UL Solutions
ULSNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $81.56 Prior regular-session close from the quote source.
- $80.21–$81.97 Regular-session low and high so far today.
- 464.8K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 18 projected Projected for 2027-02-18 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $63.17–$107.54 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ULS if the UL name remains essential to product market access, steady TIC demand should keep converting into margins and cash.
ULS price history
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Investment thesis
What must happen next
Regulatory and market-access trust in the UL name remains strong enough to keep customers using ULS rather than self-certification or cheaper labs, sustaining roughly its recent mid-single-digit demand cadence.StrengtheningMateriality: High
Annual GAAP revenue rose from $2.520 billion in FY2022 to $3.053 billion in FY2025. If the trust moat holds, revenue can compound without needing risky new markets; if it weakens, the core engine becomes price-competitive testing work.
Watch: Regulators, retailers or major manufacturers broadly accept self-certification in categories where UL marks historically mattered.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue rose from $2.520 billion in FY2022 to $3.053 billion in FY2025.
Open source ↗ULS’s accredited lab network and technical workforce retain enough scarcity to price and mix services above cost inflation rather than becoming commodity testing capacity.StrengtheningMateriality: High
Annual GAAP gross profit increased from an estimated $1.207 billion in FY2022 to an estimated $1.510 billion in FY2025. This is the difference between revenue growth creating attractive economics and revenue growth being competed away through labor and lab-cost inflation.
Watch: Wage inflation for engineers and technical staff accelerates faster than ULS can raise prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit increased from an estimated $1.207 billion in FY2022 to an estimated $1.510 billion in FY2025.
Open source ↗The fixed-cost lab, accreditation and corporate platform can absorb incremental demand, so growth converts into higher GAAP operating income rather than being reinvested away.StrengtheningMateriality: Medium
Annual GAAP operating income increased from $368 million in FY2023 to $522 million in FY2025. Operating leverage is what turns a steady TIC business into a compounding equity; if reinvestment needs rise too much, the business may grow but not create much incremental value.
Watch: ULS must build or acquire expensive new lab capacity to stay relevant in emerging product categories, preventing scale benefits.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating income increased from $368 million in FY2023 to $522 million in FY2025.
Open source ↗The TIC model continues to turn testing and certification work into operating cash that can fund capacity, technology and advisory investments without stressing the balance sheet.StrengtheningMateriality: Medium
Annual GAAP operating cash flow rose from $372 million in FY2022 to $600 million in FY2025. Strong cash conversion lets owners benefit from reinvestment and optional acquisitions; weak conversion would make the growth model more capital-intensive and less valuable.
Watch: Customers stretch payment terms or large projects require heavier working capital before cash is collected.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow rose from $372 million in FY2022 to $600 million in FY2025.
Open source ↗
Full investment case & evidence
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Original research
Regulatory and market-access trust in the UL name remains strong enough to keep customers using ULS rather than self-certification or cheaper labs, sustaining roughly its recent mid-single-digit demand cadence. If the trust moat holds, revenue can compound without needing risky new markets; if it weakens, the core engine becomes price-competitive testing work.
ULS’s accredited lab network and technical workforce retain enough scarcity to price and mix services above cost inflation rather than becoming commodity testing capacity. This is the difference between revenue growth creating attractive economics and revenue growth being competed away through labor and lab-cost inflation.
The fixed-cost lab, accreditation and corporate platform can absorb incremental demand, so growth converts into higher GAAP operating income rather than being reinvested away. Operating leverage is what turns a steady TIC business into a compounding equity; if reinvestment needs rise too much, the business may grow but not create much incremental value.
The TIC model continues to turn testing and certification work into operating cash that can fund capacity, technology and advisory investments without stressing the balance sheet. Strong cash conversion lets owners benefit from reinvestment and optional acquisitions; weak conversion would make the growth model more capital-intensive and less valuable.
All standing thesis claims
Original report summary
the UL name remains essential to product market access, steady TIC demand should keep converting into margins and cash.
Bull case and bear case
Bull case and bear case for UL Solutions
Where the evidence on UL Solutions stands: Strengthening on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
Regulatory and market-access trust in the UL name remains strong enough to keep customers using ULS rather than self-certification or cheaper labs, sustaining roughly its recent mid-single-digit demand cadence.
ULS’s accredited lab network and technical workforce retain enough scarcity to price and mix services above cost inflation rather than becoming commodity testing capacity.
The fixed-cost lab, accreditation and corporate platform can absorb incremental demand, so growth converts into higher GAAP operating income rather than being reinvested away.
The TIC model continues to turn testing and certification work into operating cash that can fund capacity, technology and advisory investments without stressing the balance sheet.
Bear case: what would count against it
Regulators, retailers or major manufacturers broadly accept self-certification in categories where UL marks historically mattered.
Wage inflation for engineers and technical staff accelerates faster than ULS can raise prices.
ULS must build or acquire expensive new lab capacity to stay relevant in emerging product categories, preventing scale benefits.
Thesis-Break Engine
Thesis-break watch · UL Solutions
No break has crossed UL Solutions’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
UL Solutions filed an SEC 8-K on 2026-10-01: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
UL Solutions filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
UL Solutions filed an SEC 8-K on 2026-06-03: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Regulators, retailers or major manufacturers broadly accept self-certification in categories where UL marks historically mattered.
- Wage inflation for engineers and technical staff accelerates faster than ULS can raise prices.
- ULS must build or acquire expensive new lab capacity to stay relevant in emerging product categories, preventing scale benefits.
- Customers stretch payment terms or large projects require heavier working capital before cash is collected.
ULS news
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Financial statements
ULS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ULS: quick answers
- When does UL Solutions (ULS) report earnings next?
- UL Solutions's next results are projected for February 18, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 3, 2026. Earnings calendar
- What is ULS's short interest?
- As of October 30, 2026, 5.0M ULS shares were sold short, 6.40% of its shares outstanding, down 8.5% from the count before. At the stock's average daily volume that is 6.5 days to cover. FINRA publishes the count twice a month. ULS short interest history
- Have members of Congress traded ULS?
- 1 trade in ULS has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed ULS trade
- Which well-known investors own ULS?
- 2 of the 37 well-known funds tracked here reported ULS shares in their latest 13F filings. By share of the fund's portfolio: Durable Capital Partners, 2.9%; Soros Fund Management (George Soros), 0.4%. Fund portfolios
ULS in well-known investors’ portfolios
2 of 37 funds reported ULS shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Durable Capital Partners | 2.9% | $299M | −10.8% | Q2 2026 |
| George SorosSoros Fund Management | 0.42% | $34.0M | −15.4% | Q2 2026 |