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UL Solutions ULS Debt-to-equity

Debt-to-equity at other companies

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FortiveFTV
0.6×+0.2×
IES
IES Holdings, Inc.IESC
0.1×0.0×
TE Connectivity logo
TE ConnectivityTEL
0.2×
Applied Industrial Technologies logo
Applied Industrial TechnologiesAIT
0.2×-0.1×
RBC Bearings logo
RBC BearingsRBC
0.1×0.0×
Sterling Infrastructure, Inc. logo
Sterling Infrastructure, Inc.STRL
0.3×-0.2×

Other financials

Income statement

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Revenue$758.0M+7.5%
Gross profit$381.0M+12.1%
Operating income$138.0M+26.6%
Net income$92.0M+37.3%
EPS (diluted)$0.45+36.4%

Balance sheet

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Cash & equivalents$258.0M-3.4%
Total debt$539.0M-36.1%
Total equity$1.3B+36.0%
Total assets$3.0B+2.7%

Cash flow

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Operating cash flow$219.0M+42.2%
CapEx$69.0M+35.3%
Free cash flow$150.0M+45.6%

Valuation

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Market cap$18.41B+52.6%
Enterprise value$18.69B+47.6%
P/E52.6×+16.8×
P/S5.9×+1.8×

Profitability

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Gross margin49.9%+1.3pp
Operating margin17.7%+1.2pp
Net margin11.3%-0.3pp
FCF margin14.5%+4.0pp

Returns & leverage

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Return on equity30.6%-10.5pp
Current ratio1.2×-0.1×

Where this comes from

Calculated from UL Solutions’s reported figures.

Based on the most recent quarter.

The official record: UL Solutions’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is UL Solutions's debt-to-equity?
UL Solutions (ULS) reported debt-to-equity of 0.4× in Q1 2026.
How has UL Solutions's debt-to-equity changed year-over-year?
UL Solutions's debt-to-equity decreased by 53.0% year-over-year, from 0.9× to 0.4×.
What is the long-term trend for UL Solutions's debt-to-equity?
Over 2 years (2023 to 2025), UL Solutions's debt-to-equity has grown at a -42.3% compound annual growth rate (CAGR), from 1.6× to 0.5×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.