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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $789.0M, roughly 1.3× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 2.2%, a 6.3% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 4.5%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
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.
LBRT vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $789.0M |
| Net Profit | $22.6M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 2.2% | 15.0% |
| Net Margin | 2.2% | 8.5% |
| Revenue YoY | 4.5% | 6.8% |
| Net Profit YoY | — | -17.3% |
| EPS (diluted) | $0.14 | $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 | $1.0B | — | ||
| Q4 25 | $1.0B | $789.0M | ||
| Q3 25 | $947.4M | $783.0M | ||
| Q2 25 | $1.0B | $776.0M | ||
| Q1 25 | $977.5M | $705.0M | ||
| Q4 24 | $943.6M | $739.0M | ||
| Q3 24 | $1.1B | $731.0M | ||
| Q2 24 | $1.2B | $730.0M |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $67.0M | ||
| Q3 25 | $43.1M | $100.0M | ||
| Q2 25 | $71.0M | $91.0M | ||
| Q1 25 | $20.1M | $67.0M | ||
| Q4 24 | $51.9M | $81.0M | ||
| Q3 24 | $73.8M | $88.0M | ||
| Q2 24 | $108.4M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 49.7% | ||
| Q3 25 | 18.7% | 50.3% | ||
| Q2 25 | 22.1% | 49.4% | ||
| Q1 25 | 22.1% | 48.4% | ||
| Q4 24 | 21.4% | 47.4% | ||
| Q3 24 | 26.2% | 49.0% | ||
| Q2 24 | 27.9% | 50.1% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | 15.0% | ||
| Q3 25 | -0.3% | 19.9% | ||
| Q2 25 | 3.6% | 17.9% | ||
| Q1 25 | 1.9% | 15.5% | ||
| Q4 24 | 2.6% | 15.6% | ||
| Q3 24 | 9.4% | 17.8% | ||
| Q2 24 | 12.2% | 17.3% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | 8.5% | ||
| Q3 25 | 4.5% | 12.8% | ||
| Q2 25 | 6.8% | 11.7% | ||
| Q1 25 | 2.1% | 9.5% | ||
| Q4 24 | 5.5% | 11.0% | ||
| Q3 24 | 6.5% | 12.0% | ||
| Q2 24 | 9.3% | 13.8% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $0.33 | ||
| Q3 25 | $0.26 | $0.49 | ||
| Q2 25 | $0.43 | $0.45 | ||
| Q1 25 | $0.12 | $0.33 | ||
| Q4 24 | $0.31 | $0.40 | ||
| Q3 24 | $0.44 | $0.44 | ||
| Q2 24 | $0.64 | $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 | $699.1M | $295.0M |
| Total DebtLower is stronger | $7.1M | $491.0M |
| Stockholders' EquityBook value | $1.9B | $1.3B |
| Total Assets | $4.4B | $2.9B |
| Debt / EquityLower = less leverage | 0.00× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | $295.0M | ||
| Q3 25 | $13.5M | $255.0M | ||
| Q2 25 | $19.6M | $272.0M | ||
| Q1 25 | $24.1M | $267.0M | ||
| Q4 24 | $20.0M | $298.0M | ||
| Q3 24 | $23.0M | $327.0M | ||
| Q2 24 | $30.0M | $295.0M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | $190.5M | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $2.0B | $970.0M | ||
| Q4 24 | $2.0B | $904.0M | ||
| Q3 24 | $2.0B | $872.0M | ||
| Q2 24 | $1.9B | $769.0M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $2.9B | ||
| Q3 25 | $3.5B | $2.9B | ||
| Q2 25 | $3.4B | $2.9B | ||
| Q1 25 | $3.4B | $2.9B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.3B | $2.9B | ||
| Q2 24 | $3.2B | $2.7B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | 0.10× | 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 | — | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | 13.1% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | $144.0M | ||
| Q3 25 | $51.5M | $155.0M | ||
| Q2 25 | $170.6M | $147.0M | ||
| Q1 25 | $192.1M | $154.0M | ||
| Q4 24 | $177.3M | $130.0M | ||
| Q3 24 | $244.5M | $150.0M | ||
| Q2 24 | $248.2M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $86.0M | ||
| Q3 25 | $-67.2M | $109.0M | ||
| Q2 25 | $33.1M | $105.0M | ||
| Q1 25 | $58.2M | $103.0M | ||
| Q4 24 | $-26.2M | $72.0M | ||
| Q3 24 | $77.9M | $84.0M | ||
| Q2 24 | $112.2M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 10.9% | ||
| Q3 25 | -7.1% | 13.9% | ||
| Q2 25 | 3.2% | 13.5% | ||
| Q1 25 | 6.0% | 14.6% | ||
| Q4 24 | -2.8% | 9.7% | ||
| Q3 24 | 6.8% | 11.5% | ||
| Q2 24 | 9.7% | 6.4% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 7.4% | ||
| Q3 25 | 12.5% | 5.9% | ||
| Q2 25 | 13.2% | 5.4% | ||
| Q1 25 | 13.7% | 7.2% | ||
| Q4 24 | 21.6% | 7.8% | ||
| Q3 24 | 14.6% | 9.0% | ||
| Q2 24 | 11.7% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | 2.15× | ||
| Q3 25 | 1.20× | 1.55× | ||
| Q2 25 | 2.40× | 1.62× | ||
| Q1 25 | 9.55× | 2.30× | ||
| Q4 24 | 3.42× | 1.60× | ||
| Q3 24 | 3.31× | 1.70× | ||
| Q2 24 | 2.29× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
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% |
