4 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 6.6% per year over the past 3 years.
Net income has grown slower than revenue (3.5% vs 6.6% per year).
Operating margin has been roughly flat, at 17.1% in the latest year.
Free cash flow has grown 24.7% per year over the past 3 years.
Financial health
Total debt ($491M) exceeds cash ($295M); net debt is $196M.
Total debt has grown slower than revenue (-26.3% vs 6.6% per year).
Operating income covered interest expense 13× in the latest year, down from 24× 3 years ago.
Total debt is 0.7× EBITDA.
Shareholder returns
Dividends have been paid for 4 consecutive years, consuming 32.0% of earnings and 25.8% of free cash flow.
The dividend has declined 59.8% per year over the past 3 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$3.1B
$325M
49.5%
17.1%
$403M
$491M
$295M
2024
$2.9B
$326M
48.5%
16.1%
$287M
$742M
$298M
2023
$2.7B
$260M
47.9%
13.7%
$252M
$904M
$315M
2022
$2.5B
$293M
47.9%
16.3%
$208M
—
—
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$758M
$92M
50.3%
18.2%
$150M
$357M
$258M
Dec '25
$789M
$67M
49.7%
15.0%
$86M
$491M
$295M
Sep '25
$783M
$100M
50.3%
19.9%
$109M
$544M
$255M
Jun '25
$776M
$91M
49.4%
17.9%
$105M
$608M
$272M
Mar '25
$705M
$67M
48.2%
15.5%
$103M
$653M
$267M
Dec '24
$739M
$81M
47.2%
15.6%
$72M
$742M
$298M
Sep '24
$731M
$88M
49.0%
17.8%
$84M
$797M
$327M
Jun '24
$730M
$101M
50.1%
17.3%
$47M
$810M
$295M
Mar '24
$670M
$56M
47.6%
13.6%
$84M
$879M
$344M
Dec '23
$684M
$58M
46.3%
12.6%
$67M
$904M
$315M
Sep '23
$676M
$53M
49.1%
13.2%
$78M
—
—
Jun '23
$689M
$94M
48.9%
17.0%
$9M
—
—
Mar '23
$629M
$55M
46.7%
11.9%
$98M
—
—
Valuation over time
How the market has priced ULS against its own fundamentals since 2024-04 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 27.1× (Apr '24) to 59.3× (Jun '26).
The price-to-sales ratio has risen from 2.6× (Apr '24) to 6.3× (Jun '26).
The dividend yield has fallen from 9.6% (Apr '24) to 0.5% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is ULS growing its revenue and profit?
Over the past 3 years, Ul Solutions Inc.'s revenue has grown 6.6% per year, and net income grown 3.5% per year. These are computed facts, not advice.
How much debt does ULS have?
As of FY2025, Ul Solutions Inc. reported $491M of total debt against $295M of cash; operating income covered interest expense 13×.
What is ULS's profit margin?
In FY2025, gross margin was 49.5%, operating margin 17.1%, and net margin 10.6%.
What is ULS's P/E ratio?
As of Jun '26, Ul Solutions Inc. traded at a price-to-earnings ratio of about 59.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.