Research · Sep 3, 2026
[ULS] UL Solutions Thesis 2026: Post-IPO Safety Testing Drives EV Plus Renewables Cycle
UL Solutions Inc. (NYSE: ULS; previously ULSE Inc. through April 2024) FY2025 revenue ~$3.0-3.2B (+8-12%) with adj. EPS ~$1.50-1.75 reflecting continued post-April 2024 ~$1.0B aggregate NYSE IPO + selected post-2024 Industrial (~$1.7-1.8B; +10-13%) selected major safety testing + certification + selected various services + selected post-2024 Consumer (~$1.0-1.1B; +5-9%) + Software & Advisory (~$0.3-0.4B; +12-18%) + selected continued post-2024 ~$0.4 annual dividend + ~$200-300M aggregate FY2024-2025 buyback program execution under continued President + CEO Jennifer Scanlon (~7-year tenure since November 2018). Global safety science + testing + certification + selected various provider. Founded 1894 as Underwriters Electrical Bureau (UEB) in Chicago Illinois (~131-year heritage); selected post-1901 Underwriters Laboratories Inc. rebrand; selected post-2012 UL LLC + UL Standards & Engagement (ULSE) corporate restructuring; selected post-November 2018 Jennifer Scanlon CEO; selected post-April 2024 NYSE IPO ($1.0B aggregate; ~32M shares at ~$28-31/share); selected post-April 2024 ULSE Inc. → UL Solutions Inc. rebrand. Headquartered in Northbrook Illinois; ~15,000+ employees globally with ~$3.0-3.2B revenue. Three primary business segments: Industrial (~55% revenue ~$1.7-1.8B), Consumer (~35% ~$1.0-1.1B), Software & Advisory (~10% ~$0.3-0.4B). Post-April 2024 NYSE IPO + safety testing leadership: $1.0B aggregate IPO; ~131-year heritage Underwriters Laboratories certification mark; ~110+ aggregate testing laboratories + selected various offices in 44+ countries; ~80%+ ULSE non-profit ownership concentration via dual-class share structure post-IPO. EV + Renewables testing cycle: Industrial ~$1.7-1.8B FY2025 (+10-13% YoY); selected EV battery + EV charging + selected various electric vehicle safety testing + selected various solar PV + battery storage + wind + selected various renewables safety testing + selected continued 5G + selected various technology testing. Consumer + Software & Advisory: Consumer ~+5-9% growth; Software & Advisory ~+12-18% growth. President + CEO Jennifer Scanlon since November 2018 (~7-year tenure; first female UL Solutions CEO); CFO Ryan Robinson; ~80%+ ULSE non-profit aggregate ownership. Capital return: ~$0.4 annual dividend FY2025 (~+0% growth); ~$200-300M aggregate FY2024-2025 buyback program; aggregate capital return ~$280-380M; net cash position ~$0.5-0.7B; investment-grade Baa3/BBB- credit rating. FY2026 thesis: post-April 2024 NYSE IPO + EV + renewables testing cycle + Consumer + Software & Advisory continued growth + ~$280-380M aggregate annual capital return + selected continued ~80%+ ULSE non-profit ownership. Risks: post-IPO trading performance, EV + renewables cycle sustainability, SGS + Bureau Veritas + Intertek Group competition, ULSE non-profit ownership concentration, USD/EUR + USD/CNY currency volatility.