UL Solutions Inc. (ULS) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of UL Solutions Inc. stock $33.46, price $76.15, that is 56.1% below the price, quality 73 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
31‑month range $32.95 – $104.74 · fair‑value band $22.93 – $41.82 · the $76.15 price screens above the $33.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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UL Solutions Inc., together with its subsidiaries, provides testing, inspection and certification services and related software and advisory services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory.
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The Industrial segment provides testing, inspection, and certification services across various end markets, including energy, industrial automation, engineered materials, and built environment, as well as stakeholders, such as manufacturers, building and asset owners, end users, and regulators.
The Consumer segment offers safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality, and critical systems advisory and training services, as well as product market acceptance and risk mitigation services for customers in the consumer products end markets comprising consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, and retail, as well as consumer applications, such as new mobility, smart products, and 5G. The Software and Advisory segment provide software and technical advisory services that enable customers to manage regulatory requirements, deliver supply chain transparency, and operationalize sustainability.
It offers ULTRUS, a software that helps customers meet regulatory, supply chain, and sustainability challenges. UL Solutions Inc. was formerly known as UL Inc. and changed its name to UL Solutions Inc. in December 2021. The company was founded in 1894 and is headquartered in Northbrook, Illinois.
UL Solutions Inc. operates as a subsidiary of ULSE Inc.
Stock analysis
UL Solutions Inc. (ULS) currently trades at $76.15, while our model-based Fair Value estimate is $33.46, 56% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $34.88 per share, and 0 of the 26 models we run sit above the $76.15 price.
Bear case: the Dividend Discount group reads lowest at $8.20, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $22.93 (bear) to $41.82 (bull), the price of $76.15 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
UL Solutions Inc. reported revenue of $3.1B in FY2025 versus $2.5B in FY2021, a compound +4.9%/yr. Reported net income was $325M in FY2025, compounding +9.8%/yr from FY2021.
Key figures
Market cap $15.5B Large · P/E ratio 30.3 · P/S ratio 4.94 · EPS (TTM) $2.65 · Dividend yield 0.7% · Net margin 16.1% · Return on equity 38.7% · Return on assets (EBIT) 14.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −16% fair-value upside, at −56%, ULS screens richer than that median.
Fair Value models
Bear$22.93Fair Value $33.46Bull$41.82
Price $76.15 · Downside -56.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.78 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 5 officers or directors sold shares worth $10.7M and none bought.
SaleJennifer F. ScanlonPresident and CEO, Director8× since Apr 1, 2026: 100,000 shares, avg. $85.89$8.6MNov 2, 202610b5-1 plan
SaleKaren K PeppingSenior VP & CAO725 shares at $97.74$70,862Jun 9, 202610b5-1 plan
SaleGitte SchjotzOfficer2× since May 7, 2026: 29,880 shares, avg. $99.95$3.0MJun 3, 2026
SaleAlberto UggettiEVP & CCO2× since May 11, 2026: 8,445 shares, avg. $99.97$844,242May 28, 2026
SaleFriedrich HeckerDirector4,000 shares at $102.04$408,160May 21, 2026
SaleULSE Inc.10% owner2× since Dec 5, 2025: 14,375,000 shares, avg. $78.00$1.1BDec 19, 2025
BuyJohn A GenovesiOfficer30 shares at $77.82$2,335Dec 8, 2025
BuyLynn H HancockOfficer8 shares at $77.82$623Dec 8, 2025
Plus 8 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+9.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)0.7%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 17%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +15.2% a year for the price and +3.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Reasonable operational efficiency forms the primary strength, yet thin evidence across most categories reveals no durable moat signals from public data.
Main risk: Rivals such as Intertek offer faster and lower-priced testing services that could draw customers away from UL Solutions premium offerings and pressure its margins in hardware compliance testing.
Bull case: UL Solutions could leverage its brand authority and new AI safety certifications to retain premium customers and expand into data center and connected product testing despite lower-cost rivals.
Bear case: If cheaper competitors capture share and the FCC investigation restricts key programs, UL Solutions could lose recurring certification revenue and face higher compliance costs in core TIC services.
UL Solutions completed the acquisition of Eurofins' electrical and electronics testing business on October 1, adding laboratories and accreditations in multiple regions to expand its TIC services for connected products. This move aligns with rising needs in electrical safety and data center equipment yet our models see the shares as overvalued. Will the integration drive meaningful margin gains and new revenue streams or mainly increase integration costs and complexity?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Business Services · 230 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−56.1% · Bottom 25%
Profitability
Return on equity (12 months)38.7% · Top 25%
Return on assets11.1% · Top 25%
Net margin (12 months)16.1% · Top 25%
Operating margin (12 months)18.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.2% · Below median
Dividend yield (12 months)0.7% · Bottom 25%
Balance sheet
Debt / equity0.38× · Above median
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
P/E (12 months)30.3× · Pricier than median
P/B12.01× · Priciest 25%
P/S (12 months)4.94× · Priciest 25%
Price / free cash flow38.6× · Priciest 25%
EV/EBITDA21.8× · Priciest 25%
PEG1.53× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 42
FUTURE (revenue growth)26· sector 34
PAST (return on equity)100· sector 39
HEALTH (low debt)81· sector 94
DIVIDEND (yield)14· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "UL Solutions Inc. Fair Value". https://www.fairvalue-calculator.com/stock/ULS
Frequently asked questions
Is UL Solutions Inc. (ULS) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $33.46 versus a price of $76.15, about 56% lower (overvalued).
What is the fair value of ULS?
Our model-based fair value for UL Solutions Inc. is $33.46 (as of Nov 4, 2026), built from audited fundamentals. The current price: $76.15.
What is the quality score of ULS?
UL Solutions Inc. has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for UL Solutions Inc. (ULS)?
Our model-based price target is the fair value of $33.46 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario $22.93, optimistic scenario $41.82. It is a calculation from audited fundamentals, not an analyst target.
What is the UL Solutions Inc. stock forecast for 2026?
Our models put fair value at $33.46, about 56% lower versus a price of $76.15 (overvalued). Cautious scenario $22.93, optimistic scenario $41.82. The calculation is refreshed regularly with new filings.
What is the revenue of UL Solutions Inc. (ULS)?
UL Solutions Inc. reported trailing-twelve-month revenue of about $3.1B (latest available figure, as of Nov 4, 2026).
Does UL Solutions Inc. pay a dividend?
UL Solutions Inc. currently shows a dividend yield of 0.72% relative to its recent price (as of Nov 4, 2026).
What growth is priced into UL Solutions Inc. (ULS)?
For today's price to be fair in a discounted-cash-flow model, UL Solutions Inc. would have to grow free cash flow by +18.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of ULS use?
Our models discount UL Solutions Inc. at 8.3 %: a base by market capitalisation (large), damped by beta 0.61, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For UL Solutions Inc. that is +18.0 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has UL Solutions Inc. (ULS) delivered so far?
Over the past 5 years revenue at UL Solutions Inc. grew +5.8 % a year. The price currently implies +18.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of UL Solutions Inc. (ULS) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into UL Solutions Inc. (+18.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of UL Solutions Inc. (ULS)?
The free-cash-flow yield on the price is 2.59 %: that much free cash flow UL Solutions Inc. produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of UL Solutions Inc. (ULS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For UL Solutions Inc. it is $33.46 per share (as of Nov 4, 2026), against a price of $76.15. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is UL Solutions Inc. stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ULS trades above its calculated fair value: price $76.15, fair value $33.46, a gap of about −56% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ULS?
No. The price is what the market pays today ($76.15); the fair value is what the company's own numbers justify ($33.46). For UL Solutions Inc. the two are $42.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is UL Solutions Inc. worth?
The market values UL Solutions Inc. at about $15.5B (market capitalisation, as of Nov 4, 2026). Per share that is $76.15; our models calculate a fair value of $33.46 per share.
What do the bullish and bearish scenarios say about ULS?
Our models span a range for UL Solutions Inc.: cautious scenario $22.93, base $33.46, optimistic $41.82 per share (as of Nov 4, 2026, price $76.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ULS?
UL Solutions Inc. trades at a price-to-earnings ratio of 30.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $33.46 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 41.4 (reported for FY2025: 47.6). Other multiples: PEG 1.5, P/B 12.0, P/S 4.9, EV/EBITDA 21.8.
What is the PEG ratio of ULS?
The PEG ratio of UL Solutions Inc. is 1.53 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of UL Solutions Inc. (ULS)?
Balance-sheet figures for UL Solutions Inc. (as of Nov 4, 2026): return on equity 38.7%, debt of 0.38 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is ULS from its 52-week high?
UL Solutions Inc. trades at $76.15, about 27% below its 52-week high of $104.74 and 19% above the low of $64.03 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $33.46 is for.
Which stocks are comparable to UL Solutions Inc.?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is UL Solutions Inc. stock attractive at the current price?
The data as of Nov 4, 2026: price $76.15, calculated fair value $33.46 (−56%), Quality Score 73/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ULS calculated?
We run UL Solutions Inc. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $33.46, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. UL Solutions Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of UL Solutions Inc. (ULS)?
The closing price on Nov 5, 2026 was $76.15. Our model-based fair value is $33.46, about 56% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with UL Solutions Inc. right now?
The price sits above even our optimistic bull case ($41.82). The favourable scenario is already priced in. Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($22.93 to $41.82) leaves room in how you read the outcome.
Key figures of UL Solutions Inc.
How large is the market capitalisation of UL Solutions Inc. (ULS)?
The market capitalisation of UL Solutions Inc. is $15.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of UL Solutions Inc. (ULS)?
The price-to-sales ratio of UL Solutions Inc. is 4.94 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of UL Solutions Inc. (ULS)?
Earnings per share at UL Solutions Inc. are $2.65 (price ÷ EPS = P/E 30.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of UL Solutions Inc. (ULS)?
The dividend yield of UL Solutions Inc. is 0.7% (payout 18.0%, on adjusted earnings, reported 20.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of UL Solutions Inc. (ULS)?
The net margin of UL Solutions Inc. is 16.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of UL Solutions Inc. (ULS)?
The return on equity (ROE) of UL Solutions Inc. is 38.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of UL Solutions Inc. (ULS)?
On an EBIT basis the return on assets of UL Solutions Inc. is 14.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of UL Solutions Inc. (ULS)?
The operating margin of UL Solutions Inc. is 18.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at UL Solutions Inc. (ULS)?
Revenue at UL Solutions Inc. is growing +5.2% versus a year earlier (3y avg +6.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at UL Solutions Inc. (ULS)?
Earnings per share at UL Solutions Inc. are growing +169% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does UL Solutions Inc. (ULS) carry?
The net debt of UL Solutions Inc. is $537M (fiscal year 2025, ≈ 1.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 4, 2026