UL Solutions Inc. (ULS)

Industry: Specialty Business Services Sector: Industrials Currency Used: US Live Price: $75.00

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022
Stock Price	70.86	72.86	66.71	44.02	34.94	34.94
Market Capitalization	14,242.86M	14,644.86M	13,389.24M	8,804.61M	6,988.00M	6,988.00M
(-) Cash & Equivalents	255.00M	272.00M	264.67M	316.00M	400.75M	178.75M
(+) Total Debt	736.00M	805.00M	794.67M	970.00M	761.00M	338.00M
Enterprise Value	14,723.86M	15,177.86M	13,919.24M	9,458.61M	7,348.25M	7,147.25M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Revenue	3,003M	2,815M	2,870M	2,678M	2,520M	2,517M	2,301M	2,315M
Cost of Revenue	1,541M	1,455M	1,490M	1,413M	1,313M	1,338M	1,270M	1,280M
Gross Profit	1,462M	1,360M	1,380M	1,265M	1,207M	1,179M	1,031M	1,035M
Gross Profit Margin	48.7%	48.3%	48.1%	47.2%	47.9%	46.8%	44.8%	44.7%
R&D Expenses	0M	0M	59M	0M	0M	0M	0M	52M
SG&A Expenses	943M	926M	918M	860M	795M	892M	668M	723M
Operating Expenses	943M	926M	918M	860M	795M	892M	668M	715M
Operating Income (EBIT)	519M	434M	462M	405M	412M	287M	363M	320M
Operating Income Margin	17.3%	15.4%	16.1%	15.1%	16.3%	11.4%	15.8%	13.8%
Interest Income	3M	2M	4M	12M	0M	0M	0M	1M
Interest Expense	45M	54M	55M	35M	17M	1M	1M	0M
Net Interest Income	-42M	-52M	-51M	-23M	-17M	-1M	-1M	1M
Unusual Items	-20M	20M	4M	-36M	-12M	-12M	-29M	-2M
EBT Excluding Unusual Items	477M	382M	411M	382M	395M	286M	362M	321M
Pre-Tax Income	457M	402M	415M	346M	383M	274M	333M	319M
Pre-Tax Margin	15.2%	14.3%	14.5%	12.9%	15.2%	10.9%	14.5%	13.8%
Income Tax Expense	98M	80M	70M	70M	74M	36M	90M	62M
Net Income	339M	303M	326M	260M	293M	224M	231M	246M
Net Income Margin	11.3%	10.8%	11.4%	9.7%	11.6%	8.9%	10.0%	10.6%
Depreciation & Amortization	184M	168M	172M	154M	135M	142M	147M	96M
EBITDA	703M	602M	634M	559M	547M	429M	510M	416M
EBITDA Margin	23.4%	21.4%	22.1%	20.9%	21.7%	17.0%	22.2%	18.0%
NOPAT	408M	348M	384M	323M	332M	249M	265M	258M
NOPAT Margin	13.6%	12.3%	13.4%	12.1%	13.2%	9.9%	11.5%	11.1%
Owner's Earnings	326M	233M	261M	199M	264M	259M	259M	193M
Owner's Earnings Margin	10.9%	8.3%	9.1%	7.4%	10.5%	10.3%	11.3%	8.3%
EPS (Basic)	1.69	1.52	1.63	1.30	1.47	1.12	1.16	1.23
EPS (Diluted)	1.67	1.51	1.62	1.30	1.47	1.12	1.16	1.23
Shares (Basic)	201M	200M	200M	200M	200M	200M	200M	200M
Shares (Diluted)	203M	200M	201M	200M	200M	200M	200M	200M

Product Segments

Metric	TTM	TTM-1	2024-12-31
Software	281.00M	—	273.00M

Geographic Segments

Metric	TTM	TTM-1	2024-12-31
Asia Pacific	—	—	375.00M
CHINA	—	—	710.00M
EMEA	—	—	496.00M
Other Americas	—	—	111.00M
UNITED STATES	—	—	1,178.00M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Cash & Cash Equivalents	255.00M	272.00M	298.00M	315.00M	322.00M	1,328.00M	971.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	51.00M	47.00M	0.00M
Cash & Short-Term Investments	255.00M	272.00M	298.00M	315.00M	373.00M	1,375.00M	971.00M
Net Receivables	623.00M	648.00M	586.00M	590.00M	587.00M	557.00M	566.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	117.00M	89.00M	4.00M	13.00M	5.00M	6.00M	57.00M
Total Current Assets	995.00M	1,009.00M	888.00M	918.00M	965.00M	1,938.00M	1,594.00M
Property, Plant & Equipment	847.00M	837.00M	817.00M	706.00M	637.00M	602.00M	609.00M
Goodwill	655.00M	656.00M	633.00M	623.00M	647.00M	621.00M	593.00M
Intangible Assets	163.00M	174.00M	185.00M	211.00M	200.00M	196.00M	209.00M
Long-Term Investments	33.00M	33.00M	58.00M	64.00M	62.00M	44.00M	409.00M
Tax Assets	99.00M	110.00M	108.00M	110.00M	128.00M	166.00M	0.00M
Other Non-Current Assets	106.00M	103.00M	78.00M	69.00M	48.00M	34.00M	137.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,903.00M	1,913.00M	1,879.00M	1,783.00M	1,722.00M	1,663.00M	1,957.00M
Total Assets	2,898.00M	2,922.00M	2,767.00M	2,701.00M	2,687.00M	3,601.00M	3,551.00M
Accounts Payable	151.00M	139.00M	182.00M	169.00M	153.00M	179.00M	131.00M
Short-Term Debt	42.00M	0.00M	50.00M	0.00M	0.00M	0.00M	3.00M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	29.00M	0.00M
Deferred Revenue	255.00M	328.00M	162.00M	162.00M	142.00M	135.00M	0.00M
Other Current Liabilities	47.00M	256.00M	54.00M	339.00M	357.00M	413.00M	179.00M
Total Current Liabilities	495.00M	723.00M	448.00M	670.00M	652.00M	756.00M	313.00M
Long-Term Debt	544.00M	608.00M	692.00M	904.00M	499.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	197.00M	193.00M	159.00M	161.00M	154.00M	158.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	15.00M	0.00M
Other Non-Current Liabilities	235.00M	281.00M	282.00M	325.00M	331.00M	405.00M	493.00M
Total Non-Current Liabilities	779.00M	1,086.00M	1,167.00M	1,388.00M	991.00M	574.00M	651.00M
Total Liabilities	1,274.00M	1,809.00M	1,615.00M	2,058.00M	1,643.00M	1,330.00M	964.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	429.00M	356.00M	250.00M	24.00M	211.00M	1,518.00M	1,494.00M
Accumulated OCI	-102.00M	-115.00M	-167.00M	-146.00M	-166.00M	-216.00M	-251.00M
Minority Interest	27.00M	20.00M	27.00M	24.00M	23.00M	21.00M	20.00M
Total Shareholders’ Equity	327.00M	241.00M	83.00M	-122.00M	45.00M	1,302.00M	1,243.00M
Total Equity	354.00M	261.00M	110.00M	-98.00M	68.00M	1,323.00M	1,263.00M
Total Liabilities & Equity	1,628.00M	2,070.00M	1,725.00M	1,960.00M	1,711.00M	2,653.00M	2,227.00M
Tangible Assets	2,080.00M	2,092.00M	1,949.00M	1,867.00M	1,840.00M	2,784.00M	2,749.00M
Tangible Equity	-464.00M	-569.00M	-708.00M	-932.00M	-779.00M	506.00M	461.00M
Tangible Book Value	-464.00M	-569.00M	-708.00M	-932.00M	-779.00M	506.00M	461.00M
Total Investments	33.00M	33.00M	58.00M	64.00M	113.00M	91.00M	409.00M
Net Debt	331.00M	336.00M	444.00M	589.00M	177.00M	-1,328.00M	-968.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Working Capital	246.0M	244.0M	181.0M	244.0M	304.0M	1,207.0M	924.0M
Total Capital	1,929.0M	1,898.0M	1,839.0M	1,717.0M	1,714.0M	2,465.0M	2,413.0M
Capital Employed	2,149.0M	2,157.0M	2,060.0M	2,027.0M	2,026.0M	2,870.0M	2,881.0M
Invested Capital	1,674.0M	1,626.0M	1,541.0M	1,402.0M	1,392.0M	1,137.0M	1,442.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	359.00M	318.00M	326.00M	260.00M	293.00M	224.00M	231.00M	246.00M
Depreciation & Amortization	184.00M	168.00M	172.00M	154.00M	135.00M	142.00M	147.00M	96.00M
Deferred Income Tax	10.00M	-8.00M	0.00M	11.00M	10.00M	-70.00M	0.00M	0.00M
Stock-Based Compensation	43.00M	26.00M	54.00M	0.00M	-1.00M	135.00M	12.00M	22.00M
Change in Working Capital	-28.00M	25.00M	-17.00M	-18.00M	-108.00M	101.00M	66.00M	-54.00M
Accounts Receivable	8.00M	-27.00M	-28.00M	6.00M	-15.00M	-1.00M	-10.00M	-76.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	9.00M	1.00M	13.00M	1.00M	-18.00M	30.00M	8.00M	0.00M
Other Working Capital	-45.00M	51.00M	-2.00M	-25.00M	-75.00M	72.00M	68.00M	22.00M
Other Non-Cash Items	18.00M	-9.00M	-11.00M	60.00M	43.00M	-111.00M	31.00M	76.00M
Net Cash from Operating Activities	586.00M	520.00M	524.00M	467.00M	372.00M	421.00M	487.00M	386.00M
Capital Expenditures (PPE)	-197.00M	-238.00M	-237.00M	-215.00M	-164.00M	-107.00M	-119.00M	-149.00M
Acquisitions (Net)	-2.00M	-26.00M	-26.00M	-18.00M	-65.00M	-39.00M	0.00M	-38.00M
Purchases of Investments	-58.00M	0.00M	0.00M	-95.00M	-10.00M	-47.00M	-253.00M	0.00M
Sales / Maturities of Investments	15.00M	0.00M	0.00M	144.00M	1.00M	371.00M	28.00M	0.00M
Other Investing Activities	0.00M	32.00M	29.00M	9.00M	0.00M	0.00M	0.00M	23.00M
Net Cash from Investing Activities	-242.00M	-232.00M	-234.00M	-175.00M	-238.00M	178.00M	-344.00M	-164.00M
Net Debt Issuance	-255.00M	300.00M	-165.00M	410.00M	500.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	-255.00M	300.00M	-165.00M	410.00M	500.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-103.00M	-695.00M	-100.00M	-680.00M	-1,600.00M	-200.00M	-9.00M	-7.00M
Common Dividends Paid	-103.00M	-695.00M	-100.00M	-680.00M	-1,600.00M	-200.00M	-9.00M	-7.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-38.00M	-26.00M	-19.00M	-24.00M	-16.00M	-28.00M	-11.00M	-15.00M
Net Cash from Financing Activities	-396.00M	-421.00M	-284.00M	-294.00M	-1,116.00M	-228.00M	-20.00M	-22.00M
Effect of FX on Cash	-20.00M	3.00M	-23.00M	-5.00M	-24.00M	-14.00M	4.00M	-9.00M
Net Change in Cash	-72.00M	-130.00M	-17.00M	-7.00M	-1,006.00M	357.00M	127.00M	191.00M
Cash at Beginning of Period	1,164.00M	1,411.00M	315.00M	322.00M	1,328.00M	971.00M	844.00M	653.00M
Cash at End of Period	1,092.00M	1,281.00M	298.00M	315.00M	322.00M	1,328.00M	971.00M	844.00M
Operating Cash Flow	586.00M	520.00M	524.00M	467.00M	372.00M	421.00M	487.00M	386.00M
Capital Expenditure	-197.00M	-238.00M	-237.00M	-215.00M	-164.00M	-107.00M	-119.00M	-149.00M
Free Cash Flow	389.00M	282.00M	287.00M	252.00M	208.00M	314.00M	368.00M	237.00M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
EBITDA	703.00M	602.00M	575.00M	559.00M	547.00M	429.00M	510.00M	356.00M
(-) Tax Adjustment	150.75M	119.80M	96.99M	113.09M	105.69M	56.36M	137.84M	69.19M
(-) Change In Working Capital	-28.00M	25.00M	-17.00M	-18.00M	-108.00M	101.00M	66.00M	-54.00M
(-) Capital Expenditure	-197.00M	-238.00M	-237.00M	-215.00M	-164.00M	-107.00M	-119.00M	-149.00M
Unlevered Free Cash Flow	383.25M	219.20M	258.01M	248.91M	385.31M	164.64M	187.16M	191.81M
(-) Net Interest Income After Taxes	-32.99M	-41.65M	-42.40M	-18.35M	-13.72M	-0.87M	-0.73M	0.81M
Net Debt Issuance	-255.00M	300.00M	-165.00M	410.00M	500.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	161.24M	560.85M	135.41M	677.25M	899.03M	165.50M	187.89M	191.00M