Tearsheet

UL Solutions (ULS)

Market Price (6/7/2026): $96.0 | Market Cap: $19.3 BilSector: - | Industry: -

UL Solutions (ULS)

Market Price (6/7/2026): $96.0
Market Cap: $19.3 Bil
Sector: -
Industry: -

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%

Low stock price volatility
Vol 12M is 41%

Megatrend and thematic drivers
Megatrends include Sustainable & Green Buildings, Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include Green Building Certification, Show more.

Key risks
ULS key risks include [1] intense competition from numerous global TIC market players that can directly impact its pricing power.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
1	Low stock price volatility Vol 12M is 41%
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include Green Building Certification, Show more.
3	Key risks ULS key risks include [1] intense competition from numerous global TIC market players that can directly impact its pricing power.

Valuation, Metrics & Events

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/7/26	2025	2024	2023	2022
Share Price			$96.00	$78.86	$49.88	�	�
Mkt Cap ($ Bil)			19.3	15.9	10.0	-	-
+ Debt ($ Bil)			0.5	0.7	0.9	1.1	0.7
- Cash ($ Bil)			0.3	0.3	0.3	0.3	0.4
TEV ($ Bil)			19.6	16.6	10.9
Valuation Ratios
P/S	5.6	6.0	6.2	5.2	3.5	-	-
P/EBIT	37.9	40.6	35.6	31.0	21.2	-	-
P/E	36.9	42.0	55.1	48.8	30.6	-	-
P/FCF	—	—	42.9	39.3	34.8	-	-
Sector Ratios (* = sector average)
P/S *			3.8	3.9	3.7	3.2	2.9
P/EBIT *			19.7	18.8	19.4	18.1	19.8
P/E *			26.5	25.8	25.6	23.2	23.2
P/FCF *			24.8	25.8	23.0	23.8	24.1

FYE: 12/31	Forward FYE		Now
	2027	2026	6/7/26
Share Price			$96.00
Mkt Cap ($ Bil)			19.3
+ Debt ($ Bil)			0.5
- Cash ($ Bil)			0.3
TEV ($ Bil)			19.6
Valuation Ratios
P/S	5.6	6.0	6.2
P/EBIT	37.9	40.6	35.6
P/E	36.9	42.0	55.1
P/FCF	—	—	42.9
Sector Ratios (* = sector average)
P/S *			3.8
P/EBIT *			19.7
P/E *			26.5
P/FCF *			24.8

	ULS	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	3.1
Rev Chg Q	7.5%	8.8%
Rev Chg LTM	6.9%	7.4%
Rev Chg 3Y Avg	7.1%	5.8%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	18.9%	18.4%
CFO/Rev LTM	21.4%	21.2%
Net Inc Mgn	11.3%	13.0%
VALUATION	VERY HIGH
P/S	6.2	3.2
P/CFO	29.0	15.1
P/FCF	42.9	19.4
P/E	55.1	23.9
STABILITY	GOOD
Debt/Equity	0.03	0.22
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Number of Customers	more than 80,000	12312023	Link
Customer Retention Rate (amongst 500 largest customer accounts)	approximately 99%	12312023	Link
Number of Countries with Customers	over 110	12312023	Link
Number of Technical Accreditations	more than 650	12312023	Link
Number of Commercial Software Solutions	83	12312023	Link
Number of Active Standards Panels and Technical Committees	over 1,300	12312023	Link
Number of Industries Served	more than 35	9302025	Link

Recent
5/29/2026	Dividend	Amount: $0.14 Payment On: 6/08/2026
Upcoming
8/04/2026	Earnings Release	Rev: $815 Mil (E) EPS: $0.56 (E)

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026

UL Solutions (ULS) stock has gained about 15% since 2/28/2026 because of the following key factors:

1. Strong First Quarter 2026 Financial Results Exceeded Expectations.

UL Solutions reported its Q1 2026 earnings on May 5, 2026, significantly beating analyst estimates. The company achieved adjusted diluted earnings per share (EPS) of $0.50, surpassing the consensus estimate of $0.42 by $0.08. Revenue for the quarter reached $758 million, a 7.5% increase year-over-year, also exceeding analyst predictions of $748.9 million. Furthermore, Adjusted EBITDA rose 22.4% year-over-year to $197 million, with the Adjusted EBITDA margin expanding by 320 basis points to 26.0%. These strong results, including 5.7% organic revenue growth led by the Industrial segment, and a strengthened full-year Adjusted EBITDA margin outlook, provided a significant boost to investor confidence.

2. Strategic Acquisition and Portfolio Refinement Initiatives.

The company demonstrated a clear strategic direction through a key acquisition and portfolio management activities. On April 13, 2026, UL Solutions announced an agreement to acquire Eurofins' Electrical & Electronics (E&E) business for approximately €575 million ($670 million), aiming to expand its global capabilities and drive growth in the Consumer segment. This acquisition is expected to be partly funded by proceeds from active portfolio management, including the prior sale of its Employee Health and Safety (EHS) software business (closed April 1, 2026) and the agreement to sell its 28% shareholding in DQS Holding GmbH for approximately €105 million, reinforcing UL Solutions' focus on core Testing, Inspection, and Certification (TIC) and Risk & Compliance software offerings.

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Stock Movement Drivers

Fundamental Drivers

The 15.7% change in ULS stock from 2/28/2026 to 6/6/2026 was primarily driven by a 7.4% change in the company's P/E Multiple.

(LTM values as of)	2282026	6062026	Change
Stock Price ($)	83.70	96.81	15.7%
Change Contribution By:
Total Revenues ($ Mil)	3,053	3,106	1.7%
Net Income Margin (%)	10.6%	11.3%	5.9%
P/E Multiple	51.8	55.6	7.4%
Shares Outstanding (Mil)	201	201	0.0%
Cumulative Contribution			15.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/6/2026

	Return	Correlation
ULS	15.7%
Market (SPY)	7.8%	41.8%

Fundamental Drivers

The 6.5% change in ULS stock from 11/30/2025 to 6/6/2026 was primarily driven by a 3.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	11302025	6062026	Change
Stock Price ($)	90.92	96.81	6.5%
Change Contribution By:
Total Revenues ($ Mil)	3,003	3,106	3.4%
Net Income Margin (%)	11.3%	11.3%	-0.2%
P/E Multiple	53.9	55.6	3.1%
Shares Outstanding (Mil)	201	201	0.0%
Cumulative Contribution			6.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/6/2026

	Return	Correlation
ULS	6.5%
Market (SPY)	8.5%	32.8%

Fundamental Drivers

The 36.3% change in ULS stock from 5/31/2025 to 6/6/2026 was primarily driven by a 31.9% change in the company's P/E Multiple.

(LTM values as of)	5312025	6062026	Change
Stock Price ($)	71.02	96.81	36.3%
Change Contribution By:
Total Revenues ($ Mil)	2,905	3,106	6.9%
Net Income Margin (%)	11.6%	11.3%	-2.9%
P/E Multiple	42.2	55.6	31.9%
Shares Outstanding (Mil)	200	201	-0.5%
Cumulative Contribution			36.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/6/2026

	Return	Correlation
ULS	36.3%
Market (SPY)	26.6%	27.7%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/6/2026

	Return	Correlation
ULS
Market (SPY)	83.4%	29.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ULS Return	-	-	-	44%	59%	26%	189%
Peers Return	22%	-32%	37%	11%	11%	36%	90%
S&P 500 Return	27%	-19%	24%	23%	16%	11%	102%
Monthly Win Rates [3]
ULS Win Rate	-	-	-	78%	75%	67%
Peers Win Rate	62%	40%	68%	52%	52%	43%
S&P 500 Win Rate	75%	42%	67%	75%	67%	67%
Max Drawdowns [4]
ULS Max Drawdown	-	-	-	-	-16%	-18%
Peers Max Drawdown	-28%	-47%	-26%	-28%	-39%	-27%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: KEYS, VRSK, WK, FORM, MG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)

Event

Compare to KEYS, VRSK, WK, FORM, MG

In The Past

UL Solutions's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% gain to breakeven.

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Asset Allocation

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Event

Compare to KEYS, VRSK, WK, FORM, MG

In The Past

UL Solutions's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About UL Solutions (ULS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe UL Solutions (ULS):

UL Solutions is like the 'Intel Inside' for product safety, placing a trusted certification mark on billions of products worldwide.
UL Solutions is like the FDA or FAA for industrial and consumer products, but as an independent third-party certifier ensuring safety and compliance.
UL Solutions is a global, scientific version of the Good Housekeeping Seal, providing essential safety testing and certification for businesses worldwide.

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UL Solutions (ULS) provides the following major services:

Testing Services: Independent assessment of products, components, and systems against safety, security, and sustainability standards.
Inspection Services: On-site evaluation of facilities, processes, and systems to ensure compliance with regulatory requirements and industry standards.
Certification Services: Issuance of certifications, including the widely recognized UL Mark, confirming products meet established safety and performance criteria.
Ongoing Certification Services: Continuous monitoring and verification to ensure products maintain compliance with relevant standards over time.
Software Solutions: Cloud-based software, data, and proprietary databases that help customers manage regulatory compliance, supply chain transparency, and sustainability initiatives.
Advisory Services: Expert consulting and guidance to assist customers in managing risks and navigating complex safety, security, and sustainability challenges throughout their product lifecycle.

AI Analysis | Feedback

UL Solutions (ULS) primarily sells its services and software offerings to other companies globally.

The provided background information does not disclose the names of specific major customer companies. Instead, UL Solutions serves a broad and diverse base of more than 80,000 customers across over 110 countries.

These customers are typically businesses that:

Require independent testing, inspection, and certification (TIC) services for a wide range of products, including industrial and consumer goods, to ensure safety, security, and quality.
Seek software, data, and advisory (S&A) solutions to manage complex regulatory requirements, achieve supply chain transparency, and operationalize sustainability across their product lifecycle processes.
Need global market access services to comply with thousands of global standards and certifications, supported by UL's extensive accreditations and expertise.

UL Solutions' strong relationships are primarily with manufacturers and businesses that produce goods and operate within regulated industries, interacting with them at their manufacturing locations and in UL's laboratories.

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Jennifer F. Scanlon, President and Chief Executive Officer

Jennifer F. Scanlon has served as President and CEO of UL Solutions and a member of its board of directors since 2019. Under her leadership, UL Solutions completed a successful initial public offering on the New York Stock Exchange in April 2024. Prior to joining UL Solutions, she was president and CEO of USG Corporation, a then publicly traded manufacturer of building products, from 2016 to 2019. During her 16 years at USG, she led a significant international expansion, digital transformation, and sustainable products evolution. Scanlon holds an MBA from the University of Chicago Booth School of Business and a Bachelor of Arts from the University of Notre Dame.

Ryan D. Robinson, Executive Vice President and Chief Financial Officer

Ryan D. Robinson has been the Executive Vice President and Chief Financial Officer of UL Solutions since May 2017. In this role, he oversees global strategic and financial planning, corporate development, accounting, treasury, tax, internal audit, sourcing, and business services. Before joining UL Solutions, Robinson served as Chief Financial Officer and Chief Administrative Officer of Sears Hometown and Outlet Stores Inc., a publicly traded consumer products retailer, from 2014 to 2017. At Sears Hometown and Outlet Stores, he led the corporate, financial, and IT separation from its former parent company. He also spent ten years with Best Buy Co., Inc., holding positions including CFO of the U.S. business, treasurer, and head of corporate development. Robinson earned his Bachelor's of Business Administration from the University of Notre Dame and a master's degree from Northwestern University's Kellogg School of Management. He has also served on the board of several private companies.

Alex Dadakis, Executive Vice President and President, Testing, Inspection and Certification (TIC)

Alex Dadakis assumed the role of Executive Vice President and President of Testing, Inspection and Certification (TIC) in September 2025. He previously served as Executive Vice President and Chief Business Operations and Innovation Officer from January to August 2025. Before his tenure at UL Solutions, Dadakis was Senior Vice President, Global Head of Strategy and Corporate Development at the Germany-based Knauf Group. Prior to that, he was SVP and Chief Customer Experience and Strategy Officer at USG Corporation, beginning in 2017, before its merger with Knauf.

Scott L. D'Angelo, Executive Vice President, Chief Legal Officer and Corporate Secretary

Scott L. D'Angelo joined UL Solutions in April 2025 as Executive Vice President, Chief Legal Officer and Corporate Secretary, leading the legal, brand integrity, ethics, and compliance functions. With over 20 years of experience in corporate and private practice, D'Angelo previously served as Vice President, Chief Legal and Administrative Officer and Corporate Secretary for CTS Corp., a publicly held global designer and manufacturer of sensors, actuators, and electronic components.

John Genovesi, Executive Vice President and President, Risk and Compliance Software

John Genovesi joined UL Solutions in July 2022 as Executive Vice President and President of Risk and Compliance Software. In this role, he leads the R&C Software organization, assisting customers with product innovation, compliance, sustainability, and risk management challenges. Before UL Solutions, Genovesi was Chief Operating Officer of Adapdix, an autonomous manufacturing software company, where he was responsible for business operations and financial management.

AI Analysis | Feedback

One key risk to UL Solutions' business is the potential challenge in effectively adapting to and capitalizing on the evolving customer demand for next-generation cloud-based software and services. While UL Solutions acknowledges that its customers are increasingly seeking digital and interconnected solutions to bridge traditional testing, inspection, and certification (TIC) needs, and states that its complementary TIC and Software & Advisory (S&A) offerings position it to capitalize on this market need, there is an inherent risk in executing this digital transformation. Failure to continuously innovate, develop, and integrate these advanced digital solutions, or if competitors offer superior cloud-based platforms, could impact UL Solutions' ability to maintain its market leadership and high customer retention rates.

AI Analysis | Feedback

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UL Solutions operates within the global Testing, Inspection, and Certification (TIC) market, as well as the broader software and advisory market encompassing Environmental, Health, and Safety (EHS) software, sustainability software, and sustainability consulting and ESG advisory services.

The global Testing, Inspection, and Certification (TIC) market was estimated at approximately USD 259.55 billion in 2025 and is projected to reach USD 275.39 billion in 2026. This market is expected to grow to USD 442.25 billion by 2034, with a compound annual growth rate (CAGR) of 6.10% from 2026–2034.
The global Environmental Health and Safety (EHS) software market size was estimated at USD 7.06 billion in 2025 and is projected to increase to approximately USD 14.52 billion in 2035, growing at a CAGR of 7.4% between 2026 and 2035.
The global Sustainability Consulting and ESG Advisory Services market was valued at USD 17,034 million (USD 17.034 billion) in 2024. This market is projected to grow to USD 114,409.48 million (USD 114.41 billion) by 2032, with a CAGR of 26.88%.
The global sustainability software market was valued at USD 4.41 billion in 2025 and is estimated to grow to USD 11.94 billion by 2031, at a CAGR of 18.07%.

AI Analysis | Feedback

UL Solutions (ULS) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Organic Growth Fueled by Megatrends: The company anticipates continued organic revenue growth across its Industrial and Consumer segments. This growth is largely driven by global megatrends such as the energy transition, increasing digitalization (including data centers and artificial intelligence), and a heightened focus on sustainability. Demand remains strong in areas like consumer technology, electromagnetic compatibility (EMC) testing, and fire safety. * Strategic Investments in Global Testing Infrastructure: UL Solutions is making significant capital expenditures to expand its global network of laboratories and advanced testing facilities. This includes new and expanded facilities in various countries, focusing on high-demand areas such as battery, EMC, HVAC, motor, and IoT testing, as well as establishing a Global Fire Science Center of Excellence. These investments enhance capacity to meet evolving customer needs and capitalize on market demand. * Development of Innovative Offerings: The company is actively developing new and innovative services and software solutions, particularly those aligned with environmental, social, and governance (ESG) principles, sustainability, and artificial intelligence. Examples include the launch of AI safety certification and ECOLOGO industrial certification, along with enhancements to its proprietary Ultras software with AI capabilities. * Strategic Acquisitions and Portfolio Refinements: UL Solutions plans to continue supplementing its organic growth with strategic mergers and acquisitions that enhance its capabilities or expand its market footprint. Additionally, the company is undertaking portfolio refinements, such as the recent divestiture of its Employee Health and Safety (EHS) software business and realignment of its Software and Advisory segment, to better focus on core, high-growth offerings that complement its testing, inspection, and certification (TIC) services.

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Outbound Investments

UL Solutions has successfully completed and integrated 54 acquisitions since 2010, supplementing its organic growth.

Capital Expenditures

UL Solutions has made significant investments in its people, laboratories, and digital capabilities.

Interactive Breakdown

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Better Bets vs. UL Solutions (ULS)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	UL Solutions Stock Pre-Market (+15%) : New Plug-In Solar Safety Standard Development	01/28/2026
2	UL Solutions Earnings Notes	01/04/2026
3	null	11/05/2025
4	UL Solutions Stock Jump Looks Great, But How Secure Is That Gain?	10/17/2025
5	Why UL Solutions Stock Moved: ULS Stock Has Gained 55% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
6	UL Solutions (ULS) Valuation Ratios Comparison	05/15/2025
7	UL Solutions (ULS) Operating Cash Flow Comparison	02/17/2025
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High	11/05/2025

	Title
0	DASHBOARDS
1	UL Solutions Stock Pre-Market (+15%) : New Plug-In Solar Safety Standard Development
2	UL Solutions Earnings Notes
3	null
4	UL Solutions Stock Jump Looks Great, But How Secure Is That Gain?
5	Why UL Solutions Stock Moved: ULS Stock Has Gained 55% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
6	UL Solutions (ULS) Valuation Ratios Comparison
7	UL Solutions (ULS) Operating Cash Flow Comparison
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High

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MRVL	Marvell Technology	226.8	28.5%	210.4%
MEC	Mayville Engineering	0.7	23.8%	77.6%
TMHC	Taylor Morrison Home	6.9	22.3%	21.5%
FLNC	Fluence Energy	3.0	21.3%	15.8%
GKOS	Glaukos	7.3	20.9%	10.7%
TWLO	Twilio	34.4	18.5%	58.9%
MMED	Minimed	4.0	18.2%	-23.0%
FTK	Flotek Industries	0.8	17.9%	36.5%
CDNL	Cardinal Infrastructure	0.9	16.5%	150.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-69.7%	-70.8%
FULC	Fulcrum Therapeutics	0.3	-46.7%	-67.4%
AVEX	AEVEX	1.1	-40.6%	-15.1%
PL	Planet Labs PBC	10.2	-37.0%	63.4%
CD	Chaince Digital	0.4	-35.2%	7.2%
VELO	Velo3D	0.3	-34.0%	15.4%
CELC	Celcuity	4.8	-33.6%	-11.5%
LUNR	Intuitive Machines	3.5	-33.0%	80.9%
CRCL	Circle Internet	19.6	-29.0%	1.2%
BKSY	BlackSky Technology	1.3	-28.3%	85.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NVRI	Enviri	1.6	262.0%	288.7%
AGL	Agilon Health	1.6	247.8%	462.5%
HYLN	Hyliion	1.2	188.7%	275.0%
REPL	Replimune	0.9	175.3%	-2.6%
APPS	Digital Turbine	1.0	126.4%	80.2%
INOD	Innodata	3.3	119.2%	100.1%
SWMR	Swarmer	1.0	110.5%	96.0%
RXT	Rackspace Technology	1.1	107.3%	384.6%
RDW	Redwire	3.6	91.4%	142.8%
UMAC	Unusual Machines	1.0	87.2%	109.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-73.3%	-70.8%
VRRM	Verra Mobility	0.7	-69.9%	-80.8%
BTGO	BitGo	0.5	-60.3%	-74.5%
GTM	ZoomInfo Technologies	0.9	-54.2%	-70.7%
PSIX	Power Solutions International	0.9	-49.5%	-34.2%
FULC	Fulcrum Therapeutics	0.3	-48.1%	-67.4%
SHAK	Shake Shack	2.1	-45.8%	-35.5%
UI	Ubiquiti	34.3	-44.8%	2.8%
PAHC	Phibro Animal Health	1.3	-44.3%	-12.6%
PLAB	Photronics	1.7	-44.0%	-8.9%

Peer Comparisons

Peers to compare with:

Financials

	ULS	KEYS	VRSK	WK	FORM	MG	Median
Name	UL Solut.	Keysight.	Verisk A.	Workiva	FormFact.	MISTRAS
Mkt Price	96.81	329.83	181.73	49.13	116.70	17.61	106.75
Mkt Cap	19.5	56.4	24.5	2.8	9.1	0.6	14.3
Rev LTM	3,106	6,088	3,102	926	840	731	2,014
Op Inc LTM	586	1,106	1,366	-2	80	56	333
FCF LTM	450	1,357	1,127	171	37	-0	311
FCF 3Y Avg	331	1,198	986	104	46	10	218
CFO LTM	665	1,489	1,382	174	137	30	419
CFO 3Y Avg	550	1,341	1,219	107	110	36	330

Growth & Margins

	ULS	KEYS	VRSK	WK	FORM	MG	Median
Name	UL Solut.	Keysight.	Verisk A.	Workiva	FormFact.	MISTRAS
Rev Chg LTM	6.9%	19.2%	5.9%	20.3%	9.6%	3.5%	8.3%
Rev Chg 3Y Avg	7.1%	3.5%	7.4%	18.4%	5.8%	1.8%	6.5%
Rev Chg Q	7.5%	31.5%	3.9%	19.9%	32.0%	4.6%	13.7%
QoQ Delta Rev Chg LTM	1.7%	7.2%	1.0%	4.6%	7.0%	1.0%	3.2%
Op Inc Chg LTM	22.6%	28.6%	7.0%	97.1%	72.7%	42.5%	35.6%
Op Inc Chg 3Y Avg	15.2%	-5.1%	8.2%	38.5%	118.9%	31.9%	23.6%
Op Mgn LTM	18.9%	18.2%	44.0%	-0.3%	9.5%	7.7%	13.9%
Op Mgn 3Y Avg	17.0%	18.6%	43.2%	-7.0%	5.7%	5.9%	11.4%
QoQ Delta Op Mgn LTM	0.7%	2.2%	0.3%	4.5%	1.9%	0.3%	1.3%
CFO/Rev LTM	21.4%	24.5%	44.5%	18.8%	16.3%	4.1%	20.1%
CFO/Rev 3Y Avg	18.8%	24.6%	41.6%	13.3%	14.4%	5.0%	16.6%
FCF/Rev LTM	14.5%	22.3%	36.3%	18.5%	4.4%	-0.1%	16.5%
FCF/Rev 3Y Avg	11.3%	22.0%	33.6%	13.0%	6.0%	1.4%	12.1%

Valuation

	ULS	KEYS	VRSK	WK	FORM	MG	Median
Name	UL Solut.	Keysight.	Verisk A.	Workiva	FormFact.	MISTRAS
Mkt Cap	19.5	56.4	24.5	2.8	9.1	0.6	14.3
P/S	6.3	9.3	7.9	3.0	10.8	0.8	7.1
P/Op Inc	33.2	51.0	18.0	-1,179.2	113.3	9.9	25.6
P/EBIT	35.9	43.8	18.0	91.9	100.9	12.7	39.8
P/E	55.6	53.5	27.0	196.8	132.9	24.8	54.6
P/CFO	29.3	37.9	17.8	16.1	66.4	18.5	23.9
Total Yield	2.3%	1.9%	4.7%	0.5%	0.8%	4.0%	2.1%
Dividend Yield	0.5%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	3.8%	3.1%	2.7%	1.5%	3.0%	3.0%
D/E	0.0	0.0	0.2	0.3	0.0	0.4	0.1
Net D/E	0.0	0.0	0.2	-0.0	-0.0	0.3	0.0

Returns

	ULS	KEYS	VRSK	WK	FORM	MG	Median
Name	UL Solut.	Keysight.	Verisk A.	Workiva	FormFact.	MISTRAS
1M Rtn	-2.5%	-7.1%	4.0%	-6.0%	-19.3%	-6.0%	-6.0%
3M Rtn	19.6%	21.1%	-15.2%	-24.3%	37.3%	18.8%	19.2%
6M Rtn	26.8%	56.7%	-17.5%	-46.8%	103.1%	52.7%	39.8%
12M Rtn	36.9%	103.7%	-42.7%	-29.0%	262.8%	129.6%	70.3%
3Y Rtn	182.3%	104.3%	-15.2%	-51.2%	269.5%	141.9%	123.1%
1M Excs Rtn	-7.8%	-10.3%	6.1%	-4.9%	-22.0%	-5.2%	-6.5%
3M Excs Rtn	10.0%	11.5%	-24.7%	-33.8%	27.7%	9.3%	9.7%
6M Excs Rtn	14.6%	51.8%	-26.5%	-54.4%	96.0%	41.2%	27.9%
12M Excs Rtn	11.9%	81.1%	-66.7%	-51.3%	238.5%	106.8%	46.5%
3Y Excs Rtn	105.7%	27.2%	-92.1%	-125.9%	196.3%	74.2%	50.7%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/5/2026	2/19/2026	2/20/2025	4/15/2024	11/13/2023	12/22/2022	1/18/2022
Key Financials
Total Revenue	3,106	3,053	2,870	2,678	2,520	2,517	2,301
Gross Profit	1,550	1,510	1,392	1,284	1,207	1,179	1,031
EBITDA	732	699	642	535	535	417	481
Operating Income	586	557	461	409	412	287	363
Net Income	350	325	326	260	293	224	231
EPS	1.75	1.62	1.63	1.30	1.47	1.12	1.16
Growth Rates
Total Revenue Growth	6.9%	6.4%	7.2%	6.3%	0.1%	9.4%	-0.6%
EBITDA Growth	10.2%	8.9%	20.0%	0.0%	28.3%	-13.3%	2.8%
Operating Income Growth	22.6%	20.8%	12.7%	-0.7%	43.6%	-20.9%	11.0%
Net Income Growth	3.9%	-0.3%	25.4%	-11.3%	30.8%	-3.0%	-6.1%
Margins
Gross Margin	49.9%	49.5%	48.5%	47.9%	47.9%	46.8%	44.8%
EBITDA Margin	23.6%	22.9%	22.4%	20.0%	21.2%	16.6%	20.9%
Operating Income Margin	18.9%	18.2%	16.1%	15.3%	16.3%	11.4%	15.8%
Net Income Margin	11.3%	10.6%	11.4%	9.7%	11.6%	8.9%	10.0%
Cash & Debt
Total Cash	258	295	298	315	373	1,375	971
Total Debt	539	683	935	1,063	660	154	158
Net Debt / (Cash)	281	388	637	748	287	-1,221	-813
Cash Flows & CapEx
Net Cash from Operations	665	600	524	467	372	421	487
Total CapEx	-215	-197	-237	-215	-164	-107	-119
Free Cash from Operations	450	403	287	252	208	314	368
Returns to Shareholders
Dividends	107	104	100	680	1,600	200	9
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/5/2026	2/19/2026	11/4/2025	8/5/2025	5/6/2025	2/20/2025	11/5/2024	7/31/2024	5/20/2024	4/15/2024	11/13/2023	10/10/2023
Key Financials Quarterly
Total Revenue	758	789	783	776	705	739	731	730	670	684	676	689
Ebitda	184	165	202	181	151	152	173	188	129	134	119	166
Operating Income	138	153	156	139	108	114	130	126	91	90	126	117
Net Income	92	67	100	91	67	81	88	101	56	58	53	94
EPS	0.46	0.34	0.50	0.45	0.34	0.41	0.44	0.51	0.28	0.29	0.27	0.47
Key Financials TTM
Total Revenue TTM	3,106	3,053	3,003	2,951	2,905	2,870	2,815	2,760	2,719	2,678	2,623	2,570
Ebitda TTM	732	699	686	657	664	642	624	570	548	535	536	545
Operating Income TTM	586	556	517	491	478	461	437	433	424	408	410	399
Net Income TTM	350	325	339	327	337	326	303	268	261	260	280	297
Growth Rates Quarterly
Total Revenue Growth	7.5%	6.8%	7.1%	6.3%	5.2%	8.0%	8.1%	6.0%	6.5%	8.7%	8.5%	6.8%
EBITDA Growth	21.9%	8.6%	16.8%	-3.7%	17.1%	13.4%	45.4%	13.3%	11.2%	-0.7%	-7.0%	33.9%
Operating Income Growth	27.8%	34.2%	20.0%	10.3%	18.7%	26.7%	3.2%	7.7%	21.3%	-2.2%	9.6%	14.7%
Net Income Growth	37.3%	-17.3%	13.6%	-9.9%	19.6%	39.7%	66.0%	7.4%	1.8%	-25.6%	-24.3%	56.7%
Margins Quarterly
EBITDA Margin	24.3%	20.9%	25.8%	23.3%	21.4%	20.6%	23.7%	25.8%	19.3%	19.6%	17.6%	24.1%
Operating Income Margin	18.2%	19.4%	19.9%	17.9%	15.3%	15.4%	17.8%	17.3%	13.6%	13.2%	18.6%	17.0%
Net Income Margin	12.1%	8.5%	12.8%	11.7%	9.5%	11.0%	12.0%	13.8%	8.4%	8.5%	7.8%	13.6%
Cash & Debt
Total Cash	258	295	255	272	267	298	327	295	344	315	457	440
Total Debt	539	683	736	805	843	935	987	938	1,020	1,063	648	649
Net Debt / (Cash)	281	388	481	533	576	637	660	643	676	748	191	209
Cash Flows Quarterly
FCF from Operations	219	144	155	147	154	130	150	103	141	126	121	59
Cash Flows TTM
FCF from Operations TTM	665	600	586	581	537	524	520	491	447	467	421	431
Returns to Shareholders Quarterly
Dividends	29	26	26	26	26	25	25	25	25	620	20	20
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	38.9%	35.1%	36.4%	34.0%	26.0%	32.6%	31.5%	31.1%	23.2%	20.5%	37.7%	36.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	40.3%	34.6%	32.6%	31.4%	31.1%	29.7%	26.2%	26.7%	26.3%	23.6%	33.0%	31.6%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Industrial	1,254	1,146	1,044	1,051	965
Consumer	1,238	1,172	1,128	1,138	1,045
Risk & Compliance Software	378	360	348	328	291
Corporate			0	0	0
Total	2,870	2,678	2,520	2,517	2,301

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Industrial	338	308	286	244	253
Consumer	114	45	101	50	105
Risk & Compliance Software	10	15	25	-7	5
Corporate			0	0	0
Total	462	368	412	287	363

Price Behavior

Price Behavior

Market Price	$96.81
Market Cap ($ Bil)	19.5
First Trading Date	04/12/2024
Distance from 52W High	-7.6%
	50 Days	200 Days
DMA Price	$93.15	$80.73
DMA Trend	up	up
Distance from DMA	3.9%	19.9%
	3M	1YR
Volatility	45.3%	41.4%
Downside Capture	104.61	70.27
Upside Capture	134.01	89.46
Correlation (SPY)	41.4%	27.6%

ULS Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.40	1.84	1.28	1.20	0.95	-0.14
Up Beta	3.18	2.46	2.14	2.21	1.79	0.14
Down Beta	0.28	0.77	0.15	1.06	0.61	-0.36
Up Capture	239%	127%	136%	81%	81%	37%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	12	21	32	60	129	286
Down Capture	291%	198%	105%	86%	74%	62%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	8	20	31	63	118	243

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	5152026
Short Interest: Shares Quantity	2.4 Mil
Short Interest: % Change Since 4302026	-2.9%
Average Daily Volume	0.8 Mil
Days-to-Cover Short Interest	3.1 days
Basic Shares Quantity	201.0 Mil
Short % of Basic Shares	1.2%

Returns Analyses

	Title
0	UL Solutions Stock Jump Looks Great, But How Secure Is That Gain?

Earnings Returns History

Updated 6/7/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/5/2026	16.2%	8.5%	9.0%
2/19/2026	16.0%	15.1%	17.2%
11/4/2025	10.6%	10.6%	-2.2%
8/5/2025	-11.5%	-9.3%	-14.0%
5/6/2025	12.3%	17.3%	20.1%
2/20/2025	-2.8%	-3.9%	-3.1%
11/5/2024	-0.8%	-0.7%	4.4%
7/31/2024	10.1%	7.6%	18.8%
...
SUMMARY STATS
# Positive	6	6	6
# Negative	3	3	3
Median Positive	11.5%	11.7%	14.3%
Median Negative	-2.8%	-3.9%	-3.1%
Max Positive	16.2%	17.3%	20.1%
Max Negative	-11.5%	-9.3%	-14.0%

	Forward Returns
5/5/2026	16.2%	8.5%	9.0%
2/19/2026	16.0%	15.1%	17.2%
11/4/2025	10.6%	10.6%	-2.2%
8/5/2025	-11.5%	-9.3%	-14.0%
5/6/2025	12.3%	17.3%	20.1%
2/20/2025	-2.8%	-3.9%	-3.1%
11/5/2024	-0.8%	-0.7%	4.4%
7/31/2024	10.1%	7.6%	18.8%
5/20/2024	2.2%	12.9%	11.4%
SUMMARY STATS
# Positive	6	6	6
# Negative	3	3	3
Median Positive	11.5%	11.7%	14.3%
Median Negative	-2.8%	-3.9%	-3.1%
Max Positive	16.2%	17.3%	20.1%
Max Negative	-11.5%	-9.3%	-14.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/05/2026	10-Q
12/31/2025	02/19/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/20/2025	10-K
09/30/2024	11/05/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/20/2024	10-Q
12/31/2023	04/15/2024	424B4
09/30/2023	11/13/2023	S-1
06/30/2023	10/10/2023	DRS/A
03/31/2023	06/30/2023	DRS/A
09/30/2022	12/22/2022	DRS/A
03/31/2022	07/19/2022	DRS/A
12/31/2020	01/18/2022	DRS

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Organic Revenue Growth		5.0%				Higher New
2026 Adjusted EBITDA margin		27.0%		0.9%	0.2%	Raised	Guidance: 26.75% for 2026
2026 Effective tax rate		26.0%		0		Affirmed	Guidance: 26.0% for 2026
2026 Capital expenditures	0.07	0.07	0.08	0		Affirmed	Guidance: 0.07 for 2026

Prior: Q4 2025 Earnings Reported 2/19/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Adjusted EBITDA margin	26.5%	26.75%	27.0%	7.0%	1.8%	Raised	Guidance: 25.0% for 2025
2026 Effective tax rate		26.0%		2.0%	0.5%	Raised	Guidance: 25.5% for 2025
2026 Capital expenditures	0.07	0.07	0.08	11.1%	0.8%	Raised	Guidance: 0.07 for 2025

Insider Activity

Updated 6/4/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Schjotz, Gitte	See Remarks	Direct	Sell	6042026	96.98	9,865	956,708	5,754,890	Form
2	Schjotz, Gitte	See Remarks	Direct	Sell	6042026	99.71	12,015	1,198,016	6,900,530	Form
3	Scanlon, Jennifer F	President and CEO	Direct	Sell	6032026	100.00	12,500	1,249,983	17,672,157	Form
4	Uggetti, Alberto	EVP & CCO	Direct	Sell	6012026	99.89	2,345	234,242	795,324	Form
5	Hecker, Friedrich		Direct	Sell	5222026	102.04	4,000	408,174	1,344,933	Form

ULS Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing ULS?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ULS Makes & Who Pays

TTM figures based on

ULS Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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Core Cache Last Updated: 6/6/2026

UL Solutions (ULS)

Market Price (6/7/2026): $96.0 | Market Cap: $19.3 BilSector: - | Industry: -

UL Solutions (ULS)

Market Price (6/7/2026): $96.0Market Cap: $19.3 BilSector: -Industry: -

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Market Price (6/7/2026): $96.0
Market Cap: $19.3 Bil
Sector: -
Industry: -