ULSUL Solutions Inc.

Services-Testing Laboratories

Revenue: $3.1B; 6.4% YoY
Operating margin: 17.1%; 6.2% YoY
EBITDA: $710M; 12% YoY
Market cap: $15.0B
Employees: 14,587; $209K revenue each
Net debt / EBITDA: 0.1×; $57M net debt
AI in 10-K: 7.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
185% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$209K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.7 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$15.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.1B net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.5B	$2.7B	$2.9B	$3.1B	6.4%
Operating income	$412M	$368M	$462M	$522M	13%
Net income	$293M	$260M	$326M	$325M	0.3%
Operating cash flow	$372M	$467M	$524M	$600M	15%
Capex	$164M	$215M	$237M	$197M	17%
Stock-based comp	$0	$0	$23M	$47M	104%
Dividends	$1.6B	$680M	$100M	$104M	4.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3K · 2
Open-market sells, 12 mo: $1.1B · 26
Net: −$1.1B

Pay vs performance

No pay-versus-performance disclosure yet.