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Side-by-side financial comparison of F5, Inc. (FFIV) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
F5, Inc. is the larger business by last-quarter revenue ($811.7M vs $789.0M, roughly 1.0× UL Solutions Inc.). F5, Inc. runs the higher net margin — 18.2% vs 8.5%, a 9.7% gap on every dollar of revenue. On growth, F5, Inc. posted the faster year-over-year revenue change (11.0% vs 6.8%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 8.0%).
F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability and performance, and network security, access, and authorization.
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.
FFIV vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $811.7M | $789.0M |
| Net Profit | $148.0M | $67.0M |
| Gross Margin | 81.4% | 49.7% |
| Operating Margin | 22.1% | 15.0% |
| Net Margin | 18.2% | 8.5% |
| Revenue YoY | 11.0% | 6.8% |
| Net Profit YoY | 1.5% | -17.3% |
| EPS (diluted) | $2.58 | $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 | $811.7M | — | ||
| Q4 25 | $822.5M | $789.0M | ||
| Q3 25 | $810.1M | $783.0M | ||
| Q2 25 | $780.4M | $776.0M | ||
| Q1 25 | $731.1M | $705.0M | ||
| Q4 24 | $766.5M | $739.0M | ||
| Q3 24 | $746.7M | $731.0M | ||
| Q2 24 | $695.5M | $730.0M |
| Q1 26 | $148.0M | — | ||
| Q4 25 | $180.1M | $67.0M | ||
| Q3 25 | $190.5M | $100.0M | ||
| Q2 25 | $189.9M | $91.0M | ||
| Q1 25 | $145.5M | $67.0M | ||
| Q4 24 | $166.4M | $81.0M | ||
| Q3 24 | $165.3M | $88.0M | ||
| Q2 24 | $144.1M | $101.0M |
| Q1 26 | 81.4% | — | ||
| Q4 25 | 81.5% | 49.7% | ||
| Q3 25 | 82.2% | 50.3% | ||
| Q2 25 | 81.0% | 49.4% | ||
| Q1 25 | 80.7% | 48.4% | ||
| Q4 24 | 81.7% | 47.4% | ||
| Q3 24 | 80.8% | 49.0% | ||
| Q2 24 | 80.4% | 50.1% |
| Q1 26 | 22.1% | — | ||
| Q4 25 | 26.0% | 15.0% | ||
| Q3 25 | 25.4% | 19.9% | ||
| Q2 25 | 25.2% | 17.9% | ||
| Q1 25 | 21.7% | 15.5% | ||
| Q4 24 | 26.8% | 15.6% | ||
| Q3 24 | 25.6% | 17.8% | ||
| Q2 24 | 23.4% | 17.3% |
| Q1 26 | 18.2% | — | ||
| Q4 25 | 21.9% | 8.5% | ||
| Q3 25 | 23.5% | 12.8% | ||
| Q2 25 | 24.3% | 11.7% | ||
| Q1 25 | 19.9% | 9.5% | ||
| Q4 24 | 21.7% | 11.0% | ||
| Q3 24 | 22.1% | 12.0% | ||
| Q2 24 | 20.7% | 13.8% |
| Q1 26 | $2.58 | — | ||
| Q4 25 | $3.10 | $0.33 | ||
| Q3 25 | $3.25 | $0.49 | ||
| Q2 25 | $3.25 | $0.45 | ||
| Q1 25 | $2.48 | $0.33 | ||
| Q4 24 | $2.82 | $0.40 | ||
| Q3 24 | $2.79 | $0.44 | ||
| Q2 24 | $2.44 | $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 | $1.4B | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $3.6B | $1.3B |
| Total Assets | $6.5B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.2B | $295.0M | ||
| Q3 25 | $1.3B | $255.0M | ||
| Q2 25 | $1.4B | $272.0M | ||
| Q1 25 | $1.3B | $267.0M | ||
| Q4 24 | $1.2B | $298.0M | ||
| Q3 24 | $1.1B | $327.0M | ||
| Q2 24 | $935.6M | $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 | $3.6B | — | ||
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.6B | $1.2B | ||
| Q2 25 | $3.5B | $1.1B | ||
| Q1 25 | $3.3B | $970.0M | ||
| Q4 24 | $3.2B | $904.0M | ||
| Q3 24 | $3.1B | $872.0M | ||
| Q2 24 | $3.0B | $769.0M |
| Q1 26 | $6.5B | — | ||
| Q4 25 | $6.3B | $2.9B | ||
| Q3 25 | $6.3B | $2.9B | ||
| Q2 25 | $6.1B | $2.9B | ||
| Q1 25 | $5.9B | $2.9B | ||
| Q4 24 | $5.9B | $2.8B | ||
| Q3 24 | $5.6B | $2.9B | ||
| Q2 24 | $5.4B | $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 | $525.1M | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | 3.55× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $525.1M | — | ||
| Q4 25 | $159.2M | $144.0M | ||
| Q3 25 | $208.1M | $155.0M | ||
| Q2 25 | $282.2M | $147.0M | ||
| Q1 25 | $256.6M | $154.0M | ||
| Q4 24 | $202.8M | $130.0M | ||
| Q3 24 | $246.5M | $150.0M | ||
| Q2 24 | $159.0M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $149.5M | $86.0M | ||
| Q3 25 | $191.9M | $109.0M | ||
| Q2 25 | $273.7M | $105.0M | ||
| Q1 25 | $246.1M | $103.0M | ||
| Q4 24 | $194.7M | $72.0M | ||
| Q3 24 | $240.4M | $84.0M | ||
| Q2 24 | $153.1M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 18.2% | 10.9% | ||
| Q3 25 | 23.7% | 13.9% | ||
| Q2 25 | 35.1% | 13.5% | ||
| Q1 25 | 33.7% | 14.6% | ||
| Q4 24 | 25.4% | 9.7% | ||
| Q3 24 | 32.2% | 11.5% | ||
| Q2 24 | 22.0% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 7.4% | ||
| Q3 25 | 2.0% | 5.9% | ||
| Q2 25 | 1.1% | 5.4% | ||
| Q1 25 | 1.4% | 7.2% | ||
| Q4 24 | 1.1% | 7.8% | ||
| Q3 24 | 0.8% | 9.0% | ||
| Q2 24 | 0.8% | 7.7% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | 0.88× | 2.15× | ||
| Q3 25 | 1.09× | 1.55× | ||
| Q2 25 | 1.49× | 1.62× | ||
| Q1 25 | 1.76× | 2.30× | ||
| Q4 24 | 1.22× | 1.60× | ||
| Q3 24 | 1.49× | 1.70× | ||
| Q2 24 | 1.10× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FFIV
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% |
