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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

Employees
14.9K
Website
Sectors
Financials (LTM)
EV
$20B
Valuation Multiples
Start free trialUL 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%.
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.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $20B | $20B | -2.2% | -1.7% | 14.1% | 34.2% | $1.71 |
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Start Free TrialUL Solutions Valuation Multiples
UL Solutions trades at 6.4x EV/Revenue multiple, and 24.2x EV/EBITDA.
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.
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.


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%.
UL Solutions Margins
UL Solutions Growth Rates
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).
Data powered by FactSet, Inc. and Morningstar, Inc.
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/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| 1.6x | 1.5x | 6.2x | 5.9x | |||
| 5.4x | 5.0x | 19.8x | 19.5x | |||
| 1.3x | 1.2x | 5.5x | 5.2x | |||
| 3.1x | 3.2x | 5.5x | 8.6x | |||
| 3.5x | 2.9x | 20.3x | 14.5x | |||
| 0.9x | 0.9x | 4.9x | - | |||
This data is available for Pro users. Sign up to see all UL Solutions competitors and their valuation data. Start Free Trial | ||||||
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
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).
Latest Acquisitions by UL Solutions
| 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 | - | ||||
| HQ City | - | Nuremberg | - | Madrid | |
| Deal Date | 12 Apr 2026 | 9 Jul 2024 | 22 May 2024 | 22 Aug 2023 | |
| Valuation | $666M | $19M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all UL Solutions acquisitions and their M&A valuation multiples. Start Free Trial | |||||
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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 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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