UL Solutions Inc. (ULS) is a Technology stock trading at $74.02 (as of 2026-08-25), with a market capitalization of $14.88B and a trailing P/E of 29.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
UL Solutions Inc. provides safety science 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 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 for regulated industries, including life sciences, supply chain regulations, transparency needs, and new ESG and sustainability requirements. It offers ULTRUS software brand to help customers improve speed to market, sustainability and safety. UL Solutions Inc. was formerly known as UL Inc. and changed its name to UL Solutions Inc. in June 2022. The company was founded in 1894 and is headquartered in Northbrook, Illinois with additional offices in North America, Asia Pacific, Africa, Europe, Latin America, and Middle East. UL Solutions Inc. operates as a subsidiary of ULSE Inc.
UL Solutions tests, inspects, and certifies industrial equipment, consumer products, and building systems for product safety and regulatory compliance, earning fees per test plus recurring annual recertification charges. The recurring certification base and dependence on the UL mark as a regulatory standard give it durable pricing power across many different end markets.
Once a product carries the UL mark, the manufacturer must pay to recertify every year. That renewal loop converts one-time test fees into a sticky, recurring revenue stream that compounds as new products hit the market.
| Industrial | $0.3B |
| Consumer | $0.3B |
| Software & Advisory | $0.1B |
Business quality (Solid): Recurring certification model with 51% gross margins and 31% ROE makes this a structurally strong franchise. The 29.5x multiple already prices in that quality, so the investment case hinges on execution of the restructuring and secular growth lines.
Valuation: Trades at 29× trailing earnings · $14.9B market cap.
| Price | $74.02 |
| Market Cap | $14.88B |
| P/E Ratio | 29.5 |
| EV / EBITDA | 19.6 |
| Price / Book | 9.19 |
| Price / Sales | 4.73 |
| FCF Yield | 2.9% |
| DCF Value (model) | $30.51 |
| DCF Upside vs Price | -58.8% |
| Revenue (TTM) | $3.05B |
| Net Margin | 10.6% |
| Revenue Growth (YoY) | 5.2% |
| EPS Growth (YoY) | 171.1% |
| FCF Growth (YoY) | -13.3% |
| Altman Z-Score | 7.45 (safe) |
| Piotroski F-Score | 7/9 (strong) |
| Stock P/E | 29.5 |
| Sector P/E (Technology) | 34.1 |
| Industry P/E (Business Services) | 30.0 |
| vs Sector | -13.7% |
| vs Industry | -1.6% |
| Top Institutional Holder | T. Rowe Price Investment Management, Inc. ($624.48M) |
| Institutional Holders Tracked | 10 |
| Sector | Technology |
| Industry | Business Services |
| CEO | Jennifer F. Scanlon |
| Employees | 14,813 |
| Country | US |
| IPO Date | 2014-07-15 |
Data as of 2026-08-25.
Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.