# UL Solutions (ULS.US)

Canonical: https://gigainvestors.com/s/ULS

Analysis as of: 2026-10-16T07:32:41.859Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $74.39 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Jun 2026

Story as of 2026-10-16T10:01:26.843Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty business services; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1901440/000190144026000005/uls-20251231.htm (filed 2026-02-19); FY2025: revenue 3053000000; grossProfit 1497821000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ULS.US: UL Solutions Inc., together with its subsidiaries, provides testing, inspection and certification services and related software and advisory services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory. The Industrial segment provides testing, inspection, and certification services across various end markets, including energy, industrial automation, engineered materials, and built environment, as well as stakeholders, such as manufacturers, building and asset owners, end users, and regulators. The Consumer segment offers safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality, and critical systems advisory and training services, as well as product market acceptance and risk mitigation services for customers in the consumer products end markets comprising consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, and retail, as well as consumer applications, such as new mobility, smart products, and 5G. The Software and Advisory segment provide software and technical advisory services that enable customers to manage regulatory requirements, deliver supply chain transparency, and operationalize sustainability. It offers ULTRUS, a software that helps customers meet regulatory, supply chain, and sustainability challenges. UL Solutions Inc. was formerly known as UL Inc. and changed its name to UL Solutions Inc. in December 2021. The company was founded in 1894 and is headquartered in Northbrook, Illinois. UL Solutions Inc. operates as a subsidiary of ULSE Inc.

### Why customers stay

Margins ranged from 47.2% to 49.1% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 47.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 48.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1901440/000190144026000005/uls-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 49.1%.

### Where the cash goes

Reinvests 3.1% of cash earnings; paid dividends in 4 of 4 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 164000000; cash acquisitions 66000000; owner earnings 264000000. Growth capex plus acquisitions / owner earnings = 0.25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 40796180.81487012; upkeep 174203819.18512988; cash acquisitions 18000000; owner earnings 239796180.81487012. Growth capex plus acquisitions / owner earnings = 0.2451923154700389.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 51268885.86457613; upkeep 185731114.13542387; cash acquisitions 26000000; owner earnings 312268885.8645761. Growth capex plus acquisitions / owner earnings = 0.24744343532863497.

- Source: https://www.sec.gov/Archives/edgar/data/1901440/000190144026000005/uls-20251231.htm (filed 2026-02-19); FY2025: growth capex 9000000; upkeep 188000000; cash acquisitions 1000000; owner earnings 325000000. Growth capex plus acquisitions / owner earnings = 0.03076923076923077.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2022,1600000000],[2023,680000000],[2024,100000000],[2025,104000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ULS.US SharesStats.PercentInsiders = 1.197 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 74.39 USD; reporting-to-trading FX 1; FY2025 annual sales per share 15.039408866995075; price multiple 4.946338028169014. FY2025 cash earnings/share 1.6009852216748768. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2024-04: $35.10 per share

- 2024-05: $38.57 per share

- 2024-06: $42.19 per share

- 2024-07: $50.53 per share

- 2024-08: $54.54 per share

- 2024-09: $49.30 per share

- 2024-10: $51.96 per share

- 2024-11: $53.73 per share

- 2024-12: $49.88 per share

- 2025-01: $53.91 per share

- 2025-02: $53.19 per share

- 2025-03: $56.40 per share

- 2025-04: $57.19 per share

- 2025-05: $71.50 per share

- 2025-06: $72.86 per share

- 2025-07: $73.12 per share

- 2025-08: $63.17 per share

- 2025-09: $70.86 per share

- 2025-10: $77.87 per share

- 2025-11: $91.21 per share

- 2025-12: $78.86 per share

- 2026-01: $70.23 per share

- 2026-02: $83.97 per share

- 2026-03: $85.71 per share

- 2026-04: $90.49 per share

- 2026-05: $99.50 per share

- 2026-06: $101.86 per share

- 2026-07: $91.64 per share

- 2026-08: $74.52 per share

- 2026-09: $65.62 per share

- 2026-10: $74.39 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1901440/000190144026000005/uls-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.