UL Solutions Inc.

UL Solutions tests, inspects and certifies products to show they meet safety, security and sustainability standards. This is an industry known as TIC (testing, inspection and certification). It also sells software and advisory services that help companies handle regulations, track their supply chains and manage sustainability goals. The company traces its roots to 1894 and owns the UL Mark, the UL-in-a-circle symbol that appears on billions of products. In 2025 it served more than 80,000 customers in over 110 countries.

Much of its revenue recurs. A manufacturer pays for certification testing of a new product (about 28% of fiscal 2025 revenue). It then pays for ongoing factory inspections, audits and sample tests so it can keep using the UL Mark (33%). Testing that does not lead to a certification, such as energy-efficiency, wireless and chemical testing, made up about 30%. Software made up about 9%.

Fiscal 2025 revenue was $3.05 billion. The Industrial segment (energy, factory automation, plastics, wire and cable, buildings) brought in 44%. Consumer (electronics, medical devices, appliances, heating and cooling equipment, lighting, retail goods) brought in 43%, and Software and Advisory 13%. The U.S. supplied 41% of revenue, mainland China 25%, and Europe, the Middle East and Africa 17%. The segments were reorganized starting in the first quarter of 2026, so later reports group results differently.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $816.0M, up 5.2% from a year earlier, and net income was $246.0M (+170.3%).
• For fiscal 2025, revenue was $3.05B (+6.4% year over year; +6.6% a year from FY2022 to FY2025) with a 10.6% net margin.

• Over FY2022–FY2025: $0.00 in buybacks and $2.48B in dividends.
• Regular dividend per share increased 1 years in a row.
• Regular dividends per share grew -59.8% a year over 3 years (FY2022–FY2025).
• Dividends took 32% of earnings and 25.8% of free cash flow in the latest fiscal year.

Rank among 1514 US companies

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($1.8M), 3 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in ULS

1. Heavy reliance on China and a joint venture. Mainland China supplied 24.9% of 2025 revenue, partly through UL-CCIC, a joint venture with CCIC. Chinese rules can change quickly, and losing or failing to renew that venture would materially hurt results.
2. Rules could require less third-party testing. If regulators cut required inspections, let manufacturers vouch for their own products, or make it accept other labs' results, demand could shrink or become price-driven commodity work.
3. Everything rests on the UL Mark's reputation. Its success rests on trust in its brand and the UL Mark. Allegations of faulty work, bad publicity or forged marks could reduce demand and bring liability claims, recalls or penalties.
4. A controlling parent and conflict-of-interest risk. UL Standards & Engagement, which works on safety standards, controls most of the vote. Real or perceived conflicts with that standards work, or between its testing and advisory arms, could hurt accreditations and reputation.
5. AI could reduce demand for its services. Advances in artificial intelligence (AI) could disrupt its markets and significantly reduce demand for its services if it cannot keep pace. Changing AI laws could also limit its own use of AI.
6. Tariffs and trade barriers. The U.S. supplied only 41% of 2025 revenue. Tariffs, import or export limits and U.S. trade-policy changes could hurt results, and supply chains shifting between countries may require expansion into new markets.

• Oct 1, 2026 Investor presentation or announcement
• Aug 4, 2026 Quarterly results released; Investor presentation or announcement
• Jun 3, 2026 Executive or board change
• May 22, 2026 Shareholder vote results
• May 5, 2026 Quarterly results released; Investor presentation or announcement
• Apr 13, 2026 Investor presentation or announcement; Other company announcement
• Feb 19, 2026 Quarterly results released
• Dec 5, 2025 Other company announcement
• Nov 4, 2025 Quarterly results released; Restructuring or exit costs

UL Solutions pays a small dividend. The yield was 0.8% as of October 28, 2026, so most of any return would have to come from share-price gains. Regular dividends were $0.52 per share in fiscal 2025, up from $0.50, which makes a one-year streak of increases. That payout used about 32% of earnings and 26% of free cash flow (the cash left after running and investing in the business). Per-share dividends were far larger in fiscal 2022 and 2023 ($8.00 and $3.40), so the record is short and uneven. The company reported no share buybacks from fiscal 2022 through 2025.

The shares did not trade during the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. That leaves no record of how they hold up in a deep downturn. In about 2.5 years of trading history, the largest peak-to-trough drop was 38.7%, as of October 28, 2026. A single stock carries more risk than a diversified fund.