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Side-by-side financial comparison of BXP, Inc. (BXP) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $789.0M, roughly 1.1× UL Solutions Inc.). BXP, Inc. runs the higher net margin — 15.3% vs 8.5%, a 6.8% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 0.8%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 1.3%).
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
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.
BXP vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $789.0M |
| Net Profit | $133.0M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | — | 15.0% |
| Net Margin | 15.3% | 8.5% |
| Revenue YoY | 0.8% | 6.8% |
| Net Profit YoY | 53.0% | -17.3% |
| EPS (diluted) | $1.69 | $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.
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $789.0M | ||
| Q3 25 | $871.5M | $783.0M | ||
| Q2 25 | $868.5M | $776.0M | ||
| Q1 25 | $865.2M | $705.0M | ||
| Q4 24 | $858.6M | $739.0M | ||
| Q3 24 | $859.2M | $731.0M | ||
| Q2 24 | $850.5M | $730.0M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $67.0M | ||
| Q3 25 | $-121.7M | $100.0M | ||
| Q2 25 | $89.0M | $91.0M | ||
| Q1 25 | $61.2M | $67.0M | ||
| Q4 24 | $-228.9M | $81.0M | ||
| Q3 24 | $83.6M | $88.0M | ||
| Q2 24 | $79.6M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 49.7% | ||
| Q3 25 | 59.3% | 50.3% | ||
| Q2 25 | 59.2% | 49.4% | ||
| Q1 25 | 59.2% | 48.4% | ||
| Q4 24 | 59.7% | 47.4% | ||
| Q3 24 | 59.5% | 49.0% | ||
| Q2 24 | 59.8% | 50.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 17.3% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 8.5% | ||
| Q3 25 | -14.0% | 12.8% | ||
| Q2 25 | 10.2% | 11.7% | ||
| Q1 25 | 7.1% | 9.5% | ||
| Q4 24 | -26.7% | 11.0% | ||
| Q3 24 | 9.7% | 12.0% | ||
| Q2 24 | 9.4% | 13.8% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.33 | ||
| Q3 25 | $-0.77 | $0.49 | ||
| Q2 25 | $0.56 | $0.45 | ||
| Q1 25 | $0.39 | $0.33 | ||
| Q4 24 | $-1.46 | $0.40 | ||
| Q3 24 | $0.53 | $0.44 | ||
| Q2 24 | $0.51 | $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 | $512.8M | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $7.7B | $1.3B |
| Total Assets | $25.1B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $295.0M | ||
| Q3 25 | $861.1M | $255.0M | ||
| Q2 25 | $447.0M | $272.0M | ||
| Q1 25 | $398.1M | $267.0M | ||
| Q4 24 | $1.3B | $298.0M | ||
| Q3 24 | $1.4B | $327.0M | ||
| Q2 24 | $685.4M | $295.0M |
| Q1 26 | — | — | ||
| 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 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $5.3B | $1.1B | ||
| Q1 25 | $5.3B | $970.0M | ||
| Q4 24 | $5.4B | $904.0M | ||
| Q3 24 | $5.8B | $872.0M | ||
| Q2 24 | $5.8B | $769.0M |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $2.9B | ||
| Q3 25 | $26.0B | $2.9B | ||
| Q2 25 | $25.6B | $2.9B | ||
| Q1 25 | $25.4B | $2.9B | ||
| Q4 24 | $26.1B | $2.8B | ||
| Q3 24 | $26.4B | $2.9B | ||
| Q2 24 | $25.5B | $2.7B |
| Q1 26 | — | — | ||
| 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 | — | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | 1.5% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $144.0M | ||
| Q3 25 | $274.2M | $155.0M | ||
| Q2 25 | $353.1M | $147.0M | ||
| Q1 25 | $210.0M | $154.0M | ||
| Q4 24 | $383.7M | $130.0M | ||
| Q3 24 | $286.1M | $150.0M | ||
| Q2 24 | $367.1M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $86.0M | ||
| Q3 25 | $231.6M | $109.0M | ||
| Q2 25 | $281.5M | $105.0M | ||
| Q1 25 | $152.6M | $103.0M | ||
| Q4 24 | $312.5M | $72.0M | ||
| Q3 24 | $234.5M | $84.0M | ||
| Q2 24 | $332.4M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 10.9% | ||
| Q3 25 | 26.6% | 13.9% | ||
| Q2 25 | 32.4% | 13.5% | ||
| Q1 25 | 17.6% | 14.6% | ||
| Q4 24 | 36.4% | 9.7% | ||
| Q3 24 | 27.3% | 11.5% | ||
| Q2 24 | 39.1% | 6.4% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 7.4% | ||
| Q3 25 | 4.9% | 5.9% | ||
| Q2 25 | 8.2% | 5.4% | ||
| Q1 25 | 6.6% | 7.2% | ||
| Q4 24 | 8.3% | 7.8% | ||
| Q3 24 | 6.0% | 9.0% | ||
| Q2 24 | 4.1% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | 3.97× | 1.62× | ||
| Q1 25 | 3.43× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 3.42× | 1.70× | ||
| Q2 24 | 4.61× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
