We work for a safer world. Our mission drives our actions, inspires our employees and is the key to our success. We strive to be our customers’ most trusted science-based safety, security and sustainability partner. We are a global safety science leader that provides independent testing, inspection and certification (“TIC”) services and related software and advisory (“S&A”) offerings to customers worldwide. Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to UL Research Institutes, UL Standards & Engagement and UL Solutions. As the largest TIC services provider headquartered in North America (by revenue) with a global network of laboratories, we provided a comprehensive set of product safety, security and sustainability solutions to more than 80,000 customers across over 110 countries in 2023. Our distinguished heritage and our long history of operating at the forefront of safety science enables us to achieve and maintain more than 650 technical accreditations and 83 commercial software solutions, and to remain active in over 1,300 standards panels and technical committees globally, which underpins the expertise we offer to our customers. Furthermore, we offer over 450 independent third-party conformity assessment services around the world and are capable of testing and certifying against over 4,000 global standards, which affords us vast insight into the safety of products across a wide range of end markets and geographies. We are the owner of the iconic UL-in-a-circle certification mark (“UL Mark”) that appears on billions of products around the world. We offer our customers global market access services that help them ensure the safety and quality of their products while also supporting their efforts to manage the broader risks they face throughout their product lifecycle processes. We believe our extensive knowledge of, and expertise in, global safety science provides us with a strong competitive advantage relative to other global TIC service providers. People are at the core of who we are and what we do for our customers. Our technical team of more than 9,900 scientists, engineers and other specialized technical and regulatory experts has been nurtured and developed over many years and is a differentiator of our business. This deep and highly trained talent pool, and our strong technical laboratory capabilities, enable us to serve as a trusted and independent partner to our diverse array of global customers. We serve our customers through two complementary businesses, TIC and S&A. Our TIC business is made up of two segments, Industrial and Consumer, which provide comprehensive testing, inspection and certification services to customers across a broad array of end markets. Our S&A business is a global provider of software, data and advisory solutions, enabling our customers to manage complex regulatory requirements, deliver supply chain transparency and operationalize sustainability. We generate revenue in these segments and the following service categories: Certification Testing; Ongoing Certification Services; Non-certification Testing and Other Services; and Software. As the global economy continues to evolve and becomes more digital and inter-connected, our customers continue to seek ways to bridge traditional TIC needs with next generation cloud-based software and services to better mitigate risk and enhance their business performance. We believe that our complementary TIC and S&A offerings position us to capitalize on this market need and better serve our customers, of which we had more than 80,000 in 2023. In 2023, approximately 70% of our global and strategic accounts utilized both TIC and S&A services. The scope of our global and strategic accounts is primarily based on two factors: (1) each customer’s current spend with us and (2) an estimate of each such customer’s potential future spend with us. The scope is then further revised based on regional priorities, emerging trends and recent changes in each customer’s spend. Given the nature of our services, we are continuously engaging and working side-by-side with our customers. On any given day, throughout the world, our teams can be found in more than 1,500 of our customers’ global manufacturing locations inspecting products, facilities, processes and systems and interacting with our customers. Similarly, many of our customers spend time in our laboratories observing the testing of their products, or spend time in their workplaces using our proprietary software and material and chemical databases to share information across their value chains. Our strong customer relationships, coupled with the essential nature of our core testing, inspection and certification services, drive high customer retention; in 2023, we achieved an approximately 99% customer retention rate amongst our 500 largest customer accounts from each of 2019, 2020, 2021 and 2022. We calculate our customer retention rate as the percentage of our top 500 customers in a given year that generate revenue with us in subsequent years, and we measure this metric at the parent level; therefore, a customer for this purpose may be comprised of several subsidiaries and independent businesses. Our attractive business model has allowed us to deliver a long track record of stable growth and profitability. Underlying demand for our services is largely driven by a combination of regulatory requirements and evolving customer and consumer preferences, providing strong stability and visibility to our financial profile. We have made significant investments in our people, laboratories and digital capabilities over many decades, allowing us to execute our growth strategy and meet the increasingly complex needs of our customers. We supplement our organic growth with acquisitions, having successfully completed and integrated 54 acquisitions since 2010. As a result of our organic and inorganic growth, we are the number one TIC services provider for products and a top ten TIC provider globally as measured by revenue, with a compound annual revenue growth rate of approximately 7% over the last 12 years. --- In 1894, William Henry Merrill, Jr. founded Underwriters Electrical Bureau, an electrical testing laboratory to insurance underwriters. In 1901, Underwriters Laboratories, the predecessor to UL Research Institutes, was incorporated in the state of Illinois as a nonprofit organization dedicated to the promotion of safety standards, publishing its first standard in 1903, “Tin Clad Fire Doors.” The first UL Mark for use outside of the United States was introduced in 1992 for the Canadian market. For 130 years, UL Research Institutes has engaged, including through controlled affiliates, in four principal activities: (1) conducting and disseminating scientific research on public safety issues, (2) engaging in education and outreach activities to promote public safety, (3) developing standards for public safety and (4) testing, inspecting and certifying products to safety standards. UL Solutions Inc., the registrant, was incorporated as Underwriters Laboratories (USA) Inc. in 2008 and changed its name to UL Inc. in 2011. In 2012, UL Research Institutes transferred its testing, inspection and certification activities to UL Inc. In 2021, UL Research Institutes transferred its Standards Activities to UL Standards & Engagement, pursuant to the Reorganization, and on June 16, 2022, the Company filed an amendment to its restated certificate of incorporation changing the Company’s name to UL Solutions Inc. UL Research Institutes remains a tax-exempt nonprofit organization and continues to engage in scientific research activities. UL Solutions Inc. remains an indirect subsidiary of UL Research Institutes, with the same goal of advancing public safety. Our corporate headquarters are located at 333 Pfingsten Road, Northbrook, Illinois 60062.
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Here are 1-3 brief analogies to describe UL Solutions:
- Like the FDA, but for a vast range of consumer and industrial products, certifying their safety and compliance.
- The PwC or Deloitte of product safety, auditing and certifying compliance for manufacturers globally.
- Similar to Energy Star, but their widely recognized mark signifies product safety and regulatory compliance across virtually all industries.
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- Testing, Inspection, and Certification (TIC) Services: UL Solutions provides comprehensive services to test products for safety, quality, and performance against established standards, and issues certifications for compliance.
- Advisory and Consulting Services: They offer expert guidance to businesses on product development, regulatory compliance, risk management, and sustainability strategies.
- Software Solutions: UL Solutions develops and provides software platforms for product compliance management, supply chain transparency, and environmental, social, and governance (ESG) reporting.
- Training and Education: They deliver educational programs and workshops on global safety standards, regulatory requirements, and industry best practices.
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UL Solutions (symbol: ULS) primarily sells its services and software to **other companies** (business-to-business or B2B).
Due to the nature of its business (safety science, testing, inspection, certification, and advisory services), UL Solutions serves a vast and highly diversified global customer base across numerous industries. The company's public filings indicate that no single customer or small group of customers accounts for a material portion of its revenue (e.g., no single customer typically represents more than 1% of their total revenue). Therefore, it does not identify specific "major customer companies" by name.
Instead, its customers fall into broad categories of businesses that require compliance, safety, quality assurance, and performance validation for their products, systems, and operations. These categories include:
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Product Manufacturers
This category encompasses companies that design and produce a wide array of goods across various sectors. These include manufacturers of electronics, automotive components, medical devices, industrial machinery, consumer products (e.g., appliances, toys), building materials, and more. They utilize UL Solutions for product testing, certification, electromagnetic compatibility (EMC) testing, performance validation, and market access services to meet regulatory and safety standards globally.
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Retailers & Brands
This group consists of businesses that sell products directly to consumers or manage significant product brands. They rely on UL Solutions for supply chain assurance, quality control, sustainability verification, and compliance testing for the vast range of items they source and sell. This helps them ensure product safety, maintain brand reputation, and mitigate risks associated with their global supply chains.
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Industrial & Energy Sector Companies
This category includes entities operating in heavy industries, energy production (e.g., renewable energy, oil & gas), utilities, and other infrastructure-related sectors. These customers engage UL Solutions for safety assessments, certification of equipment and components, operational compliance, cybersecurity services for industrial control systems, and advisory services to enhance safety and performance in complex industrial environments.
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Jennifer F. Scanlon President and Chief Executive Officer
Jennifer F. Scanlon is the President and CEO of UL Solutions and a member of its board of directors, positions she has held since 2019. Under her leadership, UL Solutions successfully completed an initial public offering on the New York Stock Exchange in April 2024. Before joining UL Solutions, Scanlon served as President and CEO of USG Corporation, a publicly traded manufacturer of building products, from November 2016 to April 2019. During her 16 years at USG, she also held roles as CIO and head of Corporate Strategy, leading the company through international expansion, digital transformation, and the evolution of sustainable products. She began her career at IBM in service delivery and consulting roles.
Ryan D. Robinson Executive Vice President and Chief Financial Officer
Ryan D. Robinson has served as Executive Vice President and Chief Financial Officer of UL Solutions since May 2017. He is responsible for corporate strategy, mergers and acquisitions, financial planning and analysis, accounting, treasury, tax, and business support functions. Prior to UL Solutions, Robinson was Chief Administrative Officer and CFO for Sears Hometown and Outlet Stores, Inc., a publicly traded spin-off from Sears Holdings. He also spent ten years at Best Buy Co., Inc., where his roles included CFO of the US business, treasurer, and head of corporate development. He also served as CFO at MedExpress Urgent Care.
Scott L. D'Angelo Executive Vice President, Chief Legal Officer and Corporate Secretary
Scott L. D'Angelo serves as Executive Vice President, Chief Legal Officer, and Corporate Secretary of UL Solutions, a role he started in April 2025. He leads the legal, brand integrity, ethics, and compliance functions. Before joining UL Solutions, D'Angelo had over 20 years of experience in corporate and private practice, including serving as Vice President, Chief Legal and Administrative Officer, and Corporate Secretary for CTS Corp., a publicly held global designer and manufacturer.
Alex Dadakis Executive Vice President and President, TIC
Effective September 1, 2025, Alex Dadakis will become Executive Vice President and President of Testing, Inspection and Certification (TIC). He previously served as Executive Vice President and Chief Business Operations and Innovation Officer from January to August 2025. Prior to joining UL Solutions, Dadakis was Senior Vice President, Global Head of Strategy and Corporate Development at Germany-based Knauf Group, and before that, SVP and Chief Customer Experience and Strategy Officer at USG Corporation.
Linda Chapin Senior Vice President and Chief Human Resources Officer
Linda Chapin serves as the Senior Vice President and Chief Human Resources Officer of UL Solutions. She is a member of the Executive Leadership Team.
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UL Solutions (ULS) faces several key risks to its business operations.
The most significant risk is intense competition within the outsourced product and component Testing, Inspection, and Certification (TIC) market. UL Solutions competes globally with large public companies such as Intertek, Bureau Veritas, SGS, and Eurofins, as well as numerous private organizations like Element, TÜV, DNV, SÜD, and DEKRA. This competitive landscape can directly impact UL Solutions' pricing power.
Secondly, macroeconomic shifts and increasing regulatory pressures pose a notable risk. Economic slowdowns or changes in the regulatory environment can lead to customers reducing their innovation cycles or cutting budgets, which in turn could decrease the demand for UL Solutions' essential testing, inspection, and certification services.
Finally, cybersecurity incidents and other technology disruptions represent a key risk. As a company that relies heavily on technology and manages extensive data, UL Solutions is exposed to the threat of cyberattacks or failures in its information technology and software infrastructure. Such events could compromise data integrity, disrupt operations, and potentially damage the company's reputation.
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UL Solutions (ULS) operates in several significant addressable markets through its core offerings of testing, inspection, and certification (TIC) services, alongside its software and advisory solutions. Below are the estimated market sizes for their main products and services:
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Outsourced Testing, Inspection, and Certification (TIC) Services: The global outsourced TIC market was approximately $99 billion in 2022. The broader global TIC market was estimated at USD 399.39 billion in 2024 and is projected to reach USD 499.00 billion by 2030.
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Consumer Product Safety Testing: The global consumer product safety testing market was valued at $33.05 billion in 2021 and is projected to reach $60.50 billion by 2031.
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Regulatory and Compliance Services: The global regulatory and compliance services market size was valued at approximately USD 46 billion in 2023 and is projected to reach around USD 78 billion by 2032.
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Cybersecurity Certification: The global cybersecurity certification market size is projected to grow from USD 3.98 billion in 2024 to USD 8.03 billion by 2030.
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Renewable Energy Certificate (REC) Market: The global renewable energy certificate market was valued at US$ 15.38 billion in 2024 and is set to reach US$ 233.81 billion by 2034.
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General Software Market (for their Software & Advisory segment): The global software market size was estimated at USD 730.70 billion in 2024 and is projected to reach USD 1,397.31 billion by 2030.
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Here are 3-5 expected drivers of future revenue growth for UL Solutions (ULS) over the next 2-3 years:
- Strategic Investments in Advanced Testing Capabilities: UL Solutions is making significant capital investments in new and expanded testing facilities to meet increasing customer demand driven by global megatrends. This includes major investments in areas like industrial and EV battery testing, as exemplified by new facilities in Auburn Hills, Michigan, and plans for an Advanced Automotive and Battery Testing Center in Pyeongtaek, South Korea. These expanded capabilities are expected to contribute to growth from 2025 onwards.
- Growth in Industrial and Consumer Segments: Both the Industrial and Consumer segments have demonstrated strong organic revenue growth, which is anticipated to continue. Drivers within these segments include increased demand for retail and electromagnetic compatibility testing in the Consumer segment, and continued demand related to electrical products, renewable energy, and component certification testing and services in the Industrial segment.
- Leveraging Global Megatrends: The company is strategically positioned to capitalize on global megatrends such as the global energy transition, digitalization, and data center growth. These trends are increasing the need for UL Solutions' safety science, testing, inspection, and certification services across various industries.
- Expansion of Software and Advisory Offerings: While the advisory services have experienced some fluctuations, the software service line within the Software and Advisory segment has shown organic growth, driven by demand for its software portfolio, including retail product compliance. The company provides these offerings to support customer product innovation and business growth.
- Strategic Acquisitions and Portfolio Refinements: UL Solutions has indicated its ongoing commitment to pursuing acquisitions and portfolio refinements to drive future growth. An example includes the acquisition of Test Net, which is expected to enhance UL Solutions' hydrogen strategy.
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Share Issuance
- UL Solutions priced its initial public offering (IPO) at $28.00 per share in April 2024, selling 33.8 million shares.
- The IPO, which generated gross proceeds of $1.1 billion, consisted entirely of secondary shares sold by UL Standards & Engagement, with UL Solutions receiving no proceeds.
- A secondary public offering of 23,000,000 shares of Class A common stock, also entirely secondary shares, was priced at $49.00 per share in September 2024.
Outbound Investments
- In July 2024, UL Solutions acquired TesTneT Engineering GmbH, a Germany-based company specializing in hydrogen component and system testing.
- UL Solutions acquired BatterieIngenieure GmbH, a German battery testing and simulation company, in May 2024, which expanded its global battery testing footprint in Europe.
- The company made strategic acquisitions including Method Park (2021), kVA (2019), and Kugler Maag Cie (2022) to provide expertise for critical systems, particularly in the automotive sector for functional safety and cybersecurity.
Capital Expenditures
- Capital expenditures were $237 million for the full year 2024, an increase from $215 million in 2023, with a primary focus on strategic investments in energy transition opportunities.
- For the first nine months of 2025, capital expenditures were $139 million, a decrease from $179 million for the same period in 2024, which included the construction of a new battery testing laboratory in Auburn Hills, Michigan.
- Expected capital expenditures for 2025 are projected to be in the range of 6.5% to 7.0% of revenue, supporting investments in new labs and software, including a global fire science center, HVAC labs, and an advanced automotive lab in Japan.
