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Side-by-side financial comparison of B&G Foods, Inc. (BGS) 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 $439.3M, roughly 1.8× B&G Foods, Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -4.4%, a 12.8% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs -4.7%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $-70.7M). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs -12.8%).
B&G Foods, Inc. is an American branded foods holding company based in Parsippany, New Jersey. The company was formed in 1996 to acquire Bloch & Guggenheimer, a Manhattan-based producer of pickles, relish and condiments which had been founded in 1889.
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.
BGS vs ULS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $439.3M | $789.0M |
| Net Profit | $-19.1M | $67.0M |
| Gross Margin | 22.5% | 49.7% |
| Operating Margin | 2.5% | 15.0% |
| Net Margin | -4.4% | 8.5% |
| Revenue YoY | -4.7% | 6.8% |
| Net Profit YoY | -356.5% | -17.3% |
| EPS (diluted) | $-0.24 | $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 | — | $789.0M | ||
| Q3 25 | $439.3M | $783.0M | ||
| Q2 25 | $424.4M | $776.0M | ||
| Q1 25 | $425.4M | $705.0M | ||
| Q4 24 | $551.6M | $739.0M | ||
| Q3 24 | $461.1M | $731.0M | ||
| Q2 24 | $444.6M | $730.0M | ||
| Q1 24 | $475.2M | $670.0M |
| Q4 25 | — | $67.0M | ||
| Q3 25 | $-19.1M | $100.0M | ||
| Q2 25 | $-9.8M | $91.0M | ||
| Q1 25 | $835.0K | $67.0M | ||
| Q4 24 | $-222.4M | $81.0M | ||
| Q3 24 | $7.5M | $88.0M | ||
| Q2 24 | $3.9M | $101.0M | ||
| Q1 24 | $-40.2M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | 22.5% | 50.3% | ||
| Q2 25 | 20.5% | 49.4% | ||
| Q1 25 | 21.2% | 48.4% | ||
| Q4 24 | 21.5% | 47.4% | ||
| Q3 24 | 22.2% | 49.0% | ||
| Q2 24 | 20.7% | 50.1% | ||
| Q1 24 | 22.9% | 47.6% |
| Q4 25 | — | 15.0% | ||
| Q3 25 | 2.5% | 19.9% | ||
| Q2 25 | 5.2% | 17.9% | ||
| Q1 25 | 8.4% | 15.5% | ||
| Q4 24 | -46.6% | 15.6% | ||
| Q3 24 | 11.1% | 17.8% | ||
| Q2 24 | 9.9% | 17.3% | ||
| Q1 24 | -3.3% | 13.6% |
| Q4 25 | — | 8.5% | ||
| Q3 25 | -4.4% | 12.8% | ||
| Q2 25 | -2.3% | 11.7% | ||
| Q1 25 | 0.2% | 9.5% | ||
| Q4 24 | -40.3% | 11.0% | ||
| Q3 24 | 1.6% | 12.0% | ||
| Q2 24 | 0.9% | 13.8% | ||
| Q1 24 | -8.5% | 8.4% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | $-0.24 | $0.49 | ||
| Q2 25 | $-0.12 | $0.45 | ||
| Q1 25 | $0.01 | $0.33 | ||
| Q4 24 | $-2.81 | $0.40 | ||
| Q3 24 | $0.09 | $0.44 | ||
| Q2 24 | $0.05 | $0.50 | ||
| Q1 24 | $-0.51 | $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 | $60.9M | $295.0M |
| Total DebtLower is stronger | $2.0B | $491.0M |
| Stockholders' EquityBook value | $470.7M | $1.3B |
| Total Assets | $2.9B | $2.9B |
| Debt / EquityLower = less leverage | 4.30× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $295.0M | ||
| Q3 25 | $60.9M | $255.0M | ||
| Q2 25 | $54.1M | $272.0M | ||
| Q1 25 | $61.2M | $267.0M | ||
| Q4 24 | $50.6M | $298.0M | ||
| Q3 24 | $54.7M | $327.0M | ||
| Q2 24 | $40.3M | $295.0M | ||
| Q1 24 | $42.5M | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | $2.0B | $544.0M | ||
| Q2 25 | $2.0B | $608.0M | ||
| Q1 25 | $2.0B | $653.0M | ||
| Q4 24 | $2.0B | $742.0M | ||
| Q3 24 | $2.1B | $797.0M | ||
| Q2 24 | $2.0B | $810.0M | ||
| Q1 24 | $2.0B | $879.0M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $470.7M | $1.2B | ||
| Q2 25 | $501.4M | $1.1B | ||
| Q1 25 | $513.1M | $970.0M | ||
| Q4 24 | $524.8M | $904.0M | ||
| Q3 24 | $755.3M | $872.0M | ||
| Q2 24 | $765.0M | $769.0M | ||
| Q1 24 | $781.2M | $671.0M |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $2.9B | $2.9B | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $3.0B | $2.9B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.4B | $2.9B | ||
| Q2 24 | $3.4B | $2.7B | ||
| Q1 24 | $3.4B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | 4.30× | 0.46× | ||
| Q2 25 | 3.97× | 0.56× | ||
| Q1 25 | 3.91× | 0.67× | ||
| Q4 24 | 3.85× | 0.82× | ||
| Q3 24 | 2.75× | 0.91× | ||
| Q2 24 | 2.67× | 1.05× | ||
| Q1 24 | 2.61× | 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 | $-64.6M | $144.0M |
| Free Cash FlowOCF − Capex | $-70.7M | $86.0M |
| FCF MarginFCF / Revenue | -16.1% | 10.9% |
| Capex IntensityCapex / Revenue | 1.4% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $54.8M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $144.0M | ||
| Q3 25 | $-64.6M | $155.0M | ||
| Q2 25 | $17.8M | $147.0M | ||
| Q1 25 | $52.7M | $154.0M | ||
| Q4 24 | $80.3M | $130.0M | ||
| Q3 24 | $4.2M | $150.0M | ||
| Q2 24 | $11.3M | $103.0M | ||
| Q1 24 | $35.1M | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | $-70.7M | $109.0M | ||
| Q2 25 | $11.5M | $105.0M | ||
| Q1 25 | $42.4M | $103.0M | ||
| Q4 24 | $71.7M | $72.0M | ||
| Q3 24 | $-679.0K | $84.0M | ||
| Q2 24 | $5.2M | $47.0M | ||
| Q1 24 | $27.5M | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | -16.1% | 13.9% | ||
| Q2 25 | 2.7% | 13.5% | ||
| Q1 25 | 10.0% | 14.6% | ||
| Q4 24 | 13.0% | 9.7% | ||
| Q3 24 | -0.1% | 11.5% | ||
| Q2 24 | 1.2% | 6.4% | ||
| Q1 24 | 5.8% | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | 1.4% | 5.9% | ||
| Q2 25 | 1.5% | 5.4% | ||
| Q1 25 | 2.4% | 7.2% | ||
| Q4 24 | 1.6% | 7.8% | ||
| Q3 24 | 1.0% | 9.0% | ||
| Q2 24 | 1.4% | 7.7% | ||
| Q1 24 | 1.6% | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | 63.17× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 0.56× | 1.70× | ||
| Q2 24 | 2.87× | 1.02× | ||
| Q1 24 | — | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
