vs
Side-by-side financial comparison of Essex Property Trust (ESS) 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 $479.6M, roughly 1.6× Essex Property Trust). Essex Property Trust runs the higher net margin — 17.9% vs 8.5%, a 9.4% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 5.5%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 6.0%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
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.
ESS vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $789.0M |
| Net Profit | $85.7M | $67.0M |
| Gross Margin | 70.0% | 49.7% |
| Operating Margin | 31.7% | 15.0% |
| Net Margin | 17.9% | 8.5% |
| Revenue YoY | 5.5% | 6.8% |
| Net Profit YoY | -71.6% | -17.3% |
| EPS (diluted) | $1.24 | $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 | $479.6M | $789.0M | ||
| Q3 25 | $473.3M | $783.0M | ||
| Q2 25 | $469.8M | $776.0M | ||
| Q1 25 | $464.6M | $705.0M | ||
| Q4 24 | $454.5M | $739.0M | ||
| Q3 24 | $450.7M | $731.0M | ||
| Q2 24 | $442.4M | $730.0M | ||
| Q1 24 | $426.9M | $670.0M |
| Q4 25 | $85.7M | $67.0M | ||
| Q3 25 | $172.7M | $100.0M | ||
| Q2 25 | $231.5M | $91.0M | ||
| Q1 25 | $212.8M | $67.0M | ||
| Q4 24 | $301.7M | $81.0M | ||
| Q3 24 | $125.5M | $88.0M | ||
| Q2 24 | $99.0M | $101.0M | ||
| Q1 24 | $285.1M | $56.0M |
| Q4 25 | 70.0% | 49.7% | ||
| Q3 25 | 69.2% | 50.3% | ||
| Q2 25 | 70.7% | 49.4% | ||
| Q1 25 | 69.6% | 48.4% | ||
| Q4 24 | 70.0% | 47.4% | ||
| Q3 24 | 69.5% | 49.0% | ||
| Q2 24 | 70.8% | 50.1% | ||
| Q1 24 | 69.7% | 47.6% |
| Q4 25 | 31.7% | 15.0% | ||
| Q3 25 | 44.5% | 19.9% | ||
| Q2 25 | 59.5% | 17.9% | ||
| Q1 25 | 55.3% | 15.5% | ||
| Q4 24 | 67.0% | 15.6% | ||
| Q3 24 | 28.6% | 17.8% | ||
| Q2 24 | 31.1% | 17.3% | ||
| Q1 24 | 31.0% | 13.6% |
| Q4 25 | 17.9% | 8.5% | ||
| Q3 25 | 36.5% | 12.8% | ||
| Q2 25 | 49.3% | 11.7% | ||
| Q1 25 | 45.8% | 9.5% | ||
| Q4 24 | 66.4% | 11.0% | ||
| Q3 24 | 27.8% | 12.0% | ||
| Q2 24 | 22.4% | 13.8% | ||
| Q1 24 | 66.8% | 8.4% |
| Q4 25 | $1.24 | $0.33 | ||
| Q3 25 | $2.56 | $0.49 | ||
| Q2 25 | $3.44 | $0.45 | ||
| Q1 25 | $3.16 | $0.33 | ||
| Q4 24 | $4.00 | $0.40 | ||
| Q3 24 | $1.84 | $0.44 | ||
| Q2 24 | $1.45 | $0.50 | ||
| Q1 24 | $4.25 | $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 | $76.2M | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $5.5B | $1.3B |
| Total Assets | $13.2B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $295.0M | ||
| Q3 25 | $66.0M | $255.0M | ||
| Q2 25 | $58.7M | $272.0M | ||
| Q1 25 | $98.7M | $267.0M | ||
| Q4 24 | $66.8M | $298.0M | ||
| Q3 24 | $71.3M | $327.0M | ||
| Q2 24 | $55.2M | $295.0M | ||
| Q1 24 | $499.0M | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | $6.4B | $544.0M | ||
| Q2 25 | $6.4B | $608.0M | ||
| Q1 25 | $6.8B | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | $6.4B | $797.0M | ||
| Q2 24 | $6.2B | $810.0M | ||
| Q1 24 | $6.6B | $879.0M |
| Q4 25 | $5.5B | $1.3B | ||
| Q3 25 | $5.6B | $1.2B | ||
| Q2 25 | $5.6B | $1.1B | ||
| Q1 25 | $5.6B | $970.0M | ||
| Q4 24 | $5.5B | $904.0M | ||
| Q3 24 | $5.4B | $872.0M | ||
| Q2 24 | $5.5B | $769.0M | ||
| Q1 24 | $5.5B | $671.0M |
| Q4 25 | $13.2B | $2.9B | ||
| Q3 25 | $13.2B | $2.9B | ||
| Q2 25 | $13.2B | $2.9B | ||
| Q1 25 | $13.2B | $2.9B | ||
| Q4 24 | $12.9B | $2.8B | ||
| Q3 24 | $12.6B | $2.9B | ||
| Q2 24 | $12.5B | $2.7B | ||
| Q1 24 | $12.9B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | 1.15× | 0.46× | ||
| Q2 25 | 1.14× | 0.56× | ||
| Q1 25 | 1.22× | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | 1.18× | 0.91× | ||
| Q2 24 | 1.13× | 1.05× | ||
| Q1 24 | 1.19× | 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 | $1.1B | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | 12.53× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $144.0M | ||
| Q3 25 | $342.6M | $155.0M | ||
| Q2 25 | $216.1M | $147.0M | ||
| Q1 25 | $281.5M | $154.0M | ||
| Q4 24 | $1.1B | $130.0M | ||
| Q3 24 | $316.2M | $150.0M | ||
| Q2 24 | $218.9M | $103.0M | ||
| Q1 24 | $314.9M | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | 12.53× | 2.15× | ||
| Q3 25 | 1.98× | 1.55× | ||
| Q2 25 | 0.93× | 1.62× | ||
| Q1 25 | 1.32× | 2.30× | ||
| Q4 24 | 3.54× | 1.60× | ||
| Q3 24 | 2.52× | 1.70× | ||
| Q2 24 | 2.21× | 1.02× | ||
| Q1 24 | 1.10× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESS
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% |
