UL (ULS) Stock Analysis

November 11, 2026

This is a peer-relative look at UL (ULS): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Commercial & Professional Services peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for UL (ULS)
Profile Item	ULS
Name	UL Solutions Inc. Class A Common Stock
Country/Region	United States
GICS Sector	Industrials
GICS Industry Group	Commercial & Professional Services
GICS Industry	Professional Services
GICS Sub-Industry	Research & Consulting Services
Market Capitalization	15.88 billion USD
Currency	USD
Exchange	NYSE
Listing Date	April 12, 2024
Security Type	Common Stock

Price Performance

Cumulative Growth

ULS

GSPC

UL (ULS) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for UL (ULS) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for UL (ULS) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
Total Return (1Y)	-3.81%	10.68%
Total Return (3Y, Annualized)	--	12.68%
Total Return (5Y, Annualized)	--	3.62%

Risk Profile

Drawdown History

ULS

GSPC

UL (ULS) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for UL (ULS) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
Volatility (1Y, Annualized)	42.88%	42.02%
Beta (5Y)	0.52	0.79
Max Drawdown (5Y)	-38.75%	-54.59%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ULS is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
Sharpe Ratio (1Y)	-0.19	0.19
Sortino Ratio (1Y)	-0.28	0.27

Profitability

ROE (TTM)

UL (ULS) posts ROE of 36.51%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

ULS

Commercial & Professional Services industry group

36.51%

Group distribution

Max: 47.06%
ULS: 36.51%
Q3: 25.43%
Median: 14.11%
Q1: 3.92%
Min: -20.15%

Largest peers

RELX: 131.86%
ADP: 78.94%
CTAS: 41.38%
ULS: 36.51%
WM: 31.68%
RSG: 18.48%
TRI: 14.11%

Where UL (ULS) stands on ROE within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

UL (ULS) keeps 16.13% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

ULS

Commercial & Professional Services industry group

16.13%

Group distribution

Max: 23.28%
ULS: 16.13%
Q3: 11.35%
Median: 5.65%
Q1: 0.87%
Min: -8.60%

Largest peers

RELX: 23.27%
ADP: 20.33%
TRI: 19.69%
CTAS: 17.82%
ULS: 16.13%
RSG: 12.92%
WM: 11.78%

Where UL (ULS) stands on net margin within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

UL (ULS) turns 19.81% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

ULS

Commercial & Professional Services industry group

19.81%

Group distribution

Max: 38.50%
ULS: 19.81%
Q3: 18.84%
Median: 10.40%
Q1: 5.59%
Min: -12.00%

Largest peers

RELX: 32.01%
ADP: 26.73%
CTAS: 24.10%
TRI: 21.93%
RSG: 20.29%
ULS: 19.81%
WM: 19.08%

Where UL (ULS) stands on operating margin within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
ROE (TTM)	36.51%	14.11%
ROA (TTM)	11.46%	5.83%
Net Margin (TTM)	16.13%	5.65%
Operating Margin (TTM)	19.81%	10.40%
Gross Margin (TTM)	50.69%	36.58%

Growth

Revenue Growth

UL (ULS) grew revenue 6.38%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

UL (ULS): Revenue Growth across different time periods, set against Commercial & Professional Services industry-group medians.

EPS Growth

UL (ULS) grew earnings per share -1.23%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

UL (ULS): EPS Growth across different time periods, set against Commercial & Professional Services industry-group medians.

Growth Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
Revenue Growth (YoY)	6.38%	6.05%
Revenue Growth (3Y CAGR)	6.60%	6.33%
EPS Growth (YoY)	-1.23%	5.05%
EPS Growth (3Y CAGR)	2.98%	9.63%

Financial Strength

Current Ratio (MRQ)

UL (ULS) has current ratio of 2.09, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ULS

Commercial & Professional Services industry group

2.09

Group distribution

Max: 3.63
Q3: 2.14
ULS: 2.09
Median: 1.55
Q1: 1.09
Min: 0.45

Largest peers

ULS: 2.09
CTAS: 1.45
TRI: 1.08
ADP: 1.03
WM: 0.82
RSG: 0.75
RELX: 0.45

Where UL (ULS) stands on current ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

UL (ULS) has debt-to-equity ratio of 0.54, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

ULS

Commercial & Professional Services industry group

0.54

Group distribution

Max: 2.37
Q3: 1.25
Median: 0.88
ULS: 0.54
Q1: 0.35
Min: 0.00

Largest peers

RELX: 7.10
WM: 2.37
RSG: 1.17
ADP: 1.10
ULS: 0.54
CTAS: 0.52
TRI: 0.36

Where UL (ULS) stands on debt-to-equity ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
Current Ratio (MRQ)	2.09	1.55
Debt / Equity (MRQ)	0.54	0.88
Net Debt / EBITDA	-0.11	2.51

Dividends

Dividend Yield (TTM)

UL (ULS) has dividend yield of 0.74%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

ULS

Commercial & Professional Services industry group

0.74%

Group distribution

Max: 4.33%
Q3: 1.80%
ULS: 0.74%
Median: 0.60%
Q1: 0.00%
Min: 0.00%

Largest peers

ADP: 2.21%
TRI: 2.18%
RELX: 1.66%
WM: 1.52%
RSG: 1.02%
CTAS: 0.83%
ULS: 0.74%

Where UL (ULS) stands on dividend yield within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

UL (ULS) has payout ratio of 22.42%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

ULS

Commercial & Professional Services industry group

22.42%

Group distribution

Max: 99.58%
Q3: 41.99%
ULS: 22.42%
Median: 17.27%
Q1: 0.00%
Min: -17.94%

Largest peers

TRI: 79.09%
ADP: 60.28%
RELX: 53.59%
WM: 48.03%
CTAS: 36.88%
RSG: 35.25%
ULS: 22.42%

Where UL (ULS) stands on payout ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
Dividend Yield (TTM)	0.74%	0.60%
Dividend Payout Ratio (TTM)	22.42%	17.27%

Valuation

P/E Ratio (TTM)

UL (ULS) trades at P/E ratio of 31.21, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

ULS

Commercial & Professional Services industry group

31.21

Group distribution

Max: 49.47
Q3: 33.76
ULS: 31.21
Median: 24.16
Q1: 16.01
Min: 1.89

Largest peers

CTAS: 43.86
TRI: 34.53
RSG: 34.19
ULS: 31.21
WM: 31.01
ADP: 26.89
RELX: 24.05

Where UL (ULS) stands on P/E ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

UL (ULS) trades at 4.98 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

ULS

Commercial & Professional Services industry group

4.98

Group distribution

Max: 7.17
ULS: 4.98
Q3: 3.35
Median: 1.33
Q1: 0.69
Min: 0.11

Largest peers

CTAS: 7.64
RELX: 7.17
TRI: 6.09
ADP: 5.38
ULS: 4.98
RSG: 4.36
WM: 3.60

Where UL (ULS) stands on P/S ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

UL (ULS) trades at 9.32 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

ULS

Commercial & Professional Services industry group

9.32

Group distribution

Max: 11.25
ULS: 9.32
Q3: 6.08
Median: 2.92
Q1: 1.55
Min: -2.78

Largest peers

RELX: 169.44
ADP: 23.57
CTAS: 17.07
WM: 9.52
ULS: 9.32
RSG: 6.15
TRI: 4.35

Where UL (ULS) stands on P/B ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

UL (ULS) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: ULS	Industry group median
P/E Ratio (TTM)	31.21	24.16
P/S Ratio (TTM)	4.98	1.33
P/B Ratio (MRQ)	9.32	2.92
Free Cash Flow Yield (TTM)	2.94%	5.35%