UL Solutions Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data UL Solutions Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	2,520	2,678	2,870	3,053
Cost of revenue	1,313	1,394	1,478	1,543
Gross profit	1,207	1,284	1,392	1,510
Selling, general and administrative	795	875	931	953
Operating income	412	368	462	522
Interest expense	17	35	55	41
Other non-operating income	-12	13	8	-11
Pre-tax income	383	346	415	470
Income tax	74	70	70	125
Net income to minority interests	16	16	19	20
Net income	293	260	326	325
EBITDA	547	522	634	710
EPS, basic	1.47	1.30	1.63	1.62
EPS, diluted	1.47	1.30	1.62	1.60
Shares, basic (weighted)	200	200	200	201
Shares, diluted (weighted)	200	200	201	203
Dividend per share	8.00	3.40	0.50	0.52

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	322	315	298	295
Receivables		362	380	422
Other current assets		97	61	79
Total current assets		953	921	1,000
Property, plant and equipment		555	631	699
Lease right-of-use assets		151	186	179
Goodwill	647	623	633	656
Intangible assets		72	58	48
Other non-current assets		133	136	140
Total assets		2,736	2,800	2,921
Accounts payable		169	182	183
Accrued liabilities		281	254	282
Deferred revenue		162	162	173
Short-term debt		0	50	0
Total current liabilities		709	740	760
Long-term debt		904	692	491
Lease liabilities		120	155	149
Other non-current liabilities		93	86	93
Total liabilities		2,058	1,869	1,627
Total debt		904	742	491
Paid-in capital		776	821	887
Retained earnings		24	250	470
Other comprehensive income		-146	-167	-95
Shareholders' equity		654	904	1,262
Minority interests		24	27	32
Total equity	1,077	678	931	1,294
Total liabilities and equity		2,736	2,800	2,921
Shares outstanding	200	200	200	201

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	309	276	345	345
Depreciation and amortization	135	154	172	188
Stock-based compensation	0	0	23	47
Deferred income tax	10	11	-6	2
Change in receivables	-15	6	-31	-32
Change in payables	-18	1	13	-13
Cash from operations	372	467	524	600
Capital expenditures	-164	-215	-237	-197
Acquisitions	-66	-18	-26	-1
Purchases of investments	-162	-95	0	-58
Sales and maturities of investments	155	144	0	51
Cash from investing	-238	-175	-234	-204
Debt issued	700	440	181	792
Debt repaid	-200	-30	-346	-1,045
Dividends paid	-1,600	-680	-100	-104
Cash from financing	-1,116	-294	-284	-396
Exchange rate effect	-24	-5	-23	-3
Net change in cash	-1,006	-7	-17	-3
Free cash flow	208	252	287	403
Interest paid	17	32	57	40
Income taxes paid	68	57	66	92

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $66.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.3%	Gross profit / revenue.
Operating margin	17.9%	Operating income / revenue.
EBITDA margin	23.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.8%	Pre-tax income / revenue.
Net margin	16.1%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.6%	Cash from operations / revenue.
Effective tax rate	26.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	31.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.2%	Net income / average total assets.
Return on invested capital (ROIC)	28.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	31.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.7%	Capital expenditures / revenue.
D&A / revenue	6.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	8.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	13.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	12.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-0.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-1.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	40.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-59.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	39.6%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.42x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.7%	Total debt / total assets.
Liabilities / assets	48.1%	Total liabilities / total assets.
Net debt	-$133.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.6x	Operating income / interest expense.
Working capital	$368.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	21.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$912.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.01x	Revenue / average total assets.
Fixed asset turnover	4.11x	Revenue / average property, plant and equipment.
Receivables turnover	6.68x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
FCF conversion	86.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	35.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.42	Revenue / diluted weighted shares.
FCF per share	$2.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.32	Cash from operations / diluted weighted shares.
Book value per share	$7.82	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.47	Tangible book value / shares outstanding.
Cash per share	$2.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.34B	Share price x shares outstanding.
Enterprise value	$13.20B	Market cap + total debt - cash - short-term investments.
P/E	26.4x	Market cap / net income. Only when net income is positive.
P/S	4.24x	Market cap / revenue.
P/B	8.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.6x	Market cap / tangible book value, when positive.
P/FCF	30.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.7x	Market cap / cash from operations, when positive.
EV/Sales	4.20x	Enterprise value / revenue.
EV/EBIT	23.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.
PEG	9.22x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UL Solutions Inc.'s revenue in fiscal 2025?

UL Solutions Inc. reported revenue of $3.05B for fiscal 2025, 6.4% higher than the year before.

Was UL Solutions Inc. profitable in fiscal 2025?

Yes. Net income was $325.0M, a net margin of 10.6%.

How much free cash flow did UL Solutions Inc. generate in fiscal 2025?

Cash from operations of $600.0M minus capital expenditures of $197.0M left free cash flow of $403.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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