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Side-by-side financial comparison of BNB PLUS CORP. (BNBX) 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 $565.4K, roughly 1395.5× BNB PLUS CORP.). UL Solutions Inc. runs the higher net margin — 8.5% vs -3288.6%, a 3297.1% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs -52.8%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs -22.0%).
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.
BNBX vs ULS — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $565.4K | $789.0M |
| Net Profit | $-18.6M | $67.0M |
| Gross Margin | 55.8% | 49.7% |
| Operating Margin | -3308.9% | 15.0% |
| Net Margin | -3288.6% | 8.5% |
| Revenue YoY | -52.8% | 6.8% |
| Net Profit YoY | -604.5% | -17.3% |
| EPS (diluted) | $-2.08 | $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 | $565.4K | $789.0M | ||
| Q3 25 | $-21.1K | $783.0M | ||
| Q2 25 | $304.4K | $776.0M | ||
| Q1 25 | $983.4K | $705.0M | ||
| Q4 24 | $870.3K | $739.0M | ||
| Q3 24 | $-180.1K | $731.0M | ||
| Q2 24 | $472.8K | $730.0M | ||
| Q1 24 | $929.6K | $670.0M |
| Q4 25 | $-18.6M | $67.0M | ||
| Q3 25 | $-5.3M | $100.0M | ||
| Q2 25 | $-3.9M | $91.0M | ||
| Q1 25 | $-3.3M | $67.0M | ||
| Q4 24 | $-2.6M | $81.0M | ||
| Q3 24 | $-3.3M | $88.0M | ||
| Q2 24 | $1.9M | $101.0M | ||
| Q1 24 | $-4.5M | $56.0M |
| Q4 25 | 55.8% | 49.7% | ||
| Q3 25 | 678.5% | 50.3% | ||
| Q2 25 | 1.7% | 49.4% | ||
| Q1 25 | 37.7% | 48.4% | ||
| Q4 24 | 69.7% | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | 51.3% | 50.1% | ||
| Q1 24 | 31.8% | 47.6% |
| Q4 25 | -3308.9% | 15.0% | ||
| Q3 25 | 27991.7% | 19.9% | ||
| Q2 25 | -1213.6% | 17.9% | ||
| Q1 25 | -352.0% | 15.5% | ||
| Q4 24 | -342.2% | 15.6% | ||
| Q3 24 | 1641.0% | 17.8% | ||
| Q2 24 | -699.3% | 17.3% | ||
| Q1 24 | -389.2% | 13.6% |
| Q4 25 | -3288.6% | 8.5% | ||
| Q3 25 | 24957.5% | 12.8% | ||
| Q2 25 | -1296.1% | 11.7% | ||
| Q1 25 | -336.0% | 9.5% | ||
| Q4 24 | -303.3% | 11.0% | ||
| Q3 24 | 1830.6% | 12.0% | ||
| Q2 24 | 397.6% | 13.8% | ||
| Q1 24 | -480.9% | 8.4% |
| Q4 25 | $-2.08 | $0.33 | ||
| Q3 25 | $332.65 | $0.49 | ||
| Q2 25 | $-34.00 | $0.45 | ||
| Q1 25 | $-15.35 | $0.33 | ||
| Q4 24 | $-417.53 | $0.40 | ||
| Q3 24 | $-2269.72 | $0.44 | ||
| Q2 24 | $1170.48 | $0.50 | ||
| Q1 24 | $-265.45 | $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 | $2.5M | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $18.8M | $1.3B |
| Total Assets | $20.7M | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5M | $295.0M | ||
| Q3 25 | $1.7M | $255.0M | ||
| Q2 25 | $4.7M | $272.0M | ||
| Q1 25 | $6.8M | $267.0M | ||
| Q4 24 | $9.3M | $298.0M | ||
| Q3 24 | $5.9M | $327.0M | ||
| Q2 24 | $10.4M | $295.0M | ||
| Q1 24 | $3.1M | $344.0M |
| 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 24 | — | $879.0M |
| Q4 25 | $18.8M | $1.3B | ||
| Q3 25 | $2.3M | $1.2B | ||
| Q2 25 | $7.3M | $1.1B | ||
| Q1 25 | $10.5M | $970.0M | ||
| Q4 24 | $12.8M | $904.0M | ||
| Q3 24 | $9.1M | $872.0M | ||
| Q2 24 | $12.4M | $769.0M | ||
| Q1 24 | $-48.1K | $671.0M |
| Q4 25 | $20.7M | $2.9B | ||
| Q3 25 | $4.4M | $2.9B | ||
| Q2 25 | $9.9M | $2.9B | ||
| Q1 25 | $13.0M | $2.9B | ||
| Q4 24 | $16.0M | $2.8B | ||
| Q3 24 | $12.8M | $2.9B | ||
| Q2 24 | $16.7M | $2.7B | ||
| Q1 24 | $9.2M | $2.8B |
| 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× | ||
| Q1 24 | — | 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 | $-5.5M | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.5M | $144.0M | ||
| Q3 25 | $-3.1M | $155.0M | ||
| Q2 25 | $-2.6M | $147.0M | ||
| Q1 25 | $-3.2M | $154.0M | ||
| Q4 24 | $-3.3M | $130.0M | ||
| Q3 24 | $-3.2M | $150.0M | ||
| Q2 24 | $-3.5M | $103.0M | ||
| Q1 24 | $-3.2M | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | $-2.6M | $105.0M | ||
| Q1 25 | $-3.4M | $103.0M | ||
| Q4 24 | $-3.4M | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | $-3.5M | $47.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | -867.8% | 13.5% | ||
| Q1 25 | -342.7% | 14.6% | ||
| Q4 24 | -395.6% | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | -743.8% | 6.4% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | 0.0% | 5.9% | ||
| Q2 25 | 3.6% | 5.4% | ||
| Q1 25 | 18.8% | 7.2% | ||
| Q4 24 | 13.4% | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | 4.6% | 7.7% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | -1.86× | 1.02× | ||
| Q1 24 | — | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNBX
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% |
