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UL Solutions Inc.

ULS Clue Score66
United States Fiscal year ends December CIK 0001901440
$69.99 -0.93% Close, 9 Oct 2026
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Price $69.99 −4.20% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Apr 2024. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2022Revenue2,520.0Operating income412.0Net income293.0EPS, diluted1.47Fiscal year 2023Revenue2,678.0 +6.3%Operating income368.0Net income260.0 −11.3%EPS, diluted1.30 −11.6%Fiscal year 2024Revenue2,870.0 +7.2%Operating income462.0Net income326.0 +25.4%EPS, diluted1.62 +24.6%Fiscal year 2025Revenue3,053.0 +6.4%Operating income522.0Net income325.0 −0.3%EPS, diluted1.60 −1.2%
FY2022FY2023FY2024FY2025
Revenue 2,520.0 2,678.0 2,870.0 3,053.0
Growth +6.3% +7.2% +6.4%
Operating income 412.0 368.0 462.0 522.0
Net income 293.0 260.0 326.0 325.0
Growth −11.3% +25.4% −0.3%
EPS, diluted 1.47 1.30 1.62 1.60
Growth −11.6% +24.6% −1.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2022Operating margin16.3%Net margin11.6%Free cash flow margin8.3%Fiscal year 2023Operating margin13.7%Net margin9.7%Free cash flow margin9.4%Fiscal year 2024Operating margin16.1%Net margin11.4%Free cash flow margin10.0%Fiscal year 2025Operating margin17.1%Net margin10.6%Free cash flow margin13.2%
FY2022FY2023FY2024FY2025
Operating margin 16.3% 13.7% 16.1% 17.1%
Net margin 11.6% 9.7% 11.4% 10.6%
Free cash flow margin 8.3% 9.4% 10.0% 13.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2022Operating cash flow372.0Capital expenditure−164.0Free cash flow208.0Dividends paid−1,600.0Fiscal year 2023Operating cash flow467.0Capital expenditure−215.0Free cash flow252.0 +21.2%Dividends paid−680.0Fiscal year 2024Operating cash flow524.0Capital expenditure−237.0Free cash flow287.0 +13.9%Dividends paid−100.0Fiscal year 2025Operating cash flow600.0Capital expenditure−197.0Free cash flow403.0 +40.4%Dividends paid−104.0
FY2022FY2023FY2024FY2025
Operating cash flow 372.0 467.0 524.0 600.0
Capital expenditure −164.0 −215.0 −237.0 −197.0
Free cash flow 208.0 252.0 287.0 403.0
Growth +21.2% +13.9% +40.4%
Dividends paid −1,600.0 −680.0 −100.0 −104.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2022Cash322.0Shareholders’ equity1,077.0Fiscal year 2023Cash315.0Total debt904.0Net cash (debt)−589.0Shareholders’ equity654.0Debt to equity1.38Fiscal year 2024Cash298.0Total debt742.0Net cash (debt)−444.0Shareholders’ equity904.0Debt to equity0.82Fiscal year 2025Cash295.0Total debt491.0Net cash (debt)−196.0Shareholders’ equity1,262.0Debt to equity0.39
FY2022FY2023FY2024FY2025
Cash 322.0 315.0 298.0 295.0
Total debt n/a 904.0 742.0 491.0
Net cash (debt) n/a −589.0 −444.0 −196.0
Shareholders’ equity 1,077.0 654.0 904.0 1,262.0
Debt to equity n/a 1.38 0.82 0.39

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
372.0 467.0 524.0 600.0
Growth +25.5% +12.2% +14.5%
135.0 154.0 172.0 188.0
Investment
−164.0 −215.0 −237.0 −197.0
calc 208.0 252.0 287.0 403.0
Growth +21.2% +13.9% +40.4%
calc 1.04 1.26 1.43 1.99
−238.0 −175.0 −234.0 −204.0
Financing
−1,116.0 −294.0 −284.0 −396.0
−1,600.0 −680.0 −100.0 −104.0

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.