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Side-by-side financial comparison of Astera Labs, Inc. (ALAB) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $308.4M, roughly 1.1× Astera Labs, Inc.). On growth, Astera Labs, Inc. posted the faster year-over-year revenue change (93.4% vs -12.4%). Over the past eight quarters, Astera Labs, Inc.'s revenue compounded faster (100.3% CAGR vs -31.8%).
Astera Labs, Inc. is an American fabless semiconductor manufacturer and artificial intelligence company. The company specializes in designing high-speed connectivity solutions for data centers and AI infrastructure. The company has been listed on the Nasdaq since March 2024.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
ALAB vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $308.4M | $340.0M |
| Net Profit | $80.3M | — |
| Gross Margin | 76.3% | — |
| Operating Margin | 20.1% | 24.4% |
| Net Margin | 26.0% | — |
| Revenue YoY | 93.4% | -12.4% |
| Net Profit YoY | 152.4% | — |
| EPS (diluted) | $0.44 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $308.4M | $340.0M | ||
| Q4 25 | $270.6M | $789.0M | ||
| Q3 25 | $230.6M | $783.0M | ||
| Q2 25 | $191.9M | $776.0M | ||
| Q1 25 | $159.4M | $705.0M | ||
| Q4 24 | $141.1M | $739.0M | ||
| Q3 24 | $113.1M | $731.0M | ||
| Q2 24 | $76.8M | $730.0M |
| Q1 26 | $80.3M | — | ||
| Q4 25 | $45.0M | $67.0M | ||
| Q3 25 | $91.1M | $100.0M | ||
| Q2 25 | $51.2M | $91.0M | ||
| Q1 25 | $31.8M | $67.0M | ||
| Q4 24 | $24.7M | $81.0M | ||
| Q3 24 | $-7.6M | $88.0M | ||
| Q2 24 | $-7.5M | $101.0M |
| Q1 26 | 76.3% | — | ||
| Q4 25 | 75.6% | 49.7% | ||
| Q3 25 | 76.2% | 50.3% | ||
| Q2 25 | 75.8% | 49.4% | ||
| Q1 25 | 74.9% | 48.4% | ||
| Q4 24 | 74.0% | 47.4% | ||
| Q3 24 | 77.7% | 49.0% | ||
| Q2 24 | 77.9% | 50.1% |
| Q1 26 | 20.1% | 24.4% | ||
| Q4 25 | 24.7% | 15.0% | ||
| Q3 25 | 24.0% | 19.9% | ||
| Q2 25 | 20.7% | 17.9% | ||
| Q1 25 | 7.1% | 15.5% | ||
| Q4 24 | 0.1% | 15.6% | ||
| Q3 24 | -7.9% | 17.8% | ||
| Q2 24 | -31.7% | 17.3% |
| Q1 26 | 26.0% | — | ||
| Q4 25 | 16.6% | 8.5% | ||
| Q3 25 | 39.5% | 12.8% | ||
| Q2 25 | 26.7% | 11.7% | ||
| Q1 25 | 20.0% | 9.5% | ||
| Q4 24 | 17.5% | 11.0% | ||
| Q3 24 | -6.7% | 12.0% | ||
| Q2 24 | -9.8% | 13.8% |
| Q1 26 | $0.44 | — | ||
| Q4 25 | $0.25 | $0.33 | ||
| Q3 25 | $0.50 | $0.49 | ||
| Q2 25 | $0.29 | $0.45 | ||
| Q1 25 | $0.18 | $0.33 | ||
| Q4 24 | $1.23 | $0.40 | ||
| Q3 24 | $-0.05 | $0.44 | ||
| Q2 24 | $-0.05 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $148.3M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | — |
| Total Assets | $1.7B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $148.3M | — | ||
| Q4 25 | $167.6M | $295.0M | ||
| Q3 25 | $140.4M | $255.0M | ||
| Q2 25 | $162.3M | $272.0M | ||
| Q1 25 | $86.4M | $267.0M | ||
| Q4 24 | $79.6M | $298.0M | ||
| Q3 24 | $126.1M | $327.0M | ||
| Q2 24 | $421.1M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.0B | $970.0M | ||
| Q4 24 | $964.8M | $904.0M | ||
| Q3 24 | $889.6M | $872.0M | ||
| Q2 24 | $845.3M | $769.0M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.3B | $2.9B | ||
| Q1 25 | $1.1B | $2.9B | ||
| Q4 24 | $1.1B | $2.8B | ||
| Q3 24 | $983.1M | $2.9B | ||
| Q2 24 | $915.5M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $74.6M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $74.6M | — | ||
| Q4 25 | $95.3M | $144.0M | ||
| Q3 25 | $78.2M | $155.0M | ||
| Q2 25 | $135.4M | $147.0M | ||
| Q1 25 | $10.5M | $154.0M | ||
| Q4 24 | $39.7M | $130.0M | ||
| Q3 24 | $63.5M | $150.0M | ||
| Q2 24 | $29.8M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $76.6M | $86.0M | ||
| Q3 25 | $65.9M | $109.0M | ||
| Q2 25 | $133.3M | $105.0M | ||
| Q1 25 | $6.0M | $103.0M | ||
| Q4 24 | $24.3M | $72.0M | ||
| Q3 24 | $46.8M | $84.0M | ||
| Q2 24 | $28.5M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 28.3% | 10.9% | ||
| Q3 25 | 28.6% | 13.9% | ||
| Q2 25 | 69.5% | 13.5% | ||
| Q1 25 | 3.7% | 14.6% | ||
| Q4 24 | 17.2% | 9.7% | ||
| Q3 24 | 41.4% | 11.5% | ||
| Q2 24 | 37.1% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 6.9% | 7.4% | ||
| Q3 25 | 5.3% | 5.9% | ||
| Q2 25 | 1.1% | 5.4% | ||
| Q1 25 | 2.8% | 7.2% | ||
| Q4 24 | 10.9% | 7.8% | ||
| Q3 24 | 14.8% | 9.0% | ||
| Q2 24 | 1.7% | 7.7% |
| Q1 26 | 0.93× | — | ||
| Q4 25 | 2.12× | 2.15× | ||
| Q3 25 | 0.86× | 1.55× | ||
| Q2 25 | 2.64× | 1.62× | ||
| Q1 25 | 0.33× | 2.30× | ||
| Q4 24 | 1.61× | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
