vs
Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) 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 $544.0M, roughly 1.5× Fidelity National Financial, Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -21.5%, a 30.0% gap on every dollar of revenue. On growth, Fidelity National Financial, Inc. posted the faster year-over-year revenue change (10.3% vs 6.8%). Over the past eight quarters, Fidelity National Financial, Inc.'s revenue compounded faster (13.7% CAGR vs 8.5%).
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
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.
FNF vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $789.0M |
| Net Profit | $-117.0M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 82.9% | 15.0% |
| Net Margin | -21.5% | 8.5% |
| Revenue YoY | 10.3% | 6.8% |
| Net Profit YoY | -126.0% | -17.3% |
| EPS (diluted) | $-0.44 | $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 | $544.0M | $789.0M | ||
| Q3 25 | $553.0M | $783.0M | ||
| Q2 25 | $547.0M | $776.0M | ||
| Q1 25 | $455.0M | $705.0M | ||
| Q4 24 | $493.0M | $739.0M | ||
| Q3 24 | $506.0M | $731.0M | ||
| Q2 24 | $504.0M | $730.0M | ||
| Q1 24 | $421.0M | $670.0M |
| Q4 25 | $-117.0M | $67.0M | ||
| Q3 25 | $358.0M | $100.0M | ||
| Q2 25 | $278.0M | $91.0M | ||
| Q1 25 | $83.0M | $67.0M | ||
| Q4 24 | $450.0M | $81.0M | ||
| Q3 24 | $266.0M | $88.0M | ||
| Q2 24 | $306.0M | $101.0M | ||
| Q1 24 | $248.0M | $56.0M |
| 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 24 | — | 47.6% |
| Q4 25 | 82.9% | 15.0% | ||
| Q3 25 | 81.9% | 19.9% | ||
| Q2 25 | 69.8% | 17.9% | ||
| Q1 25 | 24.4% | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | 61.9% | 17.8% | ||
| Q2 24 | 90.9% | 17.3% | ||
| Q1 24 | 78.6% | 13.6% |
| Q4 25 | -21.5% | 8.5% | ||
| Q3 25 | 64.7% | 12.8% | ||
| Q2 25 | 50.8% | 11.7% | ||
| Q1 25 | 18.2% | 9.5% | ||
| Q4 24 | 91.3% | 11.0% | ||
| Q3 24 | 52.6% | 12.0% | ||
| Q2 24 | 60.7% | 13.8% | ||
| Q1 24 | 58.9% | 8.4% |
| Q4 25 | $-0.44 | $0.33 | ||
| Q3 25 | $1.33 | $0.49 | ||
| Q2 25 | $1.02 | $0.45 | ||
| Q1 25 | $0.30 | $0.33 | ||
| Q4 24 | $1.65 | $0.40 | ||
| Q3 24 | $0.97 | $0.44 | ||
| Q2 24 | $1.12 | $0.50 | ||
| Q1 24 | $0.91 | $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 | $2.6B | $295.0M |
| Total DebtLower is stronger | $4.4B | $491.0M |
| Stockholders' EquityBook value | $7.4B | $1.3B |
| Total Assets | $109.0B | $2.9B |
| Debt / EquityLower = less leverage | 0.59× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $295.0M | ||
| Q3 25 | $3.5B | $255.0M | ||
| Q2 25 | $3.3B | $272.0M | ||
| Q1 25 | $4.5B | $267.0M | ||
| Q4 24 | $3.5B | $298.0M | ||
| Q3 24 | $5.0B | $327.0M | ||
| Q2 24 | $4.9B | $295.0M | ||
| Q1 24 | $3.5B | $344.0M |
| Q4 25 | $4.4B | $491.0M | ||
| Q3 25 | $4.4B | $544.0M | ||
| Q2 25 | $4.4B | $608.0M | ||
| Q1 25 | $4.4B | $653.0M | ||
| Q4 24 | $4.3B | $742.0M | ||
| Q3 24 | $4.2B | $797.0M | ||
| Q2 24 | $4.2B | $810.0M | ||
| Q1 24 | $3.9B | $879.0M |
| Q4 25 | $7.4B | $1.3B | ||
| Q3 25 | $8.4B | $1.2B | ||
| Q2 25 | $7.9B | $1.1B | ||
| Q1 25 | $7.9B | $970.0M | ||
| Q4 24 | $7.8B | $904.0M | ||
| Q3 24 | $8.1B | $872.0M | ||
| Q2 24 | $7.3B | $769.0M | ||
| Q1 24 | $7.1B | $671.0M |
| Q4 25 | $109.0B | $2.9B | ||
| Q3 25 | $106.6B | $2.9B | ||
| Q2 25 | $102.3B | $2.9B | ||
| Q1 25 | $98.2B | $2.9B | ||
| Q4 24 | $95.4B | $2.8B | ||
| Q3 24 | $94.7B | $2.9B | ||
| Q2 24 | $88.8B | $2.7B | ||
| Q1 24 | $84.5B | $2.8B |
| Q4 25 | 0.59× | 0.39× | ||
| Q3 25 | 0.53× | 0.46× | ||
| Q2 25 | 0.56× | 0.56× | ||
| Q1 25 | 0.56× | 0.67× | ||
| Q4 24 | 0.56× | 0.82× | ||
| Q3 24 | 0.52× | 0.91× | ||
| Q2 24 | 0.58× | 1.05× | ||
| Q1 24 | 0.55× | 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 | $1.5B | $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.
| Q4 25 | $1.5B | $144.0M | ||
| Q3 25 | $1.3B | $155.0M | ||
| Q2 25 | $1.9B | $147.0M | ||
| Q1 25 | $1.1B | $154.0M | ||
| Q4 24 | $1.5B | $130.0M | ||
| Q3 24 | $2.4B | $150.0M | ||
| Q2 24 | $1.4B | $103.0M | ||
| Q1 24 | $1.6B | $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 | — | 2.15× | ||
| Q3 25 | 3.66× | 1.55× | ||
| Q2 25 | 6.82× | 1.62× | ||
| Q1 25 | 13.43× | 2.30× | ||
| Q4 24 | 3.32× | 1.60× | ||
| Q3 24 | 8.89× | 1.70× | ||
| Q2 24 | 4.45× | 1.02× | ||
| Q1 24 | 6.42× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
