UL Solutions Management
Management criteria checks 4/4
UL Solutions' CEO is Jenny Scanlon, appointed in Sep 2019, has a tenure of 6.67 years. total yearly compensation is $15.31M, comprised of 6.9% salary and 93.1% bonuses, including company stock and options. directly owns 0.14% of the company’s shares, worth $29.07M. The average tenure of the management team and the board of directors is 3.8 years and 5.6 years respectively.
Key information
Jenny Scanlon
Chief executive officer
US$15.3m
Total compensation
| CEO salary percentage | 6.86% |
| CEO tenure | 6.7yrs |
| CEO ownership | 0.1% |
| Management average tenure | 3.8yrs |
| Board average tenure | 5.6yrs |
Recent management updates
Recent updates
Narrative Update • Apr 22
ULS: Margin Delivery And AI Safety Certifications Will Shape Balanced Future Outcomes
The analyst price target for UL Solutions has shifted slightly higher to align with a fair value estimate of about $93.57. Analysts attribute this to stronger modeled revenue growth and higher future P/E assumptions, partly offset by more conservative profit margin expectations.Seeking Alpha • Apr 15
UL Solutions: Test Business Testing Its Highs
Summary UL Solutions has acquired Eurofins' E&E business for $670 million, expanding its global testing and certification footprint. ULS paid a 3.3x sales and 14.5x EBITDA multiple, notably cheaper than its own valuation, and expects the deal to be accretive in year one. Pro forma leverage remains conservative at ~1x EBITDA, with the deal adding 6-7% to sales growth and supporting margin expansion toward 26.5-27%. Despite strong execution and a value-accretive deal, ULS trades at a premium of ~45x 2026 earnings, limiting near-term upside appeal. Read the full article on Seeking AlphaNarrative Update • Apr 07
ULS: Margin Strength And AI Safety Progress Will Support Balanced Future Outcomes
The analyst price target for UL Solutions has shifted modestly, with recent updates clustering in the $87 to $96 range as analysts factor in stronger recent margins alongside more measured views on future growth and capital allocation. Analyst Commentary Recent research around UL Solutions has concentrated on how strong recent margins and updated guidance feed into medium term expectations, with most targets now clustered in the high $80s to mid $90s and ratings generally anchored around Neutral with a few more positive stances.Narrative Update • Mar 24
ULS: Margin Delivery And Capital Returns Will Support Balanced Future Outcomes
The analyst price target for UL Solutions is now $93.25, reflecting a blended view of recent Street revisions. Several firms raised their targets into the $87 to $96 range, while others trimmed forecasts slightly as analysts balanced strong margins and Q4 execution with more measured expectations for growth and 2026 performance.Narrative Update • Mar 09
ULS: Margin Strength And Capital Returns Will Support Future Upside
The analyst price target for UL Solutions has been adjusted slightly lower to reflect a modest trim in fair value to $93.25. Analysts cite a higher discount rate, slightly softer revenue growth assumptions, and offsetting support from stronger projected profit margins and a steady future P/E multiple.Narrative Update • Feb 23
ULS: Margin Strength And Capital Returns Will Drive Future Upside Potential
The updated analyst price target for UL Solutions has increased from $90.61 to $93.28, with analysts citing stronger margins, solid Q4 execution, and supportive 2026 outlooks as key drivers for their refreshed models. Analyst Commentary Recent Street research around UL Solutions clusters around a similar theme, with analysts updating their models after Q4 results and refreshed 2026 guidance.Narrative Update • Feb 06
ULS: Lowered Price View Will Support Future Upside Potential
Analysts have reduced their price target on UL Solutions to $85 from $96, reflecting updated views on valuation while fair value, discount rate, revenue growth, profit margin, and future P/E assumptions remain relatively unchanged. Analyst Commentary Bullish Takeaways Bullish analysts view the new US$85 price target as still consistent with UL Solutions maintaining a valuation that reflects its existing fair value and P/E framework, rather than a wholesale reset of expectations.Narrative Update • Jan 22
ULS: Index Additions And Equity Raise Will Support Future Upside
Analysts have trimmed their price target on UL Solutions by about US$1 to reflect slightly different views on fair value, discount rate, and forward P/E assumptions following recent research updates. Analyst Commentary Bullish Takeaways Bullish analysts see the revised US$85 price target as still implying upside from current levels, suggesting they view the stock as reasonably valued relative to its earnings outlook and risk profile.Narrative Update • Jan 08
ULS: Index Additions And Expanded Testing Network Will Support Measured Upside
Narrative Update on UL Solutions Analysts have kept their price target for UL Solutions effectively unchanged at about $91.71. This reflects only minimal tweaks to assumptions around discount rate, revenue growth, profit margin, and future P/E, rather than a shift in their overall view of the company.Narrative Update • Dec 25
ULS: Index Inclusion And AI Safety Services Will Support Long Term Upside
Analysts have nudged their price target for UL Solutions slightly higher to approximately 91.71 dollars, citing marginal improvements in long term discount rate assumptions and continued expectations for steady revenue growth and profit margins. What's in the News UL Solutions completed a 975 million dollar follow on offering of 12.5 million Class A shares at 78 dollars per share, with UBS Securities added as a co lead underwriter (Follow on Equity Offering, Underwriter Change).Narrative Update • Dec 10
ULS: Expanded Testing Capabilities And Equity Raise Will Support Long Term Upside
Analysts have slightly raised their price target on UL Solutions to 91.71 dollars, citing marginal improvements in discount rate assumptions, long term revenue growth forecasts, and projected profitability that support a steady valuation multiple. What's in the News Completed a $975 million follow on equity offering of 12,500,000 Class A common shares priced at $78 per share, with a $2.145 discount per security (Key Developments) UBS Securities LLC added as co lead underwriter for the $975 million follow on equity offering, strengthening the syndicate supporting the capital raise (Key Developments) Announced major expansion of its electromagnetic and wireless testing capabilities with a new green lab in Neu Isenburg, Germany, designed for large high power industrial, medical, consumer and automotive products and expected to be operational by mid 2027 (Key Developments) Opened its first Japan based motor energy efficiency laboratory at the Ise campus to provide local performance testing for electric motors and help domestic manufacturers meet global efficiency standards while cutting overseas shipping costs (Key Developments) Launched new AI safety certification services guided by UL 3115 to assess robustness, transparency, security and bias in AI powered products and enable compliant offerings to carry the UL Mark (Key Developments) Valuation Changes Fair Value: Unchanged at 91.71 dollars per share, indicating a stable central valuation outlook.Narrative Update • Nov 26
ULS: Expanded Testing Facilities And Upgraded Services Will Shape Outlook Through 2027
Analysts have raised their price target for UL Solutions from $77.77 to $91.71, citing improved profit margins and a reassessment of the company's fair value. What's in the News UL Solutions is expanding its global electromagnetic and wireless testing presence by developing a new laboratory in Neu-Isenburg, Germany.Analysis Article • Nov 07
Earnings Beat: UL Solutions Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
It's been a good week for UL Solutions Inc. ( NYSE:ULS ) shareholders, because the company has just released its latest...Narrative Update • Nov 05
ULS: Declining Revenue Forecasts Will Offset Improvements In Profit Margins
Analysts have raised their price target for UL Solutions from $71.27 to $77.77, citing improved profit margins and a lower discount rate as key factors supporting this upward revision. What's in the News Launched artificial intelligence (AI) safety certification services to assess and certify the safety of AI-powered products, using the UL 3115 framework for global standards compliance (Key Developments).Analysis Article • Aug 23
UL Solutions' (NYSE:ULS) Dividend Will Be $0.13
UL Solutions Inc. ( NYSE:ULS ) will pay a dividend of $0.13 on the 8th of September. The dividend yield is 0.8% based...Analysis Article • Jul 21
Estimating The Intrinsic Value Of UL Solutions Inc. (NYSE:ULS)
Key Insights UL Solutions' estimated fair value is US$74.38 based on 2 Stage Free Cash Flow to Equity Current share...Analysis Article • Jul 03
Does UL Solutions (NYSE:ULS) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Jun 15
Should You Be Adding UL Solutions (NYSE:ULS) To Your Watchlist Today?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • May 28
UL Solutions Inc. (NYSE:ULS) Stock Rockets 26% As Investors Are Less Pessimistic Than Expected
Despite an already strong run, UL Solutions Inc. ( NYSE:ULS ) shares have been powering on, with a gain of 26% in the...Analysis Article • May 14
We Think That There Are Issues Underlying UL Solutions' (NYSE:ULS) Earnings
UL Solutions Inc.'s ( NYSE:ULS ) stock was strong after they recently reported robust earnings. However, our analysis...Analysis Article • May 09
Earnings Beat: UL Solutions Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
The investors in UL Solutions Inc. 's ( NYSE:ULS ) will be rubbing their hands together with glee today, after the...
New Narrative • Apr 20
Global Energy Transition And Battery Labs Will Shape Future Capabilities
Global energy transition and capacity expansions in battery testing drive strong demand and revenue growth in the Industrial segment.Seeking Alpha • Mar 06
UL Solutions: Rating Downgrade Given The Softer Than Expected FY 2025 Growth
Summary I am downgrading UL Solutions to hold due to disappointing FY25 guidance, indicating a significant deceleration in growth compared to FY24 levels. ULS reported strong FY24 results with $739 million in revenue and 69% EPS growth. Management’s FY25 guidance suggests mid-single-digit organic growth, reflecting macro uncertainty and potential delays in product launches, impacting near-term performance. Read the full article on Seeking AlphaSeeking Alpha • Oct 03
UL Solutions Sees Demand Growth, But Shareholder Sales May Cap Stock Upside
Summary UL Solutions Inc. has shown improving financial results, driven by strong demand in its Industrial segment, despite ongoing share sales by parent firm ULSE. The safety science market, including Industrial Safety, Global Safety Services, and Environmental Health & Safety, is expected to grow significantly in the coming years. ULS's strengths include a long legacy and global brand recognition, but it faces competitive pressures and potential threats from AI automation. I maintain a hold rating due to improving fundamentals tempered by the uncertainty of continued share sales by ULSE, which may cap stock appreciation. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$350m |
| Dec 31 2025 | US$15m | US$1m | US$325m |
| Sep 30 2025 | n/a | n/a | US$339m |
| Jun 30 2025 | n/a | n/a | US$327m |
| Mar 31 2025 | n/a | n/a | US$337m |
| Dec 31 2024 | US$18m | US$1m | US$326m |
| Sep 30 2024 | n/a | n/a | US$303m |
| Jun 30 2024 | n/a | n/a | US$268m |
| Mar 31 2024 | n/a | n/a | US$261m |
| Dec 31 2023 | US$6m | US$1m | US$260m |
| Sep 30 2023 | n/a | n/a | US$280m |
| Jun 30 2023 | n/a | n/a | US$297m |
| Mar 31 2023 | n/a | n/a | US$263m |
| Dec 31 2022 | US$6m | US$994k | US$293m |
Compensation vs Market: Jenny's total compensation ($USD15.31M) is about average for companies of similar size in the US market ($USD14.63M).
Compensation vs Earnings: Jenny's compensation has been consistent with company performance over the past year.
CEO
Jenny Scanlon (58 yo)
6.7yrs
Tenure
US$15,311,194
Compensation
Ms. Jennifer F. Scanlon, also known as Jenny, is Director of The Chicago Council on Global Affairs. Ms. Scanlon is Member of the Advisory Board of Workstorm LLC. She served as Chairman of Commercial Club o...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 6.7yrs | US$15.31m | 0.14% $ 29.1m | |
| Executive VP & CFO | 9yrs | US$4.25m | 0.081% $ 17.1m | |
| Executive VP and Chief Business Operations & Innovation Officer | 5.3yrs | US$2.99m | 0.035% $ 7.4m | |
| Executive VP & Special Advisor to the CEO | no data | US$4.02m | 0.023% $ 4.9m | |
| Executive VP and President of Risk & Compliance Software | 3.8yrs | US$2.22m | 0.015% $ 3.1m | |
| Executive VP and President of Testing | 1.3yrs | US$2.79m | 0.0025% $ 526.8k | |
| Senior VP & Chief Accounting Officer | 3.9yrs | no data | 0.0042% $ 874.6k | |
| Senior Vice President of Corporate Finance & Tax | 3yrs | no data | no data | |
| Senior VP & Chief Scientist & Innovation Officer | no data | no data | no data | |
| Senior VP & Chief Information Officer | 2.3yrs | no data | no data | |
| Vice President of Investor Relations | no data | no data | no data | |
| Chief Legal Officer | 1.1yrs | no data | no data |
3.8yrs
Average Tenure
56yo
Average Age
Experienced Management: ULS's management team is considered experienced (3.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 6.7yrs | US$15.31m | 0.14% $ 29.1m | |
| Independent Director | 4.9yrs | US$321.25k | 0.0069% $ 1.5m | |
| Independent Director | 14.3yrs | US$310.00k | 0.038% $ 8.0m | |
| Independent Director | 6.3yrs | US$317.50k | 0.018% $ 3.7m | |
| Independent Director | 14.3yrs | US$320.91k | 0.035% $ 7.5m | |
| Independent Director | 4yrs | US$298.75k | 0.0018% $ 373.0k | |
| Independent Director | 12.7yrs | US$301.74k | 0.0078% $ 1.6m | |
| Independent Chairman | 14.3yrs | US$427.70k | 0.0036% $ 748.1k | |
| Independent Director | 2.5yrs | US$297.87k | 0.0018% $ 373.0k | |
| Independent Director | 2.5yrs | US$306.29k | 0.0044% $ 935.7k | |
| Independent Director | 1yr | US$259.06k | no data | |
| Independent Director | 4.9yrs | US$305.50k | 0.00018% $ 37.9k |
5.6yrs
Average Tenure
63yo
Average Age
Experienced Board: ULS's board of directors are considered experienced (5.6 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/06 12:37 |
| End of Day Share Price | 2026/05/06 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
UL Solutions Inc. is covered by 15 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Andrew Wittmann | Baird |
| Seth Weber | BNP Paribas |
| Curtis Nagle | BofA Global Research |