vs
Side-by-side financial comparison of RH (RH) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
RH is the larger business by last-quarter revenue ($883.8M vs $789.0M, roughly 1.1× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 4.1%, a 4.4% gap on every dollar of revenue. On growth, RH posted the faster year-over-year revenue change (8.9% vs 6.8%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $83.0M). Over the past eight quarters, RH's revenue compounded faster (9.4% CAGR vs 8.5%).
RH is an upscale American home-furnishings company headquartered in Corte Madera, California. The company sells its merchandise through its retail stores, catalog, and online. As of August 2018, the company operated a total of 70 galleries, 18 full-line design galleries, and 3 baby-and-child galleries. The company also has 36 outlet stores in the United States and Canada.
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.
RH vs ULS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $883.8M | $789.0M |
| Net Profit | $36.3M | $67.0M |
| Gross Margin | 44.1% | 49.7% |
| Operating Margin | 12.0% | 15.0% |
| Net Margin | 4.1% | 8.5% |
| Revenue YoY | 8.9% | 6.8% |
| Net Profit YoY | 9.3% | -17.3% |
| EPS (diluted) | $1.83 | $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 | $883.8M | $789.0M | ||
| Q3 25 | $899.2M | $783.0M | ||
| Q2 25 | $814.0M | $776.0M | ||
| Q1 25 | $812.4M | $705.0M | ||
| Q4 24 | $811.7M | $739.0M | ||
| Q3 24 | $829.7M | $731.0M | ||
| Q2 24 | $727.0M | $730.0M | ||
| Q1 24 | $738.3M | $670.0M |
| Q4 25 | $36.3M | $67.0M | ||
| Q3 25 | $51.7M | $100.0M | ||
| Q2 25 | $8.0M | $91.0M | ||
| Q1 25 | $13.9M | $67.0M | ||
| Q4 24 | $33.2M | $81.0M | ||
| Q3 24 | $29.0M | $88.0M | ||
| Q2 24 | $-3.6M | $101.0M | ||
| Q1 24 | $11.4M | $56.0M |
| Q4 25 | 44.1% | 49.7% | ||
| Q3 25 | 45.5% | 50.3% | ||
| Q2 25 | 43.7% | 49.4% | ||
| Q1 25 | 44.7% | 48.4% | ||
| Q4 24 | 44.5% | 47.4% | ||
| Q3 24 | 45.2% | 49.0% | ||
| Q2 24 | 43.5% | 50.1% | ||
| Q1 24 | 43.5% | 47.6% |
| Q4 25 | 12.0% | 15.0% | ||
| Q3 25 | 14.3% | 19.9% | ||
| Q2 25 | 6.9% | 17.9% | ||
| Q1 25 | 8.7% | 15.5% | ||
| Q4 24 | 12.5% | 15.6% | ||
| Q3 24 | 11.6% | 17.8% | ||
| Q2 24 | 7.5% | 17.3% | ||
| Q1 24 | 8.7% | 13.6% |
| Q4 25 | 4.1% | 8.5% | ||
| Q3 25 | 5.8% | 12.8% | ||
| Q2 25 | 1.0% | 11.7% | ||
| Q1 25 | 1.7% | 9.5% | ||
| Q4 24 | 4.1% | 11.0% | ||
| Q3 24 | 3.5% | 12.0% | ||
| Q2 24 | -0.5% | 13.8% | ||
| Q1 24 | 1.5% | 8.4% |
| Q4 25 | $1.83 | $0.33 | ||
| Q3 25 | $2.62 | $0.49 | ||
| Q2 25 | $0.40 | $0.45 | ||
| Q1 25 | $0.71 | $0.33 | ||
| Q4 24 | $1.66 | $0.40 | ||
| Q3 24 | $1.45 | $0.44 | ||
| Q2 24 | $-0.20 | $0.50 | ||
| Q1 24 | $0.91 | $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 | $43.1M | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $3.3M | $1.3B |
| Total Assets | $4.8B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $43.1M | $295.0M | ||
| Q3 25 | $34.6M | $255.0M | ||
| Q2 25 | $46.1M | $272.0M | ||
| Q1 25 | $30.4M | $267.0M | ||
| Q4 24 | $87.0M | $298.0M | ||
| Q3 24 | $78.3M | $327.0M | ||
| Q2 24 | $101.8M | $295.0M | ||
| Q1 24 | $123.7M | $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 | $3.3M | $1.3B | ||
| Q3 25 | $-40.9M | $1.2B | ||
| Q2 25 | $-110.8M | $1.1B | ||
| Q1 25 | $-163.6M | $970.0M | ||
| Q4 24 | $-183.0M | $904.0M | ||
| Q3 24 | $-234.7M | $872.0M | ||
| Q2 24 | $-289.9M | $769.0M | ||
| Q1 24 | $-297.4M | $671.0M |
| Q4 25 | $4.8B | $2.9B | ||
| Q3 25 | $4.7B | $2.9B | ||
| Q2 25 | $4.7B | $2.9B | ||
| Q1 25 | $4.6B | $2.9B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.4B | $2.9B | ||
| Q2 24 | $4.2B | $2.7B | ||
| Q1 24 | $4.1B | $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 | $131.9M | $144.0M |
| Free Cash FlowOCF − Capex | $83.0M | $86.0M |
| FCF MarginFCF / Revenue | 9.4% | 10.9% |
| Capex IntensityCapex / Revenue | 5.5% | 7.4% |
| Cash ConversionOCF / Net Profit | 3.64× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $128.1M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $131.9M | $144.0M | ||
| Q3 25 | $137.7M | $155.0M | ||
| Q2 25 | $86.6M | $147.0M | ||
| Q1 25 | $-18.8M | $154.0M | ||
| Q4 24 | $-31.4M | $130.0M | ||
| Q3 24 | $11.2M | $150.0M | ||
| Q2 24 | $56.1M | $103.0M | ||
| Q1 24 | $-114.0M | $141.0M |
| Q4 25 | $83.0M | $86.0M | ||
| Q3 25 | $80.7M | $109.0M | ||
| Q2 25 | $34.1M | $105.0M | ||
| Q1 25 | $-69.7M | $103.0M | ||
| Q4 24 | $-96.0M | $72.0M | ||
| Q3 24 | $-37.9M | $84.0M | ||
| Q2 24 | $-10.1M | $47.0M | ||
| Q1 24 | $-251.5M | $84.0M |
| Q4 25 | 9.4% | 10.9% | ||
| Q3 25 | 9.0% | 13.9% | ||
| Q2 25 | 4.2% | 13.5% | ||
| Q1 25 | -8.6% | 14.6% | ||
| Q4 24 | -11.8% | 9.7% | ||
| Q3 24 | -4.6% | 11.5% | ||
| Q2 24 | -1.4% | 6.4% | ||
| Q1 24 | -34.1% | 12.5% |
| Q4 25 | 5.5% | 7.4% | ||
| Q3 25 | 6.3% | 5.9% | ||
| Q2 25 | 6.5% | 5.4% | ||
| Q1 25 | 6.3% | 7.2% | ||
| Q4 24 | 8.0% | 7.8% | ||
| Q3 24 | 5.9% | 9.0% | ||
| Q2 24 | 9.1% | 7.7% | ||
| Q1 24 | 18.6% | 8.5% |
| Q4 25 | 3.64× | 2.15× | ||
| Q3 25 | 2.66× | 1.55× | ||
| Q2 25 | 10.78× | 1.62× | ||
| Q1 25 | -1.35× | 2.30× | ||
| Q4 24 | -0.95× | 1.60× | ||
| Q3 24 | 0.39× | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | -10.01× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
