Feed / ULS

UL Solutions Inc.

ULS

Industrials · 71.73 -1.9% today

Isolated · not yet confirmedMarket checked 10 Sept, 12:35 GMT-4

Market read

UL Solutions Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

What changed
  • Revenue increased 5.2% versus the comparable filing period.
Company-1.9% todayVolume comparison unavailable
Market group0 of 1 activeTesting, Inspection & Certification · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
  • Foreign exchange increased cost of revenue by $12 million, with the company citing the euro and Chinese renminbi.

Invalidation: The isolated read changes if ULS's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Industrials · Specialty Business Services

The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 5.2% versus the comparable filing period.
  • Net income increased 170.3% versus the comparable filing period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Foreign exchange increased cost of revenue by $12 million, with the company citing the euro and Chinese renminbi.

Company research

Understand the business, not just the ticker

As of Sep 10, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods4
Price observations326
Usable filing statements147
Verified relationships2
Evidence supporting the case
  • Latest annual revenue changed +6.4% year over year.
  • Operating margin changed +1.0 percentage points in the latest annual period.
  • Operating cash flow covered net income at 1.85x in the latest annual period.
  • Demand and volume has repeated favorable evidence across 5 filings.
  • Pricing and mix has repeated favorable evidence across 3 filings.
Evidence challenging the case
  • Capital investment and capacity has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 69% below the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 86% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 9, 2026

72.83
6m-10.8%12m+13.9%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2022-12-31$2.5B$1.47
2023-12-31$2.7B+6.3%$1.30+0.0%
2024-12-31$2.9B+7.2%$1.62+0.5%
2025-12-31$3.1B+6.4%$1.60+1.0%

What management says matters

Persistent and emerging business drivers

Capital investment and capacitynegative · 5 filings
The increase in cash provided by investing activities was primarily driven by $199 million in proceeds from the divestiture of the Company’s Employee Health and Safety software business during the current period, partially offset by a $45 million increase in…
10-Q · Aug 4, 2026
Demand and volumepositive · 5 filings
On an organic basis, revenue increased $6 million, or 4.8%, driven by demand for software subscriptions, primarily for providing supply chain insights to the retail industry.
10-Q · Aug 4, 2026
Legal and regulatory exposurepositive · 4 filings
The sale is expected to result in a pre-tax gain of approximately $100 million, which will be recorded as non-operating income upon closing of the transaction, which is expected to be completed in the second half of 2026, subject to the satisfaction of custom…
10-Q · May 5, 2026
Credit and interest ratesmixed · 3 filings
The 2022 Credit Facility included customary representations and warranties, covenants and events of default, subject to certain customary exceptions, materiality thresholds and grace periods.
10-K · Feb 19, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 4.8× · EV/sales 4.9×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

71.73-1.9% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 12:35 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for ULS. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment

Fundamentals strengthened in the latest filing

10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.

constructive
OperationsconstructiveEvidence score +2
liquidityneutralEvidence score 0
valuationmixed

Capital and cash conversion

Reported investment and cash context

Capital spending YoY
+48.4%
Capital spending / revenue
+8.8%
Free-cash-flow margin
+15.3%
FCF margin change
+1.3 pts

Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.

What improved

  • Revenue increased 5.2% versus the comparable filing period.
  • Net income increased 170.3% versus the comparable filing period.

What weakened

No thresholded deterioration was identified.

Filing receipts

FX increased cost of revenue by $12 million, primarily due to the relative strength of the euro and Chinese renminbi.

On an organic basis, costs associated with employee compensation increased $13 million primarily due to higher costs associated with performance share units of $8 million and the Company’s annual cash bonus plan of $7 million, partially offset by a $2 million decrease in salary expenses, including headcount reductions from the Restructuring Plan.

The increase in cash provided by investing activities was primarily driven by $199 million in proceeds from the divestiture of the Company’s Employee Health and Safety software business during the current period, partially offset by a $45 million increase in capital expenditures compared to the same period in 2025.

Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.

Business ecosystem

The relationships behind ULS

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

CRMSalesforce, Inc.partnerFeb 19, 2026

Our employees benefit from globally aligned processes and decision-support capabilities enabled by leading commercial off-the-shelf technologies, including Oracle, Microsoft and Salesforce.

MSFTMicrosoft CorporationpartnerFeb 19, 2026

Our employees benefit from globally aligned processes and decision-support capabilities enabled by leading commercial off-the-shelf technologies, including Oracle, Microsoft and Salesforce.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

ULS is currently a Leader in the organic co-movement group Testing, Inspection & Certification. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for ULS; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.