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
Return on equity & assets (ROE / ROA)
ROEROA
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
ROE
ROA
FCF
Total debt
Cash
2025
$3.1B
$325M
49.5%
17.1%
25.8%
11.1%
$403M
$491M
$295M
2024
$2.9B
$326M
48.5%
16.1%
36.1%
11.6%
$287M
$742M
$298M
2023
$2.7B
$260M
47.9%
13.7%
39.8%
9.5%
$252M
$904M
$315M
2022
$2.5B
$293M
47.9%
16.3%
—
—
$208M
—
—
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
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
ROE
ROA
FCF
Total debt
Cash
Jun '26
$816M
$246M
51.1%
18.4%
15.4%
7.9%
$91M
$301M
$434M
Mar '26
$758M
$92M
50.3%
18.2%
7.0%
3.1%
$150M
$357M
$258M
Dec '25
$789M
$67M
49.7%
15.0%
5.3%
2.3%
$86M
$491M
$295M
Sep '25
$783M
$100M
50.3%
19.9%
8.4%
3.5%
$109M
$544M
$255M
Jun '25
$776M
$91M
49.2%
17.9%
8.3%
3.1%
$105M
$608M
$272M
Mar '25
$705M
$67M
48.2%
15.5%
6.9%
2.3%
$103M
$653M
$267M
Dec '24
$739M
$81M
47.2%
15.6%
9.0%
2.9%
$72M
$742M
$298M
Sep '24
$731M
$88M
49.0%
17.8%
10.1%
3.1%
$84M
$797M
$327M
Jun '24
$730M
$101M
50.1%
17.3%
13.1%
3.7%
$47M
$810M
$295M
Mar '24
$670M
$56M
47.6%
13.6%
8.3%
2.0%
$84M
$879M
$344M
Dec '23
$684M
$58M
46.3%
12.6%
8.9%
2.1%
$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 27.3× (Apr '24) to 46.6× (Nov '26).
The price-to-sales ratio has risen from 2.6× (Apr '24) to 5.0× (Nov '26).
The dividend yield has fallen from 9.6% (Apr '24) to 0.7% (Nov '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?
Ul Solutions Inc.'s P/E (TTM) is 30.01 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ULS stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 46.6× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.