ULS
UL Solutions Inc.
NYSE: ULS · INDUSTRIALS · SPECIALTY BUSINESS SERVICES
$88.01
-0.32% today
Updated 2026-04-29
Market cap
$17.71B
P/E ratio
55.01
P/S ratio
5.80x
EPS (TTM)
$1.60
Dividend yield
0.59%
52W range
$58 – $94
Volume
0.8M
UL Solutions Inc. (ULS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.30B | $2.52B | $2.52B | $2.68B | $2.87B | $3.05B |
| Revenue growth (YoY) | — | -0.6% | +9.4% | +0.1% | +6.3% | +7.2% | +6.4% |
| Cost of revenue | $1.28B | $1.27B | $1.34B | $1.31B | $1.41B | $1.49B | $1.56B |
| Gross profit | $1.03B | $1.03B | $1.18B | $1.21B | $1.26B | $1.38B | $1.50B |
| Gross margin | 44.7% | 44.8% | 46.8% | 47.9% | 47.2% | 48.1% | 49.1% |
| R&D | $52.00M | — | $45.00M | $43.00M | $51.00M | $59.00M | — |
| SG&A | — | $690.00M | $19.00M | $13.00M | $8.00M | $931.00M | $940.00M |
| Operating income | $312.00M | $363.00M | $287.00M | $412.00M | $405.00M | $462.00M | $522.35M |
| Operating margin | 13.5% | 15.8% | 11.4% | 16.3% | 15.1% | 16.1% | 17.1% |
| EBITDA | $408.00M | $481.00M | $417.00M | $535.00M | $535.00M | $642.00M | $738.35M |
| EBITDA margin | 17.6% | 20.9% | 16.6% | 21.2% | 20.0% | 22.4% | 24.2% |
| EBIT | $312.00M | $334.00M | $275.00M | $400.00M | $381.00M | $470.00M | $502.70M |
| Interest expense | — | $1.00M | $1.00M | $17.00M | $35.00M | $55.00M | $41.00M |
| Income tax | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $246.00M | $231.00M | $224.00M | $293.00M | $260.00M | $326.00M | $325.00M |
| Net income growth (YoY) | — | -6.1% | -3.0% | +30.8% | -11.3% | +25.4% | -0.3% |
| Profit margin | 10.6% | 10.0% | 8.9% | 11.6% | 9.7% | 11.4% | 10.6% |