# UL Solutions Inc. (ULS)

> Source: Nexqual · https://nexqual.com/ULS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, UL Solutions Inc. (ULS), nexqual.com/ULS" · informational, not investment advice.

**Price:** USD 73.63 (-0.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 74.28 · day 73–74.83 · 52w 63.17–107.54 · market cap $14.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.15B, net income $505M (16.1% margin), free cash flow $436M (SEC filings).
- Valuation: P/E 29.4x (avg 40.0x at the last 2 fiscal year-ends), EV/EBITDA 19.6x, net cash $133M.
- 1 of 80 tracked superinvestors hold ULS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.31 on a 1–5 scale) (13 analysts), mean target USD 96.57 (range 79–120).
- Total return with dividends: 1Y -6.4% vs S&P 500 +14.9%; 5Y +115.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.62, revenue estimate $816M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $2.52B | $2.68B | $2.87B | $3.05B | $3.15B |
| Gross profit | $1.21B | $1.28B | $1.39B | $1.51B | — |
| Operating income | $412M | $368M | $462M | $522M | $562M |
| Net income | $293M | $260M | $326M | $325M | $505M |
| EPS (diluted) | $1.47 | $1.30 | $1.62 | $1.60 | — |
| Free cash flow | $208M | $252M | $287M | $403M | $436M |
| Gross margin | 47.9% | 47.9% | 48.5% | 49.5% | — |
| Operating margin | 16.3% | 13.7% | 16.1% | 17.1% | 17.9% |
| Net margin | 11.6% | 9.7% | 11.4% | 10.6% | 16.1% |
| Revenue growth | — | +6.3% | +7.2% | +6.4% | — |
| Cash + short-term investments | $322M | $315M | $298M | $295M | — |
| Total debt | — | $904M | $742M | $491M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 29.4x · P/S 4.7x · EV/EBITDA 19.6x · EV/Sales 4.7x · P/FCF 34.1x · P/B 9.3x · FCF yield 2.93% · Earnings yield 3.40% · Dividend yield (paid, TTM) 0.74% · Net cash $133M · EV $14.7B
P/E at fiscal year-ends: Dec 2025 49.3x, Dec 2024 30.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ULS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 2.91% | $299M | Reduced -10.8% |

## Analysts
Consensus Buy (mean 2.31 on a 1–5 scale), 13 analysts; mean target USD 96.57 (low 79, high 120).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | UBS | Target raised | Buy | $96 → $97 |
| 2026-09-24 | Baird | Target lowered | Outperform | $95 → $85 |
| 2026-08-05 | UBS | Target lowered | Buy | $110 → $96 |
| 2026-08-05 | Citigroup | Target lowered | Neutral | $106.4 → $82.8 |
| 2026-08-05 | Wells Fargo | Target lowered | Overweight | $120 → $104 |
| 2026-07-14 | UBS | Upgrade | Neutral → Buy | $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-04-08) |
|---|---|---|
| Total return | -6.4% | +115.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.4% | +35.2% |
| Volatility (annualized) | 42.7% | 35.3% |
| Max drawdown | -38.8% (May 2026→Sep 2026) | -37.5% (May 2026→Sep 2026) |

## Peers (Specialty Business Services)
RBA (RB Global, Inc.) USD 84.39 +2.91% · ARMK (Aramark) USD 52.52 -5.73% · RTO (Rentokil Initial plc) USD 22.88 +8.75% · GPN (Global Payments Inc.) USD 85.88 +2.81% · CPRT (Copart, Inc.) USD 29.09 +5.44% · DLB (Dolby Laboratories) USD 63.28 +1.22%

## More
Full page: https://nexqual.com/ULS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Industrial | $402.0M | 49.3% | +7.8% | $103.0M | 25.6% |
| Consumer | $362.0M | 44.4% | +6.5% | $47.0M | 13.0% |
| Risk & Compliance Software | $52.0M | 6.4% | -17.5% | $0 | 0.0% |
| Total revenue | $816.0M | 100% | — | $150.0M | 18.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ongoing Certification Services | $270.0M | 33.1% | +8.0% |
| Non-certification Testing and Other Services | $248.0M | 30.4% | +2.9% |
| Certification Testing | $237.0M | 29.0% | +10.2% |
| Software | $61.0M | 7.5% | -12.9% |
| Total revenue | $816.0M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.25B | 41.0% | +6.4% |
| China | $761.0M | 24.9% | +7.2% |
| EMEA | $529.0M | 17.3% | +6.7% |
| Asia Pacific | $398.0M | 13.0% | +6.1% |
| Other Americas | $112.0M | 3.7% | +0.9% |
| Total revenue | $3.05B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.62 | $0.62 | -1.3% | $816.5M | 9 |
| Next quarter (ends 2026-12-31) | $0.61 | $0.62 | -1.7% | $828.9M | 9 |
| Current fiscal year (ends 2026-12-31) | $2.32 | $2.30 | +0.6% | $3.22B | 12 |
| Next fiscal year (ends 2027-12-31) | $2.60 | $2.58 | +1.0% | $3.46B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±9.5%; last 8 reports averaged ±10.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 41.7% | ±9.5% |
| 2026-12-18 | 56 | 39.4% | ±12.5% |
| 2027-01-15 | 84 | 37.9% | ±14.7% |
| 2027-04-16 | 175 | 36.4% | ±20.2% |
| 2027-05-21 | 210 | 39.9% | ±24.1% |