UL Solutions Inc. (ULS) Key Metrics
ULS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $14.80B
- Enterprise value
- $13.24B
- P/E (TTM)
- 29.6
- Forward P/E
- 24.9
- PEG ratio
- 1.33
- Price / sales
- 4.7
- Price / book
- 8.3
- EV / EBITDA
- 14.1
- Dividend yield
- 0.31% $0.58 a year
- Beta
- 0.71
ULS key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsULS valuation Price multiples at each fiscal year-end price.
ULS returns How much profit the business earns on the capital it uses.
ULS per-share figures Results divided by the shares outstanding at year-end.
ULS financial health Debt, liquidity and how easily interest is covered.
ULS efficiency & capital use Working capital cycle and where the cash goes.
ULS valuation history
ULS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ULS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ULS cash returned to shareholders
ULS price vs earnings per share
ULS key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $16.01B | $10.03B | — | — | — | — | — |
| Enterprise value | $16.55B | $10.66B | — | — | — | — | — |
| P/E ratio | 49.3 | 30.8 | — | — | — | — | — |
| Price / sales | 5.2 | 3.5 | — | — | — | — | — |
| Price / book | 12.7 | 11.1 | — | — | — | — | — |
| Price / free cash flow | 39.7 | 34.9 | — | — | — | — | — |
| Price / operating cash flow | 26.7 | 19.1 | — | — | — | — | — |
| EV / sales | 5.4 | 3.7 | — | — | — | — | — |
| EV / EBITDA | 24.0 | 16.6 | — | — | — | — | — |
| EV / free cash flow | 41.1 | 37.2 | — | — | — | — | — |
| Earnings yield | 2.0% | 3.3% | — | — | — | — | — |
| Free cash flow yield | 2.5% | 2.9% | — | — | — | — | — |
| Dividend yield | 0.6% | 1.0% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.6% | 1.0% | — | — | — | — | — |
| Share price at fiscal year-end | $78.86 | $49.88 | — | — | — | — | — |
| Per share | |||||||
| Revenue per share | $15.04 | $14.28 | $13.39 | $12.60 | $12.59 | $11.51 | $11.57 |
| Earnings per share | $1.60 | $1.62 | $1.30 | $1.47 | $1.12 | $1.16 | $1.23 |
| Operating cash flow per share | $2.96 | $2.61 | $2.33 | $1.86 | $2.10 | $2.44 | $1.93 |
| Free cash flow per share | $1.99 | $1.43 | $1.26 | $1.04 | $1.57 | $1.84 | $1.19 |
| Cash per share | $1.45 | $1.48 | $1.57 | $1.86 | $6.88 | $4.86 | — |
| Book value per share | $6.22 | $4.50 | $3.27 | $5.27 | $11.55 | $11.26 | — |
| Tangible book value per share | $2.23 | $0.43 | −$0.90 | $1.03 | $7.47 | $7.25 | — |
| Dividends per share | $0.51 | $0.50 | $3.40 | $8.00 | $1.00 | $0.04 | $0.04 |
| Capex per share | $0.97 | $1.18 | $1.07 | $0.82 | $0.54 | $0.59 | $0.74 |
| Debt per share | $4.10 | $4.65 | $5.32 | $3.30 | $0.77 | $0.81 | — |
| Shares outstanding | 203.0M | 201.0M | 200.0M | 200.0M | 200.0M | 200.0M | 200.0M |
| Change in shares outstanding | +1.0% | +0.5% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | 30.0% | 41.8% | 30.4% | 17.4% | 9.8% | 10.3% | — |
| Return on invested capital (ROIC) | 23.4% | 26.1% | 23.6% | 27.3% | 19.7% | 18.4% | — |
| Return on assets (ROA) | 11.4% | 11.8% | 9.5% | 9.2% | 6.2% | 6.5% | — |
| Return on tangible assets | 15.4% | 16.4% | 13.7% | 15.6% | 7.9% | 8.4% | — |
| Free cash flow margin | 13.2% | 10.0% | 9.4% | 8.3% | 12.5% | 16.0% | 10.2% |
| Income quality (OCF / net income) | 1.85 | 1.61 | 1.80 | 1.27 | 1.88 | 2.11 | 1.57 |
| Financial health | |||||||
| Total debt | $832.0M | $935.0M | $1.06B | $660.0M | $154.0M | $161.0M | — |
| Cash & short-term investments | $295.0M | $298.0M | $315.0M | $373.0M | $1.38B | $971.0M | — |
| Net debt | $537.0M | $637.0M | $748.0M | $287.0M | −$1.22B | −$810.0M | — |
| Debt / equity | 0.66 | 1.03 | 1.63 | 0.63 | 0.07 | 0.07 | — |
| Debt / assets | 0.28 | 0.33 | 0.39 | 0.24 | 0.04 | 0.05 | — |
| Net debt / EBITDA | 0.78 | 0.99 | 1.40 | 0.54 | −2.93 | −1.68 | — |
| Current ratio | 1.32 | 1.24 | 1.34 | 1.44 | 2.52 | 2.38 | — |
| Quick ratio | 1.32 | 1.24 | 1.34 | 1.44 | 2.52 | 2.38 | — |
| Interest coverage | 12.7 | 8.4 | 11.6 | 24.2 | 287.0 | 363.0 | — |
| Working capital | $240.0M | $181.0M | $244.0M | $304.0M | $1.21B | $924.0M | — |
| Invested capital | $1.80B | $1.54B | $1.40B | $1.34B | $1.09B | $1.44B | — |
| Tangible asset value | $485.0M | $113.0M | −$156.0M | $230.0M | $1.51B | $1.47B | — |
| Net current asset value | −$627.0M | −$948.0M | −$1.10B | −$645.0M | $669.0M | $315.0M | — |
| Graham number | $14.96 | $12.81 | $9.78 | $13.18 | $17.06 | $17.11 | — |
| Graham net-net per share | −$4.25 | −$5.63 | −$6.50 | −$4.15 | $2.31 | $0.58 | — |
| Capital allocation | |||||||
| Dividends paid | $104.0M | $100.0M | $680.0M | $1.60B | $200.0M | $9.0M | $7.0M |
| Dividend payout ratio | 32.0% | 30.7% | 261.5% | 546.1% | 89.3% | 3.9% | 2.8% |
| Dividends + buybacks / free cash flow | 25.8% | 34.8% | 269.8% | 769.2% | 63.7% | 2.4% | 3.0% |
| Capex / revenue | 6.5% | 8.3% | 8.0% | 6.5% | 4.3% | 5.2% | 6.4% |
| Capex / operating cash flow | 32.8% | 45.2% | 46.0% | 44.1% | 25.4% | 24.4% | 38.6% |
| Capex / depreciation | 1.05 | 1.38 | 1.40 | 1.21 | 0.75 | 0.81 | 1.55 |
| Stock-based compensation / revenue | 1.5% | 0.8% | 1.2% | −0.0% | 5.4% | 0.5% | 1.0% |
| R&D / revenue | — | 2.1% | 1.9% | 1.7% | 1.8% | — | 2.2% |
| SG&A / revenue | 30.8% | 32.4% | 0.3% | 0.5% | 0.8% | 30.0% | — |
| Efficiency | |||||||
| Days sales outstanding | 72.5 | 74.8 | 80.2 | 82.8 | 81.4 | 89.8 | — |
| Days payables outstanding | 42.8 | 43.0 | 41.6 | 46.1 | 42.3 | 37.6 | — |
| Cash conversion cycle (days) | 29.6 | 31.8 | 38.6 | 36.7 | 39.1 | 52.1 | — |
| Receivables turnover | 5.04 | 4.88 | 4.55 | 4.41 | 4.48 | 4.07 | — |
| Payables turnover | 8.52 | 8.49 | 8.78 | 7.91 | 8.63 | 9.69 | — |
| Asset turnover | 1.07 | 1.04 | 0.98 | 0.79 | 0.70 | 0.65 | — |
| Average receivables | $606.0M | $588.0M | $588.5M | $572.0M | $561.5M | $566.0M | — |
| Average payables | $182.5M | $175.5M | $161.0M | $166.0M | $155.0M | $131.0M | — |
| Intangibles / total assets | 27.7% | 29.2% | 30.5% | 31.1% | 22.3% | 22.6% | — |
Computed from ULS's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ULS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), UL Solutions traded at 49.3 times earnings. Based on the latest twelve months, the trailing P/E is 29.6 and the forward P/E is 24.9. UL Solutions earned a return on equity of 30.0% and a return on invested capital of 23.4% in fiscal 2025. It ended the year with $832.0 million of debt and $295.0 million in cash and short-term investments, net debt of $537.0 million. It returned $104.0 million to shareholders: $104.0 million in dividends and $0 in share buybacks, 26% of free cash flow.
See the ULS income statement, the ULS chart for price history, or the ULS stock overview for the latest quote and news.
ULS key metrics FAQ
What is UL Solutions's P/E ratio?
UL Solutions's trailing P/E ratio is 29.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.9. At the end of fiscal 2025 it was 49.3.
What is UL Solutions's EV/EBITDA?
UL Solutions's enterprise value was 24.0 times EBITDA at the end of fiscal 2025 (enterprise value $16.5 billion, EBITDA $690.7 million); the current EV/EBITDA is 14.1.
What is UL Solutions's return on equity?
UL Solutions's return on equity (ROE) was 30.0% in fiscal 2025: net income of $325.0 million on average shareholders' equity of $1.1 billion.
What is UL Solutions's ROIC?
UL Solutions's return on invested capital was 23.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does UL Solutions have?
UL Solutions had total debt of $832.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.66 and $537.0 million of net debt (0.78 times EBITDA).
What is UL Solutions's dividend yield?
UL Solutions's forward dividend yield is 0.31%. UL Solutions paid $104.0 million in dividends in fiscal 2025 ($0.51 per share), a payout ratio of 32.0%.
What is UL Solutions's free cash flow yield?
UL Solutions generated $403.0 million of free cash flow in fiscal 2025, a free cash flow yield of 2.5% on its market value at year-end ($16.0 billion).
What is UL Solutions's current ratio?
UL Solutions's current ratio was 1.32 at the end of fiscal 2025: current assets were 1.32 times current liabilities.