ULS UL Solutions Inc. Class A Common Stock
$76.21
Price · Aug 18, 2026
Fundamentals as of Aug 4, 2026
52W Range
$62–$108
32% of range
Analyst Rating
STRONG BUY
17 analysts
Price Target
$97
+28% upside
P/E (TTM)
47.6
ROE
30.0%
Net Profit Margin
10.7%
ULS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$76.21
Market Cap
$15.32B
P/E (TTM)
47.6
EPS (TTM)
$1.60
Revenue (TTM)
$3.05B
Div Yield
0.68%
ROE
30.0%
Debt/Equity
0.4
52W Range
$62 – $108
ULS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$3.05B
2022-12-31
→
2025-12-31
EPS
$1.60
2022-12-31
→
2025-12-31
Free Cash Flow
$403M
2024-12-31
→
2025-12-31
Margins
10.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ULS
Peer Median
P/E (TTM)
47.6
25.9
P/S (TTM)
5.0
2.2
P/B
12.1
4.8
EV / EBITDA
21.9
—
Price / FCF
38.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ULS
Peer Median
Operating Margin
17.1%
—
Net Profit Margin
10.7%
6.6%
ROA
11.4%
6.0%
ROE
30.0%
14.6%
ROIC
21.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ULS
Peer Median
Debt / Equity
0.4
—
Current Ratio
1.3
1.5
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ULS
Peer Median
Revenue YoY
6.4%
—
Revenue CAGR 3Y
6.6%
—
EPS YoY
-1.2%
—
Net Income YoY
-0.31%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ULS
Peer Median
Payout Ratio
32.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.68%
Payout Ratio
32.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 29, 2026 | $0.1450 |
| March 2, 2026 | $0.1450 |
| Nov. 28, 2025 | $0.1300 |
| Aug. 29, 2025 | $0.1300 |
| May 30, 2025 | $0.1300 |
| Feb. 28, 2025 | $0.1300 |
| Nov. 29, 2024 | $0.1250 |
| Aug. 30, 2024 | $0.1250 |
| June 3, 2024 | $0.1250 |
ULS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 6 35.3%
- Buy 5 29.4%
- Hold 6 35.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-18
Median
$95.50
← Below all targets
$76.21
Low
$79.00
High
$120.00
Median target
$95.50
+25.3%
Mean target
$97.32
+27.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.59 | $0.57 | 0.02% |
| March 31, 2026 | $0.50 | $0.42 | 0.08% |
| Dec. 31, 2025 | $0.53 | $0.45 | 0.08% |
| Sept. 30, 2025 | $0.56 | $0.47 | 0.09% |
| June 30, 2025 | $0.45 | $0.47 | -0.02% |
| March 31, 2025 | $0.33 | $0.31 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ULS | $15.85B | 49.3 | 6.4% | 10.7% | 30.0% | — |
| VRSK | $30.96B | 34.5 | 6.6% | 29.6% | 444.1% | — |
| EFX | $26.12B | 40.8 | 6.9% | 10.9% | 14.1% | — |
| LDOS | $23.19B | 16.5 | 3.1% | 8.4% | 31.1% | — |
| J | $17.61B | 62.1 | 4.6% | 2.4% | 7.1% | 24.8% |
| TRU | $16.50B | 37.0 | 9.4% | 10.0% | 10.5% | — |
| J | $17.61B | 62.1 | 4.6% | 2.4% | 7.1% | 24.8% |
| CACI | $10.24B | 19.2 | 10.9% | 5.6% | 12.5% | — |
| BAH | $9.39B | 11.3 | -6.4% | 7.6% | 81.0% | — |
| PL | — | -31.2 | 25.9% | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $3.05B | $2.87B | $2.68B | $2.52B | |
| Cost of Revenue | $1.54B | $1.48B | $1.39B | $1.31B | |
| SG&A Expense | $953M | $931M | $875M | $795M | |
| Operating Income | $522M | $462M | $368M | $412M | |
| Other Non-op | $-1M | $-2M | $2M | $7M | |
| Pretax Income | $470M | $415M | $346M | $383M | |
| Income Tax | $125M | $70M | $70M | $74M | |
| Net Income | $325M | $326M | $260M | $293M | |
| EPS (Basic) | $1.62 | $1.63 | $1.30 | $1.47 | |
| EPS (Diluted) | $1.60 | $1.62 | $1.30 | $1.47 | |
| Shares (Basic) | 201,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |
| Shares (Diluted) | 203,000,000 | 201,000,000 | 200,000,000 | 200,000,000 | |
| EBITDA | $710M | $634M | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $295M | $298M | $315M | · | |
| Receivables | $422M | $380M | $362M | · | |
| Prepaid Expense | · | $33M | $35M | · | |
| Other Current Assets | $79M | $61M | $97M | · | |
| Current Assets | $1.00B | $921M | $953M | · | |
| PP&E (Net) | $699M | $631M | $555M | · | |
| PP&E (Gross) | $1.58B | $1.40B | $1.29B | · | |
| Accum. Depreciation | $879M | $772M | $737M | · | |
| Goodwill | $656M | $633M | $623M | $647M | |
| Intangibles | $48M | $58M | $72M | · | |
| Other Non-current Assets | $140M | $136M | $133M | · | |
| Total Assets | $2.92B | $2.80B | $2.74B | · | |
| Accounts Payable | $183M | $182M | $169M | · | |
| Current Liabilities | $760M | $740M | $709M | · | |
| Capital Leases | $149M | $155M | $120M | · | |
| Other Non-current Liabilities | $93M | $86M | $93M | · | |
| Total Liabilities | $1.63B | $1.87B | $2.06B | · | |
| Long-term Debt | $491M | $742M | $904M | · | |
| Total Debt | $491M | $742M | · | · | |
| Common Stock | · | · | $0 | · | |
| Paid-in Capital | $887M | $821M | $776M | · | |
| Retained Earnings | $470M | $250M | $24M | · | |
| AOCI | $-95M | $-167M | $-146M | · | |
| Stockholders' Equity | $1.26B | $904M | $654M | · | |
| Liabilities + Equity | $2.92B | $2.80B | $2.74B | · | |
| Shares Outstanding | 201,025,964 | 200,174,493 | 200,000,000 | 200,000,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $188M | $172M | $154M | $135M | |
| Stock-based Comp | $47M | $23M | $0 | $0 | |
| Deferred Tax | $2M | $-6M | $11M | $10M | |
| Amort. of Intangibles | $13M | $13M | $15M | $16M | |
| Restructuring | $35M | $-1M | $4M | · | |
| Other Non-cash | $38M | $9M | · | · | |
| Operating Cash Flow | $600M | $524M | $467M | $372M | |
| CapEx | $197M | $237M | $215M | $164M | |
| Investing Cash Flow | $-204M | $-234M | $-175M | $-238M | |
| Debt Issued | $792M | $181M | $440M | $700M | |
| Net Debt Issued | $-253M | $-165M | · | · | |
| Dividends Paid | $104M | $100M | $680M | $1.60B | |
| Financing Cash Flow | $-396M | $-284M | $-294M | $-1.12B | |
| Net Change in Cash | $-3M | $-17M | $-7M | $-1.01B | |
| Taxes Paid | $92M | $66M | $57M | $68M | |
| Free Cash Flow | $403M | $287M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | 17.1% | 16.1% | · | · | |
| Net Margin | 10.7% | 11.4% | · | · | |
| Pretax Margin | 15.4% | 14.5% | · | · | |
| EBITDA Margin | 23.3% | 22.1% | · | · | |
| ROA | 11.4% | 11.8% | · | · | |
| ROE | 30.0% | 41.9% | · | · | |
| ROIC | 21.9% | 23.3% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.3 | 1.2 | · | · | |
| Quick Ratio | 0.9 | 0.9 | · | · | |
| Debt / Equity | 0.4 | 0.8 | · | · | |
| LT Debt / Equity | 0.4 | 0.8 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.0 | · | · | |
| Receivables Turnover | 7.6 | 7.7 | · | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 6.4% | 7.2% | 6.3% | · | |
| Revenue CAGR 3Y | 6.6% | · | · | · | |
| EPS YoY | -1.2% | 24.6% | -11.6% | · | |
| EPS CAGR 3Y | 2.9% | · | · | · | |
| Net Income YoY | -0.31% | 25.4% | -11.3% | · | |
| Net Income CAGR 3Y | 3.5% | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $3.05B | $2.87B | · | · | |
| Net Income TTM | $325M | $326M | · | · | |
| Market Cap | $15.85B | $9.98B | · | · | |
| Enterprise Value | $16.05B | $10.43B | · | · | |
| P/E | 49.3 | 30.8 | · | · | |
| P/S | 5.2 | 3.5 | · | · | |
| P/B | 12.6 | 11.0 | · | · | |
| P / Tangible Book | 28.4 | 46.9 | · | · | |
| P / Cash Flow | 26.4 | 19.1 | · | · | |
| P / FCF | 39.3 | 34.8 | · | · | |
| EV / EBITDA | 22.6 | 16.4 | · | · | |
| EV / FCF | 39.8 | 36.3 | · | · | |
| EV / Revenue | 5.3 | 3.6 | · | · | |
| Dividend Yield | 0.66% | 1.0% | · | · | |
| Earnings Yield | 2.0% | 3.2% | · | · | |
| Payout Ratio | 32.0% | 30.7% | · | · | |
| Annual Payout | $104M | $100M | · | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $816M | $758M | $789M | $783M | $776M | $705M | $739M | $731M | $730M | $670M | $684M | $676M | $689M | $629M | |
| Cost of Revenue | $399M | $377M | $397M | $389M | $394M | $365M | $390M | $373M | $364M | $351M | $363M | $344M | $352M | $335M | |
| SG&A Expense | $267M | $243M | $239M | $238M | $244M | $232M | $235M | $228M | $240M | $228M | $230M | $206M | $220M | $219M | |
| Operating Income | $150M | $138M | $118M | $156M | $139M | $109M | $115M | $130M | $126M | $91M | $87M | $89M | $117M | $75M | |
| Other Non-op | $2M | $-1M | $-1M | $2M | $-4M | $-3M | $-5M | $1M | $1M | $1M | $-6M | $-1M | $5M | $4M | |
| Pretax Income | $338M | $129M | $105M | $146M | $125M | $94M | $92M | $116M | $134M | $73M | $79M | $75M | $120M | $72M | |
| Income Tax | $84M | $32M | $34M | $40M | $28M | $23M | $7M | $22M | $28M | $13M | $17M | $18M | $21M | $14M | |
| Net Income | $246M | $92M | $67M | $100M | $91M | $67M | $81M | $88M | $101M | $56M | $58M | $53M | $94M | $55M | |
| EPS (Basic) | $1.22 | $0.46 | $0.33 | $0.50 | $0.45 | $0.34 | $0.40 | $0.44 | $0.51 | $0.28 | $0.28 | $0.27 | $0.47 | $0.28 | |
| EPS (Diluted) | $1.21 | $0.45 | $0.33 | $0.49 | $0.45 | $0.33 | $0.40 | $0.44 | $0.50 | $0.28 | $0.28 | $0.27 | $0.47 | $0.28 | |
| Shares (Basic) | 202,000,000 | 201,000,000 | -401,000,000 | 201,000,000 | 201,000,000 | 200,000,000 | -400,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | -400,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |
| Shares (Diluted) | 204,000,000 | 204,000,000 | -406,000,000 | 203,000,000 | 203,000,000 | 203,000,000 | -402,000,000 | 202,000,000 | 201,000,000 | 200,000,000 | -400,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |
| EBITDA | $150M | $185M | · | $156M | $139M | $154M | · | $130M | $126M | $132M | · | · | · | · |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $434M | $258M | $295M | $255M | $272M | $267M | $298M | $327M | $295M | $344M | · | · | · | · | |
| Receivables | $471M | $497M | $422M | $386M | $424M | $463M | $380M | $354M | $381M | $429M | · | · | · | · | |
| Prepaid Expense | · | · | · | · | · | · | · | $43M | $48M | · | · | · | · | · | |
| Other Current Assets | $90M | $70M | $79M | $117M | $89M | $65M | $61M | $73M | $75M | $85M | · | · | · | · | |
| Current Assets | $1.23B | $1.05B | $1.00B | $995M | $1.01B | $998M | $921M | $977M | $957M | $1.05B | · | · | · | · | |
| PP&E (Net) | · | · | $699M | · | · | · | $631M | · | · | · | · | · | · | · | |
| PP&E (Gross) | · | · | $1.58B | · | · | · | $1.40B | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $879M | · | · | · | $772M | · | · | · | · | · | · | · | |
| Goodwill | $642M | $643M | $656M | $655M | $656M | $641M | $633M | $651M | $628M | $618M | $623M | · | · | · | |
| Intangibles | $41M | $44M | $48M | $52M | $55M | $56M | $58M | $61M | $63M | $66M | · | · | · | · | |
| Other Non-current Assets | $134M | $152M | $140M | $139M | $136M | $139M | $136M | $150M | $142M | $134M | · | · | · | · | |
| Total Assets | $3.12B | $2.96B | $2.92B | $2.90B | $2.92B | $2.88B | $2.80B | $2.88B | $2.74B | $2.82B | · | · | · | · | |
| Accounts Payable | $179M | $168M | $183M | $151M | $139M | $143M | $182M | $138M | $134M | $156M | · | · | · | · | |
| Current Liabilities | $866M | $899M | $760M | $749M | $765M | $804M | $740M | $745M | $740M | $829M | · | · | · | · | |
| Capital Leases | $136M | $141M | $149M | $150M | $155M | $150M | $155M | $153M | $117M | $116M | · | · | · | · | |
| Other Non-current Liabilities | $93M | $97M | $93M | $89M | $79M | $92M | $86M | $101M | $91M | $97M | · | · | · | · | |
| Total Liabilities | $1.50B | $1.62B | $1.63B | $1.68B | $1.81B | $1.89B | $1.87B | $1.98B | $1.96B | $2.14B | · | · | · | · | |
| Long-term Debt | · | · | $491M | $544M | $608M | $653M | $742M | $797M | $810M | $879M | · | · | · | · | |
| Total Debt | $301M | $357M | · | $544M | $608M | $653M | · | $797M | $810M | $879M | · | · | · | · | |
| Common Stock | · | · | · | · | · | · | · | · | · | $0 | · | · | · | · | |
| Paid-in Capital | $934M | $888M | $887M | $866M | $852M | $829M | $821M | $817M | $808M | $776M | · | · | · | · | |
| Retained Earnings | $750M | $533M | $470M | $429M | $356M | $291M | $250M | $194M | $131M | $55M | · | · | · | · | |
| AOCI | $-89M | $-102M | $-95M | $-102M | $-115M | $-150M | $-167M | $-139M | $-170M | $-160M | · | · | · | · | |
| Stockholders' Equity | $1.59B | $1.32B | $1.26B | $1.19B | $1.09B | $970M | $904M | $872M | $769M | $671M | · | · | · | · | |
| Liabilities + Equity | $3.12B | $2.96B | $2.92B | $2.90B | $2.92B | $2.88B | $2.80B | $2.88B | $2.74B | $2.82B | · | · | · | · | |
| Shares Outstanding | · | · | 201,025,964 | · | · | · | 200,174,493 | 200,016,444 | 200,006,949 | 200,000,000 | 200,000,000 | · | · | · |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $46M | $47M | $51M | $46M | $46M | $45M | $47M | $43M | $41M | $41M | $43M | $37M | $38M | $36M | |
| Stock-based Comp | $23M | $12M | $11M | $15M | $13M | $8M | $7M | $10M | $6M | $0 | $0 | $0 | · | · | |
| Deferred Tax | $41M | $0 | $-3M | $4M | $0 | $1M | $5M | $-1M | $-7M | $-3M | $3M | $-17M | $14M | $11M | |
| Amort. of Intangibles | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $3M | $4M | $4M | $4M | |
| Restructuring | $0 | $0 | · | · | $-1M | $-1M | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $68M | · | · | · | $33M | · | · | · | $47M | · | · | · | · | |
| Operating Cash Flow | $160M | $219M | $144M | $155M | $147M | $154M | $130M | $150M | $103M | $141M | $126M | $121M | $59M | $161M | |
| CapEx | $69M | $69M | $58M | $46M | $42M | $51M | $58M | $66M | $56M | $57M | $59M | $43M | $50M | $63M | |
| Investing Cash Flow | $131M | $-61M | $-21M | $-76M | $-57M | $-50M | $-59M | $-82M | $-36M | $-57M | $-57M | $-33M | $-10M | $-75M | |
| Debt Issued | $0 | $187M | $508M | $134M | $88M | $62M | $73M | $88M | $0 | $20M | $410M | $0 | $0 | $30M | |
| Net Debt Issued | · | $-134M | · | · | · | $-90M | · | · | · | $-25M | · | · | · | · | |
| Dividends Paid | $29M | $29M | $26M | $26M | $26M | $26M | $25M | $25M | $25M | $25M | $620M | $20M | $20M | $20M | |
| Financing Cash Flow | $-114M | $-194M | $-82M | $-93M | $-86M | $-135M | $-82M | $-43M | $-110M | $-49M | $-219M | $-36M | $-49M | $10M | |
| Net Change in Cash | $176M | $-37M | $40M | $-17M | $5M | $-31M | $-29M | $32M | $-49M | $29M | $-142M | $44M | $-5M | $96M | |
| Taxes Paid | $26M | $19M | $23M | $29M | $24M | $16M | $10M | $27M | $20M | $9M | $12M | $19M | $16M | $10M | |
| Free Cash Flow | · | $150M | · | · | · | $103M | · | · | · | $84M | · | · | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 18.4% | 18.2% | · | 19.9% | 17.9% | 15.5% | · | 17.8% | 17.3% | 13.6% | · | · | · | · | |
| Net Margin | 30.1% | 12.1% | · | 12.8% | 11.7% | 9.5% | · | 12.0% | 13.8% | 8.4% | · | · | · | · | |
| Pretax Margin | 41.4% | 17.0% | · | 18.6% | 16.1% | 13.3% | · | 15.9% | 18.4% | 10.9% | · | · | · | · | |
| EBITDA Margin | 18.4% | 24.4% | · | 19.9% | 17.9% | 21.8% | · | 17.8% | 17.3% | 19.7% | · | · | · | · | |
| ROA | 8.1% | 3.1% | · | 3.5% | 3.2% | 2.4% | · | 6.1% | 7.4% | 4.0% | · | · | · | · | |
| ROE | 18.3% | 8.0% | · | 9.7% | 9.8% | 8.2% | · | 20.2% | 26.3% | 16.7% | · | · | · | · | |
| ROIC | 5.9% | 6.2% | · | 6.5% | 6.3% | 5.1% | · | 6.3% | 6.3% | 4.8% | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.2 | · | 1.3 | 1.3 | 1.2 | · | 1.3 | 1.3 | 1.3 | · | · | · | · | |
| Quick Ratio | 1.0 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | · | · | · | |
| Debt / Equity | 0.2 | 0.3 | · | 0.5 | 0.6 | 0.7 | · | 0.9 | 1.1 | 1.3 | · | · | · | · | |
| LT Debt / Equity | 0.2 | 0.3 | · | 0.5 | 0.6 | 0.7 | · | 0.9 | 1.0 | 1.3 | · | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.5 | 0.5 | 0.5 | · | · | · | · | |
| Receivables Turnover | 1.8 | 1.6 | · | 2.1 | 1.9 | 1.6 | · | 4.1 | 3.8 | 3.1 | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.13B | $3.02B | · | $3.00B | $2.94B | $2.84B | · | $2.81B | $2.77B | $2.66B | · | · | · | · | |
| Net Income TTM | $529M | $350M | · | $346M | $347M | $312M | · | $298M | $304M | $258M | · | · | · | · | |
| Market Cap | · | · | · | · | · | · | · | $9.86B | $8.44B | · | · | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | · | $10.33B | $8.95B | · | · | · | · | · | |
| P/E | 39.2 | 49.8 | · | 41.4 | 42.4 | 36.4 | · | 33.1 | 27.8 | · | · | · | · | · | |
| P/S | · | · | · | · | · | · | · | 3.5 | 3.1 | · | · | · | · | · | |
| P/B | · | · | · | · | · | · | · | 11.3 | 11.0 | · | · | · | · | · | |
| P / Tangible Book | · | · | · | · | · | · | · | 61.6 | 108.2 | · | · | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | 79.5 | 71.1 | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 3.7 | 3.2 | · | · | · | · | · | |
| Earnings Yield | 2.5% | 2.0% | · | 2.4% | 2.4% | 2.8% | · | 3.0% | 3.6% | · | · | · | · | · | |
| Payout Ratio | · | 31.5% | · | · | · | 38.8% | · | · | · | 44.6% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Revenue | $3.05B | $2.87B | $2.68B | $2.52B |
| Operating Margin % | 17.1% | 16.1% | — | — |
| Net Income | $325M | $326M | $260M | $293M |
| Diluted EPS | $1.60 | $1.62 | $1.30 | $1.47 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Debt / Equity | 0.4 | 0.8 | — | — |
| Current Ratio | 1.3 | 1.2 | — | — |
| Quick Ratio | 0.9 | 0.9 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Free Cash Flow | $403M | $287M | — | — |
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Institutional owners (13F) 421 filers · $5.7B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 83 (+12 vs prior Q) | 46 (+6 vs prior Q) | 149 (+3 vs prior Q) | 107 (+1 vs prior Q) | +8.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Capital International Investors | $622,884,065 | 6,115,196 | 10.92% | Shares |
| VANGUARD GROUP INC | $488,567,825 | 6,195,382 | 8.56% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $357,014,003 | 3,504,948 | 6.26% | Shares |
| Capital Research Global Investors | $343,000,869 | 3,367,530 | 6.01% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $330,217,897 | 3,241,880 | 5.79% | Shares |
| Durable Capital Partners LP | $299,212,528 | 2,937,488 | 5.24% | Shares |
| STATE STREET CORP | $232,154,015 | 2,279,148 | 4.07% | Shares |
| NEUBERGER BERMAN GROUP LLC | $175,547,393 | 1,723,418 | 3.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $174,177,567 | 1,709,612 | 3.05% | Shares |
| NORGES BANK | $151,450,541 | 1,486,850 | 2.65% | Shares |
| FIRST TRUST ADVISORS LP | $132,617,645 | 1,301,960 | 2.32% | Shares |
| FMR LLC | $107,929,192 | 1,059,584 | 1.89% | Shares |
| Pictet Asset Management Holding SA | $93,206,558 | 915,471 | 1.63% | Shares |
| Driehaus Capital Management LLC | $83,866,635 | 823,352 | 1.47% | Shares |
| Conestoga Capital Advisors, LLC | $83,461,383 | 819,373 | 1.46% | Shares |
| SCOPUS ASSET MANAGEMENT, L.P. | $78,267,085 | 768,379 | 1.37% | Shares |
| AltraVue Capital, LLC | $71,537,908 | 702,316 | 1.25% | Shares |
| BLAIR WILLIAM & CO/IL | $70,656,433 | 693,662 | 1.24% | Shares |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $63,017,115 | 618,664 | 1.10% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $57,106,587 | 560,638 | 1.00% | Shares |
| RAYMOND JAMES FINANCIAL INC | $55,649,755 | 546,336 | 0.98% | Shares |
| Electron Capital Partners, LLC | $54,045,388 | 530,585 | 0.95% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $53,891,580 | 529,075 | 0.94% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $52,565,770 | 516,059 | 0.92% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $50,491,798 | 495,698 | 0.88% | Shares |
| Port Capital LLC | $47,962,003 | 470,862 | 0.84% | Shares |
| AMERICAN CENTURY COMPANIES INC | $45,866,234 | 450,287 | 0.80% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $44,895,776 | 440,760 | 0.79% | Shares |
| Ranger Investment Management, L.P. | $42,597,852 | 418,200 | 0.75% | Shares |
| TD Asset Management Inc | $41,131,679 | 403,806 | 0.72% | Shares |
| GOLDMAN SACHS GROUP INC | $38,386,552 | 376,856 | 0.67% | Shares |
| Capital World Investors | $35,535,287 | 348,864 | 0.62% | Shares |
| SOROS FUND MANAGEMENT LLC | $34,017,166 | 333,960 | 0.60% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $32,737,702 | 321,399 | 0.57% | Shares |
| Harvey Partners, LLC | $32,662,020 | 320,656 | 0.57% | Shares |
| Baird Financial Group, Inc. | $30,879,063 | 303,152 | 0.54% | Shares |
| UBS Group AG | $30,500,653 | 299,437 | 0.53% | Shares |
| EVENTIDE ASSET MANAGEMENT, LLC | $28,560,873 | 281,062 | 0.50% | Shares |
| Ghisallo Capital Management LLC | $25,465,000 | 250,000 | 0.45% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $22,892,220 | 224,742 | 0.40% | Shares |
| Rockefeller Capital Management L.P. | $22,672,644 | 222,586 | 0.40% | Shares |
| CAPITAL INTERNATIONAL SARL | $21,586,477 | 211,923 | 0.38% | Shares |
| Oribel Capital Management, LP | $21,553,576 | 211,600 | 0.38% | Call option |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $20,372,000 | 200,000 | 0.36% | Shares |
| SCOPUS ASSET MANAGEMENT, L.P. | $20,372,000 | 200,000 | 0.36% | Put option |
| RHUMBLINE ADVISERS | $20,017,771 | 196,523 | 0.35% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $19,831,429 | 194,693 | 0.35% | Shares |
| GENEVA CAPITAL MANAGEMENT LLC | $18,955,491 | 186,094 | 0.33% | Shares |
| STIFEL FINANCIAL CORP | $18,642,834 | 183,024 | 0.33% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $18,038,897 | 177,095 | 0.32% | Shares |
| Baker Chad R | $16,879,221 | 165,710 | 0.30% | Shares |
| Clearbridge Investments, LLC | $16,592,688 | 162,897 | 0.29% | Shares |
| AMERIPRISE FINANCIAL INC | $15,989,982 | 156,980 | 0.28% | Shares |
| SEVEN GRAND MANAGERS, LLC | $15,279,000 | 150,000 | 0.27% | Shares |
| Swiss National Bank | $15,034,536 | 147,600 | 0.26% | Shares |
| FIFTH THIRD BANCORP | $14,978,274 | 147,047 | 0.26% | Shares |
| ExodusPoint Capital Management, LP | $13,310,556 | 130,675 | 0.23% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $13,180,684 | 129,400 | 0.23% | Shares |
| Retirement Systems of Alabama | $12,729,954 | 124,975 | 0.22% | Shares |
| GABELLI FUNDS LLC | $12,635,733 | 124,050 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $12,579,710 | 123,500 | 0.22% | Put option |
| Candriam S.C.A. | $11,906,459 | 117,003 | 0.21% | Shares |
| CAPITAL INTERNATIONAL LTD /CA/ | $11,636,181 | 114,237 | 0.20% | Shares |
| Toroso Investments, LLC | $11,449,526 | 145,188 | 0.20% | Shares |
| Capital International, Inc./CA/ | $10,533,852 | 103,415 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $10,463,365 | 102,723 | 0.18% | Shares |
| ROYAL BANK OF CANADA | $10,181,000 | 99,954 | 0.18% | Shares |
| Aperture Investors, LLC | $10,094,020 | 99,097 | 0.18% | Shares |
| CASTLEARK MANAGEMENT LLC | $9,858,011 | 96,780 | 0.17% | Shares |
| Balyasny Asset Management L.P. | $9,396,076 | 92,245 | 0.16% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $9,110,361 | 89,440 | 0.16% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $9,005,000 | 88,408 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,556,240 | 84,000 | 0.15% | Call option |
| Concentric Capital Strategies, LP | $8,534,340 | 83,785 | 0.15% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $8,391,634 | 82,384 | 0.15% | Shares |
| BlackRock, Inc. | $8,205,638 | 80,558 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $8,134,235 | 79,857 | 0.14% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $8,131,993 | 79,835 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $8,107,480 | 94,592 | 0.14% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $7,832,321 | 76,893 | 0.14% | Shares |
| Arrow Capital Management, LLC | $7,456,763 | 73,206 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $7,300,612 | 71,673 | 0.13% | Shares |
| VAN ECK ASSOCIATES CORP | $7,251,413 | 71,190 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,228,096 | 84,332 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $7,048,712 | 69,200 | 0.12% | Put option |
| HighTower Advisors, LLC | $6,907,549 | 67,814 | 0.12% | Shares |
| Qube Research & Technologies Ltd | $6,772,060 | 66,484 | 0.12% | Shares |
| Vest Financial, LLC | $6,682,220 | 65,602 | 0.12% | Shares |
| TWO SIGMA INVESTMENTS, LP | $6,676,821 | 65,549 | 0.12% | Shares |
| Munro Partners | $6,521,077 | 64,020 | 0.11% | Shares |
| UNITED CAPITAL FINANCIAL ADVISORS, LLC | $5,914,370 | 58,064 | 0.10% | Shares |
| Susquehanna Portfolio Strategies, LLC | $5,430,157 | 53,310 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $5,338,075 | 52,406 | 0.09% | Shares |
| ALGERT GLOBAL LLC | $5,172,451 | 50,780 | 0.09% | Shares |
| NewEdge Wealth, LLC | $5,154,803 | 50,607 | 0.09% | Shares |
| STRS OHIO | $5,074,461 | 49,818 | 0.09% | Shares |
| Legal & General Group Plc | $4,694,524 | 46,088 | 0.08% | Shares |
| Allspring Global Investments Holdings, LLC | $4,598,597 | 47,083 | 0.08% | Shares |
| LPL Financial LLC | $4,507,961 | 44,256 | 0.08% | Shares |
| Point72 Asset Management, L.P. | $4,458,820 | 43,774 | 0.08% | Shares |
Company insiders 22 insiders · 9 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ryan D Robinson | Executive VP & CFO | June 8, 2026 A | 165,224 | 0 | 0 | $0 |
| Alex Dadakis | Executive Vice President and President, Testing, Inspection and Certification | June 8, 2026 A | 5,035 | 0 | 0 | $0 |
| Alberto Uggetti | EVP & CCO | June 8, 2026 A | 7,962 | 0 | 2 | $-844,242 |
| Linda S Chapin | EVP & CHRO | June 8, 2026 A | 22,918 | 0 | 0 | $0 |
| Lynn H Hancock | Executive Vice President & Chief Transformation Officer | June 8, 2026 A | 21,331 | 1 | 0 | $623 |
| Gitte Schjotz | Executive Vice President, Chief Business Operations and Innovation Officer | June 8, 2026 A | 59,341 | 0 | 3 | $-2,986,404 |
| Scott D'Angelo | EVP, CLO & Corporate Secy | June 8, 2026 A | 2,876 | 0 | 0 | $0 |
| John A Genovesi | Executive Vice President & President, Risk & Compliance Software | June 8, 2026 A | 31,112 | 4 | 0 | $9,366 |
| Karen K Pepping | Senior VP & CAO | June 8, 2026 A | 8,082 | 0 | 1 | $-70,862 |
| Vikram Kini | Director | July 6, 2026 A | 2,805 | 0 | 0 | $0 |
| Michael H Thaman | Director | July 6, 2026 A | 16,660 | 0 | 0 | $0 |
| Elisabeth Torstad | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| Friedrich Hecker | Director | June 8, 2026 A | 13,180 | 0 | 1 | $-408,160 |
| Charles W Hooper | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| George A Williams | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| Sally Susman | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| Marla C Gottschalk | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| James P Dollive | Director | June 8, 2026 A | 79,160 | 0 | 0 | $0 |
| Kevin Kennedy | Director | June 8, 2026 A | — | 0 | 0 | $0 |
| ULSE Inc. | 10% owner | Dec. 19, 2025 C | 0 | 0 | 2 | $-1,121,250,000 |
| James M Shannon | — | Aug. 6, 2026 G | 6,542 | 0 | 0 | $0 |
| Jennifer F. Scanlon | — | Aug. 3, 2026 S | 151,724 | 0 | 14 | $-5,854,623 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 91 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| AMID · EA Series Trust | 2.61% | 27,520 NS | May 29, 2026 | N-PORT |
| RSMC · Tidal Trust III | 2.48% | 207,038 NS | April 30, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 0.92% | 42,365 SH | Aug. 8, 2026 | Daily |
| NBSM · Neuberger Berman ETF Trust | 0.76% | 17,364 NS | May 31, 2026 | N-PORT |
| XMHQ · Invesco Exchange-Traded Fund Trust | 0.73% | 527,326 SH | Aug. 8, 2026 | Daily |
| MCOW · Pacer Funds Trust | 0.72% | 78 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.71% | 65,711 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.56% | 31,999 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.53% | 10,007 NS | May 31, 2026 | N-PORT |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.48% | 30,954 NS | May 31, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.43% | 2,301 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.41% | 2,179 NS | May 31, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.41% | 76,775 SH | Aug. 8, 2026 | Daily |
| ESLG · Strategy Shares | 0.40% | 857 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.39% | 14,898 SH | Aug. 8, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.36% | 23,578 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 28,702 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.33% | 2,792 NS | May 31, 2026 | N-PORT |
| IJK · iShares Trust | 0.32% | 455,597 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.31% | 17,880 SH | Aug. 8, 2026 | Daily |
| MIDE · DBX ETF Trust | 0.31% | 104 NS | May 29, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.28% | 5,944 NS | May 31, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.27% | 4,555 NS | April 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.24% | 8,234 NS | April 30, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.23% | 4,588 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.22% | 1,031,734 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.22% | 125,854 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.22% | 31,769 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.20% | 8,866 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.19% | 24,431 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.19% | 10,496 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.17% | 2,668 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.17% | 8,800 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.16% | 2,684,617 SH | Aug. 8, 2026 | Daily |
| LRGF · iShares Trust | 0.16% | 78,839 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.16% | 370,785 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.16% | 40,834 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.14% | 9,843 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.14% | 1,279 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.12% | 373 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.11% | 61,808 SH | Aug. 8, 2026 | Daily |
| JSTC · Tidal Trust I | 0.11% | 3,639 NS | May 31, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.10% | 89,258 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.10% | 22,915 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.10% | 16,871 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.09% | 3,455 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.09% | 892,818 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.09% | 1,784,838 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.09% | 33,527 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 27,668 SH | Aug. 8, 2026 | Daily |