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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) 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 $180.9M, roughly 1.9× AVANOS MEDICAL, INC.). On growth, AVANOS MEDICAL, INC. posted the faster year-over-year revenue change (0.7% vs -12.4%). Over the past eight quarters, AVANOS MEDICAL, INC.'s revenue compounded faster (4.4% CAGR vs -31.8%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
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.
AVNS vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $340.0M |
| Net Profit | $-1.3M | — |
| Gross Margin | 47.5% | — |
| Operating Margin | 1.4% | 24.4% |
| Net Margin | -0.7% | — |
| Revenue YoY | 0.7% | -12.4% |
| Net Profit YoY | 99.7% | — |
| EPS (diluted) | $-0.02 | — |
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 | — | $340.0M | ||
| Q4 25 | $180.9M | $789.0M | ||
| Q3 25 | $177.8M | $783.0M | ||
| Q2 25 | $175.0M | $776.0M | ||
| Q1 25 | $167.5M | $705.0M | ||
| Q4 24 | $179.6M | $739.0M | ||
| Q3 24 | $170.4M | $731.0M | ||
| Q2 24 | $171.7M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.3M | $67.0M | ||
| Q3 25 | $-1.4M | $100.0M | ||
| Q2 25 | $-76.8M | $91.0M | ||
| Q1 25 | $6.6M | $67.0M | ||
| Q4 24 | $-397.3M | $81.0M | ||
| Q3 24 | $4.3M | $88.0M | ||
| Q2 24 | $1.8M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 47.5% | 49.7% | ||
| Q3 25 | 48.4% | 50.3% | ||
| Q2 25 | 52.6% | 49.4% | ||
| Q1 25 | 53.6% | 48.4% | ||
| Q4 24 | 54.6% | 47.4% | ||
| Q3 24 | 54.5% | 49.0% | ||
| Q2 24 | 55.7% | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 1.4% | 15.0% | ||
| Q3 25 | 0.1% | 19.9% | ||
| Q2 25 | -42.6% | 17.9% | ||
| Q1 25 | 6.1% | 15.5% | ||
| Q4 24 | -233.0% | 15.6% | ||
| Q3 24 | 7.0% | 17.8% | ||
| Q2 24 | 3.7% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | -0.7% | 8.5% | ||
| Q3 25 | -0.8% | 12.8% | ||
| Q2 25 | -43.9% | 11.7% | ||
| Q1 25 | 3.9% | 9.5% | ||
| Q4 24 | -221.2% | 11.0% | ||
| Q3 24 | 2.5% | 12.0% | ||
| Q2 24 | 1.0% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.02 | $0.33 | ||
| Q3 25 | $-0.03 | $0.49 | ||
| Q2 25 | $-1.66 | $0.45 | ||
| Q1 25 | $0.14 | $0.33 | ||
| Q4 24 | $-8.64 | $0.40 | ||
| Q3 24 | $0.09 | $0.44 | ||
| Q2 24 | $0.04 | $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 | $89.8M | — |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | — |
| Total Assets | $1.1B | — |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $89.8M | $295.0M | ||
| Q3 25 | $70.5M | $255.0M | ||
| Q2 25 | $90.3M | $272.0M | ||
| Q1 25 | $97.0M | $267.0M | ||
| Q4 24 | $107.7M | $298.0M | ||
| Q3 24 | $89.0M | $327.0M | ||
| Q2 24 | $92.2M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | $90.3M | $491.0M | ||
| Q3 25 | $93.4M | $544.0M | ||
| Q2 25 | $95.7M | $608.0M | ||
| Q1 25 | $98.0M | $653.0M | ||
| Q4 24 | $125.3M | $742.0M | ||
| Q3 24 | $152.6M | $797.0M | ||
| Q2 24 | $164.9M | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $778.2M | $1.3B | ||
| Q3 25 | $778.0M | $1.2B | ||
| Q2 25 | $776.3M | $1.1B | ||
| Q1 25 | $839.4M | $970.0M | ||
| Q4 24 | $828.5M | $904.0M | ||
| Q3 24 | $1.2B | $872.0M | ||
| Q2 24 | $1.2B | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.0B | $2.9B | ||
| Q1 25 | $1.1B | $2.9B | ||
| Q4 24 | $1.2B | $2.8B | ||
| Q3 24 | $1.7B | $2.9B | ||
| Q2 24 | $1.7B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.12× | 0.39× | ||
| Q3 25 | 0.12× | 0.46× | ||
| Q2 25 | 0.12× | 0.56× | ||
| Q1 25 | 0.12× | 0.67× | ||
| Q4 24 | 0.15× | 0.82× | ||
| Q3 24 | 0.12× | 0.91× | ||
| Q2 24 | 0.13× | 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 | $28.2M | — |
| Free Cash FlowOCF − Capex | $21.3M | — |
| FCF MarginFCF / Revenue | 11.8% | — |
| Capex IntensityCapex / Revenue | 3.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $28.2M | $144.0M | ||
| Q3 25 | $14.0M | $155.0M | ||
| Q2 25 | $6.8M | $147.0M | ||
| Q1 25 | $25.7M | $154.0M | ||
| Q4 24 | $57.9M | $130.0M | ||
| Q3 24 | $23.0M | $150.0M | ||
| Q2 24 | $27.8M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $21.3M | $86.0M | ||
| Q3 25 | $7.0M | $109.0M | ||
| Q2 25 | $-4.2M | $105.0M | ||
| Q1 25 | $19.0M | $103.0M | ||
| Q4 24 | $53.1M | $72.0M | ||
| Q3 24 | $20.0M | $84.0M | ||
| Q2 24 | $21.9M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 11.8% | 10.9% | ||
| Q3 25 | 3.9% | 13.9% | ||
| Q2 25 | -2.4% | 13.5% | ||
| Q1 25 | 11.3% | 14.6% | ||
| Q4 24 | 29.6% | 9.7% | ||
| Q3 24 | 11.7% | 11.5% | ||
| Q2 24 | 12.8% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 7.4% | ||
| Q3 25 | 3.9% | 5.9% | ||
| Q2 25 | 6.3% | 5.4% | ||
| Q1 25 | 4.0% | 7.2% | ||
| Q4 24 | 2.7% | 7.8% | ||
| Q3 24 | 1.8% | 9.0% | ||
| Q2 24 | 3.4% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | 3.89× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 5.35× | 1.70× | ||
| Q2 24 | 15.44× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
ULS
Segment breakdown not available.
