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Side-by-side financial comparison of AvalonBay Communities (AVB) 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 ($789.0M vs $767.9M, roughly 1.0× AvalonBay Communities). AvalonBay Communities runs the higher net margin — 9040.6% vs 8.5%, a 9032.1% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 3.7%). AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $86.0M). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 3.8%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
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.
AVB vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $789.0M |
| Net Profit | $166.0M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 64.2% | 15.0% |
| Net Margin | 9040.6% | 8.5% |
| Revenue YoY | 3.7% | 6.8% |
| Net Profit YoY | -41.2% | -17.3% |
| EPS (diluted) | $1.18 | $0.33 |
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.
| Q4 25 | $767.9M | $789.0M | ||
| Q3 25 | $766.8M | $783.0M | ||
| Q2 25 | $760.2M | $776.0M | ||
| Q1 25 | $745.9M | $705.0M | ||
| Q4 24 | $740.5M | $739.0M | ||
| Q3 24 | $734.3M | $731.0M | ||
| Q2 24 | $726.0M | $730.0M | ||
| Q1 24 | $712.9M | $670.0M |
| Q4 25 | $166.0M | $67.0M | ||
| Q3 25 | $381.3M | $100.0M | ||
| Q2 25 | $268.7M | $91.0M | ||
| Q1 25 | $236.6M | $67.0M | ||
| Q4 24 | $282.1M | $81.0M | ||
| Q3 24 | $372.5M | $88.0M | ||
| Q2 24 | $253.9M | $101.0M | ||
| Q1 24 | $173.4M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 64.2% | 15.0% | ||
| Q3 25 | 65.7% | 19.9% | ||
| Q2 25 | 67.6% | 17.9% | ||
| Q1 25 | 68.5% | 15.5% | ||
| Q4 24 | 63.1% | 15.6% | ||
| Q3 24 | 65.4% | 17.8% | ||
| Q2 24 | 66.6% | 17.3% | ||
| Q1 24 | 67.2% | 13.6% |
| Q4 25 | 9040.6% | 8.5% | ||
| Q3 25 | 49.7% | 12.8% | ||
| Q2 25 | 35.3% | 11.7% | ||
| Q1 25 | 31.7% | 9.5% | ||
| Q4 24 | 38.1% | 11.0% | ||
| Q3 24 | 50.7% | 12.0% | ||
| Q2 24 | 35.0% | 13.8% | ||
| Q1 24 | 24.3% | 8.4% |
| Q4 25 | $1.18 | $0.33 | ||
| Q3 25 | $2.68 | $0.49 | ||
| Q2 25 | $1.88 | $0.45 | ||
| Q1 25 | $1.66 | $0.33 | ||
| Q4 24 | $1.99 | $0.40 | ||
| Q3 24 | $2.61 | $0.44 | ||
| Q2 24 | $1.78 | $0.50 | ||
| Q1 24 | $1.22 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $295.0M |
| Total DebtLower is stronger | $9.3B | $491.0M |
| Stockholders' EquityBook value | $11.6B | $1.3B |
| Total Assets | $22.2B | $2.9B |
| Debt / EquityLower = less leverage | 0.80× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $295.0M | ||
| Q3 25 | $123.3M | $255.0M | ||
| Q2 25 | $102.8M | $272.0M | ||
| Q1 25 | $53.3M | $267.0M | ||
| Q4 24 | $108.6M | $298.0M | ||
| Q3 24 | $552.4M | $327.0M | ||
| Q2 24 | $545.8M | $295.0M | ||
| Q1 24 | $287.9M | $344.0M |
| Q4 25 | $9.3B | $491.0M | ||
| Q3 25 | $8.7B | $544.0M | ||
| Q2 25 | $8.7B | $608.0M | ||
| Q1 25 | $8.3B | $653.0M | ||
| Q4 24 | $8.1B | $742.0M | ||
| Q3 24 | $8.4B | $797.0M | ||
| Q2 24 | $8.4B | $810.0M | ||
| Q1 24 | $8.0B | $879.0M |
| Q4 25 | $11.6B | $1.3B | ||
| Q3 25 | $11.9B | $1.2B | ||
| Q2 25 | $11.9B | $1.1B | ||
| Q1 25 | $11.9B | $970.0M | ||
| Q4 24 | $11.9B | $904.0M | ||
| Q3 24 | $11.9B | $872.0M | ||
| Q2 24 | $11.7B | $769.0M | ||
| Q1 24 | $11.7B | $671.0M |
| Q4 25 | $22.2B | $2.9B | ||
| Q3 25 | $21.9B | $2.9B | ||
| Q2 25 | $21.8B | $2.9B | ||
| Q1 25 | $21.2B | $2.9B | ||
| Q4 24 | $21.0B | $2.8B | ||
| Q3 24 | $21.3B | $2.9B | ||
| Q2 24 | $21.0B | $2.7B | ||
| Q1 24 | $20.6B | $2.8B |
| Q4 25 | 0.80× | 0.39× | ||
| Q3 25 | 0.73× | 0.46× | ||
| Q2 25 | 0.72× | 0.56× | ||
| Q1 25 | 0.70× | 0.67× | ||
| Q4 24 | 0.68× | 0.82× | ||
| Q3 24 | 0.70× | 0.91× | ||
| Q2 24 | 0.71× | 1.05× | ||
| Q1 24 | 0.68× | 1.31× |
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 | $1.7B | $144.0M |
| Free Cash FlowOCF − Capex | $1.4B | $86.0M |
| FCF MarginFCF / Revenue | 183.5% | 10.9% |
| Capex IntensityCapex / Revenue | 34.1% | 7.4% |
| Cash ConversionOCF / Net Profit | 10.07× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $144.0M | ||
| Q3 25 | $477.0M | $155.0M | ||
| Q2 25 | $377.8M | $147.0M | ||
| Q1 25 | $415.9M | $154.0M | ||
| Q4 24 | $1.6B | $130.0M | ||
| Q3 24 | $486.2M | $150.0M | ||
| Q2 24 | $380.0M | $103.0M | ||
| Q1 24 | $412.9M | $141.0M |
| Q4 25 | $1.4B | $86.0M | ||
| Q3 25 | $402.2M | $109.0M | ||
| Q2 25 | $317.1M | $105.0M | ||
| Q1 25 | $367.5M | $103.0M | ||
| Q4 24 | $1.4B | $72.0M | ||
| Q3 24 | $434.2M | $84.0M | ||
| Q2 24 | $333.0M | $47.0M | ||
| Q1 24 | $375.4M | $84.0M |
| Q4 25 | 183.5% | 10.9% | ||
| Q3 25 | 52.5% | 13.9% | ||
| Q2 25 | 41.7% | 13.5% | ||
| Q1 25 | 49.3% | 14.6% | ||
| Q4 24 | 191.0% | 9.7% | ||
| Q3 24 | 59.1% | 11.5% | ||
| Q2 24 | 45.9% | 6.4% | ||
| Q1 24 | 52.7% | 12.5% |
| Q4 25 | 34.1% | 7.4% | ||
| Q3 25 | 9.8% | 5.9% | ||
| Q2 25 | 8.0% | 5.4% | ||
| Q1 25 | 6.5% | 7.2% | ||
| Q4 24 | 26.1% | 7.8% | ||
| Q3 24 | 7.1% | 9.0% | ||
| Q2 24 | 6.5% | 7.7% | ||
| Q1 24 | 5.3% | 8.5% |
| Q4 25 | 10.07× | 2.15× | ||
| Q3 25 | 1.25× | 1.55× | ||
| Q2 25 | 1.41× | 1.62× | ||
| Q1 25 | 1.76× | 2.30× | ||
| Q4 24 | 5.70× | 1.60× | ||
| Q3 24 | 1.31× | 1.70× | ||
| Q2 24 | 1.50× | 1.02× | ||
| Q1 24 | 2.38× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
