UL Solutions (ULS) Financials

$60.24 +0.39 (+0.65%)

As of 11:07 AM Eastern

Annual Income Statements for UL Solutions

This table shows UL Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	293	260	326
Consolidated Net Income / (Loss)	309	276	345
Net Income / (Loss) Continuing Operations	309	276	345
Total Pre-Tax Income	383	346	415
Total Operating Income	412	368	462
Total Gross Profit	1,207	1,280	1,393
Total Revenue	2,520	2,678	2,870
Operating Revenue	2,520	2,678	2,870
Total Cost of Revenue	1,313	1,398	1,477
Operating Cost of Revenue	1,313	1,398	1,477
Total Operating Expenses	795	912	931
Selling, General & Admin Expense	795	875	931
Impairment Charge	0.00	37	0.00
Total Other Income / (Expense), net	-29	-22	-47
Interest Expense	17	35	55
Other Income / (Expense), net	-12	13	8.00
Income Tax Expense	74	70	70
Net Income / (Loss) Attributable to Noncontrolling Interest	16	16	19
Basic Earnings per Share	$1.47	$1.30	$1.63
Weighted Average Basic Shares Outstanding	200M	200M	200M
Diluted Earnings per Share	$1.47	$1.30	$1.62
Weighted Average Diluted Shares Outstanding	200M	200M	201M
Weighted Average Basic & Diluted Shares Outstanding	-	-	200.17M
Cash Dividends to Common per Share	$8.00	$3.40	$0.50

This table shows UL Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	55	94	53	58	56	101	88	81
Consolidated Net Income / (Loss)	58	99	57	62	60	106	94	85
Net Income / (Loss) Continuing Operations	58	99	57	62	60	106	94	85
Total Pre-Tax Income	72	120	75	79	73	134	116	92
Total Operating Income	75	117	89	87	91	126	130	115
Total Gross Profit	294	337	332	317	319	366	358	350
Total Revenue	629	689	676	684	670	730	731	739
Operating Revenue	629	689	676	684	670	730	731	739
Total Cost of Revenue	335	352	344	367	351	364	373	389
Operating Cost of Revenue	335	352	344	367	351	364	373	389
Total Operating Expenses	219	220	243	230	228	240	228	235
Selling, General & Admin Expense	219	220	206	230	228	240	228	235
Total Other Income / (Expense), net	-3.00	3.00	-14	-8.00	-18	8.00	-14	-23
Interest Expense	8.00	8.00	7.00	12	15	13	14	13
Other Income / (Expense), net	5.00	11	-7.00	4.00	-3.00	21	0.00	-10
Income Tax Expense	14	21	18	17	13	28	22	7.00
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	5.00	4.00	4.00	4.00	5.00	6.00	4.00
Basic Earnings per Share	$0.28	$0.47	$0.27	$0.28	$0.28	$0.51	$0.44	$0.40
Weighted Average Basic Shares Outstanding	200M	200M	200M	200M	200M	200M	200M	200M
Diluted Earnings per Share	$0.28	$0.47	$0.27	$0.28	$0.28	$0.50	$0.44	$0.40
Weighted Average Diluted Shares Outstanding	200M	200M	200M	200M	200M	201M	202M	201M
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	0.00	200.00M	200.01M	200.12M	200.17M

This table details how cash moves in and out of UL Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1,006	-7.00	-17
Net Cash From Operating Activities	372	467	524
Net Cash From Continuing Operating Activities	372	467	524
Net Income / (Loss) Continuing Operations	309	276	345
Consolidated Net Income / (Loss)	309	276	345
Depreciation Expense	135	154	172
Non-Cash Adjustments To Reconcile Net Income	14	11	33
Changes in Operating Assets and Liabilities, net	-86	26	-26
Net Cash From Investing Activities	-238	-175	-234
Net Cash From Continuing Investing Activities	-238	-175	-234
Purchase of Property, Plant & Equipment	-164	-215	-237
Acquisitions	-66	-18	-26
Purchase of Investments	-162	-95	0.00
Divestitures	0.00	4.00	29
Sale and/or Maturity of Investments	155	144	0.00
Other Investing Activities, net	-1.00	5.00	0.00
Net Cash From Financing Activities	-1,116	-294	-284
Net Cash From Continuing Financing Activities	-1,116	-294	-284
Repayment of Debt	-203	-40	-350
Payment of Dividends	-1,613	-694	-115
Issuance of Debt	700	440	181
Effect of Exchange Rate Changes	-24	-5.00	-23
Cash Interest Paid	17	32	57
Cash Income Taxes Paid	68	57	66

This table details how cash moves in and out of UL Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	96	-5.00	44	-142	29	-49	32	-29
Net Cash From Operating Activities	161	59	121	126	141	103	150	130
Net Cash From Continuing Operating Activities	161	59	121	126	141	103	150	130
Net Income / (Loss) Continuing Operations	58	99	57	62	60	106	94	85
Consolidated Net Income / (Loss)	58	99	57	62	60	106	94	85
Depreciation Expense	36	38	37	43	41	41	43	47
Non-Cash Adjustments To Reconcile Net Income	-32	-49	58	34	1.00	-28	-	60
Changes in Operating Assets and Liabilities, net	99	-29	-31	-13	39	-16	13	-62
Net Cash From Investing Activities	-75	-10	-33	-57	-57	-36	-82	-59
Net Cash From Continuing Investing Activities	-75	-10	-33	-57	-57	-36	-82	-59
Purchase of Property, Plant & Equipment	-63	-50	-43	-59	-57	-56	-66	-58
Divestitures	-	-	-	-	-	-	-	-1.00
Net Cash From Financing Activities	10	-49	-36	-219	-49	-110	-43	-82
Net Cash From Continuing Financing Activities	10	-49	-36	-219	-49	-110	-43	-82
Repayment of Debt	0.00	-29	-2.00	-9.00	-44	-70	-106	-130
Payment of Dividends	-20	-20	-34	-620	-25	-40	-25	-25
Issuance of Debt	30	-	-	410	20	-	88	73
Effect of Exchange Rate Changes	0.00	-5.00	-8.00	8.00	-6.00	-6.00	7.00	-18
Cash Interest Paid	8.00	7.00	9.00	8.00	10	19	10	18
Cash Income Taxes Paid	10	16	19	12	9.00	20	27	10

This table presents UL Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2023	2024
Period end date	12/31/2023	12/31/2024
Total Assets	2,736	2,800
Total Current Assets	953	921
Cash & Equivalents	315	298
Accounts Receivable	362	380
Other Current Assets	276	243
Plant, Property, & Equipment, net	555	631
Total Noncurrent Assets	1,228	1,248
Goodwill	623	633
Intangible Assets	211	185
Noncurrent Deferred & Refundable Income Taxes	110	108
Other Noncurrent Operating Assets	284	322
Total Liabilities & Shareholders' Equity	2,736	2,800
Total Liabilities	2,058	1,869
Total Current Liabilities	709	740
Short-Term Debt	0.00	50
Accounts Payable	169	182
Current Deferred Revenue	162	162
Current Employee Benefit Liabilities	281	254
Other Current Liabilities	97	92
Total Noncurrent Liabilities	1,349	1,129
Long-Term Debt	904	692
Noncurrent Employee Benefit Liabilities	232	196
Other Noncurrent Operating Liabilities	213	241
Commitments & Contingencies	0.00	0.00
Total Equity & Noncontrolling Interests	678	931
Total Preferred & Common Equity	654	904
Total Common Equity	654	904
Common Stock	776	821
Retained Earnings	24	250
Accumulated Other Comprehensive Income / (Loss)	-146	-167
Noncontrolling Interest	24	27

This table presents UL Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024
Period end date	3/31/2024	6/30/2024	9/30/2024
Total Assets	2,819	2,742	2,877
Total Current Assets	1,051	957	977
Cash & Equivalents	344	295	327
Accounts Receivable	429	381	354
Other Current Assets	278	281	296
Plant, Property, & Equipment, net	555	554	602
Total Noncurrent Assets	1,213	1,231	1,298
Goodwill	618	628	651
Intangible Assets	202	198	194
Noncurrent Deferred & Refundable Income Taxes	112	118	120
Other Noncurrent Operating Assets	281	287	333
Total Liabilities & Shareholders' Equity	2,819	2,742	2,877
Total Liabilities	2,136	1,956	1,981
Total Current Liabilities	829	740	745
Short-Term Debt	-	-	37
Accounts Payable	156	134	138
Current Deferred Revenue	385	317	253
Current Employee Benefit Liabilities	170	171	223
Other Current Liabilities	118	118	94
Total Noncurrent Liabilities	1,307	1,216	1,236
Long-Term Debt	867	785	760
Noncurrent Employee Benefit Liabilities	227	223	222
Other Noncurrent Operating Liabilities	213	208	254
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	683	786	896
Total Preferred & Common Equity	671	769	872
Total Common Equity	671	769	872
Common Stock	776	808	817
Retained Earnings	55	131	194
Accumulated Other Comprehensive Income / (Loss)	-160	-170	-139
Noncontrolling Interest	12	17	24

This table displays calculated financial ratios and metrics derived from UL Solutions' official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	0.00%	6.27%	7.17%
EBITDA Growth	0.00%	0.00%	20.00%
EBIT Growth	0.00%	-4.75%	23.36%
NOPAT Growth	0.00%	-11.69%	30.84%
Net Income Growth	0.00%	-10.68%	25.00%
EPS Growth	0.00%	-11.56%	24.62%
Operating Cash Flow Growth	0.00%	25.54%	12.21%
Free Cash Flow Firm Growth	0.00%	0.00%	128.36%
Invested Capital Growth	0.00%	0.00%	8.52%
Revenue Q/Q Growth	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.66%
Profitability Metrics	-	-	-
Gross Margin	47.90%	47.80%	48.54%
EBITDA Margin	21.23%	19.98%	22.37%
Operating Margin	16.35%	13.74%	16.10%
EBIT Margin	15.87%	14.23%	16.38%
Profit (Net Income) Margin	12.26%	10.31%	12.02%
Tax Burden Percent	80.68%	79.77%	83.13%
Interest Burden Percent	95.75%	90.81%	88.30%
Effective Tax Rate	19.32%	20.23%	16.87%
Return on Invested Capital (ROIC)	0.00%	46.34%	29.07%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	40.38%	21.51%
Return on Net Nonoperating Assets (RNNOA)	0.00%	35.08%	13.81%
Return on Equity (ROE)	0.00%	81.42%	42.88%
Cash Return on Invested Capital (CROIC)	0.00%	-153.66%	20.90%
Operating Return on Assets (OROA)	0.00%	13.93%	16.98%
Return on Assets (ROA)	0.00%	10.09%	12.46%
Return on Common Equity (ROCE)	0.00%	78.53%	41.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	42.20%	38.16%
Net Operating Profit after Tax (NOPAT)	332	294	384
NOPAT Margin	13.19%	10.96%	13.38%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.96%	7.56%
Return On Investment Capital (ROIC_SIMPLE)	-	18.56%	22.96%
Cost of Revenue to Revenue	52.10%	52.20%	51.46%
SG&A Expenses to Revenue	31.55%	32.67%	32.44%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.55%	34.06%	32.44%
Earnings before Interest and Taxes (EBIT)	400	381	470
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	535	535	642
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.00	1.45	11.04
Price to Tangible Book Value (P/TBV)	0.00	0.00	116.07
Price to Revenue (P/Rev)	0.38	0.35	3.48
Price to Earnings (P/E)	3.23	3.64	30.62
Dividend Yield	0.00%	0.00%	0.75%
Earnings Yield	30.96%	27.47%	3.27%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.23	7.60
Enterprise Value to Revenue (EV/Rev)	0.00	0.58	3.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	2.91	16.28
Enterprise Value to EBIT (EV/EBIT)	0.00	4.09	22.24
Enterprise Value to NOPAT (EV/NOPAT)	0.00	5.31	27.22
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	3.34	19.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	37.86
Leverage & Solvency	-	-	-
Debt to Equity	0.00	1.33	0.80
Long-Term Debt to Equity	0.00	1.33	0.74
Financial Leverage	0.00	0.87	0.64
Leverage Ratio	0.00	4.04	3.44
Compound Leverage Factor	0.00	3.66	3.04
Debt to Total Capital	0.00%	57.14%	44.35%
Short-Term Debt to Total Capital	0.00%	0.00%	2.99%
Long-Term Debt to Total Capital	0.00%	57.14%	41.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.52%	1.61%
Common Equity to Total Capital	0.00%	41.34%	54.03%
Debt to EBITDA	0.00	1.69	1.16
Net Debt to EBITDA	0.00	1.10	0.69
Long-Term Debt to EBITDA	0.00	1.69	1.08
Debt to NOPAT	0.00	3.08	1.93
Net Debt to NOPAT	0.00	2.01	1.16
Long-Term Debt to NOPAT	0.00	3.08	1.80
Altman Z-Score	0.00	1.83	4.99
Noncontrolling Interest Sharing Ratio	0.00%	3.54%	3.17%
Liquidity Ratios	-	-	-
Current Ratio	0.00	1.34	1.24
Quick Ratio	0.00	0.95	0.92
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-973	276
Operating Cash Flow to CapEx	226.83%	217.21%	221.10%
Free Cash Flow to Firm to Interest Expense	0.00	-27.81	5.02
Operating Cash Flow to Interest Expense	21.88	13.34	9.53
Operating Cash Flow Less CapEx to Interest Expense	12.24	7.20	5.22
Efficiency Ratios	-	-	-
Asset Turnover	0.00	0.98	1.04
Accounts Receivable Turnover	0.00	7.40	7.74
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	4.83	4.84
Accounts Payable Turnover	0.00	8.27	8.42
Days Sales Outstanding (DSO)	0.00	49.34	47.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	44.12	43.37
Cash Conversion Cycle (CCC)	0.00	5.22	3.81
Capital & Investment Metrics	-	-	-
Invested Capital	0.00	1,267	1,375
Invested Capital Turnover	0.00	4.23	2.17
Increase / (Decrease) in Invested Capital	0.00	1,267	108
Enterprise Value (EV)	0.00	1,559	10,453
Market Capitalization	946	946	9,982
Book Value per Share	$0.00	$3.27	$4.52
Tangible Book Value per Share	$0.00	($0.90)	$0.43
Total Capital	0.00	1,582	1,673
Total Debt	0.00	904	742
Total Long-Term Debt	0.00	904	692
Net Debt	0.00	589	444
Capital Expenditures (CapEx)	164	215	237
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-71	-67
Debt-free Net Working Capital (DFNWC)	0.00	244	231
Net Working Capital (NWC)	0.00	244	181
Net Nonoperating Expense (NNE)	23	18	39
Net Nonoperating Obligations (NNO)	0.00	589	444
Total Depreciation and Amortization (D&A)	135	154	172
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-2.65%	-2.33%
Debt-free Net Working Capital to Revenue	0.00%	9.11%	8.05%
Net Working Capital to Revenue	0.00%	9.11%	6.31%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.63
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	200M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.62
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	201M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	200.17M
Normalized Net Operating Profit after Tax (NOPAT)	332	323	384
Normalized NOPAT Margin	13.19%	12.06%	13.38%
Pre Tax Income Margin	15.20%	12.92%	14.46%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	23.53	10.89	8.55
NOPAT to Interest Expense	19.55	8.39	6.98
EBIT Less CapEx to Interest Expense	13.88	4.74	4.24
NOPAT Less CapEx to Interest Expense	9.91	2.24	2.67
Payout Ratios	-	-	-
Dividend Payout Ratio	522.01%	251.45%	33.33%
Augmented Payout Ratio	522.01%	251.45%	33.33%

This table displays calculated financial ratios and metrics derived from UL Solutions' official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	6.52%	5.95%	8.14%	8.04%
EBITDA Growth	0.00%	0.00%	0.00%	0.00%	11.21%	13.25%	45.38%	13.43%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	10.00%	14.84%	58.54%	15.38%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	23.80%	3.26%	55.74%	55.61%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	3.45%	7.07%	64.91%	37.10%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	6.38%	62.96%	42.86%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	-12.42%	74.58%	23.97%	3.17%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.52%
Revenue Q/Q Growth	0.00%	9.54%	-1.89%	1.18%	0.00%	8.96%	0.14%	1.09%
EBITDA Q/Q Growth	0.00%	43.10%	-28.31%	12.61%	0.00%	45.74%	-7.98%	-12.14%
EBIT Q/Q Growth	0.00%	60.00%	-35.94%	10.98%	0.00%	67.05%	-11.56%	-19.23%
NOPAT Q/Q Growth	0.00%	59.77%	-29.92%	0.94%	0.00%	33.26%	5.69%	0.86%
Net Income Q/Q Growth	0.00%	70.69%	-42.42%	8.77%	0.00%	76.67%	-11.32%	-9.57%
EPS Q/Q Growth	0.00%	67.86%	-42.55%	3.70%	0.00%	78.57%	-12.00%	-9.09%
Operating Cash Flow Q/Q Growth	0.00%	-63.35%	105.08%	4.13%	0.00%	-26.95%	45.63%	-13.33%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-3.99%	-7.17%	99.86%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	5.80%	7.05%	0.66%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	46.74%	48.91%	49.11%	46.35%	47.61%	50.14%	48.97%	47.36%
EBITDA Margin	18.44%	24.09%	17.60%	19.59%	19.25%	25.75%	23.67%	20.57%
Operating Margin	11.92%	16.98%	13.17%	12.72%	13.58%	17.26%	17.78%	15.56%
EBIT Margin	12.72%	18.58%	12.13%	13.30%	13.13%	20.14%	17.78%	14.21%
Profit (Net Income) Margin	9.22%	14.37%	8.43%	9.06%	8.96%	14.52%	12.86%	11.50%
Tax Burden Percent	80.56%	82.50%	76.00%	78.48%	82.19%	79.10%	81.03%	92.39%
Interest Burden Percent	90.00%	93.75%	91.46%	86.81%	82.95%	91.16%	89.23%	87.62%
Effective Tax Rate	19.44%	17.50%	24.00%	21.52%	17.81%	20.90%	18.97%	7.61%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	21.10%	0.00%	0.00%	0.00%	31.24%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	20.03%	0.00%	0.00%	0.00%	27.12%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	17.40%	0.00%	0.00%	0.00%	17.41%
Return on Equity (ROE)	0.00%	0.00%	0.00%	38.50%	0.00%	0.00%	0.00%	48.65%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-76.83%	0.00%	0.00%	0.00%	20.90%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	13.02%	0.00%	0.00%	0.00%	14.73%
Return on Assets (ROA)	0.00%	0.00%	0.00%	8.87%	0.00%	0.00%	0.00%	11.93%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	37.14%	0.00%	0.00%	0.00%	47.11%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	60	97	68	68	75	100	105	106
NOPAT Margin	9.61%	14.01%	10.01%	9.98%	11.16%	13.65%	14.41%	14.38%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	1.07%	5.66%	-2.58%	4.83%	4.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	4.32%	-	-	-	6.35%
Cost of Revenue to Revenue	53.26%	51.09%	50.89%	53.66%	52.39%	49.86%	51.03%	52.64%
SG&A Expenses to Revenue	34.82%	31.93%	30.47%	33.63%	34.03%	32.88%	31.19%	31.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.82%	31.93%	35.95%	33.63%	34.03%	32.88%	31.19%	31.80%
Earnings before Interest and Taxes (EBIT)	80	128	82	91	88	147	130	105
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	116	166	119	134	129	188	173	152
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.45	1.41	10.97	11.31	11.04
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	365.20	116.07
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.35	0.00	0.00	0.00	3.48
Price to Earnings (P/E)	0.00	0.00	0.00	3.64	0.00	0.00	0.00	30.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.30%	0.51%	0.75%
Earnings Yield	0.00%	0.00%	0.00%	27.47%	0.00%	0.00%	0.00%	3.27%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	1.23	1.23	7.01	7.58	7.60
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.58	0.00	0.00	0.00	3.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	2.91	0.00	0.00	0.00	16.28
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	4.09	0.00	0.00	0.00	22.24
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	5.31	0.00	0.00	0.00	27.22
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	3.34	0.00	0.00	0.00	19.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	37.86
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	1.33	1.27	1.00	0.89	0.80
Long-Term Debt to Equity	0.00	0.00	0.00	1.33	1.27	1.00	0.85	0.74
Financial Leverage	0.00	0.00	0.00	0.87	0.77	0.62	0.52	0.64
Leverage Ratio	0.00	0.00	0.00	4.04	4.13	3.49	3.21	3.44
Compound Leverage Factor	0.00	0.00	0.00	3.50	3.42	3.18	2.87	3.01
Debt to Total Capital	0.00%	0.00%	0.00%	57.14%	55.94%	49.97%	47.08%	44.35%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.19%	2.99%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	57.14%	55.94%	49.97%	44.89%	41.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	1.52%	0.77%	1.08%	1.42%	1.61%
Common Equity to Total Capital	0.00%	0.00%	0.00%	41.34%	43.29%	48.95%	51.51%	54.03%
Debt to EBITDA	0.00	0.00	0.00	1.69	0.00	0.00	0.00	1.16
Net Debt to EBITDA	0.00	0.00	0.00	1.10	0.00	0.00	0.00	0.69
Long-Term Debt to EBITDA	0.00	0.00	0.00	1.69	0.00	0.00	0.00	1.08
Debt to NOPAT	0.00	0.00	0.00	3.08	0.00	0.00	0.00	1.93
Net Debt to NOPAT	0.00	0.00	0.00	2.01	0.00	0.00	0.00	1.16
Long-Term Debt to NOPAT	0.00	0.00	0.00	3.08	0.00	0.00	0.00	1.80
Altman Z-Score	0.00	0.00	0.00	1.48	0.49	2.93	3.33	4.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	3.54%	1.76%	2.16%	2.68%	3.17%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	1.34	1.27	1.29	1.31	1.24
Quick Ratio	0.00	0.00	0.00	0.95	0.93	0.91	0.91	0.92
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	0.00	-1,131	-1,176	-1,261	-1.75
Operating Cash Flow to CapEx	255.56%	118.00%	281.40%	213.56%	247.37%	183.93%	227.27%	224.14%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-75.41	-90.49	-90.05	-0.13
Operating Cash Flow to Interest Expense	20.13	7.38	17.29	10.50	9.40	7.92	10.71	10.00
Operating Cash Flow Less CapEx to Interest Expense	12.25	1.13	11.14	5.58	5.60	3.62	6.00	5.54
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.98	0.00	0.00	0.00	1.04
Accounts Receivable Turnover	0.00	0.00	0.00	7.40	0.00	0.00	0.00	7.74
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	4.83	0.00	0.00	0.00	4.84
Accounts Payable Turnover	0.00	0.00	0.00	8.27	0.00	0.00	0.00	8.42
Days Sales Outstanding (DSO)	0.00	0.00	0.00	49.34	0.00	0.00	0.00	47.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	44.12	0.00	0.00	0.00	43.37
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	5.22	0.00	0.00	0.00	3.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	1,267	1,206	1,276	1,366	1,375
Invested Capital Turnover	0.00	0.00	0.00	2.11	0.00	0.00	0.00	2.17
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	0.00	1,206	1,276	1,366	108
Enterprise Value (EV)	0.00	0.00	0.00	1,559	1,481	8,945	10,354	10,453
Market Capitalization	946	946	946	946	946	8,438	9,860	9,982
Book Value per Share	$0.00	$0.00	$0.00	$3.27	$3.36	$3.84	$4.36	$4.52
Tangible Book Value per Share	$0.00	$0.00	$0.00	($0.90)	($0.75)	($0.29)	$0.14	$0.43
Total Capital	0.00	0.00	0.00	1,582	1,550	1,571	1,693	1,673
Total Debt	0.00	0.00	0.00	904	867	785	797	742
Total Long-Term Debt	0.00	0.00	0.00	904	867	785	760	692
Net Debt	0.00	0.00	0.00	589	523	490	470	444
Capital Expenditures (CapEx)	63	50	43	59	57	56	66	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	-71	-122	-78	-58	-67
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	244	222	217	269	231
Net Working Capital (NWC)	0.00	0.00	0.00	244	222	217	232	181
Net Nonoperating Expense (NNE)	2.42	-2.48	11	6.28	15	-6.33	11	21
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	589	523	490	470	444
Total Depreciation and Amortization (D&A)	36	38	37	43	41	41	43	47
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-2.65%	0.00%	0.00%	0.00%	-2.33%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	9.11%	0.00%	0.00%	0.00%	8.05%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	9.11%	0.00%	0.00%	0.00%	6.31%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.28	$0.28	$0.51	$0.44	$0.40
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	200M	200M	200M	200M	200M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.28	$0.28	$0.50	$0.44	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	200M	200M	201M	202M	201M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	200.00M	200.01M	200.12M	200.17M
Normalized Net Operating Profit after Tax (NOPAT)	60	97	96	68	75	100	105	106
Normalized NOPAT Margin	9.61%	14.01%	14.17%	9.98%	11.16%	13.65%	14.41%	14.38%
Pre Tax Income Margin	11.45%	17.42%	11.09%	11.55%	10.90%	18.36%	15.87%	12.45%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.00	16.00	11.71	7.58	5.87	11.31	9.29	8.08
NOPAT to Interest Expense	7.55	12.07	9.66	5.69	4.99	7.67	7.52	8.17
EBIT Less CapEx to Interest Expense	2.13	9.75	5.57	2.67	2.07	7.00	4.57	3.62
NOPAT Less CapEx to Interest Expense	-0.32	5.82	3.52	0.77	1.19	3.36	2.81	3.71
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	251.45%	0.00%	0.00%	0.00%	33.33%
Augmented Payout Ratio	0.00%	0.00%	0.00%	251.45%	0.00%	0.00%	0.00%	33.33%

Frequently Asked Questions About UL Solutions' Financials

When does UL Solutions's fiscal year end?

According to the most recent income statement we have on file, UL Solutions' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has UL Solutions' net income changed over the last 2 years?

UL Solutions' net income appears to be on an upward trend, with a most recent value of $345 million in 2024, rising from $309 million in 2022. The previous period was $276 million in 2023. View UL Solutions' forecast to see where analysts expect UL Solutions to go next.

What is UL Solutions's operating income?

UL Solutions's total operating income in 2024 was $462 million, based on the following breakdown:

Total Gross Profit: $1.39 billion
Total Operating Expenses: $931 million

How has UL Solutions revenue changed over the last 2 years?

Over the last 2 years, UL Solutions' total revenue changed from $2.52 billion in 2022 to $2.87 billion in 2024, a change of 13.9%.

How much debt does UL Solutions have?

UL Solutions' total liabilities were at $1.87 billion at the end of 2024, a 9.2% decrease from 2023, and a 9.2% decrease since 2023.

How much cash does UL Solutions have?

In the past 1 years, UL Solutions' cash and equivalents has ranged from $298 million in 2024 to $315 million in 2023, and is currently $298 million as of their latest financial filing in 2024.

How has UL Solutions' book value per share changed over the last 2 years?

Over the last 2 years, UL Solutions' book value per share changed from 0.00 in 2022 to 4.52 in 2024, a change of 451.7%.

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This page (NYSE:ULS) was last updated on 5/5/2025 by MarketBeat.com Staff

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UL Solutions (ULS) Financials

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UL Solutions (ULS) Financials

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