ULS
UL Solutions Inc.
NYSE: ULS · INDUSTRIALS · SPECIALTY BUSINESS SERVICES
$100.44
-2.41% today
Updated 2026-06-05
Market cap
$19.87B
P/E ratio
57.31
P/S ratio
6.40x
EPS (TTM)
$1.72
Dividend yield
0.55%
52W range
$61 – $107
Volume
0.7M
UL Solutions Inc. (ULS) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed ULS price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$100.44
Today
Analyst consensus
$108.95
+8.47% · 12M
2030 Base
$206.14
+105.24% future
NPV today
$146.44
@ 8% WACC
15 analysts:
6 Buy5 Hold1 Sell
Management guidance
CEO Jennifer Scanlon provided 2026 guidance on Feb 19, 2026 earnings call indicating revenue of $3.24B (6.16% growth) and EPS of $2.20. Management outlined strategic expansion through the Eurofins E&E acquisition (~$200M revenue contribution post-Q4 2026 close) and organic growth drivers in AI safety certification, sustainability software (ULTRUS UL 360), and hydrogen testing services. No specific 2027-2030 targets disclosed, but management emphasized 'record performance' trajectory and infrastructure investments positioning for mid-double-digit growth.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
ULS · UL Solutions Inc. · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$140.87
NPV today: $100.07
Base case (2030)
$206.14
NPV today: $146.44
Bull case (2030)
$467.22
NPV today: $331.90
WallStSmart.com
ULS financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.4B | $3.9B | $4.4B | $4.8B | $5.1B |
| Revenue growth | 6.4% | 10.2% | 14.3% | 11.3% | 9.2% | 7.3% |
| Net margin | — | 5.5% | 5.9% | 6.2% | 6.5% | 6.7% |
| EPS | $1.98 | $2.42 | $2.98 | $3.47 | $3.93 | $4.35 |
| Diluted shares | — | 78M | 78M | 78M | 78M | 78M |
| Net debt | — | $-128.32M | $-274.93M | $-438.19M | $-616.50M | $-807.79M |
| P/S multiple | — | 3.0x | 3.0x | 3.0x | 3.0x | 3.0x |
| Implied price (base) | — | $133.53 | $154.06 | $173.06 | $190.61 | $206.14 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $5.1B | $5.1B | $5.1B |
| P/S multiple | 2.0x | 3.0x | 7.0x |
| Diluted shares | 78M | 78M | 78M |
| Net debt | $-807.79M | $-807.79M | $-807.79M |
| Implied P/E † | 32x | 47x | 107x |
| 2030 Price | $140.87 | $206.14 | $467.22 |
| NPV @ 8% | $100.07 | $146.44 | $331.90 |
† Implied P/E: Multiples remain elevated across all three scenarios because ULS is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $206.14 base case
ULS catalysts and risks
Growth catalysts
+ Eurofins E&E acquisition closing (Q4 2026, ~€575M/$625M) adding ~$200M revenue and immediate EPS accretion
+ AI safety certification services scaling (ULTRUS platform launches, AI-enabled products category exploding)
+ Hydrogen economy infrastructure expansion (new testing lab in Germany, hydrogen fueling component certifications)
+ Sustainability software (ULTRUS UL 360 carbon footprint tools) becoming mandatory for ESG-driven enterprises
+ Lab capacity investments and geographic expansion strengthening moat against competitors
+ Organic pricing power in specialized testing (safety marks brand protection, premium positioning)
Key risks
- Valuation risk: 57.8x P/E and 6.56x P/S are at 20-year highs; significant multiple compression if growth decelerates below 10%
- Integration execution: Eurofins acquisition adds significant capex and integration complexity; execution missteps could impair growth trajectory
- Margin pressure: Operating margin is 18.93% but could face pressure from lab expansion capex and integration costs through 2027-2028
- Competitive intensity: SGS, RELX, Intertek all competing for safety testing market share; price competition could constrain growth
- Macro sensitivity: Industrial production, EV adoption, hydrogen infrastructure spending all macro-dependent; recession would crimp capex budgets
- Brand/reputation: Unauthorized UL mark incidents (scooters, CO detectors) create regulatory and reputational risk to certification authority status
Methodology · UL Solutions Inc. 2030 stock forecast model
UL Solutions Inc. 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 15 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for ULS by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-807.79M by 2030) |
| 3. Time value | NPV calculated using 8% WACC (CAPM: beta 0.585) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 3.0x / bull 7.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
ULS price target FAQ
What is the ULS price target for 2030?
WallStSmart's UL Solutions Inc. 2030 base case is $206.14 per share, with a bull case of $467.22 and bear case of $140.87. The NPV of the base case discounted to today at 8% WACC is $146.44.
How is the UL Solutions Inc. 2030 stock forecast calculated?
The ULS 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the ULS price target account for dilution?
UL Solutions Inc. is projected to grow diluted share count from 78M to 78M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on ULS stock?
15 analysts cover ULS with an average 12-month price target of $108.95. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.