What is UL Solutions Inc. worth?
With the base-case assumptions below, a discounted cash flow model on UL Solutions Inc.'s reported free cash flow gives $40.30 per share. The share price was $66.05 on September 25, 2026, 64% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 1.5% | 10.0% | $25.44 | -61% |
| Base | 6.5% | 9.0% | $40.30 | -39% |
| Bull | 11.5% | 8.0% | $69.94 | +6% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $51.28 | $54.63 | $58.73 | $63.85 | $70.43 |
| 8.0% | $43.09 | $45.26 | $47.83 | $50.91 | $54.68 |
| 9.0% | $37.10 | $38.58 | $40.30 | $42.30 | $44.66 |
| 10.0% | $32.54 | $33.59 | $34.79 | $36.16 | $37.74 |
| 11.0% | $28.95 | $29.73 | $30.59 | $31.57 | $32.67 |
Where the presets come from
Base: years 1 to 5 grow at UL Solutions Inc.'s revenue growth rate over the last 3 fiscal years (6.6% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions