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Side-by-side financial comparison of Installed Building Products, Inc. (IBP) 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 ($758.0M vs $747.5M, roughly 1.0× Installed Building Products, Inc.). UL Solutions Inc. runs the higher net margin — 12.8% vs 10.2%, a 2.5% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (7.5% vs -0.4%). UL Solutions Inc. produced more free cash flow last quarter ($150.0M vs $49.3M). Over the past eight quarters, Installed Building Products, Inc.'s revenue compounded faster (3.9% CAGR vs 1.9%).
Installed Building Products, Inc. is a leading US-based provider of professional installation services for building products. Core offerings include insulation, gutters, garage doors, fire protection systems and window treatments, serving residential new construction, repair & remodel, and commercial construction segments across most US regions.
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.
IBP vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $747.5M | $758.0M |
| Net Profit | $76.6M | $97.0M |
| Gross Margin | 35.0% | 50.3% |
| Operating Margin | 14.6% | 18.2% |
| Net Margin | 10.2% | 12.8% |
| Revenue YoY | -0.4% | 7.5% |
| Net Profit YoY | 14.5% | 37.3% |
| EPS (diluted) | $2.81 | $0.45 |
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 | — | $758.0M | ||
| Q4 25 | $747.5M | $789.0M | ||
| Q3 25 | $778.2M | $783.0M | ||
| Q2 25 | $760.3M | $776.0M | ||
| Q1 25 | $684.8M | $705.0M | ||
| Q4 24 | $750.2M | $739.0M | ||
| Q3 24 | $760.6M | $731.0M | ||
| Q2 24 | $737.6M | $730.0M |
| Q1 26 | — | $97.0M | ||
| Q4 25 | $76.6M | $67.0M | ||
| Q3 25 | $74.4M | $100.0M | ||
| Q2 25 | $69.0M | $91.0M | ||
| Q1 25 | $45.4M | $67.0M | ||
| Q4 24 | $66.9M | $81.0M | ||
| Q3 24 | $68.6M | $88.0M | ||
| Q2 24 | $65.2M | $101.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | 35.0% | 49.7% | ||
| Q3 25 | 34.0% | 50.3% | ||
| Q2 25 | 34.2% | 49.4% | ||
| Q1 25 | 32.7% | 48.4% | ||
| Q4 24 | 33.6% | 47.4% | ||
| Q3 24 | 33.8% | 49.0% | ||
| Q2 24 | 34.1% | 50.1% |
| Q1 26 | — | 18.2% | ||
| Q4 25 | 14.6% | 15.0% | ||
| Q3 25 | 13.7% | 19.9% | ||
| Q2 25 | 13.3% | 17.9% | ||
| Q1 25 | 10.2% | 15.5% | ||
| Q4 24 | 13.1% | 15.6% | ||
| Q3 24 | 13.3% | 17.8% | ||
| Q2 24 | 12.9% | 17.3% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | 10.2% | 8.5% | ||
| Q3 25 | 9.6% | 12.8% | ||
| Q2 25 | 9.1% | 11.7% | ||
| Q1 25 | 6.6% | 9.5% | ||
| Q4 24 | 8.9% | 11.0% | ||
| Q3 24 | 9.0% | 12.0% | ||
| Q2 24 | 8.8% | 13.8% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $2.81 | $0.33 | ||
| Q3 25 | $2.74 | $0.49 | ||
| Q2 25 | $2.52 | $0.45 | ||
| Q1 25 | $1.64 | $0.33 | ||
| Q4 24 | $2.39 | $0.40 | ||
| Q3 24 | $2.44 | $0.44 | ||
| Q2 24 | $2.30 | $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 | $321.9M | $258.0M |
| Total DebtLower is stronger | $886.6M | $357.0M |
| Stockholders' EquityBook value | $709.9M | $1.3B |
| Total Assets | $2.1B | $3.0B |
| Debt / EquityLower = less leverage | 1.25× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $258.0M | ||
| Q4 25 | $321.9M | $295.0M | ||
| Q3 25 | $333.3M | $255.0M | ||
| Q2 25 | $305.2M | $272.0M | ||
| Q1 25 | $298.7M | $267.0M | ||
| Q4 24 | $327.6M | $298.0M | ||
| Q3 24 | $406.2M | $327.0M | ||
| Q2 24 | $380.3M | $295.0M |
| Q1 26 | — | $357.0M | ||
| Q4 25 | $886.6M | $491.0M | ||
| Q3 25 | $880.8M | $544.0M | ||
| Q2 25 | $876.1M | $608.0M | ||
| Q1 25 | $872.4M | $653.0M | ||
| Q4 24 | $874.8M | $742.0M | ||
| Q3 24 | $872.3M | $797.0M | ||
| Q2 24 | $875.8M | $810.0M |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $709.9M | $1.3B | ||
| Q3 25 | $678.6M | $1.2B | ||
| Q2 25 | $664.5M | $1.1B | ||
| Q1 25 | $660.9M | $970.0M | ||
| Q4 24 | $705.3M | $904.0M | ||
| Q3 24 | $716.4M | $872.0M | ||
| Q2 24 | $685.3M | $769.0M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.1B | $2.9B | ||
| Q3 25 | $2.1B | $2.9B | ||
| Q2 25 | $2.0B | $2.9B | ||
| Q1 25 | $2.0B | $2.9B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.0B | $2.7B |
| Q1 26 | — | 0.27× | ||
| Q4 25 | 1.25× | 0.39× | ||
| Q3 25 | 1.30× | 0.46× | ||
| Q2 25 | 1.32× | 0.56× | ||
| Q1 25 | 1.32× | 0.67× | ||
| Q4 24 | 1.24× | 0.82× | ||
| Q3 24 | 1.22× | 0.91× | ||
| Q2 24 | 1.28× | 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 | $64.9M | $219.0M |
| Free Cash FlowOCF − Capex | $49.3M | $150.0M |
| FCF MarginFCF / Revenue | 6.6% | 19.8% |
| Capex IntensityCapex / Revenue | 2.1% | 9.1% |
| Cash ConversionOCF / Net Profit | 0.85× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | $300.8M | $450.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $219.0M | ||
| Q4 25 | $64.9M | $144.0M | ||
| Q3 25 | $124.0M | $155.0M | ||
| Q2 25 | $90.4M | $147.0M | ||
| Q1 25 | $92.1M | $154.0M | ||
| Q4 24 | $74.8M | $130.0M | ||
| Q3 24 | $101.4M | $150.0M | ||
| Q2 24 | $79.0M | $103.0M |
| Q1 26 | — | $150.0M | ||
| Q4 25 | $49.3M | $86.0M | ||
| Q3 25 | $104.8M | $109.0M | ||
| Q2 25 | $74.8M | $105.0M | ||
| Q1 25 | $71.9M | $103.0M | ||
| Q4 24 | $52.9M | $72.0M | ||
| Q3 24 | $77.3M | $84.0M | ||
| Q2 24 | $58.2M | $47.0M |
| Q1 26 | — | 19.8% | ||
| Q4 25 | 6.6% | 10.9% | ||
| Q3 25 | 13.5% | 13.9% | ||
| Q2 25 | 9.8% | 13.5% | ||
| Q1 25 | 10.5% | 14.6% | ||
| Q4 24 | 7.1% | 9.7% | ||
| Q3 24 | 10.2% | 11.5% | ||
| Q2 24 | 7.9% | 6.4% |
| Q1 26 | — | 9.1% | ||
| Q4 25 | 2.1% | 7.4% | ||
| Q3 25 | 2.5% | 5.9% | ||
| Q2 25 | 2.1% | 5.4% | ||
| Q1 25 | 2.9% | 7.2% | ||
| Q4 24 | 2.9% | 7.8% | ||
| Q3 24 | 3.2% | 9.0% | ||
| Q2 24 | 2.8% | 7.7% |
| Q1 26 | — | 2.26× | ||
| Q4 25 | 0.85× | 2.15× | ||
| Q3 25 | 1.67× | 1.55× | ||
| Q2 25 | 1.31× | 1.62× | ||
| Q1 25 | 2.03× | 2.30× | ||
| Q4 24 | 1.12× | 1.60× | ||
| Q3 24 | 1.48× | 1.70× | ||
| Q2 24 | 1.21× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBP
| Residential New Construction | $488.6M | 65% |
| Other Customer Installation | $67.8M | 9% |
| Shower Doors Shelving And Mirrors | $53.5M | 7% |
| Other Building Products | $47.7M | 6% |
| Fireproofing And Firestopping | $37.6M | 5% |
| Rain Gutters | $31.3M | 4% |
| Window Blinds | $18.0M | 2% |
| Related Party | $6.7M | 1% |
ULS
Segment breakdown not available.
