.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is UL Solutions?

UL Solutions (ULS) scores 59 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.