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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Academy Sports & Outdoors, Inc. is the larger business by last-quarter revenue ($1.4B vs $758.0M, roughly 1.8× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 12.8% vs 5.2%, a 7.6% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (7.5% vs 3.0%). UL Solutions Inc. produced more free cash flow last quarter ($150.0M vs $-13.6M). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (1.9% CAGR vs -12.2%).
Academy Sports + Outdoors is an American sporting-goods store chain with corporate offices in the Katy Distribution Center in unincorporated western Harris County, Texas, United States, near Katy and west of Houston. For 74 years, it was a privately held company owned by the Gochman family, until its May 2011 acquisition by Kohlberg Kravis Roberts. In October 2020, it was listed on NASDAQ.
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.
ASO vs ULS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $758.0M |
| Net Profit | $71.6M | $97.0M |
| Gross Margin | 35.7% | 50.3% |
| Operating Margin | 7.3% | 18.2% |
| Net Margin | 5.2% | 12.8% |
| Revenue YoY | 3.0% | 7.5% |
| Net Profit YoY | 8.8% | 37.3% |
| EPS (diluted) | $1.05 | $0.45 |
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 | — | $758.0M | ||
| Q4 25 | $1.4B | $789.0M | ||
| Q3 25 | $1.6B | $783.0M | ||
| Q2 25 | $1.4B | $776.0M | ||
| Q1 25 | $1.7B | $705.0M | ||
| Q4 24 | $1.3B | $739.0M | ||
| Q3 24 | $1.5B | $731.0M | ||
| Q2 24 | $1.4B | $730.0M |
| Q1 26 | — | $97.0M | ||
| Q4 25 | $71.6M | $67.0M | ||
| Q3 25 | $125.4M | $100.0M | ||
| Q2 25 | $46.1M | $91.0M | ||
| Q1 25 | $133.6M | $67.0M | ||
| Q4 24 | $65.8M | $81.0M | ||
| Q3 24 | $142.6M | $88.0M | ||
| Q2 24 | $76.5M | $101.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | 35.7% | 49.7% | ||
| Q3 25 | 36.0% | 50.3% | ||
| Q2 25 | 34.0% | 49.4% | ||
| Q1 25 | 32.2% | 48.4% | ||
| Q4 24 | 34.0% | 47.4% | ||
| Q3 24 | 36.1% | 49.0% | ||
| Q2 24 | 33.4% | 50.1% |
| Q1 26 | — | 18.2% | ||
| Q4 25 | 7.3% | 15.0% | ||
| Q3 25 | 10.8% | 19.9% | ||
| Q2 25 | 5.1% | 17.9% | ||
| Q1 25 | 9.2% | 15.5% | ||
| Q4 24 | 6.8% | 15.6% | ||
| Q3 24 | 12.3% | 17.8% | ||
| Q2 24 | 7.5% | 17.3% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | 5.2% | 8.5% | ||
| Q3 25 | 7.8% | 12.8% | ||
| Q2 25 | 3.4% | 11.7% | ||
| Q1 25 | 8.0% | 9.5% | ||
| Q4 24 | 4.9% | 11.0% | ||
| Q3 24 | 9.2% | 12.0% | ||
| Q2 24 | 5.6% | 13.8% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $1.05 | $0.33 | ||
| Q3 25 | $1.85 | $0.49 | ||
| Q2 25 | $0.68 | $0.45 | ||
| Q1 25 | $1.85 | $0.33 | ||
| Q4 24 | $0.92 | $0.40 | ||
| Q3 24 | $1.95 | $0.44 | ||
| Q2 24 | $1.01 | $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 | $289.5M | $258.0M |
| Total DebtLower is stronger | — | $357.0M |
| Stockholders' EquityBook value | $2.1B | $1.3B |
| Total Assets | $5.4B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $258.0M | ||
| Q4 25 | $289.5M | $295.0M | ||
| Q3 25 | $300.9M | $255.0M | ||
| Q2 25 | $285.1M | $272.0M | ||
| Q1 25 | $288.9M | $267.0M | ||
| Q4 24 | $296.0M | $298.0M | ||
| Q3 24 | $324.6M | $327.0M | ||
| Q2 24 | $378.1M | $295.0M |
| Q1 26 | — | $357.0M | ||
| 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 | — | $1.3B | ||
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $2.0B | $970.0M | ||
| Q4 24 | $2.0B | $904.0M | ||
| Q3 24 | $2.0B | $872.0M | ||
| Q2 24 | $1.9B | $769.0M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $5.4B | $2.9B | ||
| Q3 25 | $5.3B | $2.9B | ||
| Q2 25 | $5.2B | $2.9B | ||
| Q1 25 | $4.9B | $2.9B | ||
| Q4 24 | $5.1B | $2.8B | ||
| Q3 24 | $4.9B | $2.9B | ||
| Q2 24 | $4.9B | $2.7B |
| Q1 26 | — | 0.27× | ||
| 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 | $49.0M | $219.0M |
| Free Cash FlowOCF − Capex | $-13.6M | $150.0M |
| FCF MarginFCF / Revenue | -1.0% | 19.8% |
| Capex IntensityCapex / Revenue | 4.5% | 9.1% |
| Cash ConversionOCF / Net Profit | 0.68× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | $450.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $219.0M | ||
| Q4 25 | $49.0M | $144.0M | ||
| Q3 25 | $78.6M | $155.0M | ||
| Q2 25 | $157.5M | $147.0M | ||
| Q1 25 | $140.2M | $154.0M | ||
| Q4 24 | $96.9M | $130.0M | ||
| Q3 24 | $91.3M | $150.0M | ||
| Q2 24 | $199.7M | $103.0M |
| Q1 26 | — | $150.0M | ||
| Q4 25 | $-13.6M | $86.0M | ||
| Q3 25 | $21.8M | $109.0M | ||
| Q2 25 | $106.6M | $105.0M | ||
| Q1 25 | $76.4M | $103.0M | ||
| Q4 24 | $34.4M | $72.0M | ||
| Q3 24 | $50.1M | $84.0M | ||
| Q2 24 | $167.4M | $47.0M |
| Q1 26 | — | 19.8% | ||
| Q4 25 | -1.0% | 10.9% | ||
| Q3 25 | 1.4% | 13.9% | ||
| Q2 25 | 7.9% | 13.5% | ||
| Q1 25 | 4.6% | 14.6% | ||
| Q4 24 | 2.6% | 9.7% | ||
| Q3 24 | 3.2% | 11.5% | ||
| Q2 24 | 12.3% | 6.4% |
| Q1 26 | — | 9.1% | ||
| Q4 25 | 4.5% | 7.4% | ||
| Q3 25 | 3.5% | 5.9% | ||
| Q2 25 | 3.8% | 5.4% | ||
| Q1 25 | 3.8% | 7.2% | ||
| Q4 24 | 4.6% | 7.8% | ||
| Q3 24 | 2.7% | 9.0% | ||
| Q2 24 | 2.4% | 7.7% |
| Q1 26 | — | 2.26× | ||
| Q4 25 | 0.68× | 2.15× | ||
| Q3 25 | 0.63× | 1.55× | ||
| Q2 25 | 3.42× | 1.62× | ||
| Q1 25 | 1.05× | 2.30× | ||
| Q4 24 | 1.47× | 1.60× | ||
| Q3 24 | 0.64× | 1.70× | ||
| Q2 24 | 2.61× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
ULS
Segment breakdown not available.
