UL Solutions Inc. (ULS)

Analysis: Growth Rates Industry: Specialty Business Services Sector: Industrials Live Price: $75.00

Enterprise Value

Metric / Stat	3Y	5Y
Stock Price
Avg YoY	21.38%	10.69%
Slope	18.71%	7.88%
CAGR	19.48%	9.31%
LSR	19.48%	7.38%
Market Capitalization
Avg YoY	21.02%	10.51%
Slope	18.44%	7.76%
CAGR	19.18%	9.17%
LSR	19.18%	7.27%
(-) Cash & Equivalents
Avg YoY	-4.02%	-11.76%
Slope	-4.09%	-36.53%
CAGR	-4.04%	-25.66%
LSR	-4.04%	-31.69%
(+) Total Debt
Avg YoY	24.29%	93.20%
Slope	15.28%	41.23%
CAGR	18.73%	55.04%
LSR	18.73%	72.29%
Enterprise Value
Avg YoY	21.05%	15.55%
Slope	18.93%	14.21%
CAGR	20.06%	14.34%
LSR	20.06%	14.54%

Income Statement

Metric / Stat	3Y	5Y
Revenue
Avg YoY	6.72%	5.74%
Slope	6.51%	5.04%
CAGR	6.72%	5.68%
LSR	6.72%	5.17%
Cost of Revenue
Avg YoY	6.53%	4.14%
Slope	6.30%	3.77%
CAGR	6.53%	4.07%
LSR	6.53%	3.81%
Gross Profit
Avg YoY	6.95%	7.66%
Slope	6.74%	6.47%
CAGR	6.93%	7.56%
LSR	6.93%	6.75%
Gross Margin
Avg YoY	0.21%	1.80%
Slope	0.20%	1.48%
CAGR	0.19%	1.78%
LSR	0.19%	1.51%
R&D Expenses
Avg YoY	—	—
Slope	150.00%	100.00%
CAGR	—	—
LSR	—	—
SG&A Expenses
Avg YoY	7.46%	9.39%
Slope	7.17%	5.66%
CAGR	7.46%	8.27%
LSR	7.46%	6.18%
Operating Expenses
Avg YoY	7.46%	9.39%
Slope	7.17%	5.66%
CAGR	7.46%	8.27%
LSR	7.46%	6.18%
Operating Income (EBIT)
Avg YoY	6.19%	8.75%
Slope	5.86%	8.19%
CAGR	5.89%	6.21%
LSR	5.89%	8.62%
Operating Margin
Avg YoY	-0.53%	3.65%
Slope	-0.79%	2.92%
CAGR	-0.77%	0.51%
LSR	-0.77%	3.28%
Interest Income
Avg YoY	-66.67%	-66.67%
Slope	37.50%	62.50%
CAGR	—	—
LSR	—	—
Interest Expense
Avg YoY	81.51%	440.76%
Slope	53.27%	65.14%
CAGR	79.87%	172.33%
LSR	79.87%	218.04%
Net Interest Income
Avg YoY	78.52%	439.26%
Slope	-56.04%	-65.59%
CAGR	—	—
LSR	—	—
Other Income / Expense
Avg YoY	48.89%	67.88%
Slope	-34.51%	-37.27%
CAGR	—	—
LSR	—	—
Unusual Items
Avg YoY	48.89%	67.88%
Slope	34.51%	37.27%
CAGR	45.96%	33.34%
LSR	45.96%	50.22%
EBT excl. Unusual
Avg YoY	-0.79%	3.53%
Slope	-3.27%	1.15%
CAGR	-3.01%	1.22%
LSR	-3.01%	1.13%
Pre-Tax Income
Avg YoY	5.14%	8.09%
Slope	4.20%	6.74%
CAGR	4.09%	5.66%
LSR	4.09%	6.97%
Pre-Tax Margin
Avg YoY	-1.54%	2.94%
Slope	-2.60%	1.48%
CAGR	-2.46%	-0.02%
LSR	-2.46%	1.71%
Income Tax Expense
Avg YoY	-2.70%	10.04%
Slope	-2.80%	-0.88%
CAGR	-2.74%	-6.09%
LSR	-2.74%	1.64%
Net Income
Avg YoY	7.06%	10.47%
Slope	5.63%	8.47%
CAGR	5.48%	8.99%
LSR	5.48%	8.74%
Net Margin
Avg YoY	0.25%	4.95%
Slope	-1.23%	3.34%
CAGR	-1.16%	3.14%
LSR	-1.16%	3.40%
Depreciation & Amortization
Avg YoY	12.88%	4.36%
Slope	12.04%	4.13%
CAGR	12.87%	4.00%
LSR	12.87%	4.03%
EBITDA
Avg YoY	7.81%	6.81%
Slope	7.50%	7.05%
CAGR	7.66%	5.59%
LSR	7.66%	7.25%
EBITDA Margin
Avg YoY	1.00%	1.56%
Slope	0.89%	1.77%
CAGR	0.88%	-0.08%
LSR	0.88%	1.98%
NOPAT
Avg YoY	6.19%	8.75%
Slope	5.86%	8.19%
CAGR	5.89%	6.21%
LSR	5.89%	8.62%
NOPAT Margin
Avg YoY	-0.53%	3.65%
Slope	-0.79%	2.92%
CAGR	-0.77%	0.51%
LSR	-0.77%	3.28%
Owner's Earnings
Avg YoY	3.27%	2.12%
Slope	-0.62%	-2.25%
CAGR	-0.57%	0.19%
LSR	-0.57%	-2.45%
Owner's Earnings Margin
Avg YoY	-3.34%	-3.36%
Slope	-7.68%	-7.40%
CAGR	-6.83%	-5.19%
LSR	-6.83%	-7.24%
EPS (Basic)
Avg YoY	7.06%	10.47%
Slope	5.63%	8.47%
CAGR	5.48%	8.99%
LSR	5.48%	8.74%
EPS (Diluted)
Avg YoY	6.75%	10.32%
Slope	5.36%	8.36%
CAGR	5.22%	8.86%
LSR	5.22%	8.63%
Shares (Basic)
Avg YoY	0.00%	0.00%
Slope	0.00%	0.00%
CAGR	0.00%	0.00%
LSR	0.00%	0.00%
Shares (Diluted)
Avg YoY	0.25%	0.12%
Slope	0.25%	0.10%
CAGR	0.25%	0.12%
LSR	0.25%	0.10%

Balance Sheet

Metric / Stat	3Y	5Y
Cash & Cash Equivalents
Avg YoY	-4.02%	-11.76%
Slope	-4.09%	-36.53%
CAGR	-4.04%	-25.66%
LSR	-4.04%	-31.69%
Short-Term Investments
Avg YoY	-100.00%	-45.74%
Slope	-150.00%	-23.98%
CAGR	—	—
LSR	—	—
Cash & Short-Term Investments
Avg YoY	-10.71%	-13.17%
Slope	-11.65%	-36.17%
CAGR	-10.84%	-25.66%
LSR	-10.84%	-31.93%
Net Receivables
Avg YoY	-0.33%	0.78%
Slope	-0.33%	1.16%
CAGR	-0.33%	0.75%
LSR	-0.33%	1.18%
Other Current Assets
Avg YoY	45.31%	-3.88%
Slope	-6.96%	-58.27%
CAGR	-10.78%	-48.60%
LSR	-10.78%	-36.56%
Total Current Assets
Avg YoY	-4.31%	-9.31%
Slope	-4.41%	-19.38%
CAGR	-4.31%	-13.71%
LSR	-4.31%	-17.53%
Property, Plant & Equipment
Avg YoY	12.99%	7.66%
Slope	12.24%	7.60%
CAGR	12.97%	7.49%
LSR	12.97%	7.65%
Goodwill
Avg YoY	-1.30%	1.57%
Slope	-1.35%	1.22%
CAGR	-1.33%	1.52%
LSR	-1.33%	1.25%
Intangible Assets
Avg YoY	-3.63%	-2.86%
Slope	-4.01%	-1.74%
CAGR	-4.06%	-3.12%
LSR	-4.06%	-1.79%
Long-Term Investments
Avg YoY	-3.30%	-13.73%
Slope	-3.50%	-53.60%
CAGR	-3.52%	-38.71%
LSR	-3.52%	-29.83%
Tax Assets
Avg YoY	-8.18%	-13.09%
Slope	-8.92%	15.54%
CAGR	-8.37%	—
LSR	-8.37%	—
Other Non-Current Assets
Avg YoY	28.12%	5.56%
Slope	22.82%	-11.46%
CAGR	27.16%	-13.24%
LSR	27.16%	-4.20%
Total Non-Current Assets
Avg YoY	4.20%	-0.77%
Slope	4.12%	-0.30%
CAGR	4.20%	-1.14%
LSR	4.20%	-0.22%
Total Assets
Avg YoY	1.23%	-5.38%
Slope	1.22%	-8.16%
CAGR	1.22%	-6.16%
LSR	1.22%	-7.66%
Accounts Payable
Avg YoY	8.81%	9.93%
Slope	8.38%	5.55%
CAGR	8.79%	8.43%
LSR	8.79%	6.08%
Short-Term Debt
Avg YoY	—	-100.00%
Slope	150.00%	88.63%
CAGR	—	101.80%
LSR	—	—
Tax Payables
Avg YoY	—	-100.00%
Slope	—	-50.00%
CAGR	—	—
LSR	—	—
Deferred Revenue
Avg YoY	6.79%	6.26%
Slope	6.19%	29.11%
CAGR	6.54%	—
LSR	6.54%	—
Other Current Liabilities
Avg YoY	-44.60%	6.99%
Slope	-60.68%	-12.09%
CAGR	-61.20%	-25.98%
LSR	-61.20%	-22.93%
Total Current Liabilities
Avg YoY	-15.35%	24.27%
Slope	-17.50%	3.16%
CAGR	-17.31%	9.24%
LSR	-17.31%	6.04%
Long-Term Debt
Avg YoY	28.67%	28.67%
Slope	13.59%	54.53%
CAGR	17.47%	—
LSR	17.47%	—
Capital Lease Obligations
Avg YoY	9.77%	5.39%
Slope	9.09%	4.43%
CAGR	9.22%	5.00%
LSR	9.22%	4.31%
Deferred Tax Liabilities
Avg YoY	—	-100.00%
Slope	—	-50.00%
CAGR	—	—
LSR	—	—
Other Non-Current Liabilities
Avg YoY	-7.74%	-12.90%
Slope	-8.07%	-13.76%
CAGR	-7.93%	-13.14%
LSR	-7.93%	-12.60%
Total Non-Current Liabilities
Avg YoY	11.86%	21.14%
Slope	7.21%	19.25%
CAGR	8.25%	15.57%
LSR	8.25%	22.63%
Total Liabilities
Avg YoY	1.67%	16.21%
Slope	-1.02%	13.25%
CAGR	-1.10%	13.63%
LSR	-1.10%	15.70%
Retained Earnings
Avg YoY	423.93%	190.84%
Slope	11.71%	-56.99%
CAGR	8.58%	-36.12%
LSR	8.58%	-53.85%
Accumulated OCI
Avg YoY	0.88%	-8.83%
Slope	-0.05%	12.68%
CAGR	—	—
LSR	—	—
Minority Interest
Avg YoY	8.14%	7.70%
Slope	7.85%	7.28%
CAGR	8.08%	7.66%
LSR	8.08%	7.51%
Total Shareholders’ Equity
Avg YoY	-269.40%	-157.65%
Slope	1,009.13%	-73.41%
CAGR	35.47%	-49.23%
LSR	—	—
Total Equity
Avg YoY	-227.90%	-136.48%
Slope	78.26%	-69.93%
CAGR	26.87%	-45.74%
LSR	—	—
Total Liabilities & Equity
Avg YoY	1.06%	-3.56%
Slope	0.15%	-8.35%
CAGR	0.16%	-6.30%
LSR	0.16%	-7.91%
Tangible Assets
Avg YoY	2.67%	-6.82%
Slope	2.64%	-11.34%
CAGR	2.66%	-8.35%
LSR	2.66%	-10.39%
Tangible Equity
Avg YoY	-2.39%	-62.24%
Slope	4.63%	-130.10%
CAGR	—	—
LSR	—	—
Tangible Book Value
Avg YoY	-2.39%	-62.24%
Slope	4.63%	-130.10%
CAGR	—	—
LSR	—	—
Total Investments
Avg YoY	-26.59%	-26.69%
Slope	-35.33%	-49.65%
CAGR	-28.54%	-38.71%
LSR	-28.54%	-34.74%
Net Debt
Avg YoY	103.89%	32.91%
Slope	32.89%	217.63%
CAGR	57.99%	—
LSR	57.99%	—

Capital Structure

Metric / Stat	3Y	5Y
Working Capital
Avg YoY	-22.96%	-22.53%
Slope	-25.53%	-42.86%
CAGR	-23.03%	-33.56%
LSR	-23.03%	-38.55%
Total Capital
Avg YoY	3.37%	-5.39%
Slope	3.30%	-9.44%
CAGR	3.32%	-6.68%
LSR	3.32%	-8.74%
Capital Employed
Avg YoY	0.59%	-7.15%
Slope	0.58%	-10.57%
CAGR	0.58%	-8.16%
LSR	0.58%	-9.77%
Invested Capital
Avg YoY	5.04%	2.84%
Slope	4.90%	3.24%
CAGR	4.95%	1.55%
LSR	4.95%	3.38%

Cash Flow

Metric / Stat	3Y	5Y
Net Income
Avg YoY	6.75%	10.32%
Slope	5.36%	8.36%
CAGR	5.22%	8.86%
LSR	5.22%	8.63%
Depreciation & Amortization
Avg YoY	12.60%	4.22%
Slope	11.78%	4.02%
CAGR	12.59%	3.88%
LSR	12.59%	3.93%
Deferred Income Tax
Avg YoY	-45.00%	8.10%
Slope	-71.43%	82.65%
CAGR	—	—
LSR	—	—
Stock-Based Compensation
Avg YoY	100.00%	341.42%
Slope	155.69%	-12.90%
CAGR	—	45.47%
LSR	—	—
Change in Working Capital
Avg YoY	44.68%	-16.14%
Slope	95.60%	-591.31%
CAGR	-60.42%	—
LSR	-60.42%	—
Accounts Receivable
Avg YoY	-212.17%	-433.59%
Slope	-52.33%	-30.01%
CAGR	36.29%	29.20%
LSR	—	—
Accounts Payable
Avg YoY	649.54%	353.52%
Slope	1,141.62%	-28.19%
CAGR	—	12.76%
LSR	—	—
Other Working Capital
Avg YoY	79.35%	-9.89%
Slope	107.38%	-311.73%
CAGR	-83.71%	—
LSR	-83.71%	—
Other Non-Cash Items
Avg YoY	-39.35%	-99.51%
Slope	-87.90%	361.31%
CAGR	—	—
LSR	—	—
Net Cash from Operating Activities
Avg YoY	18.59%	3.00%
Slope	16.47%	2.53%
CAGR	18.39%	1.72%
LSR	18.39%	2.43%
Capital Expenditures (PPE)
Avg YoY	-20.39%	-20.99%
Slope	-17.52%	-20.32%
CAGR	19.91%	18.65%
LSR	19.91%	22.95%
Acquisitions (Net)
Avg YoY	14.29%	-12.69%
Slope	53.91%	-10.39%
CAGR	-36.91%	—
LSR	-36.91%	—
Purchases of Investments
Avg YoY	-375.00%	-147.46%
Slope	14.29%	56.54%
CAGR	—	—
LSR	—	—
Sales / Maturities of Investments
Avg YoY	7,100.00%	3,831.32%
Slope	-1.03%	-26.01%
CAGR	—	—
LSR	—	—
Other Investing Activities
Avg YoY	220.62%	220.62%
Slope	114.34%	88.11%
CAGR	—	—
LSR	—	—
Net Cash from Investing Activities
Avg YoY	-3.29%	-22.14%
Slope	1.20%	-8.05%
CAGR	-1.09%	-9.30%
LSR	-1.09%	—
Net Debt Issuance
Avg YoY	-79.02%	-79.02%
Slope	-133.58%	5.47%
CAGR	—	—
LSR	—	—
Long-Term Debt Issuance
Avg YoY	-79.02%	-79.02%
Slope	-133.58%	5.47%
CAGR	—	—
LSR	—	—
Net Dividends Paid
Avg YoY	71.43%	-669.84%
Slope	94.59%	-12.77%
CAGR	-75.06%	82.35%
LSR	-75.06%	82.75%
Common Dividends Paid
Avg YoY	71.43%	-669.84%
Slope	94.59%	-12.77%
CAGR	-75.06%	82.35%
LSR	-75.06%	82.75%
Other Financing Activities
Avg YoY	-14.39%	-35.12%
Slope	-7.40%	-6.03%
CAGR	8.70%	14.50%
LSR	8.70%	9.73%
Net Cash from Financing Activities
Avg YoY	38.77%	-337.98%
Slope	73.86%	-15.23%
CAGR	-49.68%	93.88%
LSR	-49.68%	74.21%
Effect of FX on Cash
Avg YoY	-139.27%	-199.99%
Slope	3.22%	-36.17%
CAGR	-2.35%	—
LSR	-2.35%	—
Net Change in Cash
Avg YoY	-21.17%	-60.76%
Slope	144.05%	-59.70%
CAGR	-87.03%	—
LSR	-87.03%	—
Cash at Beginning of Period
Avg YoY	-39.21%	-6.65%
Slope	-77.51%	-22.63%
CAGR	-51.42%	-21.94%
LSR	-51.42%	-26.54%
Cash at End of Period
Avg YoY	-4.02%	-11.76%
Slope	-4.09%	-36.53%
CAGR	-4.04%	-25.66%
LSR	-4.04%	-31.69%
Operating Cash Flow
Avg YoY	18.59%	3.00%
Slope	16.47%	2.53%
CAGR	18.39%	1.72%
LSR	18.39%	2.43%
Capital Expenditure
Avg YoY	-20.39%	-20.99%
Slope	-17.52%	-20.32%
CAGR	19.91%	18.65%
LSR	19.91%	22.95%
Free Cash Flow
Avg YoY	17.24%	-3.49%
Slope	15.61%	-7.95%
CAGR	17.17%	-6.14%
LSR	17.17%	-7.01%

Free Cash Flow

Metric / Stat	3Y	5Y
EBITDA
Avg YoY	2.27%	4.04%
Slope	2.25%	4.86%
CAGR	2.27%	2.92%
LSR	2.27%	5.07%
(-) Tax Adjustment
Avg YoY	-3.83%	5.18%
Slope	-4.37%	-2.55%
CAGR	-4.44%	-8.53%
LSR	-4.44%	-0.17%
Change In Working Capital
Avg YoY	44.68%	-16.14%
Slope	95.60%	-591.31%
CAGR	—	—
LSR	—	—
Capital Expenditure
Avg YoY	-20.39%	-20.99%
Slope	-17.52%	-20.32%
CAGR	—	—
LSR	—	—
Unlevered Free Cash Flow
Avg YoY	-16.13%	22.44%
Slope	-21.65%	8.99%
CAGR	-18.37%	8.22%
LSR	-18.37%	11.02%
Net Interest After Taxes
Avg YoY	-81.85%	-415.44%
Slope	-57.52%	-66.18%
CAGR	—	—
LSR	—	—
Net Debt Issuance
Avg YoY	-79.02%	-79.02%
Slope	-133.58%	5.47%
CAGR	—	—
LSR	—	—
Levered Free Cash Flow
Avg YoY	-52.39%	81.63%
Slope	-67.00%	9.82%
CAGR	-61.29%	-7.98%
LSR	-61.29%	7.72%