UL Solutions (ULS)
Market Price (9/7/2026): $74.6 | Market Cap: $15.1 BilSector: Industrials | Industry: Research & Consulting Services
UL Solutions (ULS)
Market Price (9/7/2026): $74.6Market Cap: $15.1 BilSector: IndustrialsIndustry: Research & Consulting Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include Green Building Certification, Show more. | Key risksULS key risks include [1] intense competition from numerous global TIC market players that can directly impact its pricing power. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include Green Building Certification, Show more. |
| Key risksULS key risks include [1] intense competition from numerous global TIC market players that can directly impact its pricing power. |
Qualitative Assessment
AI Analysis | Feedback
UL Solutions (ULS) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Increased Capital Expenditure Outlook. UL Solutions increased its planned capital expenditures to approximately 8.5% of revenue for fiscal year 2026, citing investments in laboratory capacity and testing capabilities. For the first half of fiscal year 2026 (ending June 30, 2026), capital expenditures rose to $138 million, compared to $93 million in the same period of fiscal year 2025. This elevated investment plan was identified as a key concern by investors and analysts, contributing to the stock's significant decline following the fiscal Q2 2026 earnings report on August 4, 2026.
2. Investor Concerns over Second-Half Margin Sustainability Amidst Portfolio Transformation. Despite reporting strong fiscal Q2 2026 results, including adjusted EBITDA margin expansion of 140 basis points to a record 26.8%, the stock experienced a sharp downturn. Investors and analysts raised concerns about the company's ability to sustain its full-year adjusted EBITDA margin target of approximately 27% in the second half of fiscal year 2026. These concerns were linked to potential integration costs associated with the pending Eurofins Electrical & Electronics acquisition and the ongoing portfolio transformation, which includes planned exits from lower-margin service lines.
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UL Solutions (ULS) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Increased Capital Expenditure Outlook. UL Solutions increased its planned capital expenditures to approximately 8.5% of revenue for fiscal year 2026, citing investments in laboratory capacity and testing capabilities. For the first half of fiscal year 2026 (ending June 30, 2026), capital expenditures rose to $138 million, compared to $93 million in the same period of fiscal year 2025. This elevated investment plan was identified as a key concern by investors and analysts, contributing to the stock's significant decline following the fiscal Q2 2026 earnings report on August 4, 2026.
2. Investor Concerns over Second-Half Margin Sustainability Amidst Portfolio Transformation. Despite reporting strong fiscal Q2 2026 results, including adjusted EBITDA margin expansion of 140 basis points to a record 26.8%, the stock experienced a sharp downturn. Investors and analysts raised concerns about the company's ability to sustain its full-year adjusted EBITDA margin target of approximately 27% in the second half of fiscal year 2026. These concerns were linked to potential integration costs associated with the pending Eurofins Electrical & Electronics acquisition and the ongoing portfolio transformation, which includes planned exits from lower-margin service lines.
3. Rich Valuation and Broader Market Sentiment. The stock's decline was also attributed to its perceived rich valuation, as highlighted by analysts. For instance, one analyst firm dropped its price objective from $106.40 to $82.80 and set a "neutral" rating on August 5, 2026. Broader investor sentiment regarding richly valued industrial and business-services companies further contributed to the de-rating of UL Solutions' stock during the period.
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Stock Movement Drivers
Fundamental Drivers
The -25.7% change in ULS stock from 5/31/2026 to 9/6/2026 was primarily driven by a -48.2% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 99.31 | 73.83 | -25.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,106 | 3,146 | 1.3% |
| Net Income Margin (%) | 11.3% | 16.1% | 42.5% |
| P/E Multiple | 57.0 | 29.5 | -48.2% |
| Shares Outstanding (Mil) | 201 | 202 | -0.5% |
| Cumulative Contribution | -25.7% |
Market Drivers
5/31/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| ULS | -25.7% | |
| Market (SPY) | 1.8% | -9.5% |
| Sector (XLI) | 1.2% | 1.8% |
Fundamental Drivers
The -11.6% change in ULS stock from 2/28/2026 to 9/6/2026 was primarily driven by a -42.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.54 | 73.83 | -11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,053 | 3,146 | 3.0% |
| Net Income Margin (%) | 10.6% | 16.1% | 50.8% |
| P/E Multiple | 51.7 | 29.5 | -42.8% |
| Shares Outstanding (Mil) | 201 | 202 | -0.5% |
| Cumulative Contribution | -11.6% |
Market Drivers
2/28/2026 to 9/6/2026| Return | Correlation | |
|---|---|---|
| ULS | -11.6% | |
| Market (SPY) | 12.6% | 17.9% |
| Sector (XLI) | -0.8% | 20.5% |
Fundamental Drivers
The 17.6% change in ULS stock from 8/31/2025 to 9/6/2026 was primarily driven by a 44.9% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9062026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.76 | 73.83 | 17.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,951 | 3,146 | 6.6% |
| Net Income Margin (%) | 11.1% | 16.1% | 44.9% |
| P/E Multiple | 38.6 | 29.5 | -23.4% |
| Shares Outstanding (Mil) | 201 | 202 | -0.5% |
| Cumulative Contribution | 17.6% |
Market Drivers
8/31/2025 to 9/6/2026| Return | Correlation | |
|---|---|---|
| ULS | 17.6% | |
| Market (SPY) | 20.4% | 18.0% |
| Sector (XLI) | 16.5% | 21.0% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/6/2026| Return | Correlation | |
|---|---|---|
| ULS | ||
| Market (SPY) | 77.1% | 25.5% |
| Sector (XLI) | 68.7% | 28.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ULS Return | - | - | - | 44% | 59% | -5% | 118% |
| Peers Return | 22% | -32% | 37% | 11% | 11% | 32% | 85% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ULS Win Rate | - | - | - | 78% | 75% | 67% | |
| Peers Win Rate | 62% | 40% | 68% | 52% | 52% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ULS Max Drawdown | - | - | - | - | -16% | -30% | |
| Peers Max Drawdown | -28% | -47% | -26% | -28% | -39% | -34% | |
| 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 9/4/2026 (YTD)
About UL Solutions (ULS)
UL Solutions (symbol: ULS) is a global leader in safety science, driven by a mission to work for a safer world. With a heritage spanning over 130 years, it provides independent testing, inspection, and certification (TIC) services, complemented by related software and advisory (S&A) offerings, to a vast international clientele. The company is the owner of the renowned UL-in-a-circle certification mark, which appears on billions of products globally, signifying its deep expertise and trusted position in ensuring product safety, security, and sustainability.
The company operates through two core business segments: TIC and S&A. The TIC business, split into Industrial and Consumer, delivers comprehensive testing, inspection, and certification against over 4,000 global standards, including certification testing and ongoing certification services. The S&A business focuses on providing software, data, and advisory solutions that enable customers to navigate complex regulatory landscapes, enhance supply chain transparency, and operationalize sustainability initiatives. This integrated approach allows UL Solutions to bridge traditional safety needs with next-generation digital solutions, generating revenue across certification testing, ongoing certification services, non-certification testing, and software offerings.
UL Solutions serves a diverse base of over 80,000 customers across more than 110 countries, with demand for its services primarily driven by regulatory requirements and evolving consumer preferences. The company's competitive advantage stems from its extensive knowledge, over 9,900 highly trained scientists and engineers, and strong global laboratory network. This expertise fosters high customer retention rates, with approximately 99% for its top 500 accounts, as UL Solutions often works directly with customers at their manufacturing locations or through proprietary software. Its ability to offer both essential TIC services and advanced S&A solutions positions it as a critical partner for managing risks throughout the product lifecycle.
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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.
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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%.
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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.
Peer Outperformance in Research & Consulting Services
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.5% | 108.4% | 188.0% | CDNL 2702% · FIX 2105% · STRL 2023% |
| Marine Transportation | 5 | 70.5% | 68.4% | 166.4% | HOS 48321% · MATX 186% · KEX 166% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 66.0% | 119.0% | CAT 326% · ALSN 281% · WAB 228% |
| Aerospace & Defense | 55 | -1.8% | 61.1% | 72.0% | ATI 1099% · FTAI 916% · HWM 741% |
| Passenger Ground Transportation | 3 | -11.2% | 55.0% | 55.1% | UBER 85% · CAR 55% · LYFT -67% |
| Industrial Machinery & Supplies & Components | 71 | 10.1% | 45.7% | 48.4% | CRS 1444% · PSIX 952% · EROC 609% |
| Rail Transportation | 7 | 31.0% | 74.7% | 47.4% | FSTR 138% · CSX 68% · UNP 52% |
| Cargo Ground Transportation | 16 | 38.0% | 7.2% | 36.2% | XPO 266% · R 250% · CVLG 216% |
| Trading Companies & Distributors | 19 | 2.7% | 33.6% | 32.5% | DXPE 545% · AIT 293% · WCC 220% |
| Diversified Support Services | 33 | 12.7% | 31.0% | 28.0% | LIME 4173% · WLFC 368% · TH 366% |
| Electrical Components & Equipment | 41 | 17.6% | 52.2% | 22.5% | POWL 2220% · BE 1076% · VRT 905% |
| Building Products | 33 | -11.0% | 6.3% | 19.3% | LMB 593% · GFF 397% · PPIH 303% |
| Agricultural & Farm Machinery | 17 | 14.1% | 5.8% | -5.3% | BLBD 215% · DE 99% · GENC 55% |
| Research & Consulting Services ← | 13 | -10.1% | -21.2% | -5.4% | HURN 216% · GRNQ 140% · CRAI 92% |
| Environmental & Facilities Services | 29 | -8.4% | 21.4% | -11.5% | CECO 888% · ADUR 558% · NVRI 351% |
| Industrial Conglomerates | 17 | 10.5% | 14.5% | -13.7% | RCMT 609% · CSW 139% · CSL 83% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.6% | -24.8% | EXLS 50% · BR 13% · G -22% |
| Passenger Airlines | 11 | 2.4% | 1.3% | -26.4% | LTM 2779% · UAL 139% · SKYW 116% |
| Office Services & Supplies | 9 | 12.0% | 26.8% | -30.1% | PBI 193% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 8.4% | -18.2% | -35.1% | BBSI 87% · ADP 53% · KFY 29% |
| Air Freight & Logistics | 12 | -8.2% | -21.6% | -38.0% | CHRW 88% · FDX 68% · EXPD 63% |
| Security & Alarm Services | 10 | -36.1% | 7.9% | -40.1% | CIX 139% · MG 101% · NL 54% |
| Airport Services | 3 | -67.1% | -76.8% | -57.2% | JOBY -30% · ASLE -57% · UP -100% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 90.22 |
| Mkt Cap | 11.5 |
| Rev LTM | 2,051 |
| Op Inc LTM | 364 |
| FCF LTM | 318 |
| FCF 3Y Avg | 240 |
| CFO LTM | 440 |
| CFO 3Y Avg | 354 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.3% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 52.4% |
| Op Inc Chg 3Y Avg | 31.0% |
| Op Mgn LTM | 16.7% |
| Op Mgn 3Y Avg | 12.6% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 21.2% |
| CFO/Rev 3Y Avg | 17.4% |
| FCF/Rev LTM | 17.9% |
| FCF/Rev 3Y Avg | 13.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial | 1,341 | 1,254 | 1,146 | 1,044 | 1,051 |
| Consumer | 1,319 | 1,238 | 1,172 | 1,128 | 1,138 |
| Risk & Compliance Software | 393 | 378 | 360 | 348 | 328 |
| Corporate | 0 | ||||
| Total | 3,053 | 2,870 | 2,678 | 2,520 | 2,517 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial | 386 | 338 | 308 | 286 | 244 |
| Consumer | 122 | 114 | 45 | 101 | 50 |
| Risk & Compliance Software | 14 | 10 | 15 | 25 | -7 |
| Corporate | 0 | ||||
| Total | 522 | 462 | 368 | 412 | 287 |
Price Behavior
| Market Price | $73.83 | |
| Market Cap ($ Bil) | 14.9 | |
| First Trading Date | 04/12/2024 | |
| Distance from 52W High | -29.4% | |
| 50 Days | 200 Days | |
| DMA Price | $83.32 | $84.67 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -11.4% | -12.8% |
| 3M | 1YR | |
| Volatility | 41.4% | 42.8% |
| Downside Capture | 95.40 | 57.57 |
| Upside Capture | -46.42 | 62.89 |
| Correlation (SPY) | -9.9% | 18.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.26 | -1.27 | -0.35 | 0.53 | 0.58 | 0.01 |
| Up Beta | -6.10 | -4.63 | -2.33 | 0.35 | 0.65 | -0.05 |
| Down Beta | 0.95 | -0.65 | 0.24 | 0.20 | 0.58 | -0.08 |
| Up Capture | -179% | -101% | -49% | 41% | 50% | 32% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 19 | 31 | 63 | 129 | 317 |
| Down Capture | 209% | 119% | 84% | 94% | 59% | 70% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 23 | 33 | 64 | 121 | 276 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ULS | |
|---|---|---|---|---|
| ULS | 17.3% | 42.7% | 0.48 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 20.7% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 18.2% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 8.8% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -8.8% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 17.6% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 5.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ULS | |
|---|---|---|---|---|
| ULS | 16.6% | 36.5% | 0.95 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 28.0% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 25.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 10.4% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 1.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 24.0% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 12.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ULS | |
|---|---|---|---|---|
| ULS | 8.0% | 36.5% | 0.95 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 28.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 25.5% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 10.4% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 1.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 24.0% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 12.8% |
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Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -14.0% | -14.3% | -19.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 6 | 6 |
| # Negative | 4 | 4 | 4 |
| Median Positive | 11.5% | 11.7% | 14.3% |
| Median Negative | -7.2% | -6.6% | -8.5% |
| Max Positive | 16.2% | 17.3% | 20.1% |
| Max Negative | -14.0% | -14.3% | -19.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -14.0% | -14.3% | -19.2% |
| 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 | 4 | 4 | 4 |
| Median Positive | 11.5% | 11.7% | 14.3% |
| Median Negative | -7.2% | -6.6% | -8.5% |
| Max Positive | 16.2% | 17.3% | 20.1% |
| Max Negative | -14.0% | -14.3% | -19.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 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 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | Reported | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | |||
| 2026 Adjusted EBITDA Margin | Reported | 27.0% | 0.0% | Affirmed | Guidance: 27.0% for 2026 | |||
| 2026 Effective Tax Rate | Reported | 26.0% | 0.0% | Affirmed | Guidance: 26.0% for 2026 | |||
| 2026 Capital Expenditures % of Revenue | Reported | 8.5% | 1.0% | Raised | Guidance: 7.5% for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | Reported | 5.0% | ||||||
| 2026 Adjusted EBITDA margin | Reported | 27.0% | 0.2% | Raised | Guidance: 26.75% for 2026 | |||
| 2026 Effective tax rate | Reported | 26.0% | 0 | Affirmed | Guidance: 26.0% for 2026 | |||
| 2026 Capital expenditures | Reported | 0.07 | 0.07 | 0 | Affirmed | Guidance: 0.07 for 2026 | ||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA margin | Reported | 26.5% | 26.75% | 27.0% | 1.8% | Higher New | Guidance: 25.0% for 2025 | |
| 2026 Effective tax rate | Reported | 26.0% | 0.5% | Higher New | Guidance: 25.5% for 2025 | |||
| 2026 Capital expenditures | Reported | 0.07 | 0.07 | 0.08 | 0.8% | Higher New | Guidance: 0.07 for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Restructuring Expenses | Reported | 42.00 Mil | 44.50 Mil | 47.00 Mil | ||||
| 2025 Organic Revenue Growth | Reported | 5.5% | 5.75% | 6.0% | 0.8% | Raised | Guidance: 5.0% for 2025 | |
| 2025 Adjusted EBITDA Margin | Reported | 25.0% | 1.0% | Raised | Guidance: 24.0% for 2025 | |||
| 2025 Effective Tax Rate | Reported | 25.0% | 25.5% | 26.0% | -0.5% | Lowered | Guidance: 26.0% for 2025 | |
| 2025 Capital Expenditures | Reported | 0.07 | 0.07 | 0.07 | -0.8% | Lowered | Guidance: 0.07 for 2025 | |
| 2027 Annual Operating Income Improvement | Reported | 25.00 Mil | 27.50 Mil | 30.00 Mil | ||||
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 9032026 | 73.66 | 12,500 | 920,800 | 10,255,796 | Form |
| 2 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 8052026 | 92.08 | 12,500 | 1,151,030 | 13,971,108 | Form |
| 3 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 7022026 | 99.22 | 12,500 | 1,240,277 | 16,294,655 | Form |
| 4 | Pepping, Karen K | Senior VP & CAO | Direct | Sell | 6102026 | 97.74 | 725 | 70,862 | 789,935 | Form |
| 5 | Schjotz, Gitte | See Remarks | Direct | Sell | 6042026 | 96.98 | 9,865 | 956,708 | 5,754,890 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 9032026 | 73.66 | 12,500 | 920,800 | 10,255,796 | Form |
| 2 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 8052026 | 92.08 | 12,500 | 1,151,030 | 13,971,108 | Form |
| 3 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 7022026 | 99.22 | 12,500 | 1,240,277 | 16,294,655 | Form |
| 4 | Pepping, Karen K | Senior VP & CAO | Direct | Sell | 6102026 | 97.74 | 725 | 70,862 | 789,935 | Form |
| 5 | Schjotz, Gitte | See Remarks | Direct | Sell | 6042026 | 96.98 | 9,865 | 956,708 | 5,754,890 | Form |
| 6 | Schjotz, Gitte | See Remarks | Direct | Sell | 6042026 | 99.71 | 12,015 | 1,198,016 | 6,900,530 | Form |
| 7 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 6032026 | 100.00 | 12,500 | 1,249,983 | 17,672,157 | Form |
| 8 | Uggetti, Alberto | EVP & CCO | Direct | Sell | 6012026 | 99.89 | 2,345 | 234,242 | 795,324 | Form |
| 9 | Hecker, Friedrich | Direct | Sell | 5222026 | 102.04 | 4,000 | 408,174 | 1,344,933 | Form | |
| 10 | Genovesi, John A | See Remarks | Direct | Buy | 5152026 | 77.82 | 30 | 2,335 | 2,418,646 | Form |
| 11 | Genovesi, John A | See Remarks | Direct | Buy | 5152026 | 63.59 | 37 | 2,353 | 1,974,470 | Form |
| 12 | Genovesi, John A | See Remarks | Direct | Buy | 5152026 | 70.43 | 33 | 2,324 | 2,184,246 | Form |
| 13 | Genovesi, John A | See Remarks | Direct | Buy | 5152026 | 52.32 | 45 | 2,354 | 1,620,874 | Form |
| 14 | Uggetti, Alberto | EVP & CCO | Direct | Sell | 5132026 | 100.00 | 6,100 | 610,000 | 1,030,700 | Form |
| 15 | Schjotz, Gitte | See Remarks | Direct | Sell | 5112026 | 103.96 | 8,000 | 831,647 | 8,443,402 | Form |
| 16 | Hancock, Lynn H | See Remarks | Direct | Buy | 5052026 | 77.82 | 8 | 623 | 1,603,229 | Form |
| 17 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 5012026 | 91.57 | 12,500 | 1,144,596 | 17,239,810 | Form |
| 18 | Scanlon, Jennifer F | President and CEO | Direct | Sell | 4032026 | 85.50 | 12,500 | 1,068,746 | 17,166,111 | Form |
| 19 | Ulse, Inc. | Direct | Sell | 12232025 | 78.00 | 1,875,000 | Form | |||
| 20 | Ulse, Inc. | Direct | Sell | 12092025 | 78.00 | 12,500,000 | Form |
Investor Activity (13F)
Updated Sep 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
UL Solutions — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Research & Consulting Services Resources |
| Consultancy.org |
| Gartner Research |
| Forrester Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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