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UL Solutions ULS Industrial — Services and materials

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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$20.53B+35.1%
Enterprise value$20.81B+32.2%
P/E58.7×+12.2×
P/S6.6×+1.5×

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

Where this comes from

Reported directly by UL Solutions in its filing.

Tagged under the XBRL concept uls:ServicesAndMaterials.

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 industrial — services and materials?
UL Solutions (ULS) reported industrial — services and materials of $81M in Q1 2026.
How has UL Solutions's industrial — services and materials changed year-over-year?
UL Solutions's industrial — services and materials increased by 6.6% year-over-year, from $76M to $81M.
What is the long-term trend for UL Solutions's industrial — services and materials?
Over 3 years (2022 to 2025), UL Solutions's industrial — services and materials has grown at a 9.5% compound annual growth rate (CAGR), from $223M to $293M.
What does industrial — services and materials mean?
Represents the direct costs incurred to provide testing and certification services, including third-party laboratory fees, consumable materials, and outsourced technical support. This metric tracks the variable cost intensity of the Industrial segment's service delivery model.