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UL Solutions Valuation Multiples

Discover UL Solutions' revenue and EBITDA valuation multiples and M&A history, alongside 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

United States

Employees

14.9K

Website

ul.com

Financials (LTM)

Revenue: $3B
EBITDA: $827M

EV

$20B

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UL Solutions Financials

UL Solutions reported last 12-month revenue of $3B and EBITDA of $827M.

In the same LTM period, UL Solutions generated $2B in gross profit, $827M in EBITDA, and $379M 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 is profitable as of last fiscal year, with gross margin of 49%, EBITDA margin of 26%, and net margin of 11%.

See analyst estimates for UL Solutions
LTMLast FY202320242025202620272028
Revenue$3B$3B$3B$3B$3B
Gross Profit$2B$2B$1B$1B$2B
Gross Margin51%49%48%49%49%
EBITDA$827M$792M$535M$642M$699M
EBITDA Margin26%26%20%22%23%
EBIT Margin19%18%15%16%18%
Net Profit$379M$345M$260M$326M$325M
Net Margin12%11%10%11%11%
Net Debt-$196M---

Financial data powered by Morningstar, Inc.

UL Solutions Stock Performance

UL Solutions has current market cap of $20B, and enterprise value of $20B.

Market Cap Evolution


UL Solutions' stock price is $97.77.

UL Solutions share price decreased by 1.7% in the last 30 days, and increased by 34.2% in the last year.

UL Solutions has an EPS (earnings per share) of $1.71.

See more trading valuation data for UL Solutions
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$20B$20B-2.2%-1.7%14.1%34.2%$1.71

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UL Solutions Valuation Multiples

UL Solutions trades at 6.4x EV/Revenue multiple, and 24.2x EV/EBITDA.

See NTM and 2027E valuation multiples for UL Solutions

EV / Revenue (LTM)


UL Solutions Financial Valuation Multiples

As of June 3, 2026, UL Solutions has market cap of $20B and EV of $20B.

UL Solutions has a P/E ratio of 52.0x.

LTMLast FY202320242025202620272028
EV/Revenue6.4x6.5x7.5x7.0x6.5x
EV/EBITDA24.2x25.2x37.4x31.1x28.6x
EV/EBIT34.1x35.9x49.4x43.3x35.9x
EV/Gross Profit12.6x13.2x15.6x14.3x13.2x
P/E52.0x57.1x75.8x60.5x60.6x
EV/FCF47.2x49.6x79.3x69.6x49.6x

Multiples above and below 250x are considered non-meaningful (n/m). 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.

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UL Solutions Margins & Growth Rates

UL Solutions grew revenue by 5% and EBITDA by 10% in the last fiscal year.

In the most recent fiscal year, UL Solutions reported gross margin of 49%, EBITDA margin of 26%, and net margin of 11%.

See estimated margins and future growth rates for UL Solutions

UL Solutions Margins

Last FY202420252026202720282029
Gross Margin49%49%49%51%
EBITDA Margin26%22%23%27%
EBIT Margin18%16%18%20%
Net Margin11%11%11%13%
FCF Margin13%10%13%15%

UL Solutions Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth5%7%6%5%
Gross Profit Growth9%9%8%9%
EBITDA Growth10%20%9%25%
EBIT Growth16%14%21%16%
Net Profit Growth23%25%(0%)31%
FCF Growth16%14%40%16%

Data powered by FactSet, Inc. and Morningstar, Inc.

UL Solutions Operational KPIs

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 33% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

UL Solutions' Rule of X is 41% (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).

Access forward-looking KPIs for UL Solutions
LTMLast FY202320242025202620272028
Rule of 4033%33%---
Bessemer Rule of X42%41%---
Revenue per Employee-$0.2M---
Opex per Employee-$0.1M---
Opex to Revenue-31%33%32%31%

Data powered by FactSet, Inc. and Morningstar, Inc.

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UL Solutions Competitors

UL Solutions competitors include H&R Block, Andersen Group, LegalZoom, Karnov Group, Bengo4.com, Miroku Jyoho Service, F&M and Global Tax Free.

Most UL Solutions public comparables operate across Tax & Accounting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
H&R Block1.6x1.5x6.2x5.9x
Andersen Group5.4x5.0x19.8x19.5x
LegalZoom1.3x1.2x5.5x5.2x
Karnov Group3.1x3.2x5.5x8.6x
Bengo4.com3.5x2.9x20.3x14.5x
Miroku Jyoho Service0.9x0.9x4.9x-

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UL Solutions VC Funding History

Before going public, UL Solutions raised $2B in total equity funding, across 2 rounds.

Last private valuation of UL Solutions was $6B, after raising $980M in September 2024.


UL Solutions Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
Dec-25Secondary - public-$975M-UL Solutions is a publicly traded company listed on the NYSE under ticker ULS. The company is a global leader in applied safety science, providing testing, inspection, certification services, software products, and advisory offerings. UL Solutions reported full-year 2025 revenue of $3.1 billion (6.4% growth versus 2024) with an adjusted EBITDA margin of 25.9%.
Sep-24Secondary - public-$980M$6BUL Solutions is a global testing, inspection, and certification company providing safety science services across industrial, consumer, and software sectors. On April 11, 2024, UL Solutions completed an upsized initial public offering of 33.8 million shares priced at $28 per share, raising $946.4 million entirely from selling shareholders at a $5.6 billion valuation. The IPO shares began trading on the NYSE under ticker ULS on April 12, 2024, with Goldman Sachs, BofA Securities, and J.P. Morgan as lead underwriters. For the full year 2024, UL Solutions reported revenue of $2.9 billion, reflecting 7.2% growth including 8.7% organic growth, with Q4 revenue at $739 million up 8.0%. Adjusted EBITDA reached $656 million, up 16.5% with a margin of 22.9%. Prior to the IPO, 2023 revenue was $2.678 billion with net income of $276 million. The company demonstrated strong segment performance in 2024, with organic growth across industrial, consumer, and software and advisory segments driven by demand in retail, consumer technology, electrical products, renewable energy, and certification testing.

Acquisitions by UL Solutions

UL Solutions has acquired 21 companies to date.

Last acquisition by UL Solutions was on April 12th 2026. UL Solutions acquired Eurofins (electrical & electronics units) for $666M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by UL Solutions

Eurofins (electrical & electronics units)
TesTneT
Battery Engineers
CERE
Description
Eurofins (electrical & electronics units) offers testing, compliance checks, and certification for electrical and electronic products. Manufacturers validate safety, EMC, and performance standards before launch through these services. Part of Eurofins Scientific, the units operate labs in Europe, North America, and Asia.
TesTneT is an industrial testing specialist offering hydrogen consulting, equipment qualification under pressure and temperature cycles, and gas cycling services for energy transition projects. The company operates certification facilities compliant with ISO 17025 standards through its h2-test.net platform.
-
CERE is an Italy-based certification body conducting testing, simulation, and inspection for industrial machinery, electrical, and electronic products. Located in Milan, it issues CE markings under EU directives for low-voltage, EMC, and machinery safety standards. The firm tests equipment for sectors like renewable energy and medical devices at accredited labs. CERE provides on-site audits and training for compliance with ISO 17025. Founded in 1993, it serves manufacturers across Europe with multilingual reports.
HQ Country-GermanyGermanySpain
HQ City
-
Nuremberg
-
Madrid
Deal Date12 Apr 20269 Jul 202422 May 202422 Aug 2023
Valuation$666M$19Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About 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 include H&R Block, Andersen Group, LegalZoom, Karnov Group, Bengo4.com, Miroku Jyoho Service, F&M, Global Tax Free.
What is the current market cap of UL Solutions?UL Solutions' current market cap is $20B.
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 6%.
What is the current EV/Revenue multiple of UL Solutions?Current revenue multiple of UL Solutions is 6.4x.
What is the current EBITDA of UL Solutions?UL Solutions' last 12 months EBITDA is $827M.
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 24.2x.
What is the current FCF of UL Solutions?UL Solutions' last 12 months FCF is $423M.
What is UL Solutions' FCF margin?UL Solutions' last 12 months FCF margin is 14%.
What is the current EV/FCF multiple of UL Solutions?Current FCF multiple of UL Solutions is 47.2x.
How many companies UL Solutions has acquired to date?As of June 2026, UL Solutions has acquired 21 companies.
What was the largest acquisition by UL Solutions?$666M acquisition of Eurofins (electrical & electronics units) on 12th April 2026 was the largest M&A UL Solutions has done to date.
What companies UL Solutions acquired?UL Solutions acquired Eurofins (electrical & electronics units), Method Park, AWS Truepower, TesTneT, Safeware Quasar, CERE, Acquirer Systems, Data Test Labs, ChemADVISOR, AE Srl Appliances Engineering, and 11 other companies.
In how many companies UL Solutions has invested to date?UL Solutions hasn't invested in any companies yet (or none have been disclosed publicly).

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