UL Solutions Inc. Financial Ratios — 72R Stock

Profitability (USD)

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	10.86	9.82	17.41	30.44	41.85	30.01
Return on Assets (%)	- -	6.85	6.21	9.18	9.53	11.78	11.36
Return on Capital (%)	- -	9.54	8.58	13.77	15.64	19.56	17.44
Return on Invested Capital (%)	- -	11.38	10.03	15.72	16.98	21.4	20.05
Gross Margin (%)	44.71	44.81	46.84	47.9	47.95	48.5	49.46
EBITDA Margin (%)	20.52	22.16	17.04	21.71	19.49	22.09	23.26
Operating Margin (%)	14.13	15.78	11.4	16.35	15.27	16.06	18.24
Incremental Operating Margin (%)	- -	- -	- -	4,166.67	- -	27.08	52.46
Pretax Margin (%)	13.78	14.47	10.89	15.2	12.92	14.46	15.39
Profit Margin (%)	10.63	10.04	8.9	11.63	9.71	11.36	10.65
Net Income to Common Margin (%)	10.63	10.04	8.9	11.63	9.71	11.36	10.65
Effective Tax Rate (%)	19.44	27.03	13.14	19.32	20.23	16.87	26.6
Dvd Payout Ratio (%)	2.61	3.53	79.37	492.31	232.88	27.47	28.49
Sustainable Growth Rate (%)	- -	10.47	2.03	-68.32	-40.45	30.35	21.46

Credit (USD)

Credit Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	154	158	154	660	1,063	935	683
ST Debt	38	42	36	42	39	88	43
LT Debt	116	116	118	618	1,024	847	640
Total Debt/EBITDA	0.32	0.31	0.36	1.21	2.04	1.47	0.96
Net Debt/EBITDA	-1.78	-1.9	-3.1	0.32	1.13	0.7	0.28
Total Debt/EBIT	0.47	0.44	0.54	1.6	2.89	2.02	1.31
Net Debt/EBIT	-2.58	-2.67	-4.63	0.43	1.6	0.96	0.38
EBITDA to Interest Expense	475	510	429	32.18	14.91	11.53	17.32
EBITDA-CapEx/Interest Expense	475	510	429	32.18	14.91	11.53	17.32
EBIT to Interest Expense	327	363	287	24.24	11.69	8.38	13.59
Interest Expense	1	1	1	17	35	55	41
Common Equity/Total Assets	62.84	63.42	63.11	38.75	23.9	32.29	43.2
Long-Term Debt/Equity (%)	5.73	5.11	5.06	57.38	151.03	90.98	49.46
Long-Term Debt/Capital (%)	5.33	4.77	4.75	35.58	58.82	45.39	32.37
Long-Term Debt/Total Assets (%)	3.64	3.27	3.22	22.72	37.43	30.25	21.91
Total Debt/Equity (%)	7.61	6.95	6.6	61.28	156.78	100.43	52.78
Total Debt/Capital (%)	7.07	6.5	6.19	38	61.06	50.11	34.55
Total Debt/Total Assets (%)	4.83	4.45	4.21	24.26	38.85	33.39	23.38
Net Debt to Equity	-41.72	-42.74	-56.95	16.43	86.87	47.69	15.15
Net Debt/Capital (%)	-63.32	-66.55	-114.68	12.51	41.3	28.32	11.65
EBITDA	475	510	429	547	522	634	710
EBITDA-CapEx	475	510	429	547	522	634	710
Operating Income (Loss)	327	363	287	412	409	461	557

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.44	1.45	1.74	0.54	0.44	0.4	0.39
Current Ratio	2.47	2.38	2.52	1.44	1.34	1.24	1.32
Quick Ratio	2.39	2.29	2.44	1.38	1.28	1.16	1.21
CFO/Avg Current Liab	- -	0.76	0.58	0.5	0.67	0.72	0.8
Common Equity/Total Assets	62.84	63.42	63.11	38.75	23.9	32.29	43.2
Long-Term Debt/Equity (%)	5.73	5.11	5.06	57.38	151.03	90.98	49.46
Long-Term Debt/Capital (%)	5.33	4.77	4.75	35.58	58.82	45.39	32.37
Long-Term Debt/Total Assets (%)	3.64	3.27	3.22	22.72	37.43	30.25	21.91
Total Debt/Equity (%)	7.61	6.95	6.6	61.28	156.78	100.43	52.78
Total Debt/Capital (%)	7.07	6.5	6.19	38	61.06	50.11	34.55
Total Debt/Total Assets (%)	4.83	4.45	4.21	24.26	38.85	33.39	23.38
CFO/Total Liabilities	33.1	38.08	31.65	22.64	22.69	28.04	36.88
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.69	2.48	- -	- -	- -	5.67	8.6

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	6.25	6.84	6.77	7.26	7.74	7.61
Days Sales Outstanding	- -	58.37	53.37	53.88	50.29	47.18	47.94
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	91	81	- -	- -	- -	9,877	15,825
- Cash & Cash Equivalents	844	971	1,328	322	315	298	295
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	19	20	21	23	24	27	32
+ Total Debt	154	158	154	660	1,063	935	683
Enterprise Value	-609	-712	- -	- -	- -	10,541	16,245
Total Capital	2,177	2,430	2,486	1,737	1,741	1,866	1,977
Total Debt/Capital (%)	7.07	6.5	6.19	38	61.06	50.11	34.55
Total Debt / EV	-0.25	-0.22	- -	- -	- -	0.09	0.04
EV/Sales	- -	- -	- -	- -	- -	3.67	5.32
EV/EBITDA	- -	- -	- -	- -	- -	16.63	22.88
EV/EBIT	- -	- -	- -	- -	- -	22.82	31.12
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	18.5	25.78
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	18.5	25.78
Diluted Market Cap	91	81	- -	- -	- -	9,918	15,980
Diluted Enterprise Value	-609	-712	- -	- -	- -	10,582	16,400
EV per Share	- -	- -	- -	- -	- -	52.66	80.81
TTM Sales	2,315	2,301	2,517	2,520	2,678	2,870	3,053
TTM EBITDA	475	510	429	547	522	634	710
TTM Operating Income	327	363	287	412	409	461	557
TTM Cash Flow to Firm	387	488	422	386	495	570	630
TTM Free Cash Flow to Firm	387	488	422	386	495	570	630

Multiples (USD)

Valuation Multiples API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	0.24	0.17	- -	- -	- -	18.93	26.63
EV/EBIT	- -	- -	- -	- -	- -	22.82	31.12
Enterprise Value	-609	-712	- -	- -	- -	10,541	16,245
Low Price	0.33	0.26	- -	- -	- -	33.06	47.79
EV/Sales	- -	- -	- -	- -	- -	3.67	5.32
EV/EBITDA	- -	- -	- -	- -	- -	16.63	22.88
Price/Earnings	0.37	0.35	- -	- -	- -	30.27	48.69
Price/Earnings Average	1.9	0.32	- -	- -	- -	28.32	40.63
Price/Earnings High	3.5	0.62	- -	- -	- -	33.86	55.6
Price/Earnings Low	0.27	0.22	- -	- -	- -	20.28	29.55
Price/Book Value	0.05	0.04	- -	- -	- -	10.93	12.54
Price/Book Value Average	0.23	0.03	- -	- -	- -	10.22	10.46
Price/Book Value High	0.43	0.06	- -	- -	- -	12.22	14.32
Price/Book Value Low	0.03	0.02	- -	- -	- -	7.32	7.61
Price/Tangible Book Value	0.08	0.06	- -	- -	- -	114.85	34.93
Price/Tangible Book Value Average	0.4	0.05	- -	- -	- -	107.46	29.15
Price/Tangible Book Value High	0.73	0.1	- -	- -	- -	128.45	39.89
Price/Tangible Book Value Low	0.06	0.04	- -	- -	- -	76.96	21.21
Price/Sales	0.04	0.04	- -	- -	- -	3.44	5.18
Price/Sales Average	0.2	0.03	- -	- -	- -	3.22	4.33
Price/Sales High	0.37	0.06	- -	- -	- -	3.85	5.92
Price/Sales Low	0.03	0.02	- -	- -	- -	2.3	3.15
Price/Cash Flow	0.24	0.17	- -	- -	- -	18.83	26.37
Price/Cash Flow Average	1.21	0.15	- -	- -	- -	17.62	22.01
Price/Cash Flow High	2.23	0.29	- -	- -	- -	21.06	30.12
Price/Cash Flow Low	0.17	0.11	- -	- -	- -	12.62	16.01
Price/Free Cash Flow Average	1.21	0.15	- -	- -	- -	17.71	22.23
Price/Free Cash Flow High	2.23	0.29	- -	- -	- -	21.17	30.42
Price/Free Cash Flow Low	0.17	0.11	- -	- -	- -	12.68	16.17
EV/Sales Average	- -	- -	- -	- -	- -	3.45	4.46
EV/Sales High	0.07	- -	- -	- -	- -	4.08	6.06
EV/Sales Low	- -	- -	- -	- -	- -	2.54	3.28
EV/EBITDA Average	- -	- -	- -	- -	- -	15.62	19.19
EV/EBITDA High	0.34	- -	- -	- -	- -	18.47	26.04
EV/EBITDA Low	- -	- -	- -	- -	- -	11.49	14.12
EV/EBIT Average	- -	- -	- -	- -	- -	21.44	26.1
EV/EBIT High	0.49	- -	- -	- -	- -	25.35	35.42
EV/EBIT Low	- -	- -	- -	- -	- -	15.76	19.21
Last Price	0.46	0.41	- -	- -	- -	49.34	78.72
High Price	4.31	0.71	- -	- -	- -	55.19	89.9
Enterprise Value Average	-232	-720	- -	- -	- -	9,906	13,626
Enterprise Value High	161	-650	- -	- -	- -	11,711	18,492
Enterprise Value Low	-634	-741	- -	- -	- -	7,282	10,026

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	200	200	200	200	200	200	201
Diluted Weighted Avg Shares	200	200	200	200	200	201	203
Basic Weighted Avg Shares	200	200	200	200	200	200	201
Revenue per Share	11.57	11.5	12.58	12.6	13.39	14.35	15.19
EBITDA per Share	2.37	2.55	2.14	2.73	2.61	3.17	3.53
Operating Income per Share	1.63	1.81	1.43	2.06	2.04	2.3	2.77
Basic EPS, GAAP	1.23	1.15	1.12	1.46	1.3	1.63	1.62
Basic EPS from Cont Ops	1.28	1.21	1.19	1.54	1.38	1.72	1.72
Diluted EPS, GAAP	1.23	1.15	1.12	1.46	1.3	1.62	1.6
Diluted EPS from Cont Ops	1.28	1.21	1.19	1.54	1.38	1.72	1.7
Dividend per Share	0.03	0.04	1	8	3.4	0.5	0.52
Cash Flow per Share	1.93	2.43	2.1	1.86	2.33	2.62	2.99
Free Cash Flow per Basic Share	1.93	2.43	2.1	1.86	2.33	2.62	2.99
Cash & Equivalents per Share	4.36	4.85	6.87	1.86	1.57	1.49	1.47
Book Value per Share	10.02	11.26	11.55	5.27	3.27	4.52	6.28
Tangible Book Value per Share	5.9	7.25	7.47	1.03	-0.9	0.43	2.25