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Side-by-side financial comparison of COMMERCE BANCSHARES INC (CBSH) 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 $475.7M, roughly 1.7× COMMERCE BANCSHARES INC). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs 8.5%, a 21.3% gap on every dollar of revenue. On growth, COMMERCE BANCSHARES INC posted the faster year-over-year revenue change (11.1% vs 6.8%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 7.1%).
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
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.
CBSH vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $475.7M | $789.0M |
| Net Profit | $141.6M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | — | 15.0% |
| Net Margin | 29.8% | 8.5% |
| Revenue YoY | 11.1% | 6.8% |
| Net Profit YoY | 10.5% | -17.3% |
| EPS (diluted) | $0.96 | $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 | $475.7M | — | ||
| Q4 25 | $449.4M | $789.0M | ||
| Q3 25 | $441.0M | $783.0M | ||
| Q2 25 | $445.8M | $776.0M | ||
| Q1 25 | $428.1M | $705.0M | ||
| Q4 24 | $422.1M | $739.0M | ||
| Q3 24 | $421.4M | $731.0M | ||
| Q2 24 | $414.5M | $730.0M |
| Q1 26 | $141.6M | — | ||
| Q4 25 | $140.7M | $67.0M | ||
| Q3 25 | $141.5M | $100.0M | ||
| Q2 25 | $152.5M | $91.0M | ||
| Q1 25 | $131.6M | $67.0M | ||
| Q4 24 | $136.1M | $81.0M | ||
| Q3 24 | $138.0M | $88.0M | ||
| Q2 24 | $139.6M | $101.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 40.8% | 15.0% | ||
| Q3 25 | 41.9% | 19.9% | ||
| Q2 25 | 44.0% | 17.9% | ||
| Q1 25 | 39.2% | 15.5% | ||
| Q4 24 | 41.2% | 15.6% | ||
| Q3 24 | 42.4% | 17.8% | ||
| Q2 24 | 43.4% | 17.3% |
| Q1 26 | 29.8% | — | ||
| Q4 25 | 31.3% | 8.5% | ||
| Q3 25 | 32.1% | 12.8% | ||
| Q2 25 | 34.2% | 11.7% | ||
| Q1 25 | 30.7% | 9.5% | ||
| Q4 24 | 32.2% | 11.0% | ||
| Q3 24 | 32.8% | 12.0% | ||
| Q2 24 | 33.7% | 13.8% |
| Q1 26 | $0.96 | — | ||
| Q4 25 | $0.86 | $0.33 | ||
| Q3 25 | $1.06 | $0.49 | ||
| Q2 25 | $1.14 | $0.45 | ||
| Q1 25 | $0.98 | $0.33 | ||
| Q4 24 | $0.83 | $0.40 | ||
| Q3 24 | $1.01 | $0.44 | ||
| Q2 24 | $1.03 | $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 | — | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $4.3B | $1.3B |
| Total Assets | $35.7B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $295.0M | ||
| Q3 25 | — | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | — | $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 | $4.3B | — | ||
| Q4 25 | $3.8B | $1.3B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $3.6B | $1.1B | ||
| Q1 25 | $3.5B | $970.0M | ||
| Q4 24 | $3.3B | $904.0M | ||
| Q3 24 | $3.4B | $872.0M | ||
| Q2 24 | $3.1B | $769.0M |
| Q1 26 | $35.7B | — | ||
| Q4 25 | $32.9B | $2.9B | ||
| Q3 25 | $32.3B | $2.9B | ||
| Q2 25 | $32.3B | $2.9B | ||
| Q1 25 | $32.4B | $2.9B | ||
| Q4 24 | $32.0B | $2.8B | ||
| Q3 24 | $31.5B | $2.9B | ||
| Q2 24 | $30.6B | $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 | — | 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 | $645.1M | $144.0M | ||
| Q3 25 | $129.0M | $155.0M | ||
| Q2 25 | $111.2M | $147.0M | ||
| Q1 25 | $138.6M | $154.0M | ||
| Q4 24 | $577.9M | $130.0M | ||
| Q3 24 | $431.7M | $150.0M | ||
| Q2 24 | $147.4M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $592.4M | $86.0M | ||
| Q3 25 | $113.3M | $109.0M | ||
| Q2 25 | $100.5M | $105.0M | ||
| Q1 25 | $126.0M | $103.0M | ||
| Q4 24 | $531.7M | $72.0M | ||
| Q3 24 | $419.1M | $84.0M | ||
| Q2 24 | $138.9M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 10.9% | ||
| Q3 25 | 25.7% | 13.9% | ||
| Q2 25 | 22.5% | 13.5% | ||
| Q1 25 | 29.4% | 14.6% | ||
| Q4 24 | 126.0% | 9.7% | ||
| Q3 24 | 99.5% | 11.5% | ||
| Q2 24 | 33.5% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.7% | 7.4% | ||
| Q3 25 | 3.6% | 5.9% | ||
| Q2 25 | 2.4% | 5.4% | ||
| Q1 25 | 2.9% | 7.2% | ||
| Q4 24 | 10.9% | 7.8% | ||
| Q3 24 | 3.0% | 9.0% | ||
| Q2 24 | 2.1% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.59× | 2.15× | ||
| Q3 25 | 0.91× | 1.55× | ||
| Q2 25 | 0.73× | 1.62× | ||
| Q1 25 | 1.05× | 2.30× | ||
| Q4 24 | 4.25× | 1.60× | ||
| Q3 24 | 3.13× | 1.70× | ||
| Q2 24 | 1.06× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBSH
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% |
