olivLaw · US equity research
UL Solutions Inc. ULS
Services-Testing Laboratories · SIC 8734 · Vertical: Engineering, research and management services (SIC 873x)
UL Solutions is the largest testing, inspection and certification provider headquartered in North America, serving mainly industrial and consumer product markets. In the second quarter of 2026 revenue grew 5.2% to 816 million USD, with 6.6% organic growth, pointing to steady demand for product safety.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, UL Solutions Inc. (ULS) stock was 79.73 USD (−0.83% on the day), with market capitalisation 16.0 bn USD, P/E 31.6 on diluted EPS of 2.52 USD over the last 12 months, dividend yield 0.71%, beta 0.60, 52-week range 64.03–104.89 USD. Latest reported quarter (Q3 2026): revenue of 823.0 m USD (+5.1% YoY), net income of 108.0 m USD (+8.0% YoY), diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 68.47 – 78.83
- above the upper band · %B 1.09 · band width 14.1%
- SMA 50 / 200
- 70.91 / 82.65
- mixed trend
- MACD (12, 26, 9)
- 1.98 / 1.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.8% | −1.1% | +17.9 pp | — |
| 3 months | +0.9% | −0.5% | +1.3 pp | — |
| 6 months | −24.0% | +4.4% | −28.4 pp | — |
| Year to date | +1.1% | +12.3% | −11.2 pp | — |
| 1 year | −8.3% | +13.5% | −21.9 pp | +14.7% |
| 3 years | unavailable | +76.4% | unavailable | −5.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 739.0 m | 705.0 m | 776.0 m | 783.0 m | 789.0 m | 758.0 m | 816.0 m | 823.0 m |
| Cost of revenue | 390.0 m | 365.0 m | 394.0 m | 389.0 m | 395.0 m | 377.0 m | 399.0 m | 400.0 m |
| SG&A | 235.0 m | 232.0 m | 244.0 m | 238.0 m | 239.0 m | 243.0 m | 267.0 m | 260.0 m |
| Operating income | 115.0 m | 109.0 m | 139.0 m | 156.0 m | 118.0 m | 138.0 m | 150.0 m | 162.0 m |
| Depreciation & amortisation | 47.0 m | 45.0 m | 46.0 m ≈ | 46.0 m ≈ | 51.0 m | 47.0 m | 46.0 m ≈ | 49.0 m ≈ |
| Interest expense | 13.0 m | 12.0 m | 10.0 m | 10.0 m | 9.0 m | 8.0 m | 5.0 m | 6.0 m |
| Pre-tax income | 92.0 m | 94.0 m | 125.0 m | 146.0 m | 105.0 m | 129.0 m | 338.0 m | 160.0 m |
| Income tax | 7.0 m | 23.0 m | 28.0 m | 40.0 m | 34.0 m | 32.0 m | 84.0 m | 43.0 m |
| Net income | 81.0 m | 67.0 m | 91.0 m | 100.0 m | 67.0 m | 92.0 m | 246.0 m | 108.0 m |
| Diluted EPS | 0.40 ≈ | 0.33 | 0.45 | 0.49 | 0.33 ≈ | 0.45 | 1.21 | 0.53 |
| Operating cash flow | 130.0 m | 154.0 m | 147.0 m ≈ | 155.0 m ≈ | 144.0 m | 219.0 m | 160.0 m ≈ | 215.0 m ≈ |
| Capex | 58.0 m | 51.0 m | 42.0 m ≈ | 46.0 m ≈ | 58.0 m | 69.0 m | 69.0 m ≈ | 61.0 m ≈ |
| Dividends paid | 25.0 m | 26.0 m | 26.0 m ≈ | 26.0 m ≈ | 26.0 m | 29.0 m | 29.0 m ≈ | 30.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 30 percentile of its own 10-quarter history (min 26.0, median 37.4, max 49.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2.5 bn | 2.7 bn | 2.9 bn | 3.1 bn |
| Revenue YoY | unavailable | +6.3% | +7.2% | +6.4% |
| Net income | 293.0 m | 260.0 m | 326.0 m | 325.0 m |
| Net income YoY | unavailable | −11.3% | +25.4% | −0.3% |
| Diluted EPS | 1.47 | 1.30 | 1.62 | 1.60 |
| Diluted EPS YoY | unavailable | −11.6% | +24.6% | −1.2% |
| net % | 11.6% | 9.7% | 11.4% | 10.6% |
| Free cash flow | 208.0 m | 252.0 m | 287.0 m | 403.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 295.0 m USD
- Financial debt
- 491.0 m USD
- Net debt
- 196.0 m USD
- Equity
- 1.3 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 1.32x
- ROE
- 29.2%
- ROA
- 11.4%
- FCF margin
- 13.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.7 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 1.3 bn | 1.4 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.2 bn ≈ | 1.3 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| SG&A | 795.0 m | 875.0 m | 931.0 m | 953.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 412.0 m | 368.0 m | 462.0 m | 522.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 135.0 m | 154.0 m | 172.0 m | 188.0 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 547.0 m ≈ | 522.0 m ≈ | 634.0 m ≈ | 710.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 17.0 m | 35.0 m | 55.0 m | 41.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 383.0 m | 346.0 m | 415.0 m | 470.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 74.0 m | 70.0 m | 70.0 m | 125.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 293.0 m | 260.0 m | 326.0 m | 325.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 1.47 | 1.30 | 1.62 | 1.60 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 200.0 m | 200.0 m | 201.0 m | 203.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 8.00 | 3.40 | 0.50 | 0.52 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 322.0 m | 315.0 m | 298.0 m | 295.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | — | 362.0 m | 380.0 m | 422.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | — | 953.0 m | 921.0 m | 1.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | — | 555.0 m | 631.0 m | 699.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 647.0 m | 623.0 m | 633.0 m | 656.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 72.0 m | 58.0 m | 48.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | — | 2.7 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | — | 169.0 m | 182.0 m | 183.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | — | 0 | 50.0 m | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | — | 904.0 m | 692.0 m | 491.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | — | 709.0 m | 740.0 m | 760.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | — | 2.1 bn | 1.9 bn | 1.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.1 bn | 678.0 m | 931.0 m | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 372.0 m | 467.0 m | 524.0 m | 600.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 164.0 m | 215.0 m | 237.0 m | 197.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 208.0 m ≈ | 252.0 m ≈ | 287.0 m ≈ | 403.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -238.0 m | -175.0 m | -234.0 m | -204.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -1.1 bn | -294.0 m | -284.0 m | -396.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 1.6 bn | 680.0 m | 100.0 m | 104.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 16.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation46
- Balance sheet100
- Quality96
- Growth37
- Returns46
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 36.53 – 167.42 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)36.53 – 55.65 (Mid 43.92)WACC 9.1% · starting FCFF 501.6 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 36.5%
- Peers: EV/EBITDA78.14 – 112.52 (Mid 94.24)4 companies used · median multiple 24.6x · quartiles 20.3x – 29.4xCRL, ICLR, IQV, NRC
- Peers: P/E89.02 – 167.42 (Mid 128.09)4 companies used · median multiple 50.8x · quartiles 35.3x – 66.4xICLR, INCY, IQV, MEDP
- Dividend discount (DDM)outside the aggregate6.83 – 9.19 (Mid 7.84)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 27.9% | 100 (on a fixed band) | 10% |
| Net margin · Quality | 16.1% | 93 (vs peers) | 6% |
| FCF conversion · Quality | 93.8% | 91 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 6.6% | 55 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 2.9% | 19 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 20.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 31.6x | 100 (vs peers) | 10% |
| EV/EBITDA · Valuation | 20.7x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.0% | 38 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 0.7% | 10 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 23.7% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth37/100 · 2/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation46/100 · 3/3 factors with a value
Memo
UL Solutions Inc. (ULS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.1 bn USD in 2025; YoY growth 6.4%; net margin 16.1%; ROE 35.4%; net debt/EBITDA -0.3x.
The estimated value range is 78.14–112.52 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 94.24 USD, the price of 79.73 USD leaves a potential of 18.2% (value / price − 1) and a margin of safety of 15.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 27.9%
- Net margin: 16.1%
- FCF conversion: 93.8%
- Net debt / EBITDA: -0.3x
- Interest coverage: 20.3x
- Current ratio: 2.1x
- P/E (TTM): 31.6x
- Payout ratio (FCF): 23.7%
What contradicts it
- EPS CAGR 3Y: 2.9%
- EV/EBITDA: 20.7x
- Shareholder yield (distributions): 0.7%
- The valuation methods diverge
Versus the vertical median
Engineering, research and management services (SIC 873x) · same industry group (3-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IQVIqvia Holdings Inc. | 43.5 bn | 32.0 | 21.7% | 8.1% | +5.9% | +15% / +23% |
| INCYIncyte Corporation | 25.0 bn | 65.2 | 7.8% | 6.7% | +21.2% | +18% / +126% |
| MEDPMedpace Holdings, Inc. | 18.4 bn | 36.4 | 117.9% | 18.2% | +20.0% | +11% / +143% |
| ULSUL Solutions Inc. | 16.0 bn | 31.6 | 35.4% | 16.1% | +6.4% | −8% / unavailable |
| CRLCharles River Laboratories International, Inc. | 15.6 bn | 385.5 | 1.2% | 1.0% | −0.9% | +83% / +66% |
| ICLRICON plc | 15.6 bn | 70.0 | 2.5% | 2.8% | +0.8% | +10% / −24% |
| NEONeogenomics, Inc. | 2.2 bn | — | -3.9% | -4.1% | +10.1% | +42% / −6% |
| ABSIAbsci Corp | 1.8 bn | — | -57.7% | -7,756.4% | −38.2% | +231% / +528% |
| OABIOmniab, Inc. | 755.6 m | — | -16.5% | -108.1% | −29.3% | +186% / +18% |
| NRCNRC Health | 574.5 m | 95.9 | 248.1% | 4.5% | −4.0% | +59% / −35% |
| ONMDOnemednet Corporation | 269.2 m | — | — | -584.2% | +111.4% | −75% / −89% |
| MXCTMaxCyte, Inc. | 143.5 m | — | -20.4% | -114.8% | −14.5% | −21% / −71% |
| BIAFbioAffinity Technologies, Inc. | 23.7 m | — | -1,860.2% | -257.3% | −34.2% | −87% / −100% |
| AIDX20/20 Biolabs, Inc. | 2.9 m | — | -589.6% | -285.0% | +16.7% | unavailable / unavailable |
| ISPCiSpecimen Inc. | 2.1 m | — | -968.5% | -2,449.0% | −79.2% | −95% / −100% |
1- and 3-year price returns: for ULS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 48.73 Total return -38% · Per year -38% | 86.07 Total return 9% · Per year 9% | 129.53 Total return 63% · Per year 63% |
| 3 years | 49.32 Total return -36% · Per year -14% | 97.81 Total return 25% · Per year 8% | 161.34 Total return 105% · Per year 27% |
| 5 years | 49.91 Total return -34% · Per year -8% | 111.16 Total return 44% · Per year 8% | 200.95 Total return 158% · Per year 21% |
- Exit P/E± 24.45
- Net margin± 17.12
- Annual revenue growth± 13.77
- Annual dilution± 1.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
UL Solutions is the largest testing, inspection and certification provider headquartered in North America, serving mainly industrial and consumer product markets. In the second quarter of 2026 revenue grew 5.2% to 816 million USD, with 6.6% organic growth, pointing to steady demand for product safety. 13
SWOT
Strengths
- The company has a recognised mark, the UL Mark, and a broad network of laboratories and accreditations that support customer trust.
- Revenue is spread across several service categories and segments, which reduces reliance on a single market.
- Operating cash flow is strong, so the company can fund acquisitions and investment from its own resources.
Weaknesses
- The company has significant international exposure, including in China, which makes it sensitive to regulatory and political change.
- Voting control is concentrated in the majority shareholder, which limits other shareholders' influence over decisions.
- Reliance on specialised technical staff makes the company vulnerable to losing key employees.
Opportunities
- Expansion in software and advisory could create recurring revenue and increase share of wallet with existing customers.
- Demand linked to new energy systems and data centres could open additional testing services.
- Acquisitions and portfolio refinement could strengthen the company's position in a fragmented industry.
Threats
- Automation and artificial intelligence could reduce demand for manual services or partly replace them.
- Changes in regulation could reduce the need for inspections or allow third-party results to be accepted.
- Economic and political instability and trade restrictions could cause customers to postpone decisions.
Risks
- Reputation and brandhigh
Success depends heavily on brand value; negative publicity, even from isolated incidents, could reduce demand.
- Regulation in Chinahigh
Business in China, including through the CCIC joint venture, is subject to rules that can change quickly and be applied inconsistently.
- Competition and commoditisationmedium
If regulation allows third-party test results to replace the company's own testing, demand for its services could fall.
- Cybersecuritymedium
Security incidents and data protection rules could lead to fines and extra costs.
- Acquisitionslow
The growth strategy relies on acquisitions, and integrating them or finding suitable targets can be difficult.
Investment thesis
What would need to be true (bull case)
- If organic growth stays solid and margins keep improving, the company could benefit from demand in energy and new product categories.
- Strong cash flow and a solid balance sheet could support acquisitions and investment without major funding pressure.
- Expanding software and recurring services could improve long-term profitability.
What would break the thesis
- Geopolitical uncertainty could lead clients to postpone or cancel orders, slowing growth.
- AI-driven automation could reduce demand for traditional services and weigh on revenue.
- Concentrated control by the majority shareholder could limit minority investors' influence over strategic decisions.
What to watch
- Delivery of the guided organic growth and Adjusted EBITDA margin2026
- Closing of the E&E acquisition and the DQS saleQ4 2026
- Effect of the restructuring plan on revenue and costs2026
- Development of customer demand amid the geopolitical uncertainty flagged in the 10-QQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
UL Solutions provides independent testing, inspection and certification (TIC) services, along with advisory and software offerings, to customers in more than 110 countries. Founded in 1894, the company works through four service categories: certification testing, ongoing certification services, non-certification testing and other services, and software. According to its annual report, it holds more than 650 technical accreditations and can test against more than 4,000 global standards. 13
Segments
Industrial
The Industrial segment provides TIC services for industrial products in areas such as energy, industrial automation, engineered materials and the built environment. It represented 44% of consolidated revenue in 2025, and the very high cost of failure of these components favours providers with deep technical expertise. 1
Market context
The outsourced TIC market is highly fragmented with many small competitors, and demand is growing due to new technologies, evolving safety regulations and rising global trade. The company argues that its leadership in North America and its presence in Europe and Asia position it to benefit from this demand. 1
Trends
- Energy and electrification demandtailwind
The expansion of AI data centres and rising energy demand could create new testing needs for cables, components and systems. 1
- Geopolitical uncertaintyheadwind
Customers could delay or cancel service purchases because of geopolitical tensions, which could weigh on revenue. 12
- Artificial intelligencemixed
AI-based automation could reduce demand for some manual services, but it could also create opportunities in compliance software. 1
- Industry consolidationtailwind
The fragmented TIC market favours bolt-on acquisitions, and the company intends to keep pursuing this strategy. 12
Competitive position
The TIC industry is global, fragmented and intensely competitive, with large international players, private firms and many smaller competitors. In software the company faces specialised point-solution providers. The company cites its capabilities, global laboratory network and reputation as its main differentiators. 1
- Large global TIC operators
The sources mention large global participants but do not name them individually.
- Private testing and certification firms
Competition includes large private firms, with no public ticker identified in the source.
- Point-solution software providers
In software the company competes with specialists offering solutions limited to one function.
- Smaller competitors and new entrants
The market includes many small and new players that could influence pricing and market share.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- UL Solutions’ (ULS) Blowout Profit Number Comes With A CatchYahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Departure or appointment of officers
- Current report22 May 2026Shareholder vote
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Apr 2026Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / UL Solutions Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / UL Solutions Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / UL Solutions Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.