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UL Solutions ULS Gross margin

Gross margin at other companies

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FortiveFTV
57.3%-0.7pp
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IES Holdings, Inc.IESC
26.1%+1.5pp
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TE ConnectivityTEL
36.1%+1.2pp
Applied Industrial Technologies logo
Applied Industrial TechnologiesAIT
30.4%+0.1pp
RBC Bearings logo
RBC BearingsRBC
44.4%0.0pp
Sterling Infrastructure, Inc. logo
Sterling Infrastructure, Inc.STRL
23.3%+2.2pp

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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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
Debt / equity0.4×-0.5×
Current ratio1.2×-0.1×

Where this comes from

Calculated from UL Solutions’s reported figures.

Based on trailing twelve months.

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 gross margin?
UL Solutions (ULS) reported gross margin of 49.9% in Q1 2026.
How has UL Solutions's gross margin changed year-over-year?
UL Solutions's gross margin increased by 2.6% year-over-year, from 48.6% to 49.9%.
What is the long-term trend for UL Solutions's gross margin?
Over 3 years (2022 to 2025), UL Solutions's gross margin has grown at a 1.1% compound annual growth rate (CAGR), from 47.9% to 49.4%.
What does gross margin mean?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.