UL Solutions Inc.
- Open
- 101.26
- Day high
- 102.00
- Day low
- 100.44
- Prev close
- 101.86
- Volume
- 192K
- Mkt cap
- $20.5B
- P/E (TTM)
- 58.5
- EPS (TTM)
- $1.73
- P/B
- 15.6
- P/S
- 6.6
- Yield
- 0.28%
- Per share
- $0.29
- ▼Insiders net selling -$6.5M over the last 3 months (5 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
UL Solutions Inc. (ULS) is a Industrials company listed on NYSE. The stock is up 37% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 11 sales (SEC Form 4).
UL Solutions Inc. (ULS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ULS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.42 | $0.50 | +19.0% | $758M | +1.3% |
| Feb 19, 2026 | $0.46 | $0.53 | +15.2% | $789M | +5.6% |
| Nov 4, 2025 | $0.47 | $0.56 | +18.6% | $783M | +1.6% |
| Feb 20, 2025 | $0.38 | $0.49 | +28.9% | $739M | +4.9% |
| Jul 31, 2024 | $0.39 | $0.50 | +28.2% | $730M | +3.0% |
| May 20, 2024 | $0.28 | $0.28 | -1.0% | $670M | +0.3% |
ULS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 10, 2026 | Scanlon Jennifer F.director, officer: President and CEO | Grant | 42 | — |
| Jun 10, 2026 | WILLIAMS GEORGE Adirector | Grant | 3 | — |
| Jun 10, 2026 | Schjotz Gitteofficer: See Remarks | Grant | 4 | — |
| Jun 10, 2026 | Torstad Elisabethdirector | Grant | 3 | — |
| Jun 10, 2026 | Hancock Lynn Hofficer: See Remarks | Grant | 1 | — |
| Jun 10, 2026 | D'Angelo Scottofficer: EVP, CLO & Corporate Secy | Grant | 4 | — |
| Jun 10, 2026 | Scanlon Jennifer F.director, officer: President and CEO | Grant | 32 | — |
| Jun 10, 2026 | GOTTSCHALK MARLA Cdirector | Grant | 7 | — |
| Jun 10, 2026 | Shannon James Mdirector | Grant | 3 | — |
| Jun 10, 2026 | KENNEDY KEVINdirector | Grant | 4 | — |
| Jun 10, 2026 | SUSMAN SALLYdirector | Grant | 3 | — |
| Jun 10, 2026 | Genovesi John Aofficer: See Remarks | Grant | 2 | — |
| Jun 10, 2026 | PEPPING KAREN Kofficer: Senior VP & CAO | Grant | 1 | — |
| Jun 10, 2026 | Robinson Ryan Dofficer: Executive VP & CFO | Grant | 7 | — |
| Jun 10, 2026 | KENNEDY KEVINdirector | Grant | 7 | — |
Source: ULS SEC Form 4 filings, latest Jun 10, 2026. For informational purposes only — not investment advice.
See the full ULS insider & 13F page →UL Solutions Inc. company profile
Overview
UL Solutions Inc. (NYSE:ULS) is a global safety science company founded in 1894 and headquartered in Northbrook, Illinois. Originally established as Underwriters Laboratories, the company has evolved from its roots in electrical safety testing to become a comprehensive provider of safety certification, testing, inspection, and advisory services across multiple industries. The company went public in April 2024 following a successful IPO, transitioning from its previous structure as a subsidiary of ULSE Inc. With operations spanning North America, Asia Pacific, Europe, Latin America, Africa, and the Middle East, UL Solutions serves as a critical intermediary in global commerce by helping manufacturers demonstrate product safety and regulatory compliance.
Business
UL Solutions operates in the safety science industry, providing testing, inspection, certification, and advisory services that help companies bring safe products to market and demonstrate regulatory compliance. The company's services are essential for manufacturers who need to prove their products meet safety standards before they can be sold in various markets worldwide. The company operates through three primary business segments: Industrial Segment (approximately 44% of revenue): This segment provides testing, inspection, and certification services across energy, industrial automation, engineered materials, and built environment markets. Services include battery testing for electric vehicles, renewable energy system certification, industrial equipment safety testing, and building material compliance verification. The segment has experienced particularly strong growth, with seven consecutive quarters of double-digit growth driven by global energy transition and electrification trends. Consumer Segment (approximately 43% of revenue): This segment offers safety certification testing, global market access services, and performance testing for consumer products including electronics, medical devices, appliances, HVAC systems, lighting, and emerging technologies like smart products and 5G devices. The segment helps manufacturers navigate complex regulatory requirements across different countries and regions. Software and Advisory Segment (approximately 13% of revenue): This segment provides the ULTRUS software platform and technical advisory services that help customers manage regulatory requirements, deliver supply chain transparency, and operationalize sustainability initiatives. The segment serves regulated industries including life sciences and helps companies meet ESG (Environmental, Social, and Governance) requirements. The safety science industry exists because modern commerce requires independent verification that products meet safety and performance standards. When a manufacturer wants to sell an electronic device, medical equipment, or industrial machinery, they typically need certification from a recognized testing organization like UL Solutions to demonstrate compliance with relevant safety standards and regulations.
Revenue model
UL Solutions generates revenue primarily through fee-for-service testing, certification, and advisory work. The company's business model is built on several revenue streams: Testing and Certification Fees: The primary revenue source comes from manufacturers paying UL Solutions to test their products against safety standards and issue certifications. These fees vary based on product complexity, testing duration, and certification scope. For example, testing a new electric vehicle battery system requires extensive evaluation and commands higher fees than testing a simple consumer electronic device. Ongoing Certification Services: Beyond initial testing, UL Solutions provides ongoing monitoring, factory inspections, and recertification services that generate recurring revenue. Manufacturers must maintain their certifications through periodic audits and retesting. Software Subscriptions: The ULTRUS platform generates subscription-based revenue from customers who need ongoing access to regulatory databases, compliance management tools, and supply chain transparency solutions. Advisory Services: The company provides consulting services for regulatory compliance, sustainability initiatives, and supply chain management, typically charged on a project or retainer basis. Several factors influence UL Solutions' margins and profitability. Positive margin drivers include the company's strong market position allowing for premium pricing, increasing complexity of products requiring more sophisticated testing, growing regulatory requirements globally, and the company's ability to leverage technology and automation to improve efficiency. The global energy transition and electrification trends are particularly beneficial, as new technologies like electric vehicles and renewable energy systems require extensive safety testing. Margin pressures can arise from competitive pricing in commodity testing services, the need for continuous investment in new testing equipment and laboratory facilities, regulatory changes that require process modifications, and economic downturns that reduce customer demand for new product launches. The company's significant fixed costs in laboratory infrastructure and specialized equipment also create operating leverage that can work both ways depending on demand levels.
Competitive moat
UL Solutions enjoys a strong competitive moat built on several key factors. The company's regulatory recognition and accreditation represents its most significant competitive advantage. UL Solutions holds accreditations from regulatory bodies worldwide, and its certifications are widely accepted by retailers, insurers, and government agencies. This creates substantial switching costs for customers, as changing to a different testing provider could mean losing established market access or facing additional regulatory hurdles. The company's brand recognition and trust accumulated over 130 years provides another layer of protection. The "UL" mark is synonymous with safety certification in many industries, and this brand equity is difficult for competitors to replicate. Insurance companies often require UL certification, and many retailers will only accept products bearing recognized safety marks. Network effects and scale advantages strengthen the moat further. UL Solutions' global laboratory network and extensive database of testing standards create efficiencies that smaller competitors cannot match. The company's relationships with regulatory bodies worldwide enable it to stay ahead of changing requirements and influence standard development. However, the moat faces some challenges. Potential competition comes from other established testing organizations like Intertek and SGS, regional players in specific markets, and the possibility of manufacturers developing in-house testing capabilities for some applications. Regulatory disruption could occur if government agencies change recognition requirements or if new international standards emerge that favor different testing approaches. Technology disruption presents both opportunities and threats. While new technologies like AI and IoT create demand for new types of testing, they could also enable more automated or simplified testing processes that reduce barriers to entry. Additionally, some manufacturers in highly regulated industries are investing in their own testing capabilities to reduce dependence on third-party providers. Overall, UL Solutions maintains a strong moat, but the company must continue investing in new capabilities, maintaining regulatory relationships, and adapting to technological changes to preserve its competitive advantages.
Risks & safety
UL Solutions demonstrates a moderate margin of safety with mixed financial health indicators: Overall Assessment: The company shows strong cash generation and operational performance but carries elevated debt levels and trades at premium valuations. Liquidity and Solvency: • Cash and short-term investments: $267M (Q1 2025) • Current ratio: 1.24x indicating adequate short-term liquidity • Debt-to-equity ratio: 0.87 (improved from 1.03 in Q4 2024) • Strong free cash flow generation: $103M (Q1 2025), $287M (FY 2024) • No immediate solvency concerns given consistent cash generation Valuation Metrics: • P/E ratio: 42.1x (elevated compared to historical averages) • EV/EBITDA: 19.6x (higher than industry medians) • Price-to-book: 11.6x (significantly above asset value) • Graham number suggests potential overvaluation at current levels Other Considerations: • Consistent revenue growth and margin expansion trends • Strong market position in defensive, regulated industry • Recent IPO transition may have inflated near-term valuations • Interest rate sensitivity due to debt levels could impact financial flexibility
Recent development
Over the past few years, UL Solutions has undergone significant strategic transformation centered around three key megatrends: global energy transition, electrification, and digitalization. The company successfully completed its IPO in April 2024, transitioning from a subsidiary structure to an independent public company, which has provided greater financial flexibility for growth investments and acquisitions. Strategic Expansion in Growth Markets: The company has heavily invested in battery and energy transition testing capabilities, opening new battery testing laboratories in Auburn Hills, Michigan and Korea to serve the rapidly growing electric vehicle market. The Industrial segment has been the primary beneficiary of these investments, achieving seven consecutive quarters of double-digit growth driven by demand for renewable energy system certification, electric vehicle battery testing, and data center infrastructure validation. Acquisitions and Capability Building: UL Solutions has pursued strategic acquisitions to enhance its technical capabilities, including the acquisition of BatterieIngenieure and hydrogen testing specialist TesTneT in the Industrial segment. These acquisitions strengthen the company's position in emerging energy technologies and expand its geographic reach in key markets. Digital Transformation: The company has invested significantly in its ULTRUS software platform, which helps customers manage regulatory compliance, supply chain transparency, and sustainability requirements. This digital initiative represents a strategic shift toward higher-margin, recurring revenue streams and positions UL Solutions as more than just a testing provider. Cybersecurity Leadership: UL Solutions was named the lead administrator of the U.S. Cyber Trust Mark program, demonstrating its expansion into cybersecurity certification for connected devices. This represents a significant growth opportunity as IoT and smart device adoption accelerates. Operational Excellence: The company has focused on margin expansion through operational improvements, achieving adjusted EBITDA margin expansion of 190 basis points in 2024 and targeting 24% margins for 2025. This improvement comes from technology investments, process optimization, and strategic account management initiatives.
ULS company profile · for informational purposes only — not investment advice.
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