What is UL Solutions's invested capital?

UL Solutions (ULS) reported invested capital of $1.6B in Q1 2026.

How has UL Solutions's invested capital changed year-over-year?

UL Solutions's invested capital increased by 3.5% year-over-year, from $1.55B to $1.6B.

What is the long-term trend for UL Solutions's invested capital?

Over 2 years (2023 to 2025), UL Solutions's invested capital has grown at a 8.5% compound annual growth rate (CAGR), from $1.4B to $1.65B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

UL Solutions ULS Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

EAT

Brinker InternationalEAT

27.6%+9.2pp

Molson Coors Beverage CompanyTAP

-13.1%-19.2pp

National Fuel GasNFG

13.8%—

Tetra TechTTEK

16.9%+8.8pp

Landstar SystemLSTR

21.3%-6.0pp

Rigetti Computing, Inc.RGTI

-24.7%-8.4pp

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow$219.0M+42.2%

CapEx$69.0M+35.3%

Free cash flow$150.0M+45.6%

Valuation

See full

Market cap$18.41B+52.6%

Enterprise value$18.69B+47.6%

P/E52.6×+16.8×

P/S5.9×+1.8×

Profitability

See full

Gross margin49.9%+1.3pp

Operating margin17.7%+1.2pp

Net margin11.3%-0.3pp

FCF margin14.5%+4.0pp

Returns & leverage

See full

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.

$539.0Mtotal debt+$1.3Btotal stockholders equity−$258.0Mcash and equivalents=$1.6B

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

Ask your AI about UL Solutions's invested capital.

Connect your AI assistant and compare it to peers, right in your chat.

Connect your AI

Claude

Questions, answered.

What is UL Solutions's invested capital?: UL Solutions (ULS) reported invested capital of $1.6B in Q1 2026.
How has UL Solutions's invested capital changed year-over-year?: UL Solutions's invested capital increased by 3.5% year-over-year, from $1.55B to $1.6B.
What is the long-term trend for UL Solutions's invested capital?: Over 2 years (2023 to 2025), UL Solutions's invested capital has grown at a 8.5% compound annual growth rate (CAGR), from $1.4B to $1.65B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).