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Side-by-side financial comparison of PLEXUS CORP (PLXS) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
PLEXUS CORP is the larger business by last-quarter revenue ($1.2B vs $789.0M, roughly 1.5× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 4.3%, a 4.2% gap on every dollar of revenue. On growth, PLEXUS CORP posted the faster year-over-year revenue change (18.7% vs 6.8%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 7.2%).
Plex Systems, Inc. is an American software company based in Troy, Michigan. The company develops and markets the Plex Manufacturing Cloud, a software as a service (SaaS) or cloud computing ERP for manufacturing.
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.
PLXS vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $789.0M |
| Net Profit | $49.8M | $67.0M |
| Gross Margin | 10.2% | 49.7% |
| Operating Margin | 5.3% | 15.0% |
| Net Margin | 4.3% | 8.5% |
| Revenue YoY | 18.7% | 6.8% |
| Net Profit YoY | 27.5% | -17.3% |
| EPS (diluted) | $1.82 | $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 | $1.1B | — | ||
| Q4 25 | — | $789.0M | ||
| Q3 25 | — | $783.0M | ||
| Q2 25 | — | $776.0M | ||
| Q1 25 | — | $705.0M | ||
| Q4 24 | — | $739.0M | ||
| Q3 24 | — | $731.0M | ||
| Q2 24 | — | $730.0M |
| Q1 26 | $41.2M | — | ||
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $100.0M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $67.0M | ||
| Q4 24 | — | $81.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $101.0M |
| Q1 26 | 9.9% | — | ||
| 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 26 | 5.1% | — | ||
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 17.3% |
| Q1 26 | 3.8% | — | ||
| Q4 25 | — | 8.5% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 13.8% |
| Q1 26 | $1.51 | — | ||
| Q4 25 | — | $0.33 | ||
| Q3 25 | — | $0.49 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $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 | $303.1M | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $1.5B | $1.3B |
| Total Assets | $3.4B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $248.8M | — | ||
| Q4 25 | — | $295.0M | ||
| Q3 25 | — | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | — | $295.0M |
| Q1 26 | — | — | ||
| 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 26 | $1.5B | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $970.0M | ||
| Q4 24 | — | $904.0M | ||
| Q3 24 | — | $872.0M | ||
| Q2 24 | — | $769.0M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| 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× |
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 | — | 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 | — | $144.0M | ||
| Q3 25 | — | $155.0M | ||
| Q2 25 | — | $147.0M | ||
| Q1 25 | — | $154.0M | ||
| Q4 24 | — | $130.0M | ||
| Q3 24 | — | $150.0M | ||
| Q2 24 | — | $103.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLXS
| Asia-Pacific | $652.0M | 56% |
| Americas | $397.0M | 34% |
| Europe, Middle East and Africa | $116.0M | 10% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
