UL Solutions Inc.

UL Solutions Inc. provides independent testing, inspection and certification services, along with software and advisory offerings, for products, systems and supply chains. The company serves customers across industrial and consumer end markets through a global network of laboratories and technical specialists, with operations spanning more than 110 countries.

23,3 %

49,5 %

10,6 %

+6,4 %

1.32

1.32

— UL Solutions Inc.
%
Certification Testing40% Testing of products, components and systems against safety, performance and regulatory standards.
Ongoing Certification Services20% Recurring services that validate continued compliance of previously certified products and systems.
Non-certification Testing and Other Services18% Performance testing, advisory work and other technical services that may not result in certification.
Software12% SaaS and license-based software, including implementation and training services.
Advisory and Sustainability Solutions10% Data, supply chain transparency and sustainability advisory offerings that complement TIC services.

UL Solutions sells to manufacturers, building and asset owners, retailers, and other organizations that need product...

  • Industrial manufacturersprimary

    Buy TIC services for industrial products, components and systems to meet safety, performance and sustainability standards.

  • Consumer product companiesprimary

    Buy certification testing, market-access services and ongoing compliance support for electronics, appliances and other consumer goods.

  • Software and advisory customerssecondary

    Buy software, data and advisory tools to manage regulatory requirements, supply chain transparency and sustainability.

  • Building and infrastructure stakeholderssecondary

    Buy testing and certification services for built-environment products and systems used by owners, regulators and end users.

UL Solutions operates globally, with customers in over 110 countries and a laboratory and technical network that...

  • •Headquartered in the United States
  • •Customer base spans more than 110 countries
  • •Global laboratory network supports local testing and certification
  • •Europe and Asia are key operating and demand regions
  • •Cross-border standards and approvals drive international relevance

UL Solutions focuses on combining traditional testing, inspection and certification with software and advisory...

01
Expand software and advisorymedium-term

Adds recurring revenue and extends the value of core testing relationships.

02
Cross-sell into existing accountsshort-term

Uses the installed customer base to deepen relationships and broaden wallet share.

03
Acquire technical capabilitiesmedium-term

Helps the company enter adjacent markets and strengthen service coverage.

UL Solutions depends on brand trust, technical credibility and continued customer demand for third-party certification,...

high

Brand and reputation risk

Customers buy UL Solutions for trust, technical credibility and certification acceptance.

Scope
Could reduce demand and market share if service quality is questioned.
Materiality
high
high

Cybersecurity and data privacy risk

The company collects and stores sensitive customer, supplier and proprietary data.

Scope
A breach could cause liability, operational disruption and reputational harm.
Materiality
high
high

Service liability and product failure claims

Errors in testing or certification can lead to recalls, penalties and legal claims.

Scope
Potential financial and reputational impact if a certified product fails.
Materiality
high
medium

Regulatory and standards change risk

Demand depends on external rules requiring testing, certification and compliance validation.

Scope
Harmonization or acceptance of third-party results could lower service demand.
Materiality
high
medium

China capital transfer restrictions

Local rules may limit dividends, loans or other transfers from Chinese subsidiaries.

Scope
Could constrain cash upstreaming and joint venture funding.
Materiality
medium
Revenue recognition
Affects quarterly revenue timing and comparability across segments
Goodwill and intangible assets
Could create non-cash charges if acquired businesses underperform
Capitalized software
Influences operating expense timing and reported margins
Purchase obligations
Affects future cash outflows and fixed-cost visibility

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: 29/04/2026