UL Solutions Financials
UL Solutions (ULS) reported $3.1B in revenue over the twelve months to Jun 30, 2026, up 6.6% from the prior twelve months. This page shows its 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).
UL Solutions is converting operating growth into cash as reinvestment falls and leverage is reduced.
In FY2025, operating income rose13.0% while net income slipped-0.3% , so the bottom line understated the improvement in core operations. Operating cash flow also rose14.5% , indicating the earnings gap did not reflect weaker cash generation; the divergence instead coincided with a heavier tax burden.
Operating cash flow rose from
Debt-to-equity fell from 0.8x to 0.4x between FY2024 and FY2025, while liabilities declined and equity expanded; this points to genuine deleveraging rather than a ratio improvement caused only by earnings. Gross margin widened from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
UL Solutions has an operating margin of 17.1%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 85/100, reflecting efficient cost management and pricing power. This is up from 16.1% the prior year.
UL Solutions's revenue grew 6.4% year-over-year to $3.1B, a solid pace of expansion. This earns a growth score of 56/100.
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 70/100, indicating a strong balance sheet with room for future borrowing.
UL Solutions's current ratio of 1.32 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
UL Solutions converts 13.2% of revenue into free cash flow ($403.0M). This strong cash generation earns a score of 71/100.
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 91/100. This is down from 36.1% the prior year.
UL Solutions scores 7.50, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($15.0B) relative to total liabilities ($1.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
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.
UL Solutions earns $12.73 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
Earnings & Revenue
UL Solutions generated $3.1B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.
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.
UL Solutions reported $325.0M in net income in fiscal year 2025. This represents a decrease of 0.3% from the prior year.
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
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.
UL Solutions held $295.0M in cash against $491.0M in long-term debt as of fiscal year 2025.
UL Solutions paid $0.52 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ULS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $816.0M+7.7% | $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 |
| Cost of Revenue | $399.0M+5.8% | $377.0M-4.6% | $395.0M+1.5% | $389.0M-1.3% | $394.0M+7.9% | $365.0M-6.4% | $390.0M+4.6% | $373.0M |
| Gross Profit | $417.0M+9.4% | $381.0M-3.3% | $394.0M0.0% | $394.0M+3.1% | $382.0M+12.4% | $340.0M-2.6% | $349.0M-2.5% | $358.0M |
| SG&A Expenses | $267.0M+9.9% | $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 |
| Operating Income | $150.0M+8.7% | $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 |
| Interest Expense | $5.0M-37.5% | $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 |
| Income Tax | $84.0M+162.5% | $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 |
| Net Income | $246.0M+167.4% | $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 |
| EPS (Diluted) | $1.21+168.9% | $0.45+36.4% | $0.33-32.7% | $0.49+8.9% | $0.45+36.4% | $0.33-17.5% | $0.40-9.1% | $0.44 |
Not reported in any period shown, so not listed: R&D Expenses.
ULS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.1B+5.5% | $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 |
| Current Assets | $1.2B+17.9% | $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 |
| Cash & Equivalents | $434.0M+68.2% | $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 |
| Accounts Receivable | $471.0M-5.2% | $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 |
| Goodwill | $642.0M-0.2% | $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 |
| Total Liabilities | $1.5B-7.4% | $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 |
| Current Liabilities | $866.0M-3.7% | $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 |
| Long-Term Debt | $301.0M-15.7% | $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 |
| Total Equity | $1.6B+20.9% | $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 |
| Retained Earnings | $750.0M+40.7% | $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 |
Not reported in any period shown, so not listed: Inventory.
ULS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $160.0M-26.9% | $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 |
| Capital Expenditures | $69.0M0.0% | $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 |
| Free Cash Flow | $91.0M-39.3% | $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 |
| Investing Cash Flow | $131.0M+314.8% | -$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 |
| Financing Cash Flow | -$114.0M+41.2% | -$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 |
| Dividends Paid | $29.0M0.0% | $29.0M+11.5% | $26.0M0.0% | $26.0M0.0% | $26.0M0.0% | $26.0M+4.0% | $25.0M0.0% | $25.0M |
Not reported in any period shown, so not listed: Share Buybacks.
ULS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.1%+0.8pp | 50.3%+0.3pp | 49.9%-0.4pp | 50.3%+1.1pp | 49.2%+1.0pp | 48.2%+1.0pp | 47.2%-1.7pp | 49.0% |
| Operating Margin | 18.4%+0.2pp | 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% |
| Net Margin | 30.1%+18.0pp | 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% |
| Return on Equity | 15.4%+8.5pp | 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% |
| Return on Assets | 7.9%+4.8pp | 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% |
| Current Ratio | 1.42+0.3x | 1.16-0.2x | 1.320.0x | 1.330.0x | 1.32+0.1x | 1.240.0x | 1.24-0.1x | 1.31 |
| Debt-to-Equity | 0.19-0.1x | 0.27-0.1x | 0.39-0.1x | 0.46-0.1x | 0.56-0.1x | 0.67-0.1x | 0.77-0.1x | 0.87 |
| FCF Margin | 11.2%-8.6pp | 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% |
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Where UL Solutions Ranks
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.
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 7.50, 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 12.73x, 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 68 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.