“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 ↗
UL Solutions Inc.
ULS
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.
- Revenue increased 5.2% versus the comparable filing period.
- 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.
Research brief
The story so far
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.
- Revenue increased 5.2% versus the comparable filing period.
- Net income increased 170.3% versus the comparable filing period.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- 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.
- Capital investment and capacity has repeated adverse evidence across 5 filings.
- 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.
Price as of Sep 9, 2026
72.83Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
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.
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.