UL Solutions Inc.
ULSdata completeness 100%4 fiscal years on fileData notes: no data for concept 'interestExpense'
UL Solutions Inc. earns about 22% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $15.77 and $49.99 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $2.52B1 | $2.68B2 | $2.87B2 | $3.05B2 |
| Net income | $293M3 | $260M4 | $326M4 | $325M4 |
| Operating cash flow | $372M5 | $467M6 | $524M6 | $600M6 |
| Capital expenditure | $164M7 | $215M8 | $237M8 | $197M8 |
| Free cash flow (derived) | $208M5 | $252M6 | $287M6 | $403M6 |
| Total debt | — | $1.81B9 | $1.48B10 | $982M10 |
| Cash & equivalents | $322M11 | $315M12 | $298M13 | $295M13 |
| Diluted shares | 200.0M | 200.0M | 201.0M | 203.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $62.17 of net worth that earned you $16.01 and generated $19.85 of cash last year, against $48.37 of debt.
It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has fallen 46% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $15.77 and $49.99 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth13.9%
- fcfBase$287M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth13.9%
- fcfBase$287M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$309M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $16.82 |
| Base | 13.9% | $32.86 |
| Bull | 18.9% | $40.77 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 13.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-12-31 · accession 0001901440-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001901440-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001901440-25-000012 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001901440-26-000005 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001901440-25-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001901440-26-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001901440-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001901440-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001901440-25-000012 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001901440-26-000005 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001901440-26-000005 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0001901440-25-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001901440-26-000005 (CashAndCashEquivalentsAtCarryingValue)