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Side-by-side financial comparison of CARTERS INC (CRI) 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 $757.8M, roughly 1.0× CARTERS INC). UL Solutions Inc. runs the higher net margin — 8.5% vs 1.5%, a 7.0% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs -0.1%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $-144.1M).
Carter's, Inc. is a major American designer and marketer of children's apparel. It was founded in 1865 by William Carter.
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.
CRI vs ULS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $757.8M | $789.0M |
| Net Profit | $11.6M | $67.0M |
| Gross Margin | 45.1% | 49.7% |
| Operating Margin | 3.8% | 15.0% |
| Net Margin | 1.5% | 8.5% |
| Revenue YoY | -0.1% | 6.8% |
| Net Profit YoY | -80.1% | -17.3% |
| EPS (diluted) | $0.32 | $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 | $757.8M | $783.0M | ||
| Q2 25 | $585.3M | $776.0M | ||
| Q1 25 | $629.8M | $705.0M | ||
| Q4 24 | — | $739.0M | ||
| Q3 24 | — | $731.0M | ||
| Q2 24 | — | $730.0M | ||
| Q1 24 | — | $670.0M |
| Q4 25 | — | $67.0M | ||
| Q3 25 | $11.6M | $100.0M | ||
| Q2 25 | $446.0K | $91.0M | ||
| Q1 25 | $15.5M | $67.0M | ||
| Q4 24 | — | $81.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $101.0M | ||
| Q1 24 | — | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | 45.1% | 50.3% | ||
| Q2 25 | 48.1% | 49.4% | ||
| Q1 25 | 46.2% | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | — | 15.0% | ||
| Q3 25 | 3.8% | 19.9% | ||
| Q2 25 | 0.7% | 17.9% | ||
| Q1 25 | 4.1% | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | — | 13.6% |
| Q4 25 | — | 8.5% | ||
| Q3 25 | 1.5% | 12.8% | ||
| Q2 25 | 0.1% | 11.7% | ||
| Q1 25 | 2.5% | 9.5% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 8.4% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | $0.32 | $0.49 | ||
| Q2 25 | $0.01 | $0.45 | ||
| Q1 25 | $0.43 | $0.33 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.50 | ||
| Q1 24 | — | $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 | $184.2M | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $864.6M | $1.3B |
| Total Assets | $2.5B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $295.0M | ||
| Q3 25 | $184.2M | $255.0M | ||
| Q2 25 | $338.2M | $272.0M | ||
| Q1 25 | $320.8M | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | — | $295.0M | ||
| Q1 24 | — | $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 | — | $1.3B | ||
| Q3 25 | $864.6M | $1.2B | ||
| Q2 25 | $853.9M | $1.1B | ||
| Q1 25 | $847.2M | $970.0M | ||
| Q4 24 | — | $904.0M | ||
| Q3 24 | — | $872.0M | ||
| Q2 24 | — | $769.0M | ||
| Q1 24 | — | $671.0M |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $2.5B | $2.9B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.3B | $2.9B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $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 | $-128.0M | $144.0M |
| Free Cash FlowOCF − Capex | $-144.1M | $86.0M |
| FCF MarginFCF / Revenue | -19.0% | 10.9% |
| Capex IntensityCapex / Revenue | 2.1% | 7.4% |
| Cash ConversionOCF / Net Profit | -11.04× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $144.0M | ||
| Q3 25 | $-128.0M | $155.0M | ||
| Q2 25 | $40.3M | $147.0M | ||
| Q1 25 | $-48.6M | $154.0M | ||
| Q4 24 | — | $130.0M | ||
| Q3 24 | — | $150.0M | ||
| Q2 24 | — | $103.0M | ||
| Q1 24 | — | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | $-144.1M | $109.0M | ||
| Q2 25 | $24.1M | $105.0M | ||
| Q1 25 | $-59.0M | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | -19.0% | 13.9% | ||
| Q2 25 | 4.1% | 13.5% | ||
| Q1 25 | -9.4% | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | 2.1% | 5.9% | ||
| Q2 25 | 2.8% | 5.4% | ||
| Q1 25 | 1.6% | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | -11.04× | 1.55× | ||
| Q2 25 | 90.37× | 1.62× | ||
| Q1 25 | -3.13× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRI
| Sales Channel Directly To Consumer | $362.3M | 48% |
| Sales Channel Through Intermediary | $283.8M | 37% |
| Other | $110.4M | 15% |
| Gift Cards | $1.3M | 0% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
