Ul Solutions Inc. (ULS) intrinsic value & 10-year financials
Ul Solutions Inc. (ULS) has a Graham intrinsic value of $19.63 per share. At $73.31 on Oct 17, 2026, the stock trades 273% above that value. Over the last 5 fiscal years revenue grew 6.6% a year to $3.1B, with an average return on invested capital of 22.8%.
- Graham intrinsic value
- $19.63
- Share price (Oct 17, 2026)
- $73.31
- Price vs Graham value
- 273% above
- Market cap
- $14.9B
- Revenue (FY2025)
- $3.1B
- Revenue growth (5-yr CAGR)
- 6.6%
- ROIC (10-yr avg)
- 22.8%
- Free cash flow (FY2025)
- $403.0M
ULS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.1B | $325.0M | $1.60 | $403.0M | 17.1% | 24.2% |
| FY2024 | $2.9B | $326.0M | $1.62 | $287.0M | 16.1% | 26.5% |
| FY2023 | $2.7B | $260.0M | $1.30 | $252.0M | 13.7% | 21.3% |
| FY2022 | $2.5B | $293.0M | $1.47 | $208.0M | 16.3% | 19.3% |
| FY2021 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
UL Solutions Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
UL Solutions Inc. has earned high returns on invested capital, averaging 22.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
UL Solutions Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UL Solutions Inc. is modeled at 2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.63 per share.