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UL Solutions

ULS on NYSE. UL Solutions sells testing, inspection, and certification services to companies worldwide. Market value $4.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Recent profit includes a one-time gain, so we price the company excluding that gain.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.2%fair

For every $100 of what the whole company costs, it produced $3.17 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026, without the one-off
24.2×full

You pay 24.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 42 of 100. Our list needs 70 on quality and 60 on price.

$68.37 a share, 8% above its 1-year low

Over the past year the price has ranged from $63.17 to $107.54.

Dividend: 0.8% a year

Paid every year for 2 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.3
0.4
0.4
2024202512 monthsto Jun '26
Revenue
$2.9bn$3.1bn
Operating margin
16.1%17.1%
Debt to equity
0.820.39
Shares outstanding
0.20bn0.20bn

Health checks

  • Free cash flow positive2 of 2 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)8 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.39× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $816 million last quarter, up 5% on a year ago.
  • Profit: $246 million, up 170% on a year ago.
  • It keeps 18 cents of each $1 of sales as operating profit, up from 17 cents a year earlier.
  • Spare cash over the past 12 months: $436 million, up from $364 million.
  • About the same number of shares as a year ago.
  • It has $133 million more cash than debt. A year ago debt was $336 million more than cash.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$731m
December 2024$739m
March 2025$705m
June 2025$776m
September 2025$783m
December 2025$789m
March 2026$758m
June 2026$816m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$88m
December 2024$81m
March 2025$67m
June 2025$91m
September 2025$100m
December 2025$67m
March 2026$92m
June 2026$246m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 390 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $2,957 of shares on the open market. 5 sold $11m, $9m of it under preset trading plans.

  • Scanlon Jennifer F.
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    12,500
    Price
    $73.66
    Value
    $920,800
  • Scanlon Jennifer F.
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    12,500
    Price
    $92.08
    Value
    $1m
  • Scanlon Jennifer F.
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    12,500
    Price
    $99.22
    Value
    $1m
  • PEPPING KAREN K
    Senior VP & CAO
    Sold
    under a preset trading plan
    Date
    9 June 2026
    Shares
    725
    Price
    $97.74
    Value
    $70,862
  • Schjotz Gitte
    See Remarks
    Sold
    under a preset trading plan
    Date
    3 June 2026
    Shares
    9,865
    Price
    $96.98
    Value
    $956,708
  • Schjotz Gitte
    See Remarks
    Sold
    under a preset trading plan
    Date
    2 June 2026
    Shares
    12,015
    Price
    $99.71
    Value
    $1m
  • Scanlon Jennifer F.
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    12,500
    Price
    $100.00
    Value
    $1m
  • Uggetti Alberto
    EVP & CCO
    Sold
    under a preset trading plan
    Date
    28 May 2026
    Shares
    2,345
    Price
    $99.89
    Value
    $234,242
  • Hecker Friedrich
    Director
    Sold
    Date
    21 May 2026
    Shares
    4,000
    Price
    $102.04
    Value
    $408,160
  • Uggetti Alberto
    EVP & CCO
    Sold
    Date
    11 May 2026
    Shares
    6,100
    Price
    $100.00
    Value
    $610,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.