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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) 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 ($340.0M vs $233.0M, roughly 1.5× CSW INDUSTRIALS, INC.). On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -12.4%). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -31.8%).
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.
CSW vs ULS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $340.0M |
| Net Profit | $10.3M | — |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | 24.4% |
| Net Margin | 4.4% | — |
| Revenue YoY | 20.3% | -12.4% |
| Net Profit YoY | -61.9% | — |
| EPS (diluted) | $0.62 | — |
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 | — | $340.0M | ||
| Q4 25 | $233.0M | $789.0M | ||
| Q3 25 | $277.0M | $783.0M | ||
| Q2 25 | $263.6M | $776.0M | ||
| Q1 25 | $230.5M | $705.0M | ||
| Q4 24 | $193.6M | $739.0M | ||
| Q3 24 | $227.9M | $731.0M | ||
| Q2 24 | $226.2M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $10.3M | $67.0M | ||
| Q3 25 | $40.7M | $100.0M | ||
| Q2 25 | $40.9M | $91.0M | ||
| Q1 25 | $35.1M | $67.0M | ||
| Q4 24 | $26.9M | $81.0M | ||
| Q3 24 | $36.1M | $88.0M | ||
| Q2 24 | $38.6M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 39.7% | 49.7% | ||
| Q3 25 | 43.0% | 50.3% | ||
| Q2 25 | 43.8% | 49.4% | ||
| Q1 25 | 44.2% | 48.4% | ||
| Q4 24 | 41.4% | 47.4% | ||
| Q3 24 | 45.6% | 49.0% | ||
| Q2 24 | 47.5% | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 7.4% | 15.0% | ||
| Q3 25 | 20.5% | 19.9% | ||
| Q2 25 | 20.8% | 17.9% | ||
| Q1 25 | 19.5% | 15.5% | ||
| Q4 24 | 15.3% | 15.6% | ||
| Q3 24 | 22.6% | 17.8% | ||
| Q2 24 | 24.3% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | 8.5% | ||
| Q3 25 | 14.7% | 12.8% | ||
| Q2 25 | 15.5% | 11.7% | ||
| Q1 25 | 15.2% | 9.5% | ||
| Q4 24 | 13.9% | 11.0% | ||
| Q3 24 | 15.8% | 12.0% | ||
| Q2 24 | 17.1% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.62 | $0.33 | ||
| Q3 25 | $2.41 | $0.49 | ||
| Q2 25 | $2.43 | $0.45 | ||
| Q1 25 | $2.05 | $0.33 | ||
| Q4 24 | $1.60 | $0.40 | ||
| Q3 24 | $2.26 | $0.44 | ||
| Q2 24 | $2.47 | $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 | $40.2M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $2.3B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $40.2M | $295.0M | ||
| Q3 25 | $31.5M | $255.0M | ||
| Q2 25 | $38.0M | $272.0M | ||
| Q1 25 | $225.8M | $267.0M | ||
| Q4 24 | $213.8M | $298.0M | ||
| Q3 24 | $273.2M | $327.0M | ||
| Q2 24 | $18.9M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | $800.1M | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $970.0M | ||
| Q4 24 | $1.0B | $904.0M | ||
| Q3 24 | $1.0B | $872.0M | ||
| Q2 24 | $650.2M | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.9B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.4B | $2.9B | ||
| Q4 24 | $1.4B | $2.8B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.1B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | 0.75× | 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 | $28.9M | — |
| Free Cash FlowOCF − Capex | $22.7M | — |
| FCF MarginFCF / Revenue | 9.8% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $28.9M | $144.0M | ||
| Q3 25 | $61.8M | $155.0M | ||
| Q2 25 | $60.6M | $147.0M | ||
| Q1 25 | $27.3M | $154.0M | ||
| Q4 24 | $11.6M | $130.0M | ||
| Q3 24 | $66.8M | $150.0M | ||
| Q2 24 | $62.7M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $22.7M | $86.0M | ||
| Q3 25 | $58.7M | $109.0M | ||
| Q2 25 | $57.7M | $105.0M | ||
| Q1 25 | $22.8M | $103.0M | ||
| Q4 24 | $8.5M | $72.0M | ||
| Q3 24 | $61.3M | $84.0M | ||
| Q2 24 | $59.6M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.8% | 10.9% | ||
| Q3 25 | 21.2% | 13.9% | ||
| Q2 25 | 21.9% | 13.5% | ||
| Q1 25 | 9.9% | 14.6% | ||
| Q4 24 | 4.4% | 9.7% | ||
| Q3 24 | 26.9% | 11.5% | ||
| Q2 24 | 26.3% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 7.4% | ||
| Q3 25 | 1.1% | 5.9% | ||
| Q2 25 | 1.1% | 5.4% | ||
| Q1 25 | 2.0% | 7.2% | ||
| Q4 24 | 1.6% | 7.8% | ||
| Q3 24 | 2.4% | 9.0% | ||
| Q2 24 | 1.4% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.81× | 2.15× | ||
| Q3 25 | 1.52× | 1.55× | ||
| Q2 25 | 1.48× | 1.62× | ||
| Q1 25 | 0.78× | 2.30× | ||
| Q4 24 | 0.43× | 1.60× | ||
| Q3 24 | 1.85× | 1.70× | ||
| Q2 24 | 1.62× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
ULS
Segment breakdown not available.
