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Side-by-side financial comparison of OPEN TEXT CORP (OTEX) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
OPEN TEXT CORP is the larger business by last-quarter revenue ($1.3B vs $758.0M, roughly 1.7× UL Solutions Inc.). OPEN TEXT CORP runs the higher net margin — 13.5% vs 12.8%, a 0.7% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (7.5% vs 2.2%). OPEN TEXT CORP produced more free cash flow last quarter ($305.0M vs $150.0M). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (1.9% CAGR vs -3.0%).
Open Text Corporation is a global software company that develops and sells information management software.
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.
OTEX vs ULS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $758.0M |
| Net Profit | $172.7M | $97.0M |
| Gross Margin | 73.1% | 50.3% |
| Operating Margin | 15.7% | 18.2% |
| Net Margin | 13.5% | 12.8% |
| Revenue YoY | 2.2% | 7.5% |
| Net Profit YoY | — | 37.3% |
| EPS (diluted) | $0.70 | $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 | $1.3B | $758.0M | ||
| Q4 25 | $1.3B | $789.0M | ||
| Q3 25 | $1.3B | $783.0M | ||
| Q2 25 | $1.3B | $776.0M | ||
| Q1 25 | $1.3B | $705.0M | ||
| Q4 24 | $1.3B | $739.0M | ||
| Q3 24 | $1.3B | $731.0M | ||
| Q2 24 | $1.4B | $730.0M |
| Q1 26 | $172.7M | $97.0M | ||
| Q4 25 | $168.1M | $67.0M | ||
| Q3 25 | $146.6M | $100.0M | ||
| Q2 25 | $28.8M | $91.0M | ||
| Q1 25 | $92.8M | $67.0M | ||
| Q4 24 | $229.9M | $81.0M | ||
| Q3 24 | $84.4M | $88.0M | ||
| Q2 24 | $248.2M | $101.0M |
| Q1 26 | 73.1% | 50.3% | ||
| Q4 25 | 74.0% | 49.7% | ||
| Q3 25 | 72.8% | 50.3% | ||
| Q2 25 | 72.3% | 49.4% | ||
| Q1 25 | 71.6% | 48.4% | ||
| Q4 24 | 73.3% | 47.4% | ||
| Q3 24 | 71.7% | 49.0% | ||
| Q2 24 | 72.5% | 50.1% |
| Q1 26 | 15.7% | 18.2% | ||
| Q4 25 | 22.0% | 15.0% | ||
| Q3 25 | 21.0% | 19.9% | ||
| Q2 25 | 13.9% | 17.9% | ||
| Q1 25 | 16.7% | 15.5% | ||
| Q4 24 | 22.2% | 15.6% | ||
| Q3 24 | 16.3% | 17.8% | ||
| Q2 24 | 14.2% | 17.3% |
| Q1 26 | 13.5% | 12.8% | ||
| Q4 25 | 12.7% | 8.5% | ||
| Q3 25 | 11.4% | 12.8% | ||
| Q2 25 | 2.2% | 11.7% | ||
| Q1 25 | 7.4% | 9.5% | ||
| Q4 24 | 17.2% | 11.0% | ||
| Q3 24 | 6.6% | 12.0% | ||
| Q2 24 | 18.2% | 13.8% |
| Q1 26 | $0.70 | $0.45 | ||
| Q4 25 | $0.66 | $0.33 | ||
| Q3 25 | $0.58 | $0.49 | ||
| Q2 25 | $0.11 | $0.45 | ||
| Q1 25 | $0.35 | $0.33 | ||
| Q4 24 | $0.87 | $0.40 | ||
| Q3 24 | $0.32 | $0.44 | ||
| Q2 24 | $0.91 | $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 | $1.3B | $258.0M |
| Total DebtLower is stronger | $6.2B | $357.0M |
| Stockholders' EquityBook value | $4.0B | $1.3B |
| Total Assets | $13.3B | $3.0B |
| Debt / EquityLower = less leverage | 1.57× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.3B | $258.0M | ||
| Q4 25 | $1.3B | $295.0M | ||
| Q3 25 | $1.1B | $255.0M | ||
| Q2 25 | $1.2B | $272.0M | ||
| Q1 25 | $1.3B | $267.0M | ||
| Q4 24 | $1.1B | $298.0M | ||
| Q3 24 | $1.0B | $327.0M | ||
| Q2 24 | $1.3B | $295.0M |
| Q1 26 | $6.2B | $357.0M | ||
| Q4 25 | $6.4B | $491.0M | ||
| Q3 25 | $6.4B | $544.0M | ||
| Q2 25 | $6.4B | $608.0M | ||
| Q1 25 | $6.4B | $653.0M | ||
| Q4 24 | $6.4B | $742.0M | ||
| Q3 24 | $6.4B | $797.0M | ||
| Q2 24 | $6.4B | $810.0M |
| Q1 26 | $4.0B | $1.3B | ||
| Q4 25 | $4.0B | $1.3B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $4.1B | $970.0M | ||
| Q4 24 | $4.2B | $904.0M | ||
| Q3 24 | $4.1B | $872.0M | ||
| Q2 24 | $4.2B | $769.0M |
| Q1 26 | $13.3B | $3.0B | ||
| Q4 25 | $13.6B | $2.9B | ||
| Q3 25 | $13.5B | $2.9B | ||
| Q2 25 | $13.8B | $2.9B | ||
| Q1 25 | $13.8B | $2.9B | ||
| Q4 24 | $13.7B | $2.8B | ||
| Q3 24 | $13.8B | $2.9B | ||
| Q2 24 | $14.2B | $2.7B |
| Q1 26 | 1.57× | 0.27× | ||
| Q4 25 | 1.58× | 0.39× | ||
| Q3 25 | 1.61× | 0.46× | ||
| Q2 25 | 1.62× | 0.56× | ||
| Q1 25 | 1.55× | 0.67× | ||
| Q4 24 | 1.51× | 0.82× | ||
| Q3 24 | 1.55× | 0.91× | ||
| Q2 24 | 1.52× | 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 | $354.6M | $219.0M |
| Free Cash FlowOCF − Capex | $305.0M | $150.0M |
| FCF MarginFCF / Revenue | 23.8% | 19.8% |
| Capex IntensityCapex / Revenue | 3.9% | 9.1% |
| Cash ConversionOCF / Net Profit | 2.05× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | $809.6M | $450.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $354.6M | $219.0M | ||
| Q4 25 | $318.7M | $144.0M | ||
| Q3 25 | $147.8M | $155.0M | ||
| Q2 25 | $158.2M | $147.0M | ||
| Q1 25 | $402.2M | $154.0M | ||
| Q4 24 | $348.0M | $130.0M | ||
| Q3 24 | $-77.8M | $150.0M | ||
| Q2 24 | $185.2M | $103.0M |
| Q1 26 | $305.0M | $150.0M | ||
| Q4 25 | $279.4M | $86.0M | ||
| Q3 25 | $101.2M | $109.0M | ||
| Q2 25 | $124.0M | $105.0M | ||
| Q1 25 | $373.8M | $103.0M | ||
| Q4 24 | $306.7M | $72.0M | ||
| Q3 24 | $-117.1M | $84.0M | ||
| Q2 24 | $145.2M | $47.0M |
| Q1 26 | 23.8% | 19.8% | ||
| Q4 25 | 21.1% | 10.9% | ||
| Q3 25 | 7.9% | 13.9% | ||
| Q2 25 | 9.5% | 13.5% | ||
| Q1 25 | 29.8% | 14.6% | ||
| Q4 24 | 23.0% | 9.7% | ||
| Q3 24 | -9.2% | 11.5% | ||
| Q2 24 | 10.7% | 6.4% |
| Q1 26 | 3.9% | 9.1% | ||
| Q4 25 | 3.0% | 7.4% | ||
| Q3 25 | 3.6% | 5.9% | ||
| Q2 25 | 2.6% | 5.4% | ||
| Q1 25 | 2.3% | 7.2% | ||
| Q4 24 | 3.1% | 7.8% | ||
| Q3 24 | 3.1% | 9.0% | ||
| Q2 24 | 2.9% | 7.7% |
| Q1 26 | 2.05× | 2.26× | ||
| Q4 25 | 1.90× | 2.15× | ||
| Q3 25 | 1.01× | 1.55× | ||
| Q2 25 | 5.49× | 1.62× | ||
| Q1 25 | 4.33× | 2.30× | ||
| Q4 24 | 1.51× | 1.60× | ||
| Q3 24 | -0.92× | 1.70× | ||
| Q2 24 | 0.75× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OTEX
| Customer support | $564.8M | 44% |
| Cloud services and subscriptions | $492.9M | 38% |
| License | $145.1M | 11% |
| Professional service and other | $79.6M | 6% |
ULS
Segment breakdown not available.
