ULS
UL Solutions Inc.
Next earnings Aug 3, 2026 · consensus $0.57 EPS, $824M rev
Last earnings +16.2% on 2026-05-05
$99.05
▲ +3.36%$99.05▲ +39.52%
over 1Y
L $62.21EODHDH $104.74
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.4%
1W+10.4%
1M-1.4%
3M+18.2%
YTD+22.8%
1Y+39.5%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 17 analysts
Buy
A wide-moat safety-science leader with strong returns, but a 57x multiple already prices in the steady growth.
Revenue (FY2025) $3.05B · FY2025
The read
Middling fundamentals and a rich price (~77% above fair value) leave little margin of safety — a wait-and-see.
UL Solutions is a high-quality testing, inspection and certification (TIC) franchise built on the 130-year-old UL brand, serving 80,000+ customers across 110 countries with 650+ accreditations against 4,000+ standards. The economics are excellent: FY2025 revenue grew 6.4% to $3.05B, operating income rose 13.0% to $522M (a 17.1% operating margin), and the business earns a 25.8% return on equity while converting earnings to cash strongly — operating cash flow of $600M (+14.5%) on $197M of capex. The TIC model benefits from structural tailwinds the 10-K cites: emerging technologies, evolving safety regulations, more global trade and shorter product lifecycles all expand the outsourced testing market.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | $2.52B | $2.68B | $2.87B | $3.05B |
| Gross profit | — | — | — | — |
| Operating income | $412M | $368M | $462M | $522M |
| Net income | $293M | $260M | $326M | $325M |
| Diluted EPS | $1.47 | $1.30 | $1.62 | $1.60 |
| Net margin | 11.6% | 9.7% | 11.4% | 10.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield—
FCF yield—
Quality & risk
ROIC (est.)23.5%
Free cash flow$403M
Total debt$491M
Net cash-$196M
Piotroski F-Score6/7
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗
Frequently asked
- Is UL Solutions Inc. (ULS) a buy?
- ULS currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. A wide-moat safety-science leader with strong returns, but a 57x multiple already prices in the steady growth.
- What is ULS's fair value?
- A Modified-Graham model based on ULS's SEC fundamentals estimates a fair value of about $22.97. It is an estimate from reported earnings, not a price target.
- Is ULS overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ULS currently appears overvalued relative to its SEC-grounded earnings power.
- What is UL Solutions Inc.'s quality score?
- ULS scores 58.25490196078431/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001901440, latest 10-Q filed 2026-05-05) · EODHD · analysis by claude-code · as of 6/21/2026, 8:42:16 PM.
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