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Side-by-side financial comparison of Lineage, Inc. (LINE) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Lineage, Inc. is the larger business by last-quarter revenue ($1.4B vs $789.0M, roughly 1.7× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -7.3%, a 15.8% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 3.1%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $35.0M).
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
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.
LINE vs ULS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $789.0M |
| Net Profit | $-100.0M | $67.0M |
| Gross Margin | 32.3% | 49.7% |
| Operating Margin | 2.5% | 15.0% |
| Net Margin | -7.3% | 8.5% |
| Revenue YoY | 3.1% | 6.8% |
| Net Profit YoY | 79.4% | -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 | — | $789.0M | ||
| Q3 25 | $1.4B | $783.0M | ||
| Q2 25 | $1.4B | $776.0M | ||
| Q1 25 | $1.3B | $705.0M | ||
| Q4 24 | $1.3B | $739.0M | ||
| Q3 24 | $1.3B | $731.0M | ||
| Q2 24 | $1.3B | $730.0M | ||
| Q1 24 | $1.3B | $670.0M |
| Q4 25 | — | $67.0M | ||
| Q3 25 | $-100.0M | $100.0M | ||
| Q2 25 | $-6.0M | $91.0M | ||
| Q1 25 | $0 | $67.0M | ||
| Q4 24 | $-71.0M | $81.0M | ||
| Q3 24 | $-485.0M | $88.0M | ||
| Q2 24 | $-68.0M | $101.0M | ||
| Q1 24 | $-40.0M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | 32.3% | 50.3% | ||
| Q2 25 | 31.9% | 49.4% | ||
| Q1 25 | 32.2% | 48.4% | ||
| Q4 24 | 32.3% | 47.4% | ||
| Q3 24 | 32.8% | 49.0% | ||
| Q2 24 | 33.4% | 50.1% | ||
| Q1 24 | 33.4% | 47.6% |
| Q4 25 | — | 15.0% | ||
| Q3 25 | 2.5% | 19.9% | ||
| Q2 25 | 1.7% | 17.9% | ||
| Q1 25 | 4.3% | 15.5% | ||
| Q4 24 | -1.6% | 15.6% | ||
| Q3 24 | -38.6% | 17.8% | ||
| Q2 24 | 5.5% | 17.3% | ||
| Q1 24 | 7.6% | 13.6% |
| Q4 25 | — | 8.5% | ||
| Q3 25 | -7.3% | 12.8% | ||
| Q2 25 | -0.4% | 11.7% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | -5.3% | 11.0% | ||
| Q3 24 | -36.3% | 12.0% | ||
| Q2 24 | -5.1% | 13.8% | ||
| Q1 24 | -3.0% | 8.4% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | $-0.44 | $0.49 | ||
| Q2 25 | $-0.03 | $0.45 | ||
| Q1 25 | $0.01 | $0.33 | ||
| Q4 24 | $-0.52 | $0.40 | ||
| Q3 24 | $-2.44 | $0.44 | ||
| Q2 24 | $-0.46 | $0.50 | ||
| Q1 24 | $-0.28 | $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 | — | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $8.4B | $1.3B |
| Total Assets | $19.2B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $295.0M | ||
| Q3 25 | — | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | $173.0M | $298.0M | ||
| Q3 24 | $409.0M | $327.0M | ||
| Q2 24 | $73.0M | $295.0M | ||
| Q1 24 | — | $344.0M |
| 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 24 | — | $879.0M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $8.4B | $1.2B | ||
| Q2 25 | $8.6B | $1.1B | ||
| Q1 25 | $8.6B | $970.0M | ||
| Q4 24 | $8.6B | $904.0M | ||
| Q3 24 | $9.0B | $872.0M | ||
| Q2 24 | $4.9B | $769.0M | ||
| Q1 24 | $5.6B | $671.0M |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $19.2B | $2.9B | ||
| Q2 25 | $19.4B | $2.9B | ||
| Q1 25 | $18.8B | $2.9B | ||
| Q4 24 | $18.7B | $2.8B | ||
| Q3 24 | $19.3B | $2.9B | ||
| Q2 24 | $18.8B | $2.7B | ||
| Q1 24 | — | $2.8B |
| 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× | ||
| Q1 24 | — | 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 | $230.0M | $144.0M |
| Free Cash FlowOCF − Capex | $35.0M | $86.0M |
| FCF MarginFCF / Revenue | 2.5% | 10.9% |
| Capex IntensityCapex / Revenue | 14.2% | 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 | — | $144.0M | ||
| Q3 25 | $230.0M | $155.0M | ||
| Q2 25 | $258.0M | $147.0M | ||
| Q1 25 | $139.0M | $154.0M | ||
| Q4 24 | — | $130.0M | ||
| Q3 24 | $186.0M | $150.0M | ||
| Q2 24 | $155.0M | $103.0M | ||
| Q1 24 | $105.0M | $141.0M |
| Q4 25 | — | $86.0M | ||
| Q3 25 | $35.0M | $109.0M | ||
| Q2 25 | $95.0M | $105.0M | ||
| Q1 25 | $-12.0M | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | $33.0M | $84.0M | ||
| Q2 24 | $-31.0M | $47.0M | ||
| Q1 24 | $-42.0M | $84.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | 2.5% | 13.9% | ||
| Q2 25 | 7.0% | 13.5% | ||
| Q1 25 | -0.9% | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | 2.5% | 11.5% | ||
| Q2 24 | -2.3% | 6.4% | ||
| Q1 24 | -3.2% | 12.5% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | 14.2% | 5.9% | ||
| Q2 25 | 12.1% | 5.4% | ||
| Q1 25 | 11.7% | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 11.5% | 9.0% | ||
| Q2 24 | 13.9% | 7.7% | ||
| Q1 24 | 11.1% | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
