UL Solutions (ULS) Financials

$71.70 +0.70 (+0.99%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$71.76 +0.06 (+0.09%)

As of 05/23/2025 07:18 PM 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	326	260	293
Consolidated Net Income / (Loss)	345	276	309
Net Income / (Loss) Continuing Operations	345	276	309
Total Pre-Tax Income	415	346	383
Total Operating Income	462	368	412
Total Gross Profit	1,393	1,280	1,207
Total Revenue	2,870	2,678	2,520
Operating Revenue	2,870	2,678	2,520
Total Cost of Revenue	1,477	1,398	1,313
Operating Cost of Revenue	1,477	1,398	1,313
Total Operating Expenses	931	912	795
Selling, General & Admin Expense	931	875	795
Impairment Charge	0.00	37	0.00
Total Other Income / (Expense), net	-47	-22	-29
Interest Expense	55	35	17
Other Income / (Expense), net	8.00	13	-12
Income Tax Expense	70	70	74
Net Income / (Loss) Attributable to Noncontrolling Interest	19	16	16
Basic Earnings per Share	$1.63	$1.30	$1.47
Weighted Average Basic Shares Outstanding	200M	200M	200M
Diluted Earnings per Share	$1.62	$1.30	$1.47
Weighted Average Diluted Shares Outstanding	201M	200M	200M
Weighted Average Basic & Diluted Shares Outstanding	200.17M	-	-
Cash Dividends to Common per Share	$0.50	$3.40	$8.00

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 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Income / (Loss) Attributable to Common Shareholders	67	81	88	101	56	58	53	94	55
Consolidated Net Income / (Loss)	71	85	94	106	60	62	57	99	58
Net Income / (Loss) Continuing Operations	71	85	94	106	60	62	57	99	58
Total Pre-Tax Income	94	92	116	134	73	79	75	120	72
Total Operating Income	109	115	130	126	91	87	89	117	75
Total Gross Profit	341	350	358	366	319	317	332	337	294
Total Revenue	705	739	731	730	670	684	676	689	629
Operating Revenue	705	739	731	730	670	684	676	689	629
Total Cost of Revenue	364	389	373	364	351	367	344	352	335
Operating Cost of Revenue	364	389	373	364	351	367	344	352	335
Total Operating Expenses	232	235	228	240	228	230	243	220	219
Selling, General & Admin Expense	232	235	228	240	228	230	206	220	219
Total Other Income / (Expense), net	-15	-23	-14	8.00	-18	-8.00	-14	3.00	-3.00
Interest Expense	12	13	14	13	15	12	7.00	8.00	8.00
Other Income / (Expense), net	-3.00	-10	0.00	21	-3.00	4.00	-7.00	11	5.00
Income Tax Expense	23	7.00	22	28	13	17	18	21	14
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	4.00	6.00	5.00	4.00	4.00	4.00	5.00	3.00
Basic Earnings per Share	$0.34	$0.40	$0.44	$0.51	$0.28	$0.28	$0.27	$0.47	$0.28
Weighted Average Basic Shares Outstanding	200M	200M	200M	200M	200M	200M	200M	200M	200M
Diluted Earnings per Share	$0.33	$0.40	$0.44	$0.50	$0.28	$0.28	$0.27	$0.47	$0.28
Weighted Average Diluted Shares Outstanding	203M	201M	202M	201M	200M	200M	200M	200M	200M
Weighted Average Basic & Diluted Shares Outstanding	200.50M	200.17M	200.12M	200.01M	200.00M	0.00	-	-	-
Cash Dividends to Common per Share	$0.13	-	$0.13	$0.13	$0.13	-	$0.10	$0.10	$0.10

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

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 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Change in Cash & Equivalents	-31	-29	32	-49	29	-142	44	-5.00	96
Net Cash From Operating Activities	154	130	150	103	141	126	121	59	161
Net Cash From Continuing Operating Activities	154	130	150	103	141	126	121	59	161
Net Income / (Loss) Continuing Operations	71	85	94	106	60	62	57	99	58
Consolidated Net Income / (Loss)	71	85	94	106	60	62	57	99	58
Depreciation Expense	45	47	43	41	41	43	37	38	36
Non-Cash Adjustments To Reconcile Net Income	-8.00	60	-	-28	1.00	34	58	-49	-32
Changes in Operating Assets and Liabilities, net	46	-62	13	-16	39	-13	-31	-29	99
Net Cash From Investing Activities	-50	-59	-82	-36	-57	-57	-33	-10	-75
Net Cash From Continuing Investing Activities	-50	-59	-82	-36	-57	-57	-33	-10	-75
Purchase of Property, Plant & Equipment	-51	-58	-66	-56	-57	-59	-43	-50	-63
Other Investing Activities, net	1.00	-	-	-	0.00	2.00	-1.00	1.00	3.00
Net Cash From Financing Activities	-135	-82	-43	-110	-49	-219	-36	-49	10
Net Cash From Continuing Financing Activities	-135	-82	-43	-110	-49	-219	-36	-49	10
Repayment of Debt	-154	-130	-106	-70	-44	-9.00	-2.00	-29	0.00
Payment of Dividends	-43	-25	-25	-40	-25	-620	-34	-20	-20
Issuance of Debt	62	73	88	-	20	410	-	-	30
Effect of Exchange Rate Changes	0.00	-18	7.00	-6.00	-6.00	8.00	-8.00	-5.00	0.00
Cash Interest Paid	7.00	18	10	19	10	8.00	9.00	7.00	8.00
Cash Income Taxes Paid	16	10	27	20	9.00	12	19	16	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	2024	2023
Period end date	12/31/2024	12/31/2023
Total Assets	2,800	2,736
Total Current Assets	921	953
Cash & Equivalents	298	315
Accounts Receivable	380	362
Other Current Assets	243	276
Plant, Property, & Equipment, net	631	555
Total Noncurrent Assets	1,248	1,228
Goodwill	633	623
Intangible Assets	185	211
Noncurrent Deferred & Refundable Income Taxes	108	110
Other Noncurrent Operating Assets	322	284
Total Liabilities & Shareholders' Equity	2,800	2,736
Total Liabilities	1,869	2,058
Total Current Liabilities	740	709
Short-Term Debt	50	0.00
Accounts Payable	182	169
Current Deferred Revenue	162	162
Current Employee Benefit Liabilities	254	281
Other Current Liabilities	92	97
Total Noncurrent Liabilities	1,129	1,349
Long-Term Debt	692	904
Noncurrent Employee Benefit Liabilities	196	232
Other Noncurrent Operating Liabilities	241	213
Commitments & Contingencies	0.00	0.00
Total Equity & Noncontrolling Interests	931	678
Total Preferred & Common Equity	904	654
Total Common Equity	904	654
Common Stock	821	776
Retained Earnings	250	24
Accumulated Other Comprehensive Income / (Loss)	-167	-146
Noncontrolling Interest	27	24

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 2025	Q3 2024	Q2 2024	Q1 2024
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024
Total Assets	2,878	2,877	2,742	2,819
Total Current Assets	998	977	957	1,051
Cash & Equivalents	267	327	295	344
Accounts Receivable	463	354	381	429
Other Current Assets	268	296	281	278
Plant, Property, & Equipment, net	631	602	554	555
Total Noncurrent Assets	1,249	1,298	1,231	1,213
Goodwill	641	651	628	618
Intangible Assets	179	194	198	202
Noncurrent Deferred & Refundable Income Taxes	108	120	118	112
Other Noncurrent Operating Assets	321	333	287	281
Total Liabilities & Shareholders' Equity	2,878	2,877	2,742	2,819
Total Liabilities	1,894	1,981	1,956	2,136
Total Current Liabilities	804	745	740	829
Short-Term Debt	0.00	37	-	-
Accounts Payable	143	138	134	156
Current Deferred Revenue	400	253	317	385
Current Employee Benefit Liabilities	164	223	171	170
Other Current Liabilities	97	94	118	118
Total Noncurrent Liabilities	1,090	1,236	1,216	1,307
Long-Term Debt	653	760	785	867
Noncurrent Employee Benefit Liabilities	195	222	223	227
Other Noncurrent Operating Liabilities	242	254	208	213
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	984	896	786	683
Total Preferred & Common Equity	970	872	769	671
Total Common Equity	970	872	769	671
Common Stock	829	817	808	776
Retained Earnings	291	194	131	55
Accumulated Other Comprehensive Income / (Loss)	-150	-139	-170	-160
Noncontrolling Interest	14	24	17	12

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	5.22%	8.04%	8.14%	5.95%	6.52%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	17.05%	13.43%	45.38%	13.25%	11.21%	0.00%	0.00%	0.00%	0.00%
EBIT Growth	20.45%	15.38%	58.54%	14.84%	10.00%	0.00%	0.00%	0.00%	0.00%
NOPAT Growth	10.07%	55.61%	55.74%	3.26%	23.80%	0.00%	0.00%	0.00%	0.00%
Net Income Growth	18.33%	37.10%	64.91%	7.07%	3.45%	0.00%	0.00%	0.00%	0.00%
EPS Growth	17.86%	42.86%	62.96%	6.38%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	9.22%	3.17%	23.97%	74.58%	-12.42%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Growth	92.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	13.60%	8.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	-4.60%	1.09%	0.14%	8.96%	0.00%	1.18%	-1.89%	9.54%	0.00%
EBITDA Q/Q Growth	-0.66%	-12.14%	-7.98%	45.74%	0.00%	12.61%	-28.31%	43.10%	0.00%
EBIT Q/Q Growth	0.95%	-19.23%	-11.56%	67.05%	0.00%	10.98%	-35.94%	60.00%	0.00%
NOPAT Q/Q Growth	-22.51%	0.86%	5.69%	33.26%	0.00%	0.94%	-29.92%	59.77%	0.00%
Net Income Q/Q Growth	-16.47%	-9.57%	-11.32%	76.67%	0.00%	8.77%	-42.42%	70.69%	0.00%
EPS Q/Q Growth	-17.50%	-9.09%	-12.00%	78.57%	0.00%	3.70%	-42.55%	67.86%	0.00%
Operating Cash Flow Q/Q Growth	18.46%	-13.33%	45.63%	-26.95%	0.00%	4.13%	105.08%	-63.35%	0.00%
Free Cash Flow Firm Q/Q Growth	-4,566.87%	99.86%	-7.17%	-3.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	-0.36%	0.66%	7.05%	5.80%	0.00%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	48.37%	47.36%	48.97%	50.14%	47.61%	46.35%	49.11%	48.91%	46.74%
EBITDA Margin	21.42%	20.57%	23.67%	25.75%	19.25%	19.59%	17.60%	24.09%	18.44%
Operating Margin	15.46%	15.56%	17.78%	17.26%	13.58%	12.72%	13.17%	16.98%	11.92%
EBIT Margin	15.04%	14.21%	17.78%	20.14%	13.13%	13.30%	12.13%	18.58%	12.72%
Profit (Net Income) Margin	10.07%	11.50%	12.86%	14.52%	8.96%	9.06%	8.43%	14.37%	9.22%
Tax Burden Percent	75.53%	92.39%	81.03%	79.10%	82.19%	78.48%	76.00%	82.50%	80.56%
Interest Burden Percent	88.68%	87.62%	89.23%	91.16%	82.95%	86.81%	91.46%	93.75%	90.00%
Effective Tax Rate	24.47%	7.61%	18.97%	20.90%	17.81%	21.52%	24.00%	17.50%	19.44%
Return on Invested Capital (ROIC)	26.34%	31.24%	0.00%	0.00%	0.00%	21.10%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	23.85%	27.12%	0.00%	0.00%	0.00%	20.03%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	13.00%	17.41%	0.00%	0.00%	0.00%	17.40%	0.00%	0.00%	0.00%
Return on Equity (ROE)	39.34%	48.65%	0.00%	0.00%	0.00%	38.50%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	17.70%	20.90%	0.00%	0.00%	0.00%	-76.83%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	15.33%	14.73%	0.00%	0.00%	0.00%	13.02%	0.00%	0.00%	0.00%
Return on Assets (ROA)	10.27%	11.93%	0.00%	0.00%	0.00%	8.87%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	38.73%	47.11%	0.00%	0.00%	0.00%	37.14%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	36.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	82	106	105	100	75	68	68	97	60
NOPAT Margin	11.68%	14.38%	14.41%	13.65%	11.16%	9.98%	10.01%	14.01%	9.61%
Net Nonoperating Expense Percent (NNEP)	2.49%	4.11%	4.83%	-2.58%	5.66%	1.07%	0.00%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	5.03%	6.35%	-	-	-	4.32%	-	-	-
Cost of Revenue to Revenue	51.63%	52.64%	51.03%	49.86%	52.39%	53.66%	50.89%	51.09%	53.26%
SG&A Expenses to Revenue	32.91%	31.80%	31.19%	32.88%	34.03%	33.63%	30.47%	31.93%	34.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.91%	31.80%	31.19%	32.88%	34.03%	33.63%	35.95%	31.93%	34.82%
Earnings before Interest and Taxes (EBIT)	106	105	130	147	88	91	82	128	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	151	152	173	188	129	134	119	166	116
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.64	11.04	11.31	10.97	1.41	1.45	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	75.27	116.07	365.20	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.89	3.48	0.00	0.00	0.00	0.35	0.00	0.00	0.00
Price to Earnings (P/E)	33.50	30.62	0.00	0.00	0.00	3.64	0.00	0.00	0.00
Dividend Yield	0.90%	0.75%	0.51%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.99%	3.27%	0.00%	0.00%	0.00%	27.47%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	8.53	7.60	7.58	7.01	1.23	1.23	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.02	3.64	0.00	0.00	0.00	0.58	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	17.61	16.28	0.00	0.00	0.00	2.91	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	23.95	22.24	0.00	0.00	0.00	4.09	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	29.83	27.22	0.00	0.00	0.00	5.31	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	21.77	19.95	0.00	0.00	0.00	3.34	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	51.29	37.86	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.80	0.89	1.00	1.27	1.33	0.00	0.00	0.00
Long-Term Debt to Equity	0.66	0.74	0.85	1.00	1.27	1.33	0.00	0.00	0.00
Financial Leverage	0.55	0.64	0.52	0.62	0.77	0.87	0.00	0.00	0.00
Leverage Ratio	3.42	3.44	3.21	3.49	4.13	4.04	0.00	0.00	0.00
Compound Leverage Factor	3.03	3.01	2.87	3.18	3.42	3.50	0.00	0.00	0.00
Debt to Total Capital	39.89%	44.35%	47.08%	49.97%	55.94%	57.14%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	2.99%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	39.89%	41.36%	44.89%	49.97%	55.94%	57.14%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.86%	1.61%	1.42%	1.08%	0.77%	1.52%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.25%	54.03%	51.51%	48.95%	43.29%	41.34%	0.00%	0.00%	0.00%
Debt to EBITDA	0.98	1.16	0.00	0.00	0.00	1.69	0.00	0.00	0.00
Net Debt to EBITDA	0.58	0.69	0.00	0.00	0.00	1.10	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.98	1.08	0.00	0.00	0.00	1.69	0.00	0.00	0.00
Debt to NOPAT	1.67	1.93	0.00	0.00	0.00	3.08	0.00	0.00	0.00
Net Debt to NOPAT	0.98	1.16	0.00	0.00	0.00	2.01	0.00	0.00	0.00
Long-Term Debt to NOPAT	1.67	1.80	0.00	0.00	0.00	3.08	0.00	0.00	0.00
Altman Z-Score	4.93	4.56	3.33	2.93	0.49	1.48	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	1.56%	3.17%	2.68%	2.16%	1.76%	3.54%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	1.24	1.24	1.31	1.29	1.27	1.34	0.00	0.00	0.00
Quick Ratio	0.91	0.92	0.91	0.91	0.93	0.95	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-82	-1.75	-1,261	-1,176	-1,131	0.00	0.00	0.00	0.00
Operating Cash Flow to CapEx	301.96%	224.14%	227.27%	183.93%	247.37%	213.56%	281.40%	118.00%	255.56%
Free Cash Flow to Firm to Interest Expense	-6.81	-0.13	-90.05	-90.49	-75.41	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	12.83	10.00	10.71	7.92	9.40	10.50	17.29	7.38	20.13
Operating Cash Flow Less CapEx to Interest Expense	8.58	5.54	6.00	3.62	5.60	5.58	11.14	1.13	12.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	1.02	1.04	0.00	0.00	0.00	0.98	0.00	0.00	0.00
Accounts Receivable Turnover	6.51	7.74	0.00	0.00	0.00	7.40	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.90	4.84	0.00	0.00	0.00	4.83	0.00	0.00	0.00
Accounts Payable Turnover	9.97	8.42	0.00	0.00	0.00	8.27	0.00	0.00	0.00
Days Sales Outstanding (DSO)	56.04	47.18	0.00	0.00	0.00	49.34	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.62	43.37	0.00	0.00	0.00	44.12	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	19.42	3.81	0.00	0.00	0.00	5.22	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	1,370	1,375	1,366	1,276	1,206	1,267	0.00	0.00	0.00
Invested Capital Turnover	2.26	2.17	0.00	0.00	0.00	2.11	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	164	108	1,366	1,276	1,206	0.00	0.00	0.00	0.00
Enterprise Value (EV)	11,690	10,453	10,354	8,945	1,481	1,559	0.00	0.00	0.00
Market Capitalization	11,290	9,982	9,860	8,438	946	946	946	946	946
Book Value per Share	$4.85	$4.52	$4.36	$3.84	$3.36	$3.27	$0.00	$0.00	$0.00
Tangible Book Value per Share	$0.75	$0.43	$0.14	($0.29)	($0.75)	($0.90)	$0.00	$0.00	$0.00
Total Capital	1,637	1,673	1,693	1,571	1,550	1,582	0.00	0.00	0.00
Total Debt	653	742	797	785	867	904	0.00	0.00	0.00
Total Long-Term Debt	653	692	760	785	867	904	0.00	0.00	0.00
Net Debt	386	444	470	490	523	589	0.00	0.00	0.00
Capital Expenditures (CapEx)	51	58	66	56	57	59	43	50	63
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-73	-67	-58	-78	-122	-71	0.00	0.00	0.00
Debt-free Net Working Capital (DFNWC)	194	231	269	217	222	244	0.00	0.00	0.00
Net Working Capital (NWC)	194	181	232	217	222	244	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	11	21	11	-6.33	15	6.28	11	-2.48	2.42
Net Nonoperating Obligations (NNO)	386	444	470	490	523	589	0.00	0.00	0.00
Total Depreciation and Amortization (D&A)	45	47	43	41	41	43	37	38	36
Debt-free, Cash-free Net Working Capital to Revenue	-2.51%	-2.33%	0.00%	0.00%	0.00%	-2.65%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	6.68%	8.05%	0.00%	0.00%	0.00%	9.11%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	6.68%	6.31%	0.00%	0.00%	0.00%	9.11%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.40	$0.44	$0.51	$0.28	$0.28	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	200M	200M	200M	200M	200M	200M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$0.33	$0.40	$0.44	$0.50	$0.28	$0.28	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	203M	201M	202M	201M	200M	200M	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	200.50M	200.17M	200.12M	200.01M	200.00M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	82	106	105	100	75	68	96	97	60
Normalized NOPAT Margin	11.68%	14.38%	14.41%	13.65%	11.16%	9.98%	14.17%	14.01%	9.61%
Pre Tax Income Margin	13.33%	12.45%	15.87%	18.36%	10.90%	11.55%	11.09%	17.42%	11.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.83	8.08	9.29	11.31	5.87	7.58	11.71	16.00	10.00
NOPAT to Interest Expense	6.86	8.17	7.52	7.67	4.99	5.69	9.66	12.07	7.55
EBIT Less CapEx to Interest Expense	4.58	3.62	4.57	7.00	2.07	2.67	5.57	9.75	2.13
NOPAT Less CapEx to Interest Expense	2.61	3.71	2.81	3.36	1.19	0.77	3.52	5.82	-0.32
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.36%	33.33%	0.00%	0.00%	0.00%	251.45%	0.00%	0.00%	0.00%
Augmented Payout Ratio	37.36%	33.33%	0.00%	0.00%	0.00%	251.45%	0.00%	0.00%	0.00%

Frequently Asked Questions About UL Solutions' Financials

When does UL Solutions's financial year end?

According to the most recent income statement we have on file, UL Solutions' fiscal year ends in December. Their fiscal 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 5/25/2025 by MarketBeat.com Staff

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UL Solutions (ULS) Financials

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UL Solutions (ULS) Financials

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