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UL Solutions Valuation Multiples
Discover revenue and EBITDA valuation multiples for UL Solutions and similar public comparables like H&R Block, Andersen Group, LegalZoom, Karnov Group and more.
UL Solutions Overview
About UL Solutions
UL Solutions is a global leader specializing in a broad range of product testing, inspection, and certification services. UL Solutions is the for-profit branch out of three organizations under the UL Enterprise. TIC operations make up nearly all of UL Solutions’ total revenue and are composed of two segments: industrial and consumer. UL Solutions’ remaining business includes software and advisory, which complements its core TIC offerings. The firm operates globally.
Founded
2008
HQ
Employees
14.9K
Website
Sectors
Financials (LTM)
EV
$19B
UL Solutions Financials
UL Solutions reported last 12-month revenue of $3B and EBITDA of $814M.
In the same LTM period, UL Solutions generated $2B in gross profit, $814M in EBITDA, and $369M in net income.
Revenue (LTM)
UL Solutions P&L
In the most recent fiscal year, UL Solutions reported revenue of $3B and EBITDA of $792M.
UL Solutions expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $3B | XXX | $3B | XXX | XXX | XXX |
| Gross Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Margin | 51% | XXX | 49% | XXX | XXX | XXX |
| EBITDA | $814M | XXX | $792M | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 26% | XXX | XXX | XXX |
| EBIT Margin | 18% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $369M | XXX | $345M | XXX | XXX | XXX |
| Net Margin | 12% | XXX | 11% | XXX | XXX | XXX |
| Net Debt | — | — | $196M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
UL Solutions Stock Performance
UL Solutions has current market cap of $18B, and enterprise value of $19B.
Market Cap Evolution
UL Solutions' stock price is $91.72.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $19B | $18B | 0.0% | XXX | XXX | XXX | $1.71 |
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Start Free TrialUL Solutions Valuation Multiples
UL Solutions trades at 6.1x EV/Revenue multiple, and 23.2x EV/EBITDA.
EV / Revenue (LTM)
UL Solutions Financial Valuation Multiples
As of April 20, 2026, UL Solutions has market cap of $18B and EV of $19B.
Equity research analysts estimate UL Solutions' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
UL Solutions has a P/E ratio of 50.0x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $18B | XXX | $18B | XXX | XXX | XXX |
| EV (current) | $19B | XXX | $19B | XXX | XXX | XXX |
| EV/Revenue | 6.1x | XXX | 6.2x | XXX | XXX | XXX |
| EV/EBITDA | 23.2x | XXX | 23.8x | XXX | XXX | XXX |
| EV/EBIT | 33.6x | XXX | 33.8x | XXX | XXX | XXX |
| EV/Gross Profit | 12.0x | XXX | 12.5x | XXX | XXX | XXX |
| P/E | 50.0x | XXX | 53.5x | XXX | XXX | XXX |
| EV/FCF | 46.6x | XXX | 46.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified UL Solutions Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
UL Solutions Margins & Growth Rates
UL Solutions' revenue in the last 12 month grew by 5%.
UL Solutions' revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.
UL Solutions' rule of 40 is 32% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
UL Solutions' rule of X is 40% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
UL Solutions Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 26% | XXX | XXX | XXX |
| EBITDA Growth | 9% | XXX | 9% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 32% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 40% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 31% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
UL Solutions Public Comps
See public comps and valuation multiples for other Tax & Accounting comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| UL Solutions | XXX | XXX | XXX | XXX | XXX | XXX |
| H&R Block | XXX | XXX | XXX | XXX | XXX | XXX |
| Andersen Group | XXX | XXX | XXX | XXX | XXX | XXX |
| LegalZoom | XXX | XXX | XXX | XXX | XXX | XXX |
| Karnov Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Bengo4.com | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
UL Solutions M&A Activity
UL Solutions acquired XXX companies to date.
Last acquisition by UL Solutions was on XXXXXXXX, XXXXX. UL Solutions acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by UL Solutions
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialUL Solutions Investment Activity
UL Solutions invested in XXX companies to date.
UL Solutions made its latest investment on XXXXXXXX, XXXXX. UL Solutions invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by UL Solutions
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout UL Solutions
| When was UL Solutions founded? | UL Solutions was founded in 2008. |
| Where is UL Solutions headquartered? | UL Solutions is headquartered in United States. |
| How many employees does UL Solutions have? | As of today, UL Solutions has over 14K employees. |
| Who is the CEO of UL Solutions? | UL Solutions' CEO is Jennifer F. Scanlon. |
| Is UL Solutions publicly listed? | Yes, UL Solutions is a public company listed on NYSE. |
| What is the stock symbol of UL Solutions? | UL Solutions trades under ULS ticker. |
| When did UL Solutions go public? | UL Solutions went public in 2024. |
| Who are competitors of UL Solutions? | UL Solutions main competitors are H&R Block, Andersen Group, LegalZoom, Karnov Group. |
| What is the current market cap of UL Solutions? | UL Solutions' current market cap is $18B. |
| What is the current revenue of UL Solutions? | UL Solutions' last 12 months revenue is $3B. |
| What is the current revenue growth of UL Solutions? | UL Solutions revenue growth (NTM/LTM) is 5%. |
| What is the current EV/Revenue multiple of UL Solutions? | Current revenue multiple of UL Solutions is 6.1x. |
| Is UL Solutions profitable? | Yes, UL Solutions is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of UL Solutions? | UL Solutions' last 12 months EBITDA is $814M. |
| What is UL Solutions' EBITDA margin? | UL Solutions' last 12 months EBITDA margin is 26%. |
| What is the current EV/EBITDA multiple of UL Solutions? | Current EBITDA multiple of UL Solutions is 23.2x. |
| What is the current FCF of UL Solutions? | UL Solutions' last 12 months FCF is $404M. |
| What is UL Solutions' FCF margin? | UL Solutions' last 12 months FCF margin is 13%. |
| What is the current EV/FCF multiple of UL Solutions? | Current FCF multiple of UL Solutions is 46.6x. |
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