Share count
203Mpeak FY2025
← All companies ← ULH Manual ULTA → ← TXG Life Sciences Tools & Services VCYT →
ULS, UL Solutions Inc.
Life Sciences Tools & Services diversified
UL Solutions Inc. is a global safety science leader that provides Testing, Inspection and Certification services and related software and advisory offerings to customers worldwide.
As the largest TIC services provider headquartered in North America (by revenue) with a global network of laboratories, we provided a comprehensive set of product safety, security and sustainability solutions to more than 80,000 customers across over 110 countries in 2025.
Furthermore, we offer over 350 independent third-party conformity assessment services around the world and are capable of testing and certifying against over 4,000 global standards, which affords us vast insight into the safety of products across a wide range of end markets and geographies.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$3.1B
+6.4% YoY · 7% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $3.1B 4-yr avg $2.8B
Revenue $758M +7.5% vs yr-ago qtr
Operating margin 18.2% yr-ago 15.5%
Net income $97M yr-ago $71M
Net margin 12.8% yr-ago 10.1%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Ongoing Certification Services (33%) and Non-certification Testing and Other Services (30%), with 2 more lines behind.
- What moves the needle
- Gross margin has run about 48% and operating margin about 16% through the cycle, a solid spread between what it charges and what the product costs to make. That margin has held in a narrow 14%–17% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run high across the record (median 27%, above 15% in 4 of 4 years). Owner earnings agree: roughly 10% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 lines, the largest Ongoing Certification Services at 33%.
Revenue by product line, FY2025
- Ongoing Certification Services33%$1.0B
- Non-certification Testing and Other Services30%$911M
- Certification Testing28%$851M
- Software9%$285M
By geographyUnited States41%China25%EMEA17%Asia Pacific13%Other Americas4%
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $2.5B | $2.7B | $2.9B | $3.1B | $3.1B | RevenueRevenue |
| 48% | 48% | 49% | 49% | 50% | Gross marginGross mgn |
| 32% | 33% | 32% | 31% | 31% | SG&A / revenueSG&A/rev |
| $412M | $368M | $462M | $522M | $551M | Operating incomeOp. inc. |
| 16.3% | 13.7% | 16.1% | 17.1% | 17.7% | Operating marginOp. mgn |
| $293M | $260M | $326M | $325M | $350M | Net incomeNet inc. |
| 20% | 21% | 18% | 28% | 28% | Effective tax rateTax rate |
| Cash flow & returns | |||||
| $372M | $467M | $524M | $600M | $665M | Operating cash flowOp. cash |
| $135M | $154M | $172M | $188M | $190M | DepreciationDeprec. |
| ($56M) | $53M | $3M | $40M | $74M | Working capital & otherWC & other |
| $164M | $215M | $237M | $197M | $215M | CapexCapex |
| 6.5% | 8.0% | 8.3% | 6.5% | 6.9% | Capex / revenueCapex/rev |
| $208M | $252M | $287M | $403M | $450M | Owner earningsOwner earn. |
| 8.3% | 9.4% | 10.0% | 13.2% | 14.5% | Owner earnings marginOE mgn |
| $208M | $252M | $287M | $403M | $450M | Free cash flowFCF |
| 8.3% | 9.4% | 10.0% | 13.2% | 14.5% | Free cash flow marginFCF mgn |
| $66M | $18M | $26M | $1M | $1M | AcquisitionsAcquis. |
| $1.6B | $680M | $100M | $104M | $107M | Dividends paidDiv. paid |
| 44% | 23% | 28% | 26% | 28% | ROICROIC |
| 27% | 40% | 36% | 26% | 27% | Return on equityROE |
| −121% | −64% | 25% | 18% | 18% | Retained to equityRetained/eq |
| Balance sheet | |||||
| $322M | $315M | $298M | $295M | $258M | Cash & investmentsCash+inv |
| — | $362M | $380M | $422M | $497M | ReceivablesReceiv. |
| — | $169M | $182M | $183M | $168M | Accounts payablePayables |
| — | $193M | $198M | $239M | $329M | Operating working capitalOper. WC |
| — | $953M | $921M | $1.0B | $1.0B | Current assetsCur. assets |
| — | $709M | $740M | $760M | $899M | Current liabilitiesCur. liab. |
| — | 1.3× | 1.2× | 1.3× | 1.2× | Current ratioCurr. ratio |
| $647M | $623M | $633M | $656M | $643M | GoodwillGoodwill |
| — | $2.7B | $2.8B | $2.9B | $3.0B | Total assetsAssets |
| — | $904M | $742M | $491M | $357M | Total debtDebt |
| — | $589M | $444M | $196M | $99M | Net debt / (cash)Net debt |
| 24.2× | 10.5× | 8.4× | 12.7× | 14.9× | Interest coverageInt. cov. |
| $1.1B | $654M | $904M | $1.3B | $1.3B | Shareholders’ equityEquity |
| 0.0% | 0.0% | 0.8% | 1.5% | 1.6% | Stock comp / revenueSBC/rev |
| Per share | |||||
| 200M | 200M | 201M | 203M | 204M | Shares out (diluted)Shares |
| $12.60 | $13.39 | $14.28 | $15.04 | $15.23 | Revenue / shareRev/sh |
| $1.47 | $1.30 | $1.62 | $1.60 | $1.72 | EPS (diluted)EPS |
| $1.04 | $1.26 | $1.43 | $1.99 | $2.21 | Owner earnings / shareOE/sh |
| $1.04 | $1.26 | $1.43 | $1.99 | $2.21 | Free cash flow / shareFCF/sh |
| $8.00 | $3.40 | $0.50 | $0.51 | $0.52 | Dividends / shareDiv/sh |
| $0.82 | $1.07 | $1.18 | $0.97 | $1.05 | Cap. spending / shareCapex/sh |
| $5.38 | $3.27 | $4.50 | $6.22 | $6.47 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +6.1%/yr | +6.1%/yr (3-yr) |
| Owner earnings / share | +24.0%/yr | +24.0%/yr (3-yr) |
| EPS | +3.0%/yr | +3.0%/yr (3-yr) |
| Dividends / share | −60.0%/yr | −60.0%/yr (3-yr) |
| Capital spending / share | +5.8%/yr | +5.8%/yr (3-yr) |
| Book value / share | +4.9%/yr | +4.9%/yr (3-yr) |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Revenue+6.4%
“Revenue increased on an organic basis by $179 million, or 6.2%, due to organic growth across all segments in 2025, driven by the Industrial and Consumer segments in Certification Testing, Non-certification Testing and Other Services and Ongoing Certification Services revenue.”
✓ figure matches the filed record
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
ROIC
26%low FY2023
Gross margin
49%low FY2022
Net debt ÷ owner earnings
0.5×peak FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$403Mowner earningsvs.$325Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2022FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $325M of profit into $403M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Reported net income | $325M | $326M | $260M | $293M |
| Depreciation & amortizationnon-cash charge added back | +$188M | +$172M | +$154M | +$135M |
| Stock-based compensationreal costnon-cash, but a real cost | +$47M | +$23M | — | — |
| Working capital & othertiming of cash in and out, other non-cash items | +$40M | +$3M | +$53M | −$56M |
| Cash from operations | $600M | $524M | $467M | $372M |
| Capital expenditurecash put back in to keep running and to grow | −$197M | −$237M | −$215M | −$164M |
| Owner earnings | $403M | $287M | $252M | $208M |
| Owner-earnings marginowner earnings ÷ revenue | 13% | 10% | 9% | 8% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $47M), owner earnings is nearer $356M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 12.7×ComfortableOperating income $522M ÷ interest expense $41M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- How heavy is the debt, net of cash? $196M · 0.4× operating profitModest net debtCash $295M − debt $491M
What this means
Netting $295M of cash and short-term investments against $491M of debt leaves $196M owed, about 0.4× a year's operating profit (0.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 50 + DIO 0 − DPO 43 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Very high (≥25%) through the cycle4-yr median, range 23%–44%; 26% latest = NOPAT $377M ÷ invested capital $1.5BIndustry peers: median 11%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 26% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle4-yr median margin, range 8%–13%; latest $403M = operating cash $600M − maintenance capex $197MIndustry peers: median 7%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 9% median across 4 years. Treating stock comp as the real expense it is (less $47M of SBC) leaves $356M.
- Cash-backedCash from ops $600M ÷ net income $325M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $104M ÷ Owner Earnings $403M
What this means
Of $403M Owner Earnings, $104M (26%) went back to shareholders, $104M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 1.05×MaintainingCapex $197M ÷ depreciation $188M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $3.1B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.32×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $491M vs $240M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.51/share (latest year $1.62), the averaged base the calculator's gate runs on, and book value is $6.28/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 4
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Return on capital ≥ 15% 3 of 3 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 15% → 17% (2-yr avg ends)
In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.
What this means
Through the cycle the operating margin held roughly steady — about 15% early, 17% lately, median 16%.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +14%/yr
What this means
Owner earnings grew about 14% a year over the record.
- Worst year 2023 · 13.7% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +0.5%/yr
What this means
Roughly flat share count, little dilution, little buyback.
- Dividend record paid
What this means
Paid a dividend in 4 of the years on record.
- How management talks about it Owner’s terms
What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“Technological advances in artificial intelligence ("AI") may in the future disrupt the industries in which the Company operates, which could significantly reduce the demand for the Company's services or otherwise adversely impact the Company's reputation and business if it is unable to successfully keep pace and naviga…”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.0B
- Cash & short-term investments$258M
- Receivables$497M
- Other current assets$292M
Current liabilities$899M
- Accounts payable$168M
- Other current liabilities$731M
Current ratio1.16×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.16×stricter: inventory excluded
Cash ratio0.29×strictest: cash alone against what's due
Working capital$148Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+7.5%the freshest read on whether the business is still growing
Current ratio, recent quarters1.3× → 1.2×
Deeper floors
Tangible book value$632Mequity stripped of goodwill & intangibles
Net current asset value($572M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$539M$182M of it operating leases
Deferred revenue$410Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.
Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year
Within two years$0the near wall, the part most exposed to today’s credit conditions
Biggest single year$300Min 2028the lumpiest maturity, where a refinancing, if needed, is largest
Total scheduled principal$494Mevery year plus what lies beyond, as the footnote totals it
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.
How the cash was used, 2022–2025
Over the record, the business generated $2.0B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$813M · 41%
- Dividends$2.5B · 127%
- Returned to owners$2.5B
216% of the owner earnings the business produced over the span, $2.5B as dividends and $0 as buybacks.
- Source of funding−$1.3B
Reinvestment and shareholder returns ran $1.3B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Net change in share count2.0%
The diluted count rose from 200M to 204M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record$0.51/sh
Paid in 4 of the years on record, the per-share dividend shrinking about 60% a year. It was cut at least once along the way.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 4-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$704M24% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity52%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$111Mover 4 years buying other businesses, against $813M of capital spent building
$37M written down across 1 year (2023): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 33% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 4-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership1.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio249:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$47M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why UL Solutions Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2022–2025.
None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.
Each test came back clean
- Is it less profitable than it was?
- Did the share count rise anyway?
- Did reported profit become cash?
- Are "one-time" charges a yearly habit?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Pension & retirement, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Life Sciences Tools & Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| GGenpact | $5.1B | 36% | 12.4% | 15% | 11% |
| VVXV2X Inc. | $4.5B | 9% | 3.6% | 11% | 3% |
| FCNFTI Consulting | $3.8B | 32% | 10.5% | 16% | 9% |
| ULSUL Solutions Inc. | $3.1B | 48% | 16.2% | 27% | 10% |
| MEDPMedpace Holdings | $2.5B | — | 17.6% | 27% | 22% |
| EVHEvolent Health | $1.9B | 23% | -12.2% | -6% | -11% |
| ICFIICF International | $1.9B | 36% | 6.9% | 8% | 7% |
| NEONeoGenomics Inc. | $727M | 42% | -8.5% | -7% | -4% |
| Group median | — | 36% | 8.7% | 13% | 8% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what UL Solutions Inc. has delivered.
UL Solutions Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, UL Solutions Inc. earns about $296M on its 9.7% median owner-earnings margin. This year’s 13.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’22→’25+14%/yr
Owner-earnings growth · ’22→’25+14%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $450M on 201M shares outstanding, the balance-sheet count at 2025-12-31; net debt $99M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "UL Solutions Inc. (ULS), the owner's record," https://ownerscorecard.com/c/ULS, data as of 2026-07-09.
Manual order: ← ULH its page in the Manual ULTA →
Industry order: ← TXG the Life Sciences Tools & Services chapter VCYT →