What is UL Solutions's net debt?

UL Solutions (ULS) reported net debt of $281M in Q1 2026.

How has UL Solutions's net debt changed year-over-year?

UL Solutions's net debt decreased by 51.2% year-over-year, from $576M to $281M.

What is the long-term trend for UL Solutions's net debt?

Over 2 years (2023 to 2025), UL Solutions's net debt has grown at a -28.0% compound annual growth rate (CAGR), from $748M to $388M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

UL Solutions ULS Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

RepligenRGEN

-8.1×-18.6×

Axalta Coating SystemsAXTA

2.5×-0.2×

Zillow Group, Inc.ZG

-2.1×-4.3×

Federal SignalFSS

1.1×+0.4×

Clearwater AnalyticsCWAN

7.3×+5.0×

Protagonist TherapeuticsPTGX

-5.1×—

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

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−$258.0Mcash and equivalents=$281M

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 net debt?: UL Solutions (ULS) reported net debt of $281M in Q1 2026.
How has UL Solutions's net debt changed year-over-year?: UL Solutions's net debt decreased by 51.2% year-over-year, from $576M to $281M.
What is the long-term trend for UL Solutions's net debt?: Over 2 years (2023 to 2025), UL Solutions's net debt has grown at a -28.0% compound annual growth rate (CAGR), from $748M to $388M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.